"Shell has advised Gazprom Neft that, due to the challenging external environment, it will not pursue the completion of a deal to create a joint venture through Meretoyakhaneftegaz", it said.
Gazprom Neft will continue developing the license blocs, previously intended to form part of the joint venture independently, according to the approved plan, the company said.
The assets that were intended to be part of the joint venture include the Meretoyakhinskoye field, the Tazovsky and Severo-Sambrugsky blocks, and two Zapadno-Yubileiny blocks in the Yamal Nenets Autonomous Area, it said.
Shell's decision will not influence its commitment to activities in Russia, including cooperation with Gazprom Neft, the latter added.
