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Shell CEO Jeroen van der Veer doesn’t expect oil supplies to run short

Bloomberg

 

 

EXTRACTS FROM BLOOMBERG ARTICLES PUBLISHED 7 JULY 2008

Royal Dutch Shell Plc (RDSA NA): Chief Executive Officer Jeroen van der Veer doesn’t expect oil supplies to run short, even in the long-term, Swiss newspaper Finanz und Wirtschaft reported, citing an interview.

Separately, Europe’s largest oil company and BP Plc can explore for oil in Alaska’s Arctic waters, according to a ruling by a federal judge in Anchorage, who dismissed a lawsuit that sought to block the companies’ exploration plans. Shell fell 23.5 cents, or 0.9 percent, to 24.88 euros.

Record oil prices and depleting reserves in shallower waters are prompting companies such as Exxon Mobil Corp. and Royal Dutch Shell Plc to spend a record $98.7 billion on exploration and production this year. Petroleo Brasileiro SA, Brazil’s state- controlled oil company, plans to invest $30 billion for 40 drilling rigs to develop a field off its coast.

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