A decision to invest through the 2009 downturn is paying off and 14 additional upstream projects have been launched this year, the boss of energy giant Shell said at an investor briefing in New York yesterday.
Peter Voser, chief executive, said the firm had made “solid progress” in starting up three of its global oil and gas projects this year – in the Canada oil sands, an LNG project in Qatar and the Pearl gas-to-liquids development in Australia, which is on track for start-up before the year-end.
“Building on this growth, the company has launched 14 further upstream projects so far in 2010-11, which have an expected peak production of some 400,000 barrels of oil per day for Shell in the medium term, and underpinning our longer-term growth potential,” he said.
“We are on track to deliver our strategic targets for 50-80% growth in cash flow from operations from 2009 to 2012, driven by cost savings, operating performance, and an 11% increase in oil and gas production.”
Recommended for you
