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Shell Chief Van Beurden Favours Shale For Future Growth – FT

Mon, 8th Jan 2018 07:34
LONDON (Alliance News) – Royal Dutch Shell PLC Chief Executive Ben van Beurden said the company’s growth in the next decade will depend on shale production, the Financial Times reported Sunday.

According to the newspaper, van Beurden sees “chemicals, electricity and biofuels as key sectors for Shell’s long-term future”. Depending on the price of oil in the 2020s, the CEO said, the oil major would probably want to continue investing in shale “because we will really want to grow this business quite quickly”.

Van Beurden said Shell has been working hard in the past few years to reduce shale production costs, and with “a little bit of help from the oil price going up, we now see that we can significantly accelerate investment into this opportunity”.

The recovery in oil prices and lower costs mean “you will see a tremendous amount of growth” in cash generation from shale, said van Beurden.

By Toby Woodall; [email protected]

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