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Shell CEO Pledges to Continue Record Spending in 2010

BLOOMBERG

By Fred Pals

Jan. 28 (Bloomberg) — Royal Dutch Shell Plc, Europe’s second-largest oil company, plans to continue record spending this year in its search for oil and gas.

“We need to keep investing throughout the cycle,” Chief Executive Officer Peter Voser said at the World Economic Forum’s annual meeting in Davos, Switzerland, today.

Investments are needed within the oil industry to increase energy supply amid increasing demand. Shell has previously said it plans to spend as much as $28 billion this year.

Voser, who took over from Jeroen van der Veer in July, inherited the industry’s biggest spending program in 2009, amounting to $32 billion, in the middle of a global economic crisis that forced oil companies to delay some projects and cancel others.

Shell is developing projects in Qatar and Malaysia to revive production growth. Record investment in 2009 let Voser expand an oil-sands venture in Canada and deep-water projects in the Gulf of Mexico and Brazil. Shell aims to increase production from existing reserves through 2020 by starting new projects that can pump more than 1 million barrels a day.

To contact the reporter on this story: Fred Pals in Amsterdam at [email protected]

Last Updated: January 28, 2010 04:39 EST

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