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Shell is undertaking a significant strategic realignment of its UK and Canadian energy assets. The company, along with Mitsubishi, is exploring the sale of their stakes in the LNG Canada liquefied natural gas export terminal in British Columbia. This follows the collapse of a separate deal where Shell and Exxon failed to sell their UK gas assets to Viaro Energy. Concurrently, a Politico investigation reported that the UK is flouting its own ban on Russian oil imports, an issue highlighted by the presence of a U.S.-seized Russian oil tanker in Scotland's Moray Firth.
Shell's global portfolio adjustments are most pronounced in its international operations. The company announced a major $20 billion investment in the Bonga South West oil project in Nigeria, a move supported by the Nigerian president. This expansion is contrasted by planned exits from other regions. Shell is considering withdrawing from Argentina's Vaca Muerta shale play and is seeking to leave the al-Omar oilfield in Syria, where U.S. firms have reportedly expressed interest in assuming control.
0 topics | 15 sources
3 topics | 15 sources
Jan 28
Shell announces major Nigerian oil investment while seeking exits in Argentina and SyriaShell is making a major $20 billion investment in the Bonga South West oil project off the coast of Nigeria, a move that has received support from the Nigerian president. At the same time, the company is looking to sell its stakes in oil and gas projects in other parts of the world. According to sources, Shell is considering leaving the Vaca Muerta shale play in Argentina. A Syrian official also said Shell has requested to withdraw from the al-Omar oilfield in Syria, though the official noted that U.S. firms have shown interest in the asset.
Jan 16
Shell and Mitsubishi consider selling their shares in a major Canadian LNG projectEnergy companies Shell and Mitsubishi are exploring options to sell their stakes in the LNG Canada project, a major liquefied natural gas export terminal being built in British Columbia. This comes as Shell and Exxon recently saw a separate deal to sell their UK gas assets to Viaro Energy fall through.