Comment: cracking Shell
After seven years of year-on-year declines in oil production, Shells return to volume growth represents a significant turnaround for the Anglo-Dutch oil giant.
For Peter Voser, eight months in to his role as chief executive, it also reflects a new phase in the drive to rebuild the companys fortunes.
Since his appointment last summer, he has announced plans to cut 6,000 jobs and reorganise the group to strip out costs and excessive bureaucracy.
Today he announced plans to intensify that drive by trimming a further 1,000 positions, mostly in middle management and the groups downstream operation.
It also announced some good news on a traditionally weak area for Shell the discovery of new supplies of oil.
Shell said that its reserves-to-production ratio had increased from ten years at the end of 2008 to 11.9 years at the end of 2009, after additions from gasfields in Australia and further deepwater developments in the Gulf of Mexico.
Shell is also reshuffling its portfolio to focus less on areas such as Nigeria and more on unconventional fuels where the groups technology gives it an edge, such as Australias booming coal-seam gas industry, where it is in talks to buy Arrow Energy.
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