DAILY TELEGRAPH (UK): Shell signs £11bn Korean gas deal: “Shell, Total and their partners yesterday signed a $20billion (£11billion) deal to sell liquefied natural gas to South Korea over the next 20 years.”: “Meanwhile, Shell was criticised by environmental groups for its project on Sakhalin Island after an independent report suggested that its work could lead to the extinction of the western grey whale.” (ShellNews.net) 17 Feb 05
By Malcolm Moore (Filed: 17/02/2005)
Shell, Total and their partners yesterday signed a $20billion (£11billion) deal to sell liquefied natural gas to South Korea over the next 20 years.
Shell's joint ventures in Russia, on Sakhalin Island, and in Malaysia, will supply a combined 5m tonnes a year of gas to Korea Gas, starting in 2008.
Shell and its partners beat off competition from Woodside Petroleum in Australia and Iran. the Korean ministry of energy said it managed to secure the gas at a discount of 40pc to market prices, and that Korea Gas secured extra supplies during winter.
Meanwhile, Shell was criticised by environmental groups for its project on Sakhalin Island after an independent report suggested that its work could lead to the extinction of the western grey whale.
Shell wants to build a pipeline which may cross the feeding grounds of the last 100 western grey whales. It commissioned the World Conservation Union to prepare a report on the possible risks. "the most precautionary approach would be to suspend present operations and delay further development of the oil and gas reserves in the vicinity of the grey whale feeding grounds," the union said.
Even if a single additional female whale was lost a year, over and above the recent average, the species could be driven quickly to extinction, the panel said.
The oil fields hold 1.2billion barrels of crude oil and 500billion cubic metres of natural gas.