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10 June 2015 | by Gabor Chodkowski-Gyurics

Shell considers abandoning Ukrainian assets

Shell considers abandoning Ukrainian assets
Royal Dutch Shell, a multinational oil and gas company, is reportedly considering withdrawal from $10 billion large-scale shale gas exploration projects in Donetsk and Kharkiv regions of Ukraine. The exploration in these areas have been suspended for almost a year due to prolonged conflict between the Ukrainian army and pro-Russian rebels.

The Financial Times reported on June 10 that the Ukrainian government received a "Notice of Withdrawal" from Shell in which the company claimed to have been prevented from performing its commitments due to force majeure, that is circumstances beyond its control, referring to military combat operations in the vicinity of project area.

Discovered in 2010, the Yuzivska field is estimated to have around 70.8 trillion cubic feet of natural gas reserves and was planned to commence production in 2017. The news follows in the wake of another multinational major, Chevron, pulling out from its own $10 billion shale gas agreement with the Kyiv government in December 2014.


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