Shell and Mitsubishi Heavy Industries are in preliminary discussions to divest a combined 5-10% stake in the LNG Canada project. The potential sale, which could close by early 2025, is being considered as project partners evaluate an expansion that would boost export capacity from the current 14 million tonnes per annum (MTPA) to 26 MTPA by 2030. Industry sources estimate that each percentage point of equity could fetch between $400 million and $500 million, implying total proceeds of up to $5 billion. Shell has already committed $3.46 billion in project capital, and any divestment proceeds would be redeployed into low-carbon initiatives, according to company strategy documents reviewed by investors.

Shell has formally requested to transfer its 37.5% operating interest in the al-Omar oilfield to Syria’s state-owned oil company. Youssef Qeblawi, head of the Syrian Petroleum Company, confirmed receipt of Shell’s withdrawal application on Monday. The move comes after sanctions on Syria tightened in late 2023, which restricted foreign operators from reinvesting field revenues. al-Omar, located in northeastern Syria, produces roughly 23,000 barrels per day and accounted for about 2% of Shell’s total upstream volume in the first half of last year.

Shell’s stock dipped by 1.2% in early London trading on Monday, contributing to a 0.3% fall in the FTSE 100. The decline followed a 3% drop in Brent crude futures, driven by easing geopolitical tensions in the Middle East. With Shell representing nearly 10% of the FTSE 100 by market capitalization, its share movement alone shaved an estimated 23 points off the index. Analysts at Barclays noted that investor focus remains on downstream refining margins, which narrowed by 15% in Q4 due to seasonal maintenance shutdowns in Europe.