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Shell (SHEL) to Deliver More Gas to Customers in Australia
Shell Plc SHEL announced recently that its QGC business, which is focused on developing Queensland's world-class methane reserves, planned to offer an additional 8 petajoules (“PJ”) of gas for the Australian market for delivery this year, per a Reuters report.
Shell made its offer after the Australian government passed legislation establishing a natural gas price cap that will be applied to new wholesale gas sales by east coast producers for a year.
The suppliers in Australia's east coast market, including Shell, strongly opposed the price cap provision, which was set at A$12 ($8.40) per gigajoule (“GJ”).
Analysts and gas producers have cautioned that the new rule will cause market disruption, and producers have already postponed supply offers as they assess its impact.
The volume offered by Shell is in addition to the 20 PJ gas offered domestically since last month, at or below A$12/GJ, of which more than 13 petajoules have been contracted.
About Shell
Headquartered in London, Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations spanning worldwide.
The company was in the news recently after it agreed to purchase an electric vehicle (‘EV’) charging company Volta Inc. VLTA, for $169 million in cash. The acquisition is another pointer to the growing trend among major energy companies toward investments in the EV infrastructure space as demand for such vehicles continues to grow.
Per the deal, the energy major will pay 86 cents for each of Volta’s outstanding class A common stock. At Volta’s Tuesday’s closing stock price of 72.70 cents, the transaction values the company’s shares at an 18% premium.
In another development last week, Shell, together with French multinational TotalEnergies SE TTE, started to produce gas at the Mabrouk North-East field in Block 10, onshore Oman. Block 10, where Shell holds a 53.45% operatorship interest and TotalEnergies controls 26.55%, is strategically significant for Oman and is expected to balance the country's gas supply and demand shortfalls.
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