Gulf Oil and Gas accountACCOUNT

Shell Exits Proposed Lake Charles LNG Project

Source: www.gulfoilandgas.com 3/30/2020, Location: North America

Given current market conditions, Shell announces it will not proceed with an equity interest in the proposed Lake Charles LNG project. Accordingly, Energy Transfer will take over as the project developer.

Shell will continue to support Energy Transfer with the ongoing bidding process for the engineering, procurement, and construction contract and then plan a phased handover of the project’s remaining activities.

“This decision is consistent with the initiatives we announced last week to preserve cash and reinforce the resilience of our business,” said Maarten Wetselaar, Director, Integrated Gas and New Energies, Shell. “Whilst we continue to believe in the long-term viability and advantages of the project, the time is not right for Shell to invest. Through the transition, we will work closely with Energy Transfer.”

Lake Charles LNG is a proposed 50/50 project between Shell and Energy Transfer that seeks to convert Energy Transfer’s existing import terminal to an LNG export facility in Lake Charles, Louisiana. The project has a proposed liquefaction capacity of 16.45 mtpa for US natural gas export to global customers. In addition to its brownfield advantages and permits, the project has an existing pipeline infrastructure. Shell entered the project in its 2016 combination with BG Group plc.

Acquisitions and Divestitures News in United States >>

Cameroon >>  7/1/2020 - Tower Resources plc, the AIM listed oil and gas company with its focus on Africa, announces a further extension of its Loan Facility ("Facility") of ...
United Arab Emirates >>  7/1/2020 - Abu Dhabi National Energy Company (TAQA) announced the successful completion of its transaction with Abu Dhabi Power Corporation (ADPower), creating o...

Australia >>  6/30/2020 - The Minister for Energy and Mining, Dan van Holst Pellekaan, has announced the details of successful bids in the 2019 petroleum exploration acreage re...
Australia >>  6/30/2020 - Chevron Australia Downstream Pty Ltd., a wholly-owned subsidiary of Chevron Corporation, has completed the acquisition from Puma Energy Asia Pacific B...

Cameroon >>  6/30/2020 - Tower Resources plc, the AIM-listed oil and gas company with its focus on Africa, is pleased to provide an update regarding the farm-out process in r...
Tanzania >>  6/30/2020 - Aminex announces that the parties to the Ruvuma Farm-Out Agreement have agreed to extend the long stop date for satisfaction of the conditions to the ...




United States Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.