By Cyril Widdershoven – Sep 16, 2017, 6:00 PM CDT
Supermajor Royal Dutch Shell has decided to divest its Iraqi oil assets in a move to focus on its future in natural gas.
The industry giant is seemingly breaking from its oil heritage to head full speed into the “Golden Age of Gas.” Shell’s decision to leave Iraq’s upstream oil assets is not without risk, however, as the market for natural gas is even more oversupplied than it is for crude oil.
Reuters reported the move first, based on a letter from the Iraqi ministry of oil, followed by a confirmation from Shell. The Dutch heavyweight indicated to the press that its oil asset divestment in Iraq is in line with its strategy to focus more on natural gas and downstream activities.