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WSJ: Shell to pull out of Qatar gas project

  • Royal Dutch Shell (RDS.A, RDS.B) reportedly plans to pull out of a natural gas project in Qatar following disappointing results from the Pre-Khuff formation in the giant North Field off Qatar's coast.
  • Shell last year drilled a dry well in the field's Block D, which Qatar had considered the area's most promising exploration acreage, and the company is said to be discouraged from even attempting to drill a second well.
  • Shell's potential withdrawal is a blow to Qatar, which has become the world's largest producer of liquefied natural gas; several other energy companies have signed contracts to explore for gas in the formation, including Cnooc (NYSE:CEO) and GDF Suez (OTCPK:GDFZY, OTCPK:GDSZF).
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Comments (1)
  • john001
    , contributor
    Comments (921) | Send Message
     
    One dry well does not a play make. Asset sales, fear of drilling....sounds like a company in need of direction.
    17 Jul 2014, 12:32 PM Reply Like
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