Confirmed: "Shell has bigger plays" Looks like everyone, including Imperial Oil were caught off gaurd on this one. Days ahead: We'll either see a new player with new money or an existing player increase there holdings. This could be just what we need to finally get this project started and bring the true value of Apex Resources to life. I'm looking forward to the month of September 2011.
Shell pulls the pin on Mackenzie Delta Friday, Jul. 15, 2011 7:15PM “As part of [Shell’s] regular global portfolio review, Shell has decided to focus its resources on other options,” Shell, for example, paid $5-billion in 2008 to buy Duvernay Oil Corp., which had vast assets of shale gas in British Columbia that were already connected to pipeline systems.
Even though Shell no longer sees value in the region, it promotes the delta in its sales documents as “an exciting, basin-opening opportunity.”
Canada’s Aboriginal Pipeline Group, which has the opportunity to own as much as a third of the pipeline if it is built, said the proposed sale isn’t necessarily bad news. “Some will think that and others will realize it’s business at usual,” Fred Carmichael, chairman of the group, said from Inuvik, NWT. “It doesn’t fit their portfolio, so they’re moving on for the time being. There’ll be plenty of interest.”
Imperial Oil, Exxon Mobil Corp. and ConocoPhillips are the other members of the consortium that invested in building the pipeline. Imperial leads the group, but the company said “it wouldn’t be appropriate” to comment on other members’ decisions. However, a source close to Imperial said Shell’s decision came as a surprise and that it is unclear if senior management saw it coming.
Shell has set a deadline of Aug. 31 for any bids. Some of Calgary’s most senior bankers were caught off guard by Shell’s decision and noted that the assets will be tricky to sell. One possible buyer could be Korea Gas Corp., which has shown recent interest in the region because it hopes to export gas in liquid form. South Korea is the world’s top importer of liquefied natural gas.
While Mr. Doolan said Shell “believes the project is important for Canada,” the company has calculated it can make more money on other assets. Mr. Doolan added that selling assets is a key part of Shell’s “portfolio-based strategy” and that it looks at what it owns to figure out what combination will make its shareholders the most money.
C:\Users\owner\Desktop\Shell pulls the pin on Mackenzie Delta - The Globe and Mail.htm
Shell Canada throws its hat into LNG ring 06-Jul-11 Shell Canada has announced it has partnered with China National Petroleum Co., Korea Gas Corp., and Mitsubishi Corp. to consider building yet another export terminal to ship LNG from British Columbia to overseas markets Back in the middle part of the last decade, followers of the oil and gas industry know there was a huge push to build facilities in North America to import liquefied natural gas (LNG). The rush came because there was a legitimate fear that declining production from conventional sources of natural gas was not going to be able to meet continental demand for the cleanest burning fossil fuel. At one point there were 47 import terminals in the permitting phase.
Iraq initialled a final contract on Tuesday with Royal Dutch Shell and Mitsubishi in a $12 billion deal to capture flared gas at southern oilfields, two sources close to the deal said.
The oil ministry had scheduled the signing for Tuesday, but then on Monday announced it would be delayed without giving a reason. But an Iraqi oil source and another source close to the deal told Reuters the contract had been initialled on Tuesday morning.
Posted on Jul 11th, 2011 Iraq will sign a final contract with Royal Dutch Shell on Tuesday for a $12-billion project to capture flared gas at southern oil-fields, two sources close to the deal said on Sunday.
Iraq’s oil ministry, Shell, and Japanese project partner Mitsubishi have solved differences that had delayed the joint venture with Iraq’s South Gas Co. since a draft agreement was struck in 2008.
“We have agreed on everything. The initial signing is on Tuesday,” said an Iraqi oil source.
Iraq is losing 1 billion cubic feet per day of gas through flaring, mostly from the south. Iraq would use the gas produced under the agreement with Shell in the domestic market to help meet rapidly rising demand for electricity and could export the surplus.
Shell to invest $30 billion in LNG project in Australia
According to the declarations of Shell’s Chief Executive Peter Voser, the Anglo-Dutch oil major envisages to invest $30 billion in Australia over the next five years.
The investment represents a part of Shell’s LNG strategy, aimed to increase LNG generation at high proportions in the next future years from projects such as the Gorgon offshore project located in Western Australia State. The project, in which Shell will hold a 25 % interest, is estimated to worth 43 billion Australian dollars. Previously, Royal Dutch Shell approved the construction of a massive liquefied natural gas project in Australia that involves building the world's first floating LNG plant, called Gladstone LNG project, which will be able to convert onshore coal seam gas to natural gas in Australia’s Queensland state.
Shell's New LNG Facility is World's Largest Floating Object
Friday, June 24, 2011 "The Board of Royal Dutch Shell plc (Shell) has taken the final investment decision on the Prelude Floating Liquefied Natural Gas (FLNG) Project in Australia (100% Shell), building the world's first FLNG facility. Moored far out to sea, some 200 kilometres from the nearest land in Australia, the FLNG facility will produce gas from offshore fields, and liquefy it onboard by cooling. "
The Prelude FLNG project will be the first Australian upstream project in which Shell is the operator. Australia is one of Shell's key growth provinces, and Shell's upstream investment in Australia should reach some $30 billion over the next five years, including the Prelude and Gorgon projects, and on-going exploration and feasibility studies in the country.
Chevron Agrees to Sell Stake in Wheatstone LNG Project to Shell
Chevron Corp., the second-largest U.S. energy company, said Royal Dutch Shell Plc agreed to acquire a stake in its proposed A$20 billion ($21 billion) Wheatstone natural gas project in Western Australia. Shell, Europe's largest oil company, will gain 6.4 percent of the liquefied natural gas plants and 8 percent of the fields off northwest Australia that will supply the Wheatstone development, Chevron said in an e-mailed statement today. Financial terms weren't disclosed.
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