logo-loader

Shell is working on a Venezuela exit - report

Published: 03:26 12 Oct 2018 EDT

oil and gas operations
Negotiations are said to be hold, however

Royal Dutch Shell Plc (LON:RDSB) is lining up a sale of its stake in its venture with Venezuela’s state oil company, according to a Reuters report, which identifies French oiler Maurel et Prom as the potential buyer.

Shell owns a 40% stake in the oil problematic oil project located in western Venezuela, close to the Colombia border, where operations have been impeded by equipment theft, power cuts and local economic challenges (hyperinflation, food and medicine shortages).

READ: Medical cannabis to be available in UK on prescription

Payments back to joint venture partners such as Shell have reportedly been delayed and have added to the motivation to sell out.

According to Reuters, the potential sale is being ‘analysed’ by the authorities though the transaction has stalled over ‘entrance bonus’ fees required by Venezuela.

Negotiations are currently on hold, the Reuters report added.

BenevolentAI advances novel ulcerative colitis treatment through Phase 1a trial

BenevolentAI (OTC:BAIVF) chief scientific officer Dr Anne Phelan joins Proactive's Stephen Gunnion with positive safety data from the Phase 1a, first-in-human, clinical study of BEN-8744 in healthy volunteers. Phelan explained that BEN-8744 is a potent, selective PD10 inhibitor, uniquely...

32 minutes ago