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Business Times: Companies can find oil, but at a cost: Shell CEO

Business Times (Malaysia)
LONDON, Wed: World energy companies have plenty of remaining sources to tap for oil, natural gas and other fuels, yet tapping them will take big investments, Jeroen van der Veer, the chief executive officer of Royal Dutch Shell plc said today.
Writing in the Financial Times, van der Veer cited an International Energy Agency estimate that meeting global needs would take a US$17 trillion (US$1 = RM3.75) investment by 2030.
Companies are seeking to draw more oil out of existing reservoirs, the executive said. They will be drilling for natural gas, and trying to unlock more oil and gas from sand and shale, van der Veer said.
Coal gasification and other techniques can be used if problems of carbon dioxide emissions are minimised, the Shell official said.
The high levels of investment needed over the next few decades make government suggestions of levying windfall taxes “counterproductive” he said. – Bloomberg

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