By Angela Macdonald-Smith
June 27 (Bloomberg) — Chevron Corp.’s proposed $10 billion-plus Gorgon liquefied natural gas project in Western Australia is “in trouble” and may cost double the latest cost estimate, said Wall Street Access, a U.S. securities firm.
The project may be re-designed and the start-up may be delayed until 2014, Wall Street Access analyst Bernard Picchi said in a report yesterday. Chevron’s partners in Gorgon, Exxon Mobil Corp. and Royal Dutch Shell Plc, are developing “Plan B” options for LNG supply in the Pacific region “just in case Gorgon is dramatically delayed” or worse, he said.
The Gorgon partners last year dropped a 2006 deadline for approving the project for development and haven’t given a revised timetable as they carry out work to improve the project economics. The project schedule will be re-evaluated after the completion of the studies, Chevron said in May.
“No-one is willing to say that Gorgon is dead, but it seems that the partners, Exxon especially, are pressuring Chevron to re-think many aspects of Gorgon to lower unit costs,” Picchi said in the report. “We think it will go ahead, but the project will prove to be more expensive, require more time to develop, and look different than Chevron has indicated to investors.”
The venture partners are all “committed” to Gorgon going ahead, said Mike Edmonson, a spokesman for Chevron in Perth. Chevron can’t determine the cost or schedule for the project as it’s yet to get the final environmental conditions from government authorities, he said.
To contact the reporter on this story: Angela Macdonald-Smith in Sydney at [email protected] .
Last Updated: June 26, 2007 20:41 EDT
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
