By Peter Cook
Bloomberg
Article Last Updated:10/23/2006 11:40:28 AM MDT
Royal Dutch Shell Plc is encouraged by its research on the extraction of crude oil from shale in Colorado and might be able to produce oil there by the middle of the next decade, the head of the company’s U.S. unit said.
A decision on whether to invest in U.S. oil shale production will probably be made by 2010, John Hofmeister said in an interview in Washington.
Hague-based Shell today offered to pay $7.7 billion (Canadian dollars) for the 22 percent of its Canadian unit that it doesn’t already own.
Shell Canada Ltd. is expanding production in Canada’s oil sands. Hofmeister said that high oil prices and the growing difficulty and expense in finding oil deposits make non-conventional resources such as shale or oil sands more attractive.
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