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Minister welcomes floating LNG announcement.



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Minister for Resources and Energy, Minister for Tourism

MINISTER WELCOMES FLOATING LNG ANNOUNCEMENT

The Minister for Resources and Energy, Martin Ferguson AM MP, has welcomed today’s announcement by Shell that it is to develop two West Australian gas discoveries using floating Liquefied Natural Gas (LNG) technology.

This potential expansion of Australia’s LNG industry is a further indication that Australia is cementing its place as a leader in the global LNG market and demonstrates Australia remains a highly attractive and secure destination for investment.

Minister Ferguson said: “Shell’s development of the world’s first floating LNG project for its Prelude and Concerto fields is particularly welcome news.

“The development of these comparatively small, remote fields will provide an opportunity to Australians to develop the specific skills needed to design, build and operate floating LNG projects,” he said.

“For Australia, the development of floating LNG is very important as there are many remote gas fields in our waters which will remain uneconomic in the absence of this technology. A CSIRO report last year estimated Australian stranded gas reserves to be around 140 trillion cubic feet and worth around $1 trillion.”

The development of the Prelude and Concerto fields has the potential to make a substantial contribution to the Western Australian and Australian economies. It will create of hundreds of jobs, new opportunities for Australian businesses, and tax revenues to government.

Australia is presently the world’s fifth-largest exporter of LNG generating $10.1 billion in exports for Australia in 2008-09. However with the Pluto and Gorgon projects set to come on line, Australian LNG exports will be approximately $24 billion by 2017-2018.

Minister Ferguson said: “Shell has been a valued investor in the development of Australia’s resources since 1901 and the Australian Government today welcomes the company’s important announcement.”

Media contact: Michael Bradley - 0420 371 744

RET Minister > The Hon Martin Ferguson AM MP

The Hon Martin Ferguson AM MP

08 Oct 2009

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