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Shell plans $30 bln, 5 year Australia investment

July 8, 2011, 2:45 p.m. EDT

By London Bureau

LONDON (MarketWatch) — Anglo-Dutch oil giant Royal Dutch Shell PLC (RDSA.LN, RDSB.LN, RDSA, RDSB) plans to invest $30 billion in Australia over the next five years, Chief Executive Peter Voser said in an interview with Swiss newspaper Finanz und Wirtschaft to be published Saturday.

The country is a key part of Shell’s liquefied natural gas, or LNG, strategy. Shell aims to produce significantly higher volumes of LNG in coming years, including from the A$43 billion Gorgon project offshore Western Australia state, in which it has a 25% interest.

The company also wants to build the Gladstone LNG project, converting onshore coal seam gas to LNG in Australia’s Queensland state, and has approved construction of the world’s first floating LNG production vessel off the northwest Australian coast.

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