An “exceptional” performance for Shell plc’s Integrated Gas trading unit, in parallel with higher LNG volumes, once again propelled profits in the final three months of 2023, with volumes set to climb higher as an Australian export project restarts, CEO Wael Sawan said.

The London-based major reported sharply lower fourth quarter profits year/year, notably lacking the natural gas price volatility wrought in 2022 following Russia’s invasion of Ukraine. However, the world’s largest liquefied natural gas trader held steady on volumes. 

Look for that to continue in 2024, as Shell is set to restart the Prelude floating LNG project in Australia following a major turnaround. 

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