Royal Dutch Shell Plc pulled out of a major U.S. liquefied natural gas (LNG) export plant under development following the recent crash in energy prices, quickly followed by its partner, Energy Transfer LP, delaying its final decision on whether to go ahead with the project to next year.
FILE PHOTO: The logo of Royal Dutch Shell is seen at a petrol station in Sint-Pieters-Leeuw, Belgium January 30, 2019. REUTERS/Yves Herman/File Photo
“It’s telling that a major would walk away from a major outlet for long-term gas supply,” said Ira Joseph, head of global gas and power analytics at S&P Global Platts, noting that storage, port and pipeline work was already in place on the project. The Lake Charles project, one of a number of large LNG facilities planned in the wake of the U.S. shale boom, envisaged converting Energy Transfer’s existing import and regasification facility into a 2.2-bcfd export facility.
Shell said last week that it would cut spending by $5 billion to below $20 billion in 2020 and suspended its vast $25 billion share buyback plan in an effort to weather the oil price collapse.
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