Royal Dutch Shell on Tuesday said it was halting oil exploration projects in Libya owing to "disappointing" results but said it would continue to study drilling opportunities in the country.
The Anglo-Dutch company's Libyan unit had informed Libya's National Oil Corporation (NOC) about the move and of its decision to also halt drilling for potential gas finds.
"Shell Exploration and Production Libya GmbH has informed the National Oil Corporation that it intends to suspend and abandon drilled wells and stop exploration in Libyan licenses LNGDA and Area 89," a Shell spokesman told AFP.
"Despite an extensive seismic and drilling campaign in these licences, results have been disappointing and further exploration cannot be economically justified."
The spokesman added: "NOC has acknowledged our decision and we have agreed to actively peruse new upstream business opportunities.
"Shell continues to view Libya as an important country in its portfolio and will maintain a representative office to pursue upstream business opportunities with the Libyan NOC."
Foreign energy companies are looking to profit from a more stable Libya, whose daily oil output is meanwhile gradually returning to levels seen before last year's uprising against Kadhafi
Source: AFP
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