The Netherlands-based Shell is all set to update on the progress of its Prelude floating liquefied natural gas (FLNG) project at the Australian Gas Technology Conference & Exhibition (AGT) in Perth.

The FLNG project is being built to develop the Prelude gas field located off the northwest coast of West Australia.

The company will discuss the progress of the project, which is under construction in various locations across the globe, as well as the future of FLNG technology.

Shell Australia Production general manager Michael Schoch said Prelude has strong cost fundamentals and would make a significant contribution to the Australian economy.

"We estimate that Prelude will bring benefits to Australia of some $45 billion over the life of the project, of which taxes would be around $12 billion," Schoch added.

"FLNG is one of a number of responses the Australian LNG sector can make as we face customers seeking diversity of supply, and increasing competition from lower cost suppliers."

The FLNG technology will help Shell to produce natural gas from the field, convert it into liquefied natural gas and transport it directly to the ships that will deliver it to customers.

The project will throw new opportunities for countries looking to develop their gas resources and bring more natural gas to market.