Europe's largest oil and gas company, Royal Dutch Shell, plans to spend up to $50 billion over the next 10 years developing gas projects in Australia, Bloomberg reports.
“The stars have aligned for Australia” because of improving technologies and increasing demand in Asia for cleaner-burning fuel, Ann Pickard, Shell Australia’s chairman and executive vice president for exploration and production, said.
By 2012, over half of shell's hydrocarbon production will come from gas, Pickard said, adding that in the next 10 years, the company may spend from $30 to $50 billion on such projects.
Shell's net profit in the first half of 2010 was $9.874 billion while revenue for the same period was $176.63. The company produced 3.11 million barrels of oil equivalent in the second quarter of 2010.
Shell To Invest Up To $50 Billion in Australia
Source : Oil and Gas Eurasia