By Zaidi Isham Ismail
[email protected]
May 11 2007
GULF OF MEXICO: OIL and gas giant Royal Dutch Shell plc is expected to announce a major gas development project in Malaysia.
Shell media spokesman Adam Newton said the project is part of the group’s long-term commitment plan in the Asia-Pacific region which includes Malaysia, Brunei and China.
“We have been in Malaysia and Brunei for the past 70 years and we are here for the long term to help the development of the upstream sector of Malaysia’s oil and gas industry,” Newton told Business Times yesterday.
However, he declined to reveal other details such as project value, location, partner and the timeframe involved.
Business Times is part of a 10-member media team from all over the world which have been invited by the Anglo-Dutch group to showcase its latest in-house oil and gas exploration activities and technologies which includes its Ursa oil rig 130 miles south-east of New Orleans.
Meanwhile, Shell Exploration & Production vice-president for production (Americas) Frank A. Glaviano Sr said the oil giant plans to invest US$21 billion (RM71.4 billion) in 2007 in its global oil and gas exploration activities compared with US$20 billion (RM68 billion) last year.
The investment will be spread out over six regions which include the Americas (Canada, the US, Brazil, Argentina), Europe, the Middle East, Asia Pacific and Russia.
Glaviano Sr said Shell Exploration churns a total of 3.5 million barrels per day, of which 23 per cent is contributed by the Americas (half from the Gulf Mexico alone). The 3.5 million barrels contributed to one third of Shell’s global revenue of US$15.2 billion (RM51.7 billion) in 2006.
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