Business NEWS
Royal Dutch Shell PLC plans to increase natural-gas production in North America
By Caroline Mittermair for CEOWORLD Magazine Updated:October 6, 2009
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Royal Dutch Shell PLC (NYSE:RDS.A) (LON:RDSA) plans to increase natural-gas production in North America, said Marvin E. Odum, head of the company’s U.S. unit.
Though gas prices are low now, Shell (LON:RDSB) believes long-term prices will recover, justifying the company’s interest, Mr. Odum said.
He said the growth in gas production would come from the company’s deep-water discoveries in the Gulf of Mexico as well as from giant shale formations in western Canada, the Rockies and the Gulf Coast.
Shell’s natural-gas production in the U.S. fell to 1.05 billion cubic feet a day last year, down 9.5% from two years earlier, according to company filings. Its Canadian production has been flat. Still, North American natural gas currently accounts for about 7.8% of Shell’s global oil and gas production, wsj Reported.
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