Shell Faces $400 Million Writedown on Russian Downstream Assets
LONDON (Reuters) — Shell faces writedowns on $400 million in Russian downstream assets, having announced $3 billion worth of other projects previously, the company said.
In February, the oil major announced that it would quit its ventures in Russia with Gazprom and related entities including the flagship Sakhalin 2 LNG plant and the Nord Stream 2 pipeline project.
"It is expected that these decisions ...will impact the carrying value of the related assets and lead to recognition of impairments in 2022," Shell said in its annual report.
The downstream assets come on top of $3 billion mentioned in its February announcement, a company spokesperson said.
Shell's production from Russian oil and gas projects reached stood at 140,000 barrels of oil equivalent per day (boed) compared with around 2.2 million boed total volumes for sale, according to its annual report and a spokesperson.
Shell's writedowns come amid a mass exodus of western oil majors. BP is facing a $25 billion writedown for its planned divestment of Russian assets.
France's TotalEnergies has said it is sticking with its Russian investments.
Related News
Related News

- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Intensity, Rainbow Energy to Build 344-Mile Gas Pipeline Across North Dakota
- U.S. Moves to Block Enterprise Products’ Exports to China Over Security Risk
- 208-Mile Mississippi-to-Alabama Gas Pipeline Moves Into FERC Review
- Court Ruling Allows MVP’s $500 Million Southgate Pipeline Extension to Proceed
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- A Systematic Approach To Ensuring Pipeline Integrity
- 275-Mile Texas-to-Oklahoma Gas Pipeline Enters Open Season
- LNG Canada Start-Up Fails to Lift Gas Prices Amid Supply Glut
- Kinder Morgan Gas Volumes Climb as Power, LNG Demand Boost Pipeline Business
Comments