khaleejtimes.com: Shell to invest $12b in Gulf in eight years: Ron van der Berg, Shell's Regional Chief Executive Officer, exploration and production, said the new investment underscored Shell's long-term commitment to the region. "We are committed to the development of long term partnerships with governments and their national oil companies in this region," he said. (ShellNews.net) 11 March 05
BY ISAAC JOHN
11 March 2005
DUBAI Global energy major Royal Dutch/Shell Group said it would be investing $12 billion in the Gulf region over the next eight years, in addition to $2.6 billion it had invested over the past five years in various oil and gas projects.
Ron van der Berg, Shell's Regional Chief Executive Officer, exploration and production, said the new investment underscored Shell's long-term commitment to the region. "We are committed to the development of long term partnerships with governments and their national oil companies in this region," he said.
Central to the $12 billion investment plan would be Shell's new commitments in Qatar. Last month, Shell and Qatar Petroleum (QP) signed a Heads of Agreement for the development of Qatargas 4, a large-scale LNG project, while Shell Chemicals signed a Letter of Intent for a world-scale ethane-based cracker and derivatives complex. It is also working on the development of the world-scale Pearl GTL project that will produce 140,000 bpd of GTL products, as well as associated condensate and LPG.
Michael Megarry, Shell Exploration and Production Vice President for external affairs, said it would be commissioning two offshore fields Soroosh and Norwooz and would pursue other oil and gas opportunities in Iran. A joint venture with National Iranian Oil Company, production from these two facilities would reach 190,000 bpd in two months, he said.
The oil major has also undertaken two projects feasibility studies on a reservoir and a gas master plan for the Iraq Oil Ministry.
He said Shell operates more oil and gas production facilities than any other private company, and the Group integrates its business from seismic surveys and drillings, through trading and refining, to the marketing of fuels, electricity and chemicals to over 20 million customers a day.
In March last year, Shell and Libya NOC signed an agreement for the establishment of a long term strategic partnership in the Libyan upstream oil and gas industry. The agreement could lead to the development of world-class integrated upstream and LNG export projects in Libya, said Megarry. In Saudi Arabia, Shell, which is one of the largest foreign investors in the kingdom with five major joint ventures, is going ahead with a seismic programme in its vast 210,000 km2 concession in the Rub Al Khali in its newest joint venture with Saudi Aramco and Total for exploring for gas and associated liquids.
In Egypt, where Shell has a partnership with Badr El Din Petroleum Company, it has interests in several gas distribution businesses and also has a network of 56 petrol retail sites across the country.