UAE/IRAQ

Shell delays its UAE sour gas project as oil prices plunge, eroding the spending power of the IOCs and revenues of host nations. With upstream margins under pressure, Shell is also putting off further development of Iraq’s Majnoon oil field.

Shell has pushed back a final investment decision (FID) for the Bab sour gas project in Abu Dhabi until 2017 while stepping down from the competition for a slice of the UAE’s onshore oil concession, as part of a plan to cut costs...