Shell exits project

LONDON: Royal Dutch Shell is exiting a key natural gas project in Abu Dhabi owing to the collapse in global energy prices, the oil giant said on Monday. The Anglo-Dutch group said in a statement that it had decided not to develop the Bab sour-gas reservoirs with state-run Abu Dhabi National Oil Co against a backdrop of plunging oil markets. Faced with a dramatic collapse in oil prices, the energy sector is seeking to cancel or delay projects, slashing expenditure and thousands of jobs, and taking billions of dollars of write-downs in the value of assets.