Shell has quit the Khazar oilfield project in the Caspian Sea off Kazakhstan, with the operator of the giant Kashagan development also deciding against further developing the Kalamkas field.

Kazakhstan's Energy Ministry confirmed Shell's withdrawal from Khazar, where it controls a 55% interest, saying the Anglo-Dutch supermajor is quitting after analysing the financials of the would-be development.

"We received official notifications from NCOC and Shell about the exit, respectively, from Kalamkas More and Khazar projects," the ministry said in a statement, referring in the first instance to Kashagan operator North Caspian Operating Company (NCOC).