Shell Says So Long, Middle East

[Missy + 43]

Lots of Shell news today. Shell's finished in Iraq... officially.

https://www.reuters.com/article/us-iraq-energy-shell/shell-agrees-to-sell-its-stake-in-iraqs-west-qurna-1-oilfield-to-japans-itochu-idUSKBN1F41TO

 

[Kate Turlington + 44]

Trading Iraq for UK North Sea? I see Shell just make a final investment decision on the Penguins offshore field. That would be the first big project here in the North Sea since 2012 (per media reports). 

[Marina Schwarz + 1,576]

That was surprising, yes. But Shell has proved to be smarter than given credit for, especially around the acquisition of BG Group. Interesting to watch. There must be something left in the North Sea or Shell knows something we don't about Iraq.

[Marina Schwarz + 1,576]

Just in: The Penguin field still has 80 million barrels in it. Not too shabby.