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Gold/Mining/Energy : Gasification Technologies -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (754)	2/21/2007 10:14:21 AM
From: Dennis Roth	Respond to of 1740

Shell says 'committed' to Qatar's Pearl project despite ExxonMobil move Published on : Wed, 21 Feb 2007 15:06 abcmoney.co.uk By : Agencies LONDON (AFX) - Royal Dutch Shell PLC is proceeding with the construction of the Pearl gas-to-liquid complex in Qatar, despite a decision by rival ExxonMobil Corp to cancel its own 7 bln usd GTL project due to cost pressures. 'We are absolutely committed to the (Pearl) project,' a Shell spokesman told AFX News. Shell is pursuing the project, the largest of its kind in the world, jointly with state-owned Qatar Petroleum. Pearl is designed to produce about 3 bln barrels of oil equivalent over the lifetime of the project at a cost of 4-6 usd a barrel. Shell has not changed the production cost guidance for Pearl which it set out in July last year, the spokesman said. 'We view Pearl as a cost-efficient and cost-effective project,' he said, adding Pearl is expected to be on-stream by the end of the decade. Groundbreaking ceremony for the project will be held later this week, he said. ExxonMobil and Qatar Petroleum on Tuesday announced they have decided to drop the 7 bln usd GTL project which they launched in 2004. They are carrying out the project under a 25-year production sharing agreement, with ExxonMobil shouldering 100 pct of the cost. Instead, the pair will be pursuing the Barzan gas project, which is expected to yield at least 1.5 bln cubic feet of gas per day from 2012. monicca.egoy@thomson.com