By: MICHEAL KAUFMAN
Published: Mar 31, 2015 at 1:57 pm EST
Royal Dutch Shell plc. (ADR) (NYSE:RDS.A) has postponed its $100 million-plus exploration well in Australia’s north-east cost. The Den Haag-based energy company’s project known as the Cronus-1 was initially scheduled to start drilling in the first quarter of 2015 in the Browse basin. However, now the project has been postponed, reportedly till the end of this year.
Many are speculating that the project is postponed because of more than 50% plunge in the crude oil prices since June 2014. A spokesman of Shell denied that the decline in crude oil prices has resulted in postponing the Cronus project. However, the spokesman failed to give any reason for the delay.