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Shell Is On Track To Become Most CO2-Intensive Oil Co -Study

THE WALL STREET JOURNAL

JUNE 29, 2009, 7:20 A.M. ET

LONDON (Dow Jones)–Royal Dutch Shell PLC (RDSB.LN) is on track to become the most carbon intensive international oil company because of its focus on unconventional oil resources like Canadian tar sands, said a study published by a coalition of environmental groups Monday.

“In the age of carbon reduction, Shell is fast heading in the opposite direction, massively increasing the carbon intensity of its production of oil and gas,” the report said. “This represents a real risk for Shell, for investors and for the climate.”

The carbon content of the fuel Shell produced in 2008 was broadly in line with the rest of the industry at 33.8 kilograms of CO2 per barrel of oil equivalent, but its total resource base that will underpin future developments contains almost twice as much CO2, the report said.

Shell’s total resource base has the highest CO2 intensity of its major rivals, 19% higher than U.S. major ExxonMobil Corp. (XOM) and 70% higher than U.K.-peer BP PLC (BP), the report said.

Shell wasn’t immediately available for comment.

The study was published by Oil Change International, Friends of the Earth, PLATFORM and Greenpeace U.K.

Report Web site: http://tinyurl.com/n3yutx

-By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; [email protected]

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