Shell news

Shell has announced its intent to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and LNG.

At the end of 2021, Shell had around US$3 billion in non-current assets in Russia.

Phase 1 of the Herschel Expansion project comprises development of a new subsea production system and the first of up to three wells tied to the Na Kika platform.

It is anticipated that further exploration activity, including a second exploration well, will be required to determine the size and recoverable potential of the identified hydrocarbons at the Graff-1 deepwater exploration well.

QatarEnergy will hold a 17% working interest in Red Sea Blocks 3 and 4, operated by Shell.

Shell said in a statement that it had "concluded the economic case for investment in this project is not strong enough at this time, as well as having the potential for delays".

The company has pledged to become a net zero emissions company by 2050, but has come under pressure to make faster progress.

Shell's remaining assets in the Mars corridor in the Gulf of Mexico, Mars and Ursa, remain shut in.

Operations included removing the 1280 metric t topside and the 3019 metric t jacket before transportation to the AF Environmental Base in Norway for recycling and reuse.

The contract will be delivered by around 120 Wood employees across the offshore and onshore assets including the Clipper and Leman offshore assets, Bacton Gas Terminal, Kroonborg and Kasteelborg vessels and the Seafox4 barge campaign.