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FINANCIAL NEWS
Shell rubs hands for full GTL output capacity at Qatar’s Pearl
29 Aug 2012
(MENAFN) Royal Dutch Shell is set to boost diesel output from Pearl GTL plant in Qatar, a project that has been a drain on Shell’s capital since 2003, Reuters reported.
Pearl GTL, a gas-to-liquids fuel project, is about to generate billions of dollars a year in cash for the next 25 years, after being notorious for a development cost that jumped to USD18-USD19 billion from the original USD5 billion and which is still late for its mid-2012 date for full capacity output.
Both Pearl’s trains have now operated at between 90 and 100 percent of design rates, Shell said, adding that they are on track to achieve full capacity target.
Pearl, the largest GTL plant in the world, separates methane from wellhead gas and combines it with oxygen to produce diesel, natural gas liquids and ethane.
Shell has paid all the development costs, which amount to around USD6 a barrel on an estimated 3 billion boe of gas. In return it gets gas supplies from the North Field plus an undisclosed share of the profits Pearl will make.
Shell estimated the GTL project to generate USD4 billion of free cash flow a year at full production in a market with crude oil prices at USD70 a barrel.
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