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Shell to produce more gas than oil from 2012-report

Fri Jul 8, 2011 12:59pm EDT

* Royal Dutch Shell CEO says future belongs to gas-report

* Says trend for energy prices pointing upwards

* Says Shell to invest $30 bln in Australia in next 5 yrs

ZURICH, July 8 (Reuters) – Royal Dutch Shell Plc (RDSa.L) will produce more gas than oil from 2012, Chief Executive Peter Voser was quoted as saying on Friday.

“The future belongs to gas. The known reserves will last for 250 years. Gas power plants complement renewable energies perfectly because power production can be adjusted to demand,” Voser told Swiss newspaper Finanz und Wirtschaft.

“Shell will produce more gas than oil from 2012,” he said in the interview that will be published on Saturday, adding long-term energy price trends were pointing upwards.

“That is mainly due to higher demand and the cost of energy production. It applies to oil and gas as well as to alternative energies,” he said.

Asked about investment plans for Australia, Voser said he wanted to invest $30 billion dollars in the country over the next five years.

(Reporting by Silke Koltrowitz; Editing by Jon Loades-Carter)

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