With the hype surrounding the US gas-boom, it’s something of a worrying and cautionary note to read in the Financial Times outgoing Shell CEO Peter Voser quoted as saying his “huge bet on US shale was a big regret of his time as chief executive of the companyâ€. This is something of a mea culpa for the fossil fuel heavyweight. Just over 12 months ago Voser was championing the “natural gas revolutionâ€
By Mike Sandiford on 9 October 2013
With the hype surrounding the US gas-boom, it’s something of a worrying and cautionary note to read in the Financial Times outgoing Shell CEO Peter Voser quoted as saying his “huge bet on US shale was a big regret of his time as chief executive of the companyâ€.
With a purported $24 billion invested in so-called unconventional oil and gas in North America, the FT reports Shell has recently taken a “$2.1 billion impairment against its assets†with Voser quoted as saying “Unconventionals did not exactly play out as plannedâ€.
This is something of a mea culpa for the fossil fuel heavyweight. Just over 12 months ago Voser was championing the “natural gas revolution†as the most significant energy development in decades, citing the dramatic impact of new reserves of tight gas, shale gas and coal seam gas in the United States.
It may well prove to be, but Voser’s comments suggest some cracks are appearing in the bridge to the new energy future promised by the gas boom.
*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.
