A Qatari project that has been a drain on Royal Dutch Shell's capital since 2003 is on the verge of turning into a unique asset that will produce billions of dollars a year in cash for the next 25 years.
Shell shareholders in 2013 should see significant benefits from Pearl GTL, a gas-to-liquids fuel project which until now has been notorious for a development cost overrun to $18-$19 billion from the original $5 billion and which is still late for its mid-2012 date for full production.
Shell says both Pearl's trains have now operated at between 90 and 100 percent of design rates, and even though maintenance issues have run into the third quarter and kept them from working together at full capacity, that moment now could be just around the corner.
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