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Given current market conditions, Shell announced that it will not proceed with an equity interest in the proposed Lake Charles LNG project.
Accordingly, Energy Transfer LP will take over as the project developer. Shell entered the project in its 2016 combination with BG Group plc.
Lake Charles LNG is a proposed 50/50 project between Shell and Energy Transfer that seeks to convert Energy Transfer’s existing import terminal to an LNG export facility in Lake Charles, Louisiana. The project has a proposed liquefaction capacity of 16.45 mtpa for US natural gas export to global customers. In addition to its brownfield advantages and permits, the project has an existing pipeline infrastructure.
Maarten Wetselaar, Director, Integrated Gas and New Energies, Shell, said: “This decision is consistent with the initiatives we announced last week to preserve cash and reinforce the resilience of our business. Whilst we continue to believe in the long-term viability and advantages of the project, the time is not right for Shell to invest. Through the transition, we will work closely with Energy Transfer.”
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