Project Management was faced with new challenges in recent years developing and implementing world-class LNG and GTL projects safely, on time, and on schedule: ? Technical challenges related to the ever increasing project complexity, under sometimes harsh climate conditions, or complicated by very sour gas; ? New logistics, infrastructure and social issues, caused by the increased size of LNG and GTL projects today, sometimes managing more than 50.000 workers on site; ? Environmental and geopolitical constraints of new frontier locations; ? Optimum contracting & procurement strategies under extremely volatile market conditions; ? Quality of project professionals, supervisors and craftsmen. This session will review the way companies are managing these challenges, mitigating the associated risks, and drive for top quartile performance in project delivery.

Your Excellencies, Ladies and Gentlemen, it is a real honour to be able to present the Pearl GTL project to you today and the lessons we have learnt from the delivery of this great project. This is a project that turns the abundant gas resources of the State of Qatar to high quality fuels and products; it is a project that is integrated from the reservoirs of the North Field to markets for the liquid products in every corner of the world.

A fortnight ago, His Highness, Sheikh Hamad bin Khalifa Al Thani, The Emir of Qatar inaugurated Pearl GTL. This event marked not only the end of one of the world's largest projects, but the achievement of His Highness Vision to make Qatar the GTL Capital of the World.

Pearl GTL has taken 5 years to build, from the initial site preparation work in 2007. It is a project covering 250 hectares, the same size of Hyde Park in London, it has taken over 500 million hours to design and build. At peak over 52,000 workers were deployed building this amazing facility. Today we have stabilised production in Phase 1... and Phase 2 start up is progressing well and we are well on our way towards meeting our production goal. The project will produce 1.6 bcf/d of gas from two platforms 60km offshore and convert it to 260kb/d of products, 140 kb/d being GTL products and 120kb/d being NGLs and ethane in this massive onshore plant. We have spent between $18 and 19 bln on the project and despite significant cost inflation in 2007 and 2008 we have stayed within the budget set by the Board of Shell when the project was launched in 2006. On the 23 March of this year the gas well were opened to feed the first phase of the project and by 13 June the first cargo of on-spec gasoil set sail on the Atlantic Hope. The speed with which this plant came on-line was faster than our most optimistic plans. It is appropriate at this moment to reflect on what has allowed us to be successful in delivering Pearl GTL. Undoubtedly people have been at the core of our success and so I would like to just show a short film that we showed his Highness the Emir at the inauguration, a film entitled, our story...

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