News
The Future Of Shell, And Much Of Big Oil, Isn’t Oil
Big Oil is turning into Big Gas, and Australia’s Curtis Island shows this transformation better than most places—Shell now owns an enormous gas project connecting thousands of wells atop a 667-acre liquefied natural gas terminal.
“We’re more a gas company than an oil company,” says Shell CEO Ben van Beurden. “If you have to place bets, which we have to, I’d rather place them there.”
Shell strategically turned towards gas in a big way after its $54B takeover of BG Group, which closed in February, Bloomberg reports. The energy giant now owns 20% of the global LNG market, giving it double the production capacity of Exxon Mobil, its closest competitor. [Bloomberg]
