KUFPEC Boosts Stake in Wheatstone LNG via Shell Deal

Kuwait Foreign Petroleum Exploration Company (KUFPEC) has increased its stake in the Wheatstone liquefied natural gas (LNG) project in Western Australia to 13.4 percent after a $1.1 billion deal with Royal Dutch Shell plc.

The deal sees KUFPEC acquire Shell's 6.4-percent interest in the Wheatstone project as well as an eight-percent interest in the Wheatstone-Iago joint venture.

Shell CEO Ben van Beurden commented in a company statement:

"Shell will remain a major player in Australia's energy industry. However, we are refocusing our investment to where we can add the most value with Shell's capital and technology. We are making hard choices in our world-wide portfolio to improve Shell's capital efficiency."

The Wheatstone LNG project is an LNG plant under construction some eight miles from the coastal town of Onslow, Western Australia. Being developed by Chevron, the plant will eventually have an annual capacity of 15 million tons of LNG, receiving gas from the Wheatstone, Iago, Julimar and Brunello offshore gas fields.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petronas: LNG Train 9 in Sarawak Moves... (Jan 23)
 -  Xodus Wins Apache North Sea Well Contr... (Jan 23)
 -  FAR: SNE 5 Appraisal Well Spuds Offsho... (Jan 23)
 -  Shell to Reshuffle Head of Exploration... (Jan 23)
 -  Scottish Government Reveals New Subsea... (Jan 20)


Most Popular Articles

From the Career Center
Jobs that may interest you
Engineer/Inspector for LNG Facilities
Expertise: Design Engineer|QA / QC / Inspection
Location: Houston, TX
 
Quality Control (QC) Technician
Expertise: QA / QC / Inspection
Location: Oklahoma City, OK
 
QC Insulation and Painting Inspector
Expertise: QA / QC / Inspection
Location: Lake Charles, LA
 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours