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Australian Authorities Approve New LNG Project In Rare Move

The government of Queensland has approved the first large-scale natural gas project in almost a decade: the US$7.14-billion (A$10-billion) Surat LNG project led by a joint venture of Shell and China’s PetroChina, the Australian Financial Review reports.

There is no certainty the project will go ahead, however, as the companies have yet to make a final investment decision on Surat. If it does go ahead, however, it will produce some 5,000 petajoules of energy for the domestic and export market. The reserves covered by the Shell/PetroChina lease for the project contain an estimated 5 trillion cu ft of natural gas.

 

Northbridge Industrial Services plc (LON:NBI) hires and sells specialist industrial equipment to a non-cyclical customer base. With offices or agents in the UK, US, Dubai, Belgium, Germany, France, Australia, Singapore, New Zealand, Brazil and Korea, Northbridge has a global customer base. This includes utility companies, the oil and gas sector, shipping, construction and the public sector.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.