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Mark Moody-Stuart a critic of Shell crash diet

Sir Mark Moody Stuart. Photo: Frank Baron of the Guardian

Retired Shell Chairman Sir Mark Moody Stuart

Extracts from a Reuters article by Alex Lawler and Dmitry Zhdannikov published 7 May 2014 under the headline: “After crash diet, oil majors may need new growth”

LONDON, May 7 (Reuters) – The global oil majors’ crash diets may be going too far. That at least is the view of a small number of critics who believe sweeping programmes of asset sales and the trimming of investment plans risk doing longer-term damage. Such projects are important both for the companies’ future, a retired top executive said, as well as the wider world. “It would be a pity if they got put off the larger projects,” said Mark Moody-Stuart, who was Shell chairman from 1998 to 2001. “They are capable of doing it and the world in supply terms needs large projects.” Moody-Stuart is also questioning the reasoning behind the sale of mature oil and gas fields by the majors. “I can see there are some assets you should probably dispose of in order to concentrate your capital, but I would be cautious of divesting oneself of fields whose ultimate recovery can probably be increased by technology,” he said.

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