
Canadian oil sands field starts production and projects are planned in the Gulf of Mexico where BP’s Deepwater disaster has so far cost Shell $115m
Tim Webb: Friday 29 October 2010

Trucks carry loads of oil-laden sand in Alberta, Canada, where Shell has 13 projects scheduled to come on stream. Photograph: Jeff Mcintosh/AP
Shell nearly doubled earnings in the last three months thanks to higher oil prices and production as new ventures came on stream. Excluding write-offs made for accounting purposes, its earnings were $4.9bn (£3.1bn) for the three months to September, compared with $2.6bn the previous year.
During the quarter the company began production at its oil sands mine in Jackpine, northern Alberta, part of its programme to add another 100,000 barrels a day from these operations. Jackpine is the fifth start-up of 13 projects that have been approved and are scheduled to come on stream this year and next. Shell hopes they will allow it to achieve its target of increasing its 2009 production by 11% by 2012. The company has spent $190bn in its operations since 2004 almost double the capital investment over the preceding five years which it hopes will reverse several years of falling production. read more
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