By Billy Youngson
Filed from Aberdeen
9/4/2007 1:43:51 PM GMT
UK: Shell is not pulling out of the North Sea or Aberdeen, the company’s executive director of exploration and production Malcolm Brinded said as he addressed the city’s Offshore Europe exhibition.
In his presentation, called “Who needs international oil companies?”, he touched on Shell’s controversial decision to sell off a string of mature assets in UK waters earlier this year.
Addressing the conference, he said, “International oil companies have played a central role in developing areas like the North Sea. We’re still needed, but not everywhere, doing everything.
“We need to focus our resources where our capabilities make the most difference and we can add the most value. Some fields really benefit from our subsurface know-how and from advanced technology right to the end. But not all.
“In some cases, other players are better placed to manage the final stages of field life – not least because they are more ready to commit the people and capital needed.”
Brinded said divesting mature fields that they had nurtured for decades had been a tough decision, but added, “Our policy has always been to sell assets in which others see greater value. This is good for Shell and good for the new owner, the industry and the country.
“Let me stress that Shell is very definitely not pulling out of Aberdeen. Europe offshore remains central to our strategy, and we still see many opportunities for applying our technologies, capabilities and capital.
“Expertise built up in Aberdeen also plays an increasing role in supporting our global operations. For example, around 250 engineers in Aberdeen are now working on projects for Qatar, Russia, Nigeria and Gabon. This includes the massive Pearl Gas-to-Liquids project in Qatar, where they are helping to design the offshore facilities.”
http://www.energycurrent.com/index.php?id=2&storyid=4953
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