Oil major Royal Dutch Shell has pulled its application from Norway’s Arctic-focused oil licensing round, the firm said on Monday, in a blow to the Nordic country’s ambitions to explore for oil and gas in its northern offshore areas. “The decision is part of an optimization of Shell’s global portfolio following the acquisition of BG and a persistently low oil price,” the company’s Norwegian unit said in a statement. “Norway remains one of our core areas.” In December the Norwegian oil ministry said Shell was among the companies that had applied for drilling permissions in the so-called 23rd round, a licensing round set to move the search for hydrocarbons closer to the country’s border with Russia. As recently as last month, the head of Shell’s business in […]