Shell building $10B gas-chilling boat

|By:, SA News Editor

Shell (RDS.A) has commissioned the construction of a $10B 1,600-feet long vessel that will chill natural gas into liquid at the point of extraction and pump it into waiting tankers for transportation to shore. The vessel, known as the Prelude, will enable Shell to develop fields that are too small or far-flung for expensive pipelines and other infrastructure.

Exxon is considering a similar gas-harvesting boat.

Separately, Shell has agreed to sell a 23% stake in the Parque das Conchas oil project off the coast of the Brazil to Qatar Petroleum International for $1B.

While the deal is part of Shell's strategy to sell assets, the company will retain a 50% holding in the project and will continue to operate it. (PR)