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Shell Prelude LNG over-promise and under-delivery

Extracts from a Reuters/Nasdaq article Australia’s Ichthys LNG dealt blow as major contractor pulls plug”  dated 25 Jan 2017.

Australia’s$200 billion LNG production ramp-up is one of the biggest increases in supply the industry has ever seen, and it will lift Australia over Qatar as the world’s biggest exporter of the fuel.

Even so, most of Australia’s LNG projects currently under construction, including Chevron’s huge Gorgon facility and Royal Dutch Shell’s floating Prelude production vessel, are having trouble keeping within budget and sticking to schedules, and more delays are expected.

“All projects currently being built or expanded in Australia are having trouble with time and cost control. They will almost certainly see further delays,” a source advising LNG producers said on condition of anonymity.

(Reporting by Henning Gloystein; Additional reporting by Osamu Tsukimori in TOKYO; Editing by Tom Hogue) (([email protected];))

Read more: http://www.nasdaq.com/article/australias-ichthys-lng-dealt-blow-as-major-contractor-pulls-plug-20170125-00075#ixzz4WrWlYrpO

Read more: http://www.nasdaq.com/article/australias-ichthys-lng-dealt-blow-as-major-contractor-pulls-plug-20170125-00075#ixzz4WrWFpbv6

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