LONDON, Aug. 5 (UPI) -- The British subsidiary of Shell said it was committed to work in the North Sea despite research suggesting most of the oil is depleted.
Ed Daniels, chairman of Shell's British subsidiary, told The Daily Telegraph his company was investing around $3 billion per year on North Sea developments.
"We see that there is a material presence for Shell in the North Sea for years to come," he said in an interview published Sunday.
The British newspaper referenced research from advisory firm Hannon Westwood, which said 40 percent of the companies working in the North Sea came up empty handed in recent efforts to find oil. It said the North Sea is on pace to produce 1.5 million barrels of oil per day for 2014, a record low.
Daniels said it's a "misperception" that major energy companies are giving up hope on the North Sea.
"Actually, that's just not true," he said. "We at Shell are a big North Sea producer today, representing 14 percent of U.K. oil."
The company says it employs about 6,500 people in its British energy program.