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Arrow Energy Chief Executive Officer Nick Davies said Shell Exploration Company B.V. (Shell), a subsidiary of Royal Dutch Shell PLC, will join with Arrow to develop the company’s Australian and international CSG projects.
“This is an extremely significant event for Arrow,” Mr Davies said.
“Shell are investing over $700 million into our company. Not only that, but they’re bringing people and research and development capabilities to us to allow us to develop our coal seam methane gas throughout Australia, throughout Asia and to turn it into LNG and export it from Australia to other parts of the world.
“We’ve been discussing potential business with Shell for approximately 12 months. It started off fairly low-key as a potential international joint venture and gradually expanded to include other aspects of business and in the last six months in particular to include LNG.
“We always knew on the LNG front Shell was the company we wanted. Shell are the LNG company and on the coal bed methane side Shell are very strong players in the unconventional gas resource business.
“So both aspects provided a high degree of skill and contribution to our business and we knew all along that Shell was the right partner for us.”
Mr Davies said the deal was of massive importance to the future of Arrow Energy.
“It’s very significant to our LNG project in Gladstone, which was the first LNG project announced in Gladstone, over a year ago now,” Mr Davies said.
“We’ve been moving forward steadily with that project during the last 12 months. Currently our first gas for the first LNG is scheduled for 2011.
“We’re on track to meet that. We’re in the middle of an environmental impact statement that will deliver that site for us in Gladstone. Having Shell obviously adds a huge amount of credibility to it and will help us with funding and expertise and experience to develop our field and obviously to get the project up and running.”
“This is an extremely significant event for Arrow,” Mr Davies said.
“Shell are investing over $700 million into our company. Not only that, but they’re bringing people and research and development capabilities to us to allow us to develop our coal seam methane gas throughout Australia, throughout Asia and to turn it into LNG and export it from Australia to other parts of the world.
“We’ve been discussing potential business with Shell for approximately 12 months. It started off fairly low-key as a potential international joint venture and gradually expanded to include other aspects of business and in the last six months in particular to include LNG.
“We always knew on the LNG front Shell was the company we wanted. Shell are the LNG company and on the coal bed methane side Shell are very strong players in the unconventional gas resource business.
“So both aspects provided a high degree of skill and contribution to our business and we knew all along that Shell was the right partner for us.”
Mr Davies said the deal was of massive importance to the future of Arrow Energy.
“It’s very significant to our LNG project in Gladstone, which was the first LNG project announced in Gladstone, over a year ago now,” Mr Davies said.
“We’ve been moving forward steadily with that project during the last 12 months. Currently our first gas for the first LNG is scheduled for 2011.
“We’re on track to meet that. We’re in the middle of an environmental impact statement that will deliver that site for us in Gladstone. Having Shell obviously adds a huge amount of credibility to it and will help us with funding and expertise and experience to develop our field and obviously to get the project up and running.”
