Shell withdraws from shale gas project in eastern Ukraine

‘Royal Dutch Shell is pulling out of a shale gas exploration project in Ukraine due to low world oil and gas prices, said Ukrainian Minister of Ecology and Natural Resources Igor Shevchenko at a Cabinet briefing.

“Shell has recently announced its intention to withdraw from the agreement on shale gas exploration. The company did this for their own economic reasons, as the prices for gas and oil fall,” said Shevchenko on Thursday, quoted by Ukrinform.

At the same time, he said that the Ministry is currently in talks with other foreign companies that have shown interest in exploration of mineral resources and production of shale gas in Ukraine.’

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