The Shell-led Crux development offshore Australia, that will help backfill Shell’s (LSE:RDSA) Prelude floating liquefied natural gas (LNG) project, has moved closer to a final investment decision (FID), which partner Seven Group, expects by the end of this financial year.
Australia’s Seven, which is testing the market for its 15% holding in the Crux field, said yesterday that it is a “world class asset that is expected to be producing gas at a time of global LNG shortage.”
As Energy Voice reported previously, a 15% share in Crux is expected to fetch between $200 million and $400 million.
Crux represents a rather unique bite-sized LNG exposure for potential market entrants by LNG standards. It is owned by Shell, Osaka Gas, and a unit of Australia’s Seven Group Holdings.
Shell has completed front-end engineering and design (FEED) at Crux and is moving towards FID.
The project in the Browse basin will be developed to supply backfill gas to the Prelude floating LNG (FLNG) facility off northwest Australia, which has been beset with technical problems and is currently offline.
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