Shell plc (NYSE:SHEL) shares are trading higher today. The company stated that SapuraOMV Upstream Sdn Bhd, the operator of the Jerun field in Malaysia, disclosed the achievement of the first gas.
Shell holds a 30% equity stake in the field via its Malaysian subsidiary, Sarawak Shell Berhad, having made the final investment decision for the development in 2021.
The Jerun field in Sarawak, Malaysia, features a central processing platform and an 80-km pipeline to the E11RB production hub, supplying gas to customers in Bintulu, including Malaysia LNG.
At peak operation, the field can produce up to 550 million cubic feet of gas per day and 15,000 barrels of condensate daily.
Zoë Yujnovich, Shell's Integrated Gas and Upstream Director said, "Jerun was a highly attractive investment for Shell, building on our interests in this important region off the coast of Sarawak, offshore Malaysia, where Shell operates the Timi platform and has the Rosmari-Marjoram project under construction,"
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Shell's subsidiary, Shell Overseas Holdings Limited, entered into an agreement to invest in Abu Dhabi National Oil Company's (ADNOC) Ruwais liquefied natural gas (LNG) project, securing a 10% participating interest.
Shell, via its subsidiary Shell International Trading Middle East Limited FZE, will offtake one mmtpa of LNG from the project.
Shell stock has gained around 20% in the last 12 months. Investors can gain exposure to the stock via Direxion Hydrogen ETF (NYSE:HJEN) and VanEck Natural Resources ETF (NYSE:HAP).
Also Read: Shell Requests Approval for Exploration Wells Off South Africa's Coast: Report
Price Action: SHEL shares are up 0.41% at $73.27 premarket at the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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