HSE International ISSUE 92 | Page 6

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