By John Donovan
Shell CEO Ben van Beurden claims that despite a series of asset sales and costly write-downs, the oil giant is not abandoning the prospect of North American oil and gas shales.
Shell’s recent reappraisal resulted in a $2bn write-down in book value and plans for Shell to sell hundreds of thousand of US acres.
Related quotes from Ben van Beurden:
“Asset sales have helped the company narrow its focus on fewer projects where Shell can better compete with the smaller oil and gas companies that have dominated US shale development.”
“It’s a different type of game but it’s not best left to the independents. We can play and win at it as well.”
Time will tell.
During a conference speech at Columbia University yesterday, Mr van Beurden also proposed that the US should resume exporting oil and embrace global markets.
Any such resumption would require lifting the longstanding US crude oil export ban in force since the Arab oil embargo in the 1970’s.
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