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SHELL EXCITED BY LIBYAN GAS DEAL WITH ACCESS TO FIVE BLOCKS

FINANCIAL TIMES: SHELL EXCITED BY LIBYAN GAS DEAL WITH ACCESS TO FIVE BLOCKS

 By James Boxell

Published: May 4 2005

Royal Dutch/Shell has eased some of the disappointment about the loss of its Oman field by striking a gas exploration and development deal with Libya, its first big project in the energy-rich former pariah state for 30 years, writes James Boxell.

Shell will spend $105m (£55m) on renovating a liquefied natural gas plant on the Libyan coast and has been granted a licence to search for gas in five blocks in the Sirte basin, the country’s main energy-producing region.

Linda Cook, head of gas and power at Shell, said: “Our explorers are very, very excited about access to these blocks.” She said the deal would also cement Shell’s leading position in LNG, one of the fastest growing sectors in the oil and gas industry, following recent deals in Algeria, Nigeria and Qatar. Natural gas is supercooled and liquefied at LNG plants so it can be transported by ship rather than pipeline. Any gas found would be used to supply the LNG plant.

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