• 3 minutes Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 6 minutes Forecasts for Natural Gas
  • 14 minutes NordStream2
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours Communist China Declared War on the US Long Ago Part 1 of the 2-part series: The CCP's War on America
  • 14 mins China's aggression is changing the nature of sovereignty.
  • 4 hours Delta variant in European Union
  • 2 days Ukrainian Maidan after 8 years
  • 10 hours President Biden’s Nuclear Option Against OPEC+ - Waste of Time
  • 4 days OPEC+ Expects Large Oil Glut In Early 2022
  • 4 days Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 1 day Сryptocurrency predictions
  • 3 days CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 3 days Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
EV Makers Are Desperate To Ditch Cobalt

EV Makers Are Desperate To Ditch Cobalt

Scarcity, price, and human rights…

Shell Divests LNG Stake For $2.5 Billion

Shell has sold a 26-percent stake in an Australian LNG project to Global Infrastructure Partners for $2.5 billion as part of efforts to reduce the weight of non-core assets in its portfolio, the company said.

The price of the divestment, which will leave Shell the majority owner of the project Queensland Curtis LNG, suggests that the supermajor has picked a good time for the divestment. The outlook for LNG is still bright despite an extended price rout that started last year and continued into this year, and Australia is one of the focal points of LNG development globally.

“Due to the advantages it offers as a complement to renewable energy and as the cleanest burning hydrocarbon, natural gas is a core component of Shell’s strategy to provide more and cleaner energy solutions,” the Anglo-Dutch supermajor said in its announcement of the sale. “Global LNG demand is expected to outpace total demand for energy and the QCLNG venture is crucial in helping Shell meet the world’s growing energy needs.”

The stake sale will complete Shell’s divestment plan for this year, which set a target of $4 billion for the supermajor, Reuters noted in a report on the news, after Shell sold its Martinez refinery in the U.S. and its shale gas assets in Appalachia.

The Queensland Curtis LNG project has been in operation for years, converting coal seam gas from the Surat Basin into liquefied natural gas. Its two trains have an annual production capacity of 8.5 million metric tons, but there are plans to expand this to 12 million tons with another train.

Already a major player in the global LNG field, Shell recently expanded its footprint in a nascent market: LNG bunkering. Earlier this month, the supermajor said it planned to more than double its LNG-powered vessel fleet, Argus Media reported, adding this should happen by 2025.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News