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The Australian: Shell buys into Browse

October 27, 2006

SHELL group is trying to bolster its position in the Browse Basin, north of Broome, which is expected to become an LNG hub next decade.

Nexus said yesterday that Shell would pay $US50 million ($65.5 million) for 34 per cent of the Echuca Shoals gasfield, next to Japanese group Inpex’s large Ichthys reservoir.

In January, Shell was awarded exploration rights to a block about 450km northwest of Broome, believed to contain part of the Ichthys reservoir.

Inpex, one of the biggest holders of undeveloped gas reserves in Australian waters, operates the Ichthys-Brewster field, which contains about 6trillion cubic feet of gas and 230 million barrels of condensate (light oil), according to the West Australian Government.

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