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Shell project washes out

Oil major Shell found mostly water instead of oil and gas at the so-called "President" field it's been drilling off Norway's north-central coast. The disappointing results put plans for a new terminal on ice.

Statoil's plans to build a new terminal at Tjeldbergodden were washed out along with the empty oil field. Shell's disclosure that its attempts to find oil or gas at the President field off Møre were unsuccessful wiped out the basis for the terminal. Shell's determination that the President field isn't operable also dampens the outlook for other exploration efforts this year.

Shell has been drilling at the President field with the rig Transocean Winner. Shell, which declined further comment on the field's prospects, has a 30 percent stake in the rights to President, along with the state, Statoil and TotalFinaElf.