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Shell expects to double spending on acquisitions to $2B

Bloomberg News
March 24, 2010, 12:53PM

Royal Dutch Shell Plc, Europe’s second-largest oil producer, said it expects to double spending on acquisitions to about $2 billion this year.

Shell will dispose of about $1 billion in assets this year, The Hague-based company said in slides prepared for the Howard Weil Energy Conference in New Orleans. The company sees its net capital investment this year at $29 billion.

Shell spent $1 billion on acquisitions last year and is targeting another $1 billion in cost savings this year. It will cut 2,000 more jobs by the end of next year to weather the economic slowdown, which has caused fuel inventories to swell in the U.S. and Europe.

The company is teaming up with PetroChina Co. to buy Arrow Energy Ltd. for A$3.5 billion ($3.2 billion). Shell is focusing investment in Australia, the Gulf of Mexico and U.S. gas that’s found in hard-to-reach rock formations.

www.bloomberg.com

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