MELBOURNE : Shell Plc said on Monday it had given the go-ahead to develop the Crux gas field off Australia, which analysts estimated would cost around $2.5 billion.
Shell said the project would help its Asian customers move from coal to gas, and also provide a secure supply source, a key factor following the imposition of sanctions on Russia. A Shell spokesperson declined to comment on the project's cost saying the company does not comment on capital investments on an individual asset level.
Energy consultants Wood Mackenzie estimated it would cost about $2.5 billion, while Credit Suisse analyst Saul Kavonic estimated it at between $2 billion and $3 billion.
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