• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 8 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 14 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 1 day Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 47 mins Venezuela set to raise gasoline prices to international levels.
  • 32 mins Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 1 day Batteries Could Be a Small Dotcom-Style Bubble
  • 13 hours Saudi Fund Wants to Take Tesla Private?
  • 23 hours Starvation, horror in Venezuela
  • 14 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 1 day France Will Close All Coal Fired Power Stations By 2021
  • 1 day Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 6 hours Corporations Are Buying More Renewables Than Ever
  • 22 hours WTI @ 69.33 headed for $70s - $80s end of August
Is Deepwater Drilling More Profitable Than Shale?

Is Deepwater Drilling More Profitable Than Shale?

Conventional wisdom in oil markets…

BHP Billiton and Exxon Mobil to Build World’s Largest Floating LNG Plant

Rising costs in Australia’s LNG sector have led many analysts to suggest that continued expansion is limited, especially as growing production in Africa and North America offer alternative supplies, and areas for investment.

Australia currently has $190 billion worth of LNG projects under development, and is soon set to overtake Qatar as the world’s largest LNG exporter, but the continued expansion is under doubt.

Despite these growing concerns about the cost competitiveness of LNG projects in Australia Exxon Mobil (NYSE: XOM) and BHP Billiton (NYSE: BHP) have decided to work together to build the world’s largest floating LNG processing and export plant.

Related article: LNG Exports Threaten High Gas Prices in the US as Shale Production Slows

The plant will be situated off the northwestern coast of Australia, and be around half a kilometre long (around the length of five football fields). It will be the largest floating facility in the world.

The LNG plant will increase Australia’s total LNG production capacity by 30%, on its own producing 6-7 million tonnes of LNG a year, enough to meet the needs of Japan, the world’s largest importer of gas, for a month.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News