Shell Officially Abandons Arrow's LNG Project
2024-08-20 11:20:06
It is reported that Royal Dutch Shell has formally announced that it will abandon its more than US$20 billion liquefied natural gas (LNG) projects in Queensland due to the sharp drop in crude oil prices. Ben van Beurden, president of Shell Global, said it will no longer consider Arrow's LNG project. In addition, due to the priority given to LNG projects in the United States, the progress of Shell's other joint ventures will also slow down.
Prior to this, major US oil companies including ConocoPhillips and Occidental Petroleum also cut their budget expenses to maintain dividend payments to shareholders. Several Australian domestic companies, including OilSearch and BeachEnergy, have also announced lower capital expenditures in the past few days.
Shell announced in the fourth quarter results in London, Arrow's LNG project is now officially "cancelled", at the same time as the oil price plummeted, several joint ventures will be postponed or abandoned. However, Arrow's CBM development will continue. "In the Bowen Basin and the Surat Basin, we will continue to develop Arrow's gas resources," said Paul Zennaro, Shell Australia's spokesman.
Shell announced on Thursday that the price of oil will be reduced by $15 billion in three years due to the plunge in oil prices. However, the company still included the “Browse†resource project in its final investment decision. Shell currently has several large-scale investments in Australia, including the $54 billion Gorgon LNG project in Western Australia and the Prelude floating LNG project in Brouss Basin, which will begin production in 2016-17. .
Prior to this, major US oil companies including ConocoPhillips and Occidental Petroleum also cut their budget expenses to maintain dividend payments to shareholders. Several Australian domestic companies, including OilSearch and BeachEnergy, have also announced lower capital expenditures in the past few days.
Shell announced in the fourth quarter results in London, Arrow's LNG project is now officially "cancelled", at the same time as the oil price plummeted, several joint ventures will be postponed or abandoned. However, Arrow's CBM development will continue. "In the Bowen Basin and the Surat Basin, we will continue to develop Arrow's gas resources," said Paul Zennaro, Shell Australia's spokesman.
Shell announced on Thursday that the price of oil will be reduced by $15 billion in three years due to the plunge in oil prices. However, the company still included the “Browse†resource project in its final investment decision. Shell currently has several large-scale investments in Australia, including the $54 billion Gorgon LNG project in Western Australia and the Prelude floating LNG project in Brouss Basin, which will begin production in 2016-17. .
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