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Royal Dutch Shell (NYSE:RDSA)(NYSE:RDSB) conducted its management day Wednesday at The Hague, which featured a look at worldwide gas and Asia Pacific Upstream. Chief Executive Peter Voser said that “Strong growth in gas markets, especially Integrated Gas, is a major opportunity for Shell and our shareholders. Our Integrated Gas earnings have more than trebled in the last five years, reaching $9 billion over the last year, driven by liquefied natural gas and gas-to-liquids, and we see growth opportunities to invest over $20 billion here for 2012-15.”
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Chevron Corporation (NYSE:CVX) could see the cost of its gigantic Gorgon liquid natural gas project increase by as much as $20.9 billion, say inside sources, which the Australian Financial Review cited as believing that the true numbers might be revealed by the end of the year. Currently, Chevron estimates that the costs are approximately $37 billion, but difficulties such as the appreciated Australian dollar, and local issues have been counted as reasons to fear a cost explosion in the making. Chervon operates the project with a 47.33 percent interest, with Exxon Mobil Corporation (NYSE:XOM) and Shell at 25 percent each.
Zaza Energy Corporation (ZAZA) divests ZaZa Energy France to Vermillion Energy through a share buyout. The purchase price is about $85.8 million, and the transaction should close before the end of 2012. ZaZa plans to use the sale proceeds for repayment of senior secured notes and to step up its drilling program of core acreage in Texas.
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