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Royal Dutch Shell profits up in first quarter

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2 May 2013

Screen Shot 2013-05-02 at 08.10.26Oil giant Royal Dutch Shell has reported profits of $7.95bn (£5.1bn) for the first quarter of 2013, up 3.5% from a year earlier.

Strong refining and trading performances boosted profits, despite production troubles in Nigeria.

The company also announced that chief executive Peter Voser would retire in the first half of 2014.

Mr Voser was appointed as chief executive in July 2009 and has been an executive director since 2004.

Growth projects

Revenue at Shell fell to $112.8bn in the first quarter from $119.92bn last year.

Mr Voser warned that the industry continued to see “significant” energy price volatility due to economic and political turmoil.

However, he added: “These results were underpinned by Shell’s growth projects, an improvement in downstream profitability, and were delivered despite a difficult security environment in Nigeria.”

Earlier this week it was announced that Shell had beaten France’s Total to a multi-billion-pound deal to develop a gas field with the Abu Dhabi National Oil Company (ADNOC).

The two companies will develop the Bab field, a potentially tricky project because it contains so-called sour gas, a poisonous and foul smelling product.

The project, which could be worth about $10bn, requires highly sophisticated technology to develop. ADNOC will own 60% of the Bab joint venture, and Shell the rest.

SOURCE

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