US oil major Exxon and Netherlands' Royal Dutch Shell announced a joint venture on Tuesday
US oil major Exxon and Netherlands? Royal Dutch Shell announced a joint venture on Tuesday to explore 20 blocks in the North Sea of UK, in the largest single license award in the history of the UK Continental Shelf.
The oil majors eye operating in the regoin because of political stability and open access to reserves. Furthermore, the North Sea region is very benign in terms of political stability and there are no problems of corruption.
As for theUK, it is keen to maximize production from its mature fields.