Shell plans to sell its stake in Mackenzie Project

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Published 07/16/2011 15:22:00 by Rajeev Kumar Views: 412
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ShellThe Mackenzie gas pipeline project that was put on hold in 2007 is back in news as Royal Dutch Shell Plc (RDSA) announced to sell its stake in this project on Friday. Mackenzie gas pipeline project got an approval in 2010 by regulators after a six-year review process. By the time this project got approved many modern techniques to supply gas across the United Stated were discovered. As a result of which gas prices went down drastically and interest in the pipeline project faded out.

Royal Dutch Shell Plc (RDSA) said Friday it plans to sell its stake in a long-stalled, C$16.2 billion natural gas production and pipeline project in Canada's far north, as well as its other assets in the region. If implemented successfully, this project will bring up to 1.2 billion cubic feet natural gas per day from far north to the market in North America.

However, shell’s decision of selling its assets including 11.4 percent stake in Mackenzie project is surprising. No details were given by the spokesperson on this matter. Moreover other big companies like ConocoPhillips (COP) and Exxon Mobil Corp, partners of Mackenzie, haven’t taken any action so far to execute this project. Imperial Oil, the company leading this project holds a total of 34.4 percent share. Imperial Oil gave no comments on Shell’s decision but said that no decision can be made until 2013 about funding the pipeline project.

Shell, one of the oldest and biggest partners in the Mackenzie project, will also sell its Niglintgak natural gas field along with the gathering system and processing facility in the area. A spokesman said that this is a very important project for Canada but then why Shell is backing off?

With Shell selling off its stake, fate of Mackenzie gas pipeline project is still in doubt.


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