NEWS
Shetland), so it’s not as if we are completely stepping away from
the North Sea. We are just engaged in the normal active portfolio
management where we prune ourselves of end of life, late life
assets and where ownership is better had elsewhere ... and where
basically we have a bigger bang for our buck elsewhere.”
C
Shell vows to
invest billions in
North Sea
The chief executive of Royal Dutch Shell
has said the company will invest billions
of dollars in the North Sea in coming years
and signalled it has no major concerns
about the prospect of Scotland voting for
independence
B
en van Beurden highlighted the oil and gas giant’s
enthusiasm for areas like West of Shetland after the
company posted a one third increase in underlying profits
for the second quarter helped by strong oil prices.
The Anglo-Dutch company made $6.1 billion (£3.6bn) net of
one-offs in the three months to June. It made $4.6bn in the same
period of 2013 under Mr van Beurden’s predecessor Peter Voser.
Asked if Shell had developed contingency plans for Scotland
becoming independent following the referendum in September,
Mr van Beurden said, “As I’ve said before in December I think we
would prefer it for the UK to remain a single country.”
“There is of course uncertainty that would flow from a Scottish
independence outcome, but then having said that we would of
course deal with Scottish independence in the way that we would
have to. I don’t think there is in that sense anything that we are
deeply concerned about.”
Mr van Beurden, who took charge in January, indicated
that Shell is likely to remain a big player off the UK after he has
completed rationalising the company’s global portfolio to boost
returns.
Shell put three relatively small, mature assets off Scotland,
including the Sean field, up for sale earlier this year. However, Mr
van Beurden indicated sales of such assets formed part of routine
house-keeping in the North Sea.
He noted, “You have to bear in mind that there’s also
significant growth still. We still invest for the next few years two
billion dollars a year particularly in Clair and Schiehallion (West of
6
HSE INTERNATIONAL
hief financial officer Simon Henry noted fiscal and
regulatory changes could boost activity in the North Sea in
coming years.
He said Shell welcomed the direction of the recommendations
made in the recent review of the North Sea industry and related
regulatory issues by oil services tycoon Sir Ian Wood.
Noting the UK Government has lau