Royal Dutch Shell has withdrawn from a US$10 billion gas project in Abu Dhabi citing technical challenges and costs.
The company made the disclosure as Brent crude traded near a 12-year low, briefly dropping below $28 per barrel.
Royal Dutch Shell is finalising a plan to buy BG Group in what would be one of the biggest oil and gas mergers in years.
In a brief statement it said it had decided to leave the joint development of the Bab sour gas reservoirs with Abu Dhabi National Oil Company (Adnoc) after evaluating the project. Details