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Shell participation in Gorgon Gas Project

FROM THE FT

Chevron LNG field approved

By Peter Smith in Sydney and Carola Hoyos in London

Published: August 27 2009 03:00 | Last updated: August 27 2009 03:00

Gorgon, one of the world’s biggest liquefied natural gas deve-lopments, cleared its final big regulatory hurdle yesterday when Australia’s federal government granted environmental approval for the $42bn project.

Shell in 2007 signed a “sales and purchase” agreement with PetroChina for Gorgon LNG, while Chevron has agreements with three Japanese utilities.

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Gorgon go-ahead promises bonanza to oil groups

By Carola Hoyos, Chief energy correspondent

Published: August 27 2009 03:00 | Last updated: August 27 2009 03:00

EXTRACTS

Australia’s decision yesterday to grant the Gorgon gas project environmental approval may turn out to be one of the most significant events of 2009 for UK-based Royal Dutch Shell and its two US partners.

For Shell, which has LNG projects in Brunei, Malaysia and eastern Russia, Gorgon confirms the company’s position as a leader in Asian liquefied natural gas. It also draws a line under one of its darkest episodes.

Gorgon’s reserves made up a large piece of the in-correct regulatory reporting that plunged the company into crisis five years ago. Australia’s environmental ruling clears the way for Shell and the others to be able to book Gorgon’s reserves as proved, boosting an important measure by which investors judge the long-term viability of oil and gas companies.

Full FT Article (Subscription)

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