Seatrade Maritime News: Shell and Equinor Pool Resources as North Sea Winds Down

However, as Poten & Partners pointed out in its latest weekly report, “the joint venture is not growth-oriented. Its objective is to make the most of remaining resources and make the winding-down process over coming decades and the transition to new fuels as efficient as possible.”

In its recent analysis, Poten pointed out that “a sizeable share of North Sea output was traditionally shipped on short hauls to nearby countries including Netherlands, UK, Germany and Sweden, mostly in Aframax and Suezmax tankers. However, in 2018/19, China began to buy more North Sea crude, boosting one of the world’s longest tonne-mile trades and providing lucrative contracts for VLCCs.”

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