It is reported that due to the plunge in crude oil prices, Royal Dutch Shell (RoyalDutchShell) has officially announced the abandonment of more than 20 billion US dollars worth of liquefied natural gas (LNG) projects in Queensland. Shell Global President Ben Van Beurden said that Arrow's LNG project will no longer be considered. In addition, due to the priority of LNG projects in the United States, the progress of other Shell joint ventures will also slow down. Best Selection of Power Tools Cordless Power Drill, Cordless Electric Drill, Cordless Power Tools NINGBO LUBAN ELECTRIC POWER TOOLS CO.,LTD. , https://www.aye-group.com
Prior to this, major US oil companies, including ConocoPhillips and Occidental Petroleum, also cut budget spending to maintain dividend payments to shareholders. Several local companies in Australia, including OilSearch and Beach Energy, have also been advised to reduce capital expenditures in the past few days.
When Shell announced its fourth-quarter results in London, Arrow's LNG project is now officially “cancelled†and several joint ventures will be postponed or abandoned due to the plunge in oil prices. However, Arrow's CBM development will continue. “In Bowen Basin and Surat Basin, we will continue to develop Arrow's gas resources,†said Shell Australia spokesman Paul Zennaro.
Shell announced that it will cut $15 billion in spending in three years due to a sharp fall in oil prices, but the company still includes the Browse resource project in its final investment decision. Shell currently has several large investments in Australia, including the $54 billion Gorgon LNG project in Western Australia and the Prelude floating LNG project in the Blaus Basin, which will begin production in 2016-17. .
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