Oil and gas boost

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Shell will invest between $31bn and $32bn in 2009 to boost its oil and natural-gas production despite the sharp downturn in energy prices that have affected the entire industry.

will invest between $31bn (£22bn) and $32bn in 2009 to boost its oil and natural-gas production despite the sharp downturn in energy prices that have affected the entire industry.

The global energy company made few investments in the 2007-08 financial cycle to save costs. This pause, the company stated, has given it the means to fund future growth projects.

In a speech reviewing the company’s 2009 investment strategy, Jeroen van der Veer, Royal Dutch Shell's chief executive, announced that the company’s investment in oil and gas fields gives Shell the capacity to produce one million barrels of oil equivalent per day - enough to generate two to three per cent annual production growth between 2010 and 2012.

The company is currently in the process of making a final investment decision on a drilling project that could add more than one million barrels of oil equivalent per day from an undisclosed resource base that will be active until at least 2020.

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