Shell Announces Sale of Wheatstone LNG Stake in Australia

          Shell Announces Sale of Wheatstone LNG Stake in Australia

PR Newswire

THE HAGUE, the Netherlands, January 20, 2014

THE HAGUE, the Netherlands, January 20, 2014 /PRNewswire/ --

Royal Dutch Shell plc ("Shell") (NYSE: RDS.A)(NYSE: RDS.B) today announced it
has agreed to sell its 8% equity interest in the Wheatstone-Iago Joint Venture
and 6.4% interest in the 8.9 million tonnes per annum Wheatstone liquefied
natural gas (LNG) project in Western Australia for a cash consideration of
US$1,135 million to the Kuwait Foreign Petroleum Exploration Company (KUFPEC),
subject to closing.

Shell Chief Executive Officer Ben van Beurden commented: "Shell will remain a
major player in Australia's energy industry. However, we are refocusing our
investment to where we can add the most value with Shell's capital and
technology. We are making hard choices in our world-wide portfolio to improve
Shell's capital efficiency."

The agreement with KUFPEC, an existing Wheatstone joint-venture partner,
ensures there will be no impact on existing commercial agreements.

Cautionary note

The companies in which Royal Dutch Shell plc directly and indirectly owns
investments are separate entities. In this announcement "Shell", "Shell Group"
and "Royal Dutch Shell" are sometimes used for convenience where references
are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise,
the words "we", "us" and "our" are also used to refer to subsidiaries in
general or to those who work for them. These expressions are also used where
no useful purpose is served by identifying the particular company or
companies. "Subsidiaries", "Shell subsidiaries" and "Shell companies" as used
in this announcement refer to companies in which Shell either directly or
indirectly has control, by having either a majority of the voting rights or
the right to exercise a controlling influence. The companies in which Shell
has significant influence but not control are referred to as "associated
companies" or "associates" and companies in which Shell has joint control are
referred to as "jointly controlled entities". In this announcement, associates
and jointly controlled entities are also referred to as "equity-accounted
investments". The term "Shell interest" is used for convenience to indicate
the direct and/or indirect (for example, through our 23 per cent shareholding
in Woodside Petroleum Ltd.) ownership interest held by Shell in a venture,
partnership or company, after exclusion of all third-party interest.

This announcement contains forward looking statements concerning the financial
condition, results of operations and businesses of Shell and the Shell Group.
All statements other than statements of historical fact are, or may be deemed
to be, forward-looking statements. Forward-looking statements are statements
of future expectations that are based on management's current expectations and
assumptions and involve known and unknown risks and uncertainties that could
cause actual results, performance or events to differ materially from those
expressed or implied in these statements. Forward-looking statements include,
among other things, statements concerning the potential exposure of Shell and
the Shell Group to market risks and statements expressing management's
expectations, beliefs, estimates, forecasts, projections and assumptions.
These forward looking statements are identified by their use of terms and
phrases such as "anticipate", "believe", "could", "estimate", "expect",
"goals", "intend", "may", "objectives", "outlook", "plan", "probably",
"project", "risks", "seek", "should", "target", "will" and similar terms and
phrases. There are a number of factors that could affect the future operations
of Shell and the Shell Group and could cause those results to differ
materially from those expressed in the forward looking statements included in
this announcement, including (without limitation): (a) price fluctuations in
crude oil and natural gas; (b) changes in demand for Shell's products; (c)
currency fluctuations; (d) drilling and production results; (e) reserves
estimates; (f) loss of market share and industry competition; (g)
environmental and physical risks; (h) risks associated with the identification
of suitable potential acquisition properties and targets, and successful
negotiation and completion of such transactions; (i) the risk of doing
business in developing countries and countries subject to international
sanctions; (j) legislative, fiscal and regulatory developments including
regulatory measures addressing climate change; (k) economic and financial
market conditions in various countries and regions; (l) political risks,
including the risks of expropriation and renegotiation of the terms of
contracts with governmental entities, delays or advancements in the approval
of projects and delays in the reimbursement for shared costs; and (m) changes
in trading conditions. All forward looking statements contained in this
announcement are expressly qualified in their entirety by the cautionary
statements contained or referred to in this section. Readers should not place
undue reliance on forward looking statements. Additional factors that may
affect future results are contained in Shell's 20-F for the year ended 31
December 2012 (available at http://www.shell.com/investor and
http://www.sec.gov). These factors also should be considered by the reader.
Each forward looking statement speaks only as of the date of this
announcement, 20 January 2014. Neither Shell nor any of its subsidiaries nor
the Shell Group undertake any obligation to publicly update or revise any
forward looking statement as a result of new information, future events or
other information. In light of these risks, results could differ materially
from those stated, implied or inferred from the forward looking statements
contained in this announcement.

Enquiries:
Shell Media Relations:
International: +44(0)207-934-5550
Americas: +1-713-241-4544

Shell Investor Relations:
International: +31-70-377-4540
North America: +1-713-241-1042

SOURCE Royal Dutch Shell plc
 
Press spacebar to pause and continue. Press esc to stop.