Peter Voser, Royal Dutch Shell CEO, told reporters at the World Energy Conference that Shell would have to wait to see benefits from its shale gas projects. Disappointing outcomes such as poor US shale liquids production contributed to a US$ 2.2 million charge, and resulted in the company failing to reach its target of 4 million barrels/d of production by 2017. Vosper said: "We didn't get the results which we were expecting to get in the shorter term and we will therefore have to develop this a little bit more before we can take benefits from it. "It was clearly not as successful as thought."
According to the US Energy Information Administration (EIA), the shale gas boom and the discovery of vast reserves of oil across, the US is likely to become the largest oil and gas producer worldwide this year.
Vosper also voiced concern about the development of the shale industry around the world, insisting that the revolution in the US would take other countries decades to emulate. Vosper put optimism from Saudi Aramco's chief executive and Algeria's minister for shale gas development down to “a big hype”.Last year, Shell announced that it planned to spend in excess of US$ 1 billion in a bid to capitalise on a similar type Chinese shale gas boom.
Edited from various sources by Ted Monroe
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