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Upon completion, the nearshore LNG plant will increase Petronas’ LNG production from floating LNG facilities from 2.7mn tonnes/year to 4.7mn tonnes/year. [Image: Straatman]
The agreement covers eight conventional natural gas-condensate fields in the country.
Shell on Thursday reported a 2023 profit of $28 billion, down 30% from the previous year's record as oil and gas prices cooled, still allowing the firm to increase its dividend by 4% and extend its share repurchases.
Under the agreement, LNG deliveries are slated to commence from 2026 onwards. [Image: Gail]
Company hopes to eventually produce 600,000 tonnes/year of LNG from several modular facilities in Kazakhstan. [Image credit: Condor Energies]