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Shell to boost production, cut more jobs

Associated Press,  03.16.10, 05:46 AM EDT

AMSTERDAM — Royal Dutch Shell PLC says it will boost production by 11 percent by 2012 from 2009 levels, slightly more than previously forecast, and sell assets and cut more jobs.

The targeted output rise, to 3.5 million barrels of oil per day, would reverse a decade of production declines at Europe’s largest oil company.

CEO Peter Voser will update investors on strategic plans later Tuesday. In a statement, Shell says it plans up to $3 billion in annual asset sales in coming years, disposing 15 percent of its refining capacity. It expects up to $30 billion per year in capital expenditures.

Shell added around 3.4 billion barrels of oil to proven reserves in 2009.

The company said Tuesday it will cut 2,000 jobs before 2012, 1,000 more than previously announced.

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