THE WALL STREET JOURNAL: Royal Dutch Shell PLC dropped out of a preliminary deal to join an Iranian natural-gas project, although it is looking at joining at a later stage, a company spokeswoman said. Shell’s decision is likely to fuel speculation that the company has bowed to U.S. pressure.

Royal Dutch Shell and Spain’s Repsol have pulled out of one of Iran’s biggest gas projects, dealing a blow to Tehran’s attempts to expand its energy exports in the face of US and international sanctions.

LONDON (Thomson Financial) - Royal Dutch Shell and Spain’s Repsol YPFSA. have pulled out of one of Iran’s biggest gas projects amid geopolitical uncertainty and rising costs, the Financial Times reported.

Mohammad-Javad Shams, board member of the Pars Oil and Gas Company, was speaking a day after Royal Dutch Shell RDSa.l said it had pulled out of developing another phase of South Pars, after pressure not to participate from U.S. lawmakers.

The Corrib Gas project will provide up to 60 per cent of Ireland’s gas needs at peak supply period and will add €3 billion to Ireland’s GDP over the life of the projec

Indeed, even if the violence subsided, allowing work crews to safely return to the field, funding is another stumbling block. More than an additional $3 billion needs to be spent to complete the programme to build gas gathering facilities and pipelines. Reduced funding from Shell’s government partner has already delayed work on several projects.