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Oi Reserves

As energy prices surge, the world is wondering where it will all end.

This delicate balancing act is exemplified by the decision of Royal Dutch Shell and Repsollast month to withdraw from the development of what is known as phase 13 of South Pars. Before they pulled out of phase 13, the cost of the Shell-Repsol liquefied natural gas project had rocketed to as much as $16bn, leading to delays and disputes with Iranian authorities

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