Shell Quits Plans for Major Gas Project in United Arab Emirates

Royal Dutch Shell (NYSE:RDS.A) is shelving plans for a major gas development project in the United Arab Emirates, the Wall Street Journal reported.
As quoted in the publication:

The project is the latest casualty of Shell’s push to streamline its portfolio and cut costs as it prepares to close its blockbuster acquisition of BG Group PLC against a backdrop of oil prices that slid even further Monday to less than $28 a barrel, a 12-year low. The BG deal is intended to simplify the Anglo-Dutch oil giant’s interests, refocusing the company on its natural gas and deep water businesses.
According to Shell, the joint venture it entered into with the Abu Dhabi National Oil Co., or ADNOC, in 2013 to develop Abu Dhabi’s Bab sour gas reservoirs no longer fits the company’s strategy, “particularly in the economic climate prevailing in the energy industry.”

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