Shell Makes Big Bet on Natural Gas
THE HAGUE, Netherlands -- Royal Dutch Shell plc is going "all in" regarding natural gas. The oil company plans to invest more than $20 billion by 2015 to develop liquefied natural gas (LNG) and gas-to-liquids production, CEO Peter Voser said today.
"Strong growth in gas markets … is a major opportunity for Shell and our shareholders," Voser said during an investor meeting, as reported by MarketWatch.
Shell's CEO added integrated gas earnings reached $9 billion in the past year, driven by LNG and gas-to-liquids, the news outlet reported.
Shell will use a significant portion of the funds to build 7 million tons per annum (mtpa) of new LNG capacity in Australia, as well as more than 20 mtpa of further LNG options in Australia, Indonesia and North America.