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Shell to continue with $31bn plans

Daily Telegraph

23 February 2009

Royal Dutch Shell plans to continue with its $31 bn (£21 bn) investment programme this year despite the collapse in crude oil prices from a record high of $147 a barrel last July. 

Jeroen van der Veer, Shell’s chief executive, said that “for our projects, we never took into account that prices would remain so high for so long”. He added: “All our investments, and the few we postponed, can perfectly withstand current oil prices.” 

The majority of oil companies are pulling back their spending as the fall in crude prices erodes profits.

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