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Shell, energy firms withdraw from 2 Kazakh projects

Shell, energy firms withdraw from 2 Kazakh projects

Mubasher: Shell withdrew from the Khazar offshore project close to Kazakhstan’s Kashagan giant field, Reuters reported.

“The project was not competitive enough versus other opportunities in Shell’s global portfolio,” the company was quoted by the news agency as saying.

Shell spent around $900 million in Khazar, Kazakh state-run energy company KazMunayGaz unit said in a statement.

It remained unclear whether the Kazakh firm and Oman Oil, another partner, planned to acquire Shell’s stake.

In addition, a multinational consortium, including the Anglo-Dutch energy giant, Eni and ExxonMobil, is also scrapping plans for adjoining Kalamkas block for which it holds the license, according to Kazakh authorities.

Energy majors spent over $50 billion on developing Kashagan, which has been hit by delays and cost overruns.