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TheDailyReckoning.com.au: Shell kicked out of Russia’s Sakhalin II gas project by Gazprom

Posted by Dan Denning on Jan 2nd, 2007

…now that Shell has been kicked out of Russia’s Sakhalin II gas project by Gazprom, how long will it be before the company reignites its pursuit of Woodside Petroleum (ASX: WPL)? Shell’s initial courtship of WPL was shot down by the Treasurer on the grounds that Shell’s interest in the Sakhalin project made it less likely to develop Woodside’s gas assets in the NorthWest Shelf.

Today, we imagine Shell is quite keen to develop anything it can get its hands on, if only to replace current production from its rapidly dwindling reserves. Shell may be forced to cut its proven oil and gas reserves by four percent as a result of losing out on the Russian venture. The company needs new gas assets the way a hobo with delirium tremens needs a drink-which is to say it’s a matter of survival. Woodside has them. Hmmm. How do you think this will end?

For the full article go to…

http://www.dailyreckoning.com.au/resources/2007/01/02/

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