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    SHEL   GB00BP6MXD84

SHELL PLC

(SHEL)
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Delayed London Stock Exchange  -  11:35 2022-08-17 am EDT
2182.00 GBX   +0.62%
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Shell to Join World's Largest LNG Project in Qatar -- Update

07/05/2022 | 08:30am EDT

By Jaime Llinares Taboada


Shell PLC said Tuesday that it has been chosen by QatarEnergy to participate in the $29 billion North Field East liquefied natural gas expansion project in Qatar.

The U.K. energy company said it will hold a 25% stake in a joint-venture company that will own 25% of North Field East. QatarEnergy will own the remaining 75% of the project to build four LNG trains with a combined liquefaction capacity of 32 million metric tons a year.

Last month, Exxon Mobil Corp., TotalEnergies SE and ENI SpA were also chosen to join the project.

This is the largest project in the history of the LNG industry and will support the delivery of much-needed gas supplies to market around the world, Shell said.

North Field East will expand Qatar's annual LNG capacity to 110 million tons by 2026 from the current 77 million tons, placing the country as the largest LNG producer in the world. The project will require an investment of $28.75 billion, according to ENI.

"Through its pioneering integration with carbon capture and storage, this landmark project will help provide LNG the world urgently needs with a lower carbon footprint," Shell's Chief Executive Ben van Beurden said.

LNG, which is transported by ship, is viewed as the main option for Europe to replace pipeline gas imports from Russia. Qatar traditionally exports most of its LNG to other countries in Asia, but European buyers willing to pay a premium could result in higher seaborne deliveries to Europe.

Shares in Shell at 1205 GMT were down 2.3% at 2,153.0 pence.


Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT


(END) Dow Jones Newswires

07-05-22 0829ET

Stocks mentioned in the article
ChangeLast1st jan.
ENI SPA 0.98% 11.692 Delayed Quote.-5.25%
EXXON MOBIL CORPORATION 1.05% 92.445 Delayed Quote.49.47%
S&P GSCI NATURAL GAS INDEX -0.89% 432.063 Real-time Quote.149.62%
SHELL PLC 0.62% 2182 Delayed Quote.33.71%
TOTALENERGIES SE 0.08% 51.54 Real-time Quote.15.39%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -2.83% 59.75 Delayed Quote.-17.96%
WTI 0.84% 87.705 Delayed Quote.15.49%
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Financials (USD)
Sales 2022 395 B - -
Net income 2022 41 807 M - -
Net Debt 2022 36 817 M - -
P/E ratio 2022 4,62x
Yield 2022 3,82%
Capitalization 193 B 192 B -
EV / Sales 2022 0,58x
EV / Sales 2023 0,59x
Nbr of Employees 82 000
Free-Float 99,9%
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Mean consensus BUY
Number of Analysts 20
Last Close Price 26,24 $
Average target price 33,75 $
Spread / Average Target 28,6%
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Managers and Directors
Bernardus Cornelis Adriana Margriet van Beurden Vice President-Manufacturing Excellence
Sinead Gorman Chief Financial Officer & Director
Andrew Stewart Mackenzie Chairman
Harry Brekelmans Director-Technology & Projects
Yiu Kiang Goh Deputy Chairman
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