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Shell CEO:09 Oil Sector Capex Likely To Fall By +12% On Yr

THE WALL STREET JOURNAL

APRIL 2, 2009, 6:51 A.M. ET

PARIS (Dow Jones)–Royal Dutch Shell PLC (RDSB.LN) Chief Executive Jeroen van der Veer said Thursday that global oil industry spending this year is likely to fall by more than 12% compared with last year as the fallout builds from weaker oil prices and the global economic recession.

“Our hunch at Shell is that the drop in spending in the industry globally will be more than 12% in 2009 year over year,” van der Veer told reporters here on the sidelines of an energy conference.

He said Shell still expected to spend around $31 billion to $32 billion in 2009, unchanged from the company’s recent announcements. The company’s projected 2009 capital expenditure represents a slight increase from last year.

-By Spencer Swartz, Dow Jones Newswires; +44 (0)207 842 9357; [email protected]

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