|
|
|
|
|
|
|
|
|
-
-
- Get the latest oil & gas news
-
-
-
- Offshore Directory will be launched in October!
-
- Weekly news summary - over 30,000 subscribers
-
-
|
$30 Billion of spending signalled by Shell
 Shell today spelled out plans for a US $30 billion capex spend this year worldwide and the mature North Sea is set to see a slice of that investment.
Outlining a global strategy for this year Shell says its growth will be driven by 60 new projects worldwide which will involve developing some 20 billion boe of new resources, including major projects encompassing LNG, deepwater, tight gas and liquids-rich shale projects, and traditional play types.
In a new strategy update today presented by chief executive Peter Voser, Shell talks of $17 billion achieved from disposals during the period 2009-11, and $15 billion of acquisitions which it says are “... repositioning the company for new growth.”
Shell's oil and gas resources base on stream has increased by 33%, or 3 billion boe, to 12 billion boe between 2009 and 2011, the Anglo Dutch energy giant says, and it has been maintaining a strong project flow, and has plans to mature another 20 billion boe of new resources for future growth.
Cashflow from operations for 2008-11 reached $136 bn - excluding working capital movements - and Shell predicts operational cashflow should be some 30-50% higher for 2012-15 .
Detailing the investment plans, Shell said: “Net capital investment will be some $30 billion in 2012, with over 80% Upstream, of which 60% will be in North America and Australia.”
Further development opportunities will be matured, after Final Investment Decisions on 17 new projects in 2010-11.
Outlining its growth investment plans, Shell says 60 new projects will unlock some 20 bn boe of new reserves.
On the exploration side, Shell says it will continue drilling in established basins, and selectively expand into frontier acreage, and new plays including liquids-rich shale. Exploration spending was up 30% to $3.6 bn last year and this year Shell says the figure will increase a further 35% to $5 bn.
“Traditional developments in Shell's heartlands will see $6 billion of 2012 investment. This includes extending the life of Shell's mature heartland positions such as the UK North Sea and South East Asia,” the company says. “Around $3 billion of investment in this category will be in countries with large undeveloped resources positions - Nigeria, Kazakhstan and Iraq.”
Investment in LNG will rise 40% to $5 bn to bring up to 8 million tonnes per annum (mtpa) onstream, while another 15 mtpa of LNG is being considered for development. Currently Shell has 8 mtpa under development – all in Australia.
Deepwater oil and gas spending this year will hit $4 bn, with 250,000 boe/d under development, including seven projects in the US Gulf of Mexico, Brazil and Malaysia.
Another $4 bn is earmarked for tight gas and liquids-rich shale and a further $2 bn is allocated for heavy oil projects, including extended oil recovery, mining and upgrades. De-bottlenecking of Canadian oil sands is part of this investment, and the company signalled it is also due to take a final
decision on a 1.1. mtpa carbon capture and storage project – Quest – this year.
Another $6 bn is planned for downstream operations including an expansion at the Port Arthur refinery in the US, and other opportunities are being considered in Qatar, China, and in Brazilian biofuels.
Advertisement
 Estimated reserves in the UK North Sea Fyne field have been cut down 36% by former operator Antrim Energy and further doubt has been cast over the future development of the discovery. [Les mer ] • Field development
 Tullow Oil has revealed that a new well on the Ketch field in the UK Southern North Sea has come in successfully and is to be brought onstream. [Les mer ] • Field development
 Norwegian industrial group Aker ASA says it value rose 16% in the first quarter to NOK 22.5 billion (US $3.74 bn) as its investments – mainly in oil and gas operations - rose in value. [Les mer ] • Company news
 Middle East-based rig and fabrication group Lamprell has warned of a tightening in the international supply chain for rig components which has hit its construction schedules and costs. [Les mer ] • Company news
 Bond Offshore is to resume flying with its fleet of Eurocopter Super Puma helicopters after its own investigation of a gearbox fault which caused a North Sea crew change flight to ditch into the sea. [Les mer ] • HSE
 Dutch based Dockwise has launched a mandatory but hostile takeover offer for shares in rival Fairstar Heavy Transport which it does not already own. [Les mer ] • Company news
|
Aker group grows value Norwegian industrial group Aker ASA says it value rose 16% in the first quarter to NOK 22.5 billion (US $3.74 bn) as its investments – mainly in oil and gas operations rose in value.
Full story |
Company news
|
|
|
|
|
|