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Shell CEO on BP Bid Rumor: We Grow Organically

Published: Friday, 28 Jan 2011 | 3:46 AM ET
By: Antonia Oprita
Web Producer, CNBC

Royal Dutch Shell is seeking to grow organically and sees demand for oil and gas rising over the next years, CEO Peter Voser told CNBC Friday in an interview from Davos.

On January 4, BP’s shares hit a six-month high after a report in the UK newspaper Daily Mail said Royal Dutch Shell had considered bidding for it at the height of the Gulf of Mexico oil crisis.

Asked whether his company had considered bidding for BP, Voser said: “The standard answer would be I don’t comment on these things, but the other answer is we have invested heavily in our organic growth… I think we have enough on our plate, let’s go and do our own business.”

Emerging markets will be crucial for demand for oil and gas, he said.

“I think we will see a rise in demand mainly driven by an energy kind of revolution in emerging markets,” Voser said. “Therefore we will have to invest even more to get the supply going.”

Gas is a future growth market, as in China only between four and five percent is made up of this relatively clean energy source, he added.

“Shell will have more gas production than oil production,” Voser said.

“I think the gas is the fossil fuel of the future and we are glad to be part of that.”

© 2011 CNBC.com

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