Shell Open to Offshore Drilling
Published at: www.rigzone.com
-
Michael LynchConsultantMichael E. Lynch
Royal Dutch Shell drills ahead even with future uncertainty about crude oil prices
July 13, 2009
The Rigzone Newsletter for July 10 reported on Royal Dutch Shell's offshore drilling plans for the next few years. Even with relatively low crude oil prices, RDS intends to maintain a strategy which includes upstream development. But the company has reduced activity slightly to overcome increasing costs. Production is expected to increase by 2 to 3% annually for the next three years. In 2008, RDS added 1.2 billion barrels of oil equivalent by drilling and is currently in the process of bringing three deep water fields on line including one in Brazil, one in Malaysia and one in the Gulf of Mexico. The company is running 22 offshore rigs worldwide. RDS employs more rigs than any other public company of its size. Major national oil companies currently have more rigs running. Petrobras (Brazil) operates 46, Pemex (Mexico) 38 and ONGC (India) 37. Costs for the RDSl rigs are in line with industry averages.
- Subscribe to Updates
-
Work for one of the world's leading organizations? Get started now.
Get Intelligently Connected
with the world's leading experts
GLG's 850+ Clients Include:
- More than 70% of the world's leading
- mutual funds
- 15 of the leading 20
- global banks
- 9 of the leading 10
- global private equity firms
- 5 of the leading 10
- AmLaw firms
- Fortune 500® Companies
- in nearly every industry sector, including pharmaceuticals, insurance, chemicals, energy and computer software
Gerson Lehrman Group, Inc. connects communities with knowledge through two distinct, yet complementary offerings: GLG Research and G+.