In upstream activities, Shell has over 10 billion barrels of oil equivalent (boe) resources under construction, which will add approximately 1 million boe per day of production. Shell’s fuels and lubricants portfolio is being positioned into growth markets.
The company said that it is also building significant new petrochemicals facilities, and new refining and downstream gas-to-liquids (GTL) capacity totaling around 300,000 barrels per day.
Shell has also said that it is increasing its liquefied natural gas (LNG) capacity by 50% to over 7 million tonnes per year. The group’s oil and gas resource estimates have been increased to some 66 billion boe, with a resource life of approximately 55 years. This improvement reflects exploration performance, where Shell added 1.4 billion boe in 2007.
Jeroen van der Veer, Royal Dutch Shell’s CEO, said: Shell has a substantial set of growth opportunities. We have the largest investment program in the industry today. In a world where there are concerns about energy supply and climate change, we are making real progress with positioning the company into new heartlands.
