Shell ditches Russian Arctic oil joint project

By OEM Update Editorial April 16, 2020 3:27 pm IST

International energy major Shell has decided not to complete a deal on a Russian Arctic oil joint venture, Meretoyakha Neftegaz, it was expected to enter with Gazprom Neft, because of some “external” factors.

Total resources at fields of Meretoyakha Neftegaz were valued by Gazprom Neft at 1.1 billion tonnes (over 8 billion barrels of oil).

The decision has been taken against the background of falling global investments into energy projects over weak oil and gas demand and prices amid the global economic downturn, overproduction and the spread of the coronavirus.

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