Shell greenlights $6.4 billion Australia natural gas project [Reuters]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Reuters
Shell greenlights $6.4 billion Australia natural gas project SYDNEY (Reuters) - Royal Dutch Shell said on Friday it had taken a final investment decision to develop the first phase of Australia’s biggest coal seam gas resource in Queensland state. The first phase of the A$10 billion ($6.4 billion) Surat Gas Project would bring as much as 90 billion cubic feet per year of new natural gas to market at peak production, Shell said in a statement. The project is being developed by a Shell and PetroChina joint venture called Arrow Energy. Construction will start this year and its first gas sales are expected in 2021. The investment is a timely injection of cash for Australia’s A$2 trillion economy now on the verge of its first recession in three decades as businesses shut to fight the new coronavirus, throwing tens of thousands out of work. Authorities are also eager to see the Surat project start up as Australia’s southeastern states face gas shortages by the mid-2020s. Queensland Premier
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