Shell spend hike raises North Sea sights but 'no new boom'

The UK North Sea's slow-rolling recovery from the lowest activity levels in its history was today given a further shot in the arm by news from Shell Exploration & Production PLC that it plans to inject some $1.2 billion in to as many as half a dozen new developments in the province over the coming year. On top of an increased capital outlay, the oil major added it would be expanding investment in its exploration drilling and seismic programs by as much as $300 million over the next 5 years.

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