New equity arrangements for Australian Greater Gorgon project
Posted: 11 April 2005
Shell Development ( Australia) Pty Ltd (Shell) today announced that the participants in the Australian Gorgon liquefied natural gas (LNG) and domestic gas project (affiliates of ChevronTexaco, ExxonMobil and the Royal Dutch/Shell Group of Companies) have agreed to integrate their interests in the Greater Gorgon area.
The gas fields in this area comprise one of the most significant undeveloped natural gas accumulations in the region.
At present, the companies have differing percentage interests in most of the leases covering the Greater Gorgon area. To simplify the development process, the companies will integrate their interests in these fields and the associated gas facilities, with ChevronTexaco holding 50 per cent and Shell and ExxonMobil 25 per cent each.
The Gorgon Joint Venture proposes to construct two 5 million tonne per annum LNG trains on Barrow Island , offshore Western Australia , using gas sourced from the Greater Gorgon area.
Dominique Gardy, Executive Vice President Exploration & Production Asia Pacific said: “The new ownership structure will ensure that all the Greater Gorgon gas fields can be developed to supply the Greater Gorgon project in the most technically and economically efficient way. It also increases Shell’s access to potential gas accumulations in the Greater Gorgon area.”
“This is an important milestone for this very significant project. The development of Greater Gorgon gas will strengthen the Royal Dutch/Shell Group’s leadership in the Asia Pacific LNG market and emphasises the importance of Australian gas in Shell's global portfolio.”
The Gorgon project is subject to State and Commonwealth government approvals and permitting processes.
Posted by Editor Pipeline Magazine
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