Shell has formally requested to withdraw from operations at the Al-Omar oilfield in eastern Syria, the country’s largest onshore field, as Damascus reasserts control over the asset. The company’s joint venture interest—reportedly around 38 percent of field output, which averages near 60,000 barrels per day—would be transferred to Syria’s state-owned operators. The move follows recent front-line gains by government forces in Deir ez-Zor province and comes after Shell suspended drilling and production investment in the field at the start of the year. Investors will watch closely for any financial provisions Shell books in its full-year results for exit costs and asset impairments tied to the region’s enhanced political risk profile.

Shell announced on Tuesday that Robin Mooldijk, president of projects and technology and a member of the executive committee since 2019, will step down effective February 28. Mooldijk oversaw the development of the company’s flagship LNG Canada project and its subsea engineering programme, which together represent capital commitments exceeding $25 billion. Shell said it has initiated a global search for a successor and will reallocate responsibilities across its integrated gas and renewables division pending the appointment. The leadership change adds to a wave of C-suite turnover the company has reported in the past 12 months, underscoring its pivot toward low-carbon ventures.

Shell and partner Mitsubishi Corporation are weighing the sale of up to 5 percent each of their combined 29.2 percent interests in the LNG Canada project, according to sources familiar with the matter. The stakes could fetch approximately $1.2 billion apiece based on recent project valuations. Proceeds would help fund the proposed expansion—a Phase Two development that would add two more trains and lift capacity from 14 million to 26 million tonnes per annum by 2030. With global LNG spot prices hovering near $12 per million British thermal units, institutional investors are expressing strong appetite for stable returns backed by long-term offtake agreements signed by Shell with customers in Asia and Europe.

On Monday, Shell shares slipped about 1.8 percent in London trading, exerting downward pressure on the FTSE 100 index given the company’s 9 percent weighting in the benchmark. The decline followed a retreat in Brent crude of more than 5 percent from its January high of $85 per barrel as geopolitical tensions in the Middle East cooled. Analysts at Barclays noted that a sustained dip below $78 could shave £2 billion off Shell’s market capitalisation, while tracking metrics show investor sentiment remains cautious ahead of the firm’s fourth-quarter production and reserves update scheduled for late February.