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Bloomberg: No Big Profits From `Easy Oil,’ Shell’s Van Der Veer Says

By Steve Voss

April 5 (Bloomberg) — Major international oil companies have enough opportunities to invest in large and complex oil and gas projects that involve new technology, Royal Dutch Shell Plc’s Chief Executive Officer said.

“We can’t expect profits in easy oil,” Jeroen van der Veer said at an oil conference in Paris today. “There is enough opportunity to invest. If there is easy onshore oil, people don’t need Shell.”

Shell secured drilling rigs last year at 30 percent below market rates, saving $300 million on rig hires, he said.

To contact the reporter on this story: Fred Pals in Amsterdam at [email protected]

Last Updated: April 5, 2007 04:25 EDT

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