Royal Dutch Shell is moving to sell its stake in Indonesia's $15 billion Ab...
LONDON - Royal Dutch Shell is moving to sell its stake in Indonesia’s $15 billion Abadi liquefied natural gas project, industry and banking sources said, following on from an asset disposal program that has raised more than $30 billion.
Shell’s decision to sell out of the Abadi project in the Masela block, operated by Japanese oil and gas firm Inpex Corp which holds the remaining stake, highlights the difficulty Southeast Asia’s largest economy has in attracting energy investment.Construction was due to start in 2018, but in 2016 was delayed until at least 2020 after Indonesian authorities instructed a switch from an offshore to an onshore facility.
Dwi Soetjipto, chairman of Indonesian oil and gas task force SKK Migas, said in March that the government and the operators have not agreed on the cost for the project and the government has not approved the revised development plan.Shell sees LNG as a central pillar of the world’s transition to lower carbon energy in the coming decades. The super-chilled fuel allows easier transportation of natural gas, the least polluting fossil fuel, but is relatively expensive to develop.
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