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Article: Netherlands: Shell Output Set to Pass BP With $40 Billion Spent on Projects.
- Article from:
- TendersInfo
- Article date:
- September 26, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Royal Dutch Shell Plc, held back by almost seven years of falling production, is set to overtake BP Plc after about $40 billion of investment from Qatar to Brazil.
Shell will boost its oil and gas output by a third, adding 1 million barrels a day to capacity by the end of 2012, according to company estimates. That would push Shell to 4.25 million, more than the 4.1 million BP anticipates for 2012.
Record investment in 2009 let Shell Chief Executive Officer Peter Voser expand programs including an oil-sands venture in Canada and the Sakhalin II project in Russia s Far East. The outlook may help revive Shell s London-listed shares, which have fallen this ...