The complex, jointly owned by Qatar Petroleum (QP) and Shell, was inaugurated by Qatar Electricity and Water Companys general manager Fahad Hamad al-Mohannadi. Royal Dutch Shells executive director Linda Cook, diplomats and senior QP and Shell executives were among those present.
Pearl GTL Project
Qatar Petroleum and Shell open Pearl Village for 35,000 workers
ENERGY COMPASS: Sakhalin costs overshadow Shell’s new start
ENERGY COMPASS: Sakhalin costs overshadow Shell’s new start
“Gazprom has already said the new budget will affect the asset swap that it is negotiating with Shell, and analysts estimate it could cost Shell $1 billion in these discussions alone But it has broader implications for Shell, which… is developing an accident-prone reputation…”: “Costs have spiraled on the Athabasca oil sands project in Canada, on Bonga in Nigeria, and most recently on the Pearl GTL project in Qatar — priced at $5 billion at its launch last year, but now already creeping up to around $6 billion.”: “Questions have also been raised about Shell’s management of investor expectations.”
Posted Monday 1 August 2005
Published by www.energyintel.com 22 July 2005
Royal Dutch Shell bosses should have been popping champagne corks this week. Instead, they’re likely to have been drowning their sorrows. The company moved to a single UK stock listing on Jul. 20, ending nearly a century of corporate history and making good on promises to simplify governance structures in the wake of last year’s reserves accounting scandals.
But the historic move has been overshadowed by a new upstream crisis, this time over spiraling costs at the Sakhalin-2 LNG development in Russia. Shell has said it now expects the project to cost $20 billion, up an eye-watering $10 billion from the original 2003 estimate.