Exploration & Production

Shell gives up Gaza Marine stake

Anglo-Dutch major Shell will give up its 55% stake in the Gaza Marine field, Palestinian officials said in a statement on Monday.
By Staff reporter 6 March 2018 0 29870

Anglo-Dutch major Shell will give up its 55% stake in the Gaza Marine field, Palestinian officials said in a statement on Monday.

The Palestinian Authority will look for another IOC to replace it. Shell struggled to find a buyer for the stake, which it took over through its acquisition of BG Group in 2016.

“We confirm we have been in discussions with various parties about the future of the Gaza Marine project. As of now, Shell continues to holds its equity in the Gaza Marine asset,”