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(Sharecast News) - Shell is to exit three of its co-owned offshore gas projects in Colombia after just four years as they no longer meet the company's "strategic ambitions".
Shell, the operator in the projects, has held an equal share in the Col 5, Purple Angel and Fuerte Sur deepwater projects along with state-run Ecopetrol since December 2020.
Ecopetrol said that Shell's decision to pull out was due to "reasons related to its strategy and management of its global portfolio", and the two companies are working together to guarantee the continuity of the projects.
"These projects, which are technically and economically viable, are priorities for Ecopetrol and the country, and we are evaluating what actions should be implemented to maintain their continuity over time and develop the resources to ensure supply in the medium term," a statement from Ecopetrol said.
Meanwhile, a Shell spokesperson cited by Reuters said the blocs "no longer fit our strategic ambitions".
They continued: "Shell will continue to work to provide flexible energy products and solutions for Colombia such as the supply of LNG, as well as the high quality of lubricant products and fuels."
Shell's share price was up 0.4% at 2,443p by 1035 GMT.
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