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Reuters: Shell sells stake in Australian field to Petronas

Mon Sep 24, 2007 6:32 AM BST

SYDNEY, Sept 24 (Reuters) – Shell Development Australia, a unit of Royal Dutch Shell (RDSa.L: Quote, Profile , Research), said on Monday it has signed an agreement with Malaysia’s state-owned Petronas (PGAS.KL: Quote, Profile , Research) to sell a stake in an Australian gas field.

Petronas’ subsidiary, Petronas Carigali (Australia) Pty Ltd, will buy a 25 percent stake in the Evans Shoal joint venture in the Timor Sea off northern Australia.

The Evan Shoal gas field, which has estimated recoverable reserves of 6.6 trillion cubic feet (tcf) of gas and 31 million barrels of condensate, is seen as having the potential to underpin a liquefied natural gas (LNG) project.

“We believe that Petronas, a company with strong LNG supply reliability and marketing credentials, will be a valuable participant in the Evans Shoal joint venture,” Chris Gunner, chief operations officer of Shell Australia, said in a statement.

Shell declined to comment on the financial details of the agreement.

Following the sale, Shell and Petronas Carigali will each hold 25 percent stake in the venture. Santos (STO.AX: Quote, Profile , Research), which will remain the operator of the project, will retain a 40 percent interest while Osaka Gas (9532.T: Quote, NEWS , Research) will hold 10 percent.

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