Royal Dutch Shell has increased its stake in some Australian LNG fields by swapping assets with US oil major Chevron
By Garry White: 4:31PM BST 20 Aug 2012
Royal Dutch Shell and Chevron have agreed to swap assets in Australia, with the Anglo-Dutch energy giant increasing its interest in a key liquefied natural gas project.
Shell will pay Chevron $450m (£287m) and swap its interest in 2 offshore oil fields in return for Chevron’s interest in the Browse liquefied natural gas (LNG) project.
Australia’s Woodside Petroleum is the operator of the Browse project, in partnership with Shell, BP, Chevron and BHP Billiton. Following completion of this transaction, Shell will hold a 35pc interest in West Browse and 25pc interest in East Browse.
However, there have been a number of delays getting the project off the ground, including opposition from environmentalists and Aboriginal landowners.
“This is a good deal, not only because it aligns with Shell’s strategy of bigger direct stakes in key gas resources, but because it also helps to simplify the ownership of the Browse gas fields,” Andy Brown, Shell’s upstream international director, said.
Seven of the world’s 10 major LNG projects are currently under construction in Australia. The country is heavily investing in the sector to support Asian energy demand. Australia is expected to overtake Qatar, which has the world’s third-biggest gas reserves, as the largest exporter of LNG by 2020. Last year the Gulf Emirate’s production capacity hit 77m tonnes a year.
Shares in Shell fell 12½ to £23.34.
RELATED ARTICLES
- Shell ‘paying millions to Nigerian security forces’ 19 Aug 2012
- Heritage Oil bolsters plans for Nigeria with $370m cash-call 06 Aug 2012
- Heritage’s $370m rights issue for Nigeria deal 06 Aug 2012
- Shell ‘pulling cash out of eurozone’ 06 Aug 2012
- BP profits plunge: market reaction 31 Jul 2012
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: 
MORE DETAILS:
A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
