Tuesday September 15,2009
By David Craik
OIL giant Royal Dutch Shell hailed a great milestone yesterday as it gave the green light to the construction of the worlds biggest liquid natural gas project.
Shell, along with partners Chevron and ExxonMobil, said the much-delayed Gorgon LNG project off the coast of Western Australia would be built at a lower than expected cost of $37billion (£22.2billion) as the recent downturn in the industry bit into capital costs.
Chevron will hold a 50 per cent stake in the project, which will begin production in 2014 with an annual capacity of about 15million tonnes per year or eight per cent of the worlds LNG production.