Royal Dutch Shell Is First Major To Exit Oil Blocks In Post-War LibyaMay 28, 2012
Royal Dutch Shell PLC (RDSA) Monday became the first major to exit oil and gas exploration blocks in post-war Libya, amid concerns over insecurity and contracts.
The Anglo-Dutch giant insisted it was still interested in the country, which holds Africa's largest oil reserves.
But the move casts a cloud on Libya's oil recovery as Shell had originally planned sizable investments in the blocks.
Shell "intends to suspend and abandon drilled wells and stop exploration in [its] Libyan licenses," a company spokesman said, confirming an internal e-mail seen by Dow Jones Newswires.