MARK WILLIAMSON
28 Oct 2011
ROYAL Dutch Shell said it would curb investment in Europe where it expects the economy to stagnate, but made clear it would still spend in the North Sea.
Announcing bumper profits driven by high oil prices, the oil and gas giant said it will shift a growing share of its investment to places like Qatar, where the launch of huge projects will underpin growth for years.
Noting that Shell only devotes 15% of its investment to Europe, chief financial officer Simon Henry said the continents share will shrink amid concerns about the fallout from the debt crisis.
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