Daily Telegraph
Shell chief executive Jeroen van der Veer said the oil giant would still invest in new projects with oil at $50 a barrel, as long as governments do not burden the industry with higher taxes.
“I can produce, provided I do not have too high taxation and royalties,” Mr van der Veer said. “That is in the hands of the government.”
Oil executives have previously said oil prices must be at or above $80 a barrel to make it worth their while investing in new oil production.
Brent crude was trading at $51.25 barrel on Thursday, down $1.12up but still far below the record highs of $147 a barrel over the summer. Fears of a protracted global economic slowdown have driven down prices on the expectation of falling demand.
The International Energy Agency cut its forecast for global oil demand by the most in 12 years on Thursday, reducing its estimate for 2009 by 670,000 barrels a day, or 0.8pc.
Oil-producing cartel Opec has already cut production from its summer highs and may meet later this month to discuss how to halt the decline in prices.
Mr van der Veer also said Shell is “very much interested” in bidding for Iraqi oil contracts, which he expects to be distributed next year. The Anglo-Dutch company is in talks with several other producers about forming a consortium, he said.
Shell last month agreed a multi-billion dollar deal with Iraq to capture gas that would otherwise be burned off during oil production. The future of the agreement depends on safety guarantees for its staff, Mr van der Veer said.
Investment in oil sands projects is at risk because of the falling price of crude, Mr van der Veer said. The projects are the most expensive way of producing oil at the moment, he said, and Shell delayed a decision on expanding its Canadian oil sands business in October.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
