LNG

Shell plc, the leading LNG trader and oil and gas major, has issued a profits warnings saying that first-quarter 2022 results would include the post-tax impact of between $4 billion and $5 billion from impairments of non-current assets and additional charges relating to Russia activities.

Royal Dutch Shell said liquefied natural gas sales volumes jumped 13 percent in the second quarter and revenue increased, helped by higher prices and cargoes from the Gorgon LNG plant in Western Australia.

Royal Dutch Shell Chief Executive Ben van Beurden said expansion of natural gas and LNG activities would be one of his company’s key contributions to reducing greenhouse-gas emissions.

Royal Dutch Shell sold more than 57 million tonnes of liquefied natural gas in 2016, though earnings from the volumes were lower and only partially offset by the start-up of the Gorgon LNG project in Australia as income from all of the Integrated Gas division dropped 27 percent to $3.70 billion from $5.05Bln in the previous year.

Royal Dutch Shell Chief Executive Ben van Beurden and Russian Gazprom Chairman Alexei Miller signed an agreement at the St. Petersburg International Economic Forum to further their cooperation in the liquefied natural gas market and the Nord Stream pipeline project.

Royal Dutch Shell, the biggest global liquefied natural gas market player, said the takeover of LNG portfolio company BG Group is re-shaping the Anglo-Dutch oil and gas major and providing $1 billion in additional savings, while the company’s investments in new liquefaction projects would be slowing down.