Shell is upbeat on Qatar gas deal
Friday 19 May 2006
LONDON: Royal Dutch Shell hopes to decide this year to proceed with a multi-billion dollar gas-to-liquids (GTL) project in Qatar, despite concerns about rising cost estimates, a company official said yesterday.
“We hope to reach a positive FID (final investment decision) sometime this year,” Guy de Kort, GTL strategy and portfolio manager at Shell Gas and Power International, told a conference in London.
Shell said earlier this month that it may delay approval of some projects because of rising costs.
While the Anglo-Dutch company did not name specific projects, analysts thought the Qatar GTL project, known as Pearl, would be a key candidate for delay after Shell CEO Jeroen van der Veer said last month he was studying “what the whole cost escalation means for this project”.
Analysts have speculated that the cost of building the project could hit $8 billion, up from a 2003 Shell estimate of around $5b.
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