Shell has formally requested to withdraw from Syria’s largest producing asset, the Al-Omar oilfield, as the Syrian government moves to consolidate control. The head of the Syrian Petroleum Company, Youssef Qeblawi, confirmed that Shell will transfer its 34% operating stake to state-owned operators by the end of Q2 2026. Al-Omar has been producing roughly 65,000 barrels per day since late 2023, and Shell’s exit underscores the company’s shifting focus toward higher-growth markets in Africa and Asia.

On Tuesday, Shell announced that Robin Mooldijk, president of projects and technology, will leave the company effective February 28, 2026. Mooldijk has overseen capital expenditure programs totaling $25 billion annually, including the Prelude FLNG facility and Permian Basin tie-ins. The executive committee will be restructured to combine engineering and project delivery under a new Chief Operating Officer role, streamlining decision-making and targeting a 10% reduction in project delivery costs by 2028.

Shell and partner Mitsubishi are evaluating partial divestments in the LNG Canada project in British Columbia to finance a proposed Phase 2 expansion. Initial talks suggest Shell could offer up to 20% of its 40% interest, potentially raising $3.5 billion. The main expansion would add 14 million tonnes per annum of capacity, boosting total output to 32 million tonnes by 2030. Investors have shown strong demand, attracted by long-term contracts that yield mid-single-digit returns on invested capital.

Shell’s shares declined by 2.1% on Monday, contributing to a 0.3% drop in the FTSE 100 index. The move follows a broader 4% slide in global oil benchmarks last week as geopolitical risk premium eased. Shell remains the second-largest constituent of the FTSE by market capitalization, accounting for 7.8% of index weight. The stock’s volatility has increased 15% over the past month, reflecting investor concerns over near-term production disruptions and capital allocation decisions.