Shell CEO Seeks More Conventional Oil and Gas Reserves, FT Says

Monday, 25 January 2010 11:28

Royal Dutch Shell Plc plans to rely more on conventional oil and gas reserves for its growth instead of high-cost, unconventional oil production, the Financial Times reported, citing an interview with Shell Chief Executive Officer Peter Voser.

The change in strategy means Shell s expansion in Canada s tar sands will be very much slower than in recent years, Voser said, the FT reported.

While the company is increasing its tar-sands capacity to 255,000 barrels a day, due to be completed next year, it has clearly scaled down its plan for a further rise to 700,000 barrels a day, the FT said, citing Voser.

Courtesy : Bloom Berg