EarthTimes.Org: Posted : Wed, 05 Mar 2008 13:12:02 GMT
Author : Shell Energy North America
Category : PressRelease
HOUSTON, March 5 — Shell Energy North America (US), L.P., (Shell Energy North America) a leading natural gas and power marketing and trading company, today announced it would discuss potential natural gas supply sales with large natural gas consumers and distribution companies in Long Island, New York City and southern Connecticut in support of the success of the Broadwater project.
Shell Energy North America is responsible for marketing all of the natural gas from the Broadwater LNG project, which will be located in Long Island Sound. Broadwater is a joint venture between Shell US Gas & Power LLC and TC Pipelines, LP. Broadwater will deliver a large new supply of clean-burning natural gas directly into Long Island, New York City and southern Connecticut through an interconnection with the existing Iroquois Pipeline System. It is estimated that this significant supply could equal nearly 30 percent of current annual demand.
“Broadwater may well change the dynamics of the gas supply in New York. Instead of being last on the delivery system, New York will be first,” said Mark Hanafin, CEO of Shell Energy North America. “Subject to the upcoming decision by the Governor of New York, we will introduce a competitively priced new supply of natural gas, a clean-burning fuel, to the residents of New York.”
“Based on Broadwater’s continued progress, now is the right time to have further discussions with our potential customers regarding natural gas supply contracts from Broadwater. To date, we have had preliminary inquiries from utilities, generation and energy companies, and other large commercial and industrial natural gas customers,” Hanafin added.
“We are hopeful that this new significant supply of clean-burning natural gas will be an important contributor to existing and future power generation facilities in the region positively impacting the residents of the State of New York and the surrounding region.”
Headquartered in Houston with regional offices throughout the U.S., including Syracuse, NY, Shell Energy North America is a wholly owned subsidiary of Royal Dutch Shell plc (Shell) and operates throughout North America as an integral part of Shell’s global trading network. A leader in North American gas and power marketing, Shell Energy North America and its subsidiaries trade and market natural gas, wholesale power and risk management products with counterparties and customers throughout the region. Shell Energy North America’s success can be linked to its ongoing ability to provide customers with a diverse network of supply supported by a host of flexible and integrated marketing, trading, risk management and asset management tools and services.
As a part of Shell, it leverages Shell’s resources, global reach, employee expertise and financial strength to offer integrated, comprehensive energy solutions tailored to meet the needs of its wide variety of customers, including large commercial and industrial users, major retailers, local gas distribution companies, electric utilities, independent power producers, retail energy aggregators, and oil and gas companies.
Shell Oil Company, including its consolidated companies and its share in equity companies, is one of America’s leading oil and natural gas producers, natural gas marketers, gasoline marketers and petrochemical manufacturers. Shell, a leading oil and gas producer in the deepwater Gulf of Mexico, is a recognized pioneer in oil and gas exploration and production technology. Shell Oil Company is an affiliate of the Shell Group, a global group of energy and petrochemical companies, employing approximately 108,000 people and operating in more than 130 countries and territories.
This announcement contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “objectives”, “outlook”, “probably”, “project”, “will”, “seek”, “target”, “risks”, “goals”, “should” and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks, project delay or advancement, approvals and cost estimates; and (m) changes in trading conditions. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this presentation, May 4, 2006. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this document.
The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as “oil in place” that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575 and disclosure in our Forms 6-K file No, 1-32575, available on the SEC website http://www.sec.gov/. You can also obtain these forms from the SEC by calling 1-800-SEC-0330.
Shell Energy North America