The gas fields in this area comprise one of the most significant undeveloped natural gas accumulations in the region.
At present, the companies have differing percentage interests in most of the leases covering the Greater Gorgon area. To simplify the development process, the companies will integrate their interests in these fields and the associated gas facilities, with ChevronTexaco holding 50 per cent and Shell and ExxonMobil 25 per cent each.
The Gorgon Joint Venture proposes to construct two 5 million tonne per annum LNG trains on Barrow Island, offshore Western Australia, using gas sourced from the Greater Gorgon area.
Dominique Gardy, Executive Vice President Exploration & Production Asia Pacific said: “The new ownership structure will ensure that all the Greater Gorgon gas fields can be developed to supply the Greater Gorgon project in the most technically and economically efficient way. It also increases Shell’s access to potential gas accumulations in the Greater Gorgon area.”
“This is an important milestone for this very significant project. The development of Greater Gorgon gas will strengthen the Royal Dutch/Shell Group’s leadership in the Asia Pacific LNG market and emphasises the importance of Australian gas in Shell's global portfolio.”
The Gorgon project is subject to State and Commonwealth government approvals and permitting processes.
The Royal Dutch/Shell Group of Companies, "the Group", is a diverse group of energy companies with operations in around 145 countries. The Group's businesses include oil and gas exploration and production; power generation; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. The Group's parent companies are Royal Dutch Petroleum Company which has a 60% interest in the Group and The "Shell" Transport and Trading Company plc which has a 40% interest in the Group.
Shares in the parent companies are traded on stock exchanges in Europe and the US. On 28 October 2004 Royal Dutch Petroleum and Shell Transport and Trading announced proposals for their unification under a single company, Royal Dutch Shell plc, with one Board of Directors. For further information, visit  http://www.shell.com
Disclaimer statement
This news release contains forward-looking statements, that are subject to risk factors associated with the oil, gas, power, chemicals and renewables business. It is believed that the expectations reflected in these statements are reasonable, but may be effected by a variety of variables which could cause actual results or trends to differ materially, including, but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, the risk of doing business in developing countries, legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.
Please refer to the Annual Report on Form 20-F for the year ended December 31, 2003 (as amended) for a description of certain important factors, risks and uncertainties that may affect the Companies' businesses. Neither of the Companies undertake any obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or otherwise.
Cautionary Note to US Investors:
The United States Securities and Exchange Commission ('SEC') permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions.
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