Royal Dutch Shell, which plans billions of dollars in spending on shale drilling...
- Royal Dutch Shell, which plans billions of dollars in spending on shale drilling projects, boosted output in the top U.S. shale field to 250,000 barrels per day in December, the company’s Permian Basin head said on Wednesday.
Shell plans to spend about $3 billion per year for the next five years on shale projects, said Amir Gerges, vice president of Permian assets for Shell, at the Argus Americas Crude Summit in Houston. Its Permian Basin production rose more than 100,000 barrels per day in the last year.Shell and rival oil majors Exxon Mobil, Chevron and BP are spending billions in the Permian Basin of Texas and New Mexico.
Previously, Shell indicated it might seek a way to expand its presence in the Permian, but during last week’s earnings call, Chief Executive Officer Ben van Beurden indicated the timing is not right for an acquisition.Oil and gas companies of all sizes have been under pressure to produce more free cash and return it to investors through share buybacks and dividends.
The U.S. drilling industry flared or vented more natural gas in 2019 for the third year in a row, as soaring production in Texas, New Mexico, and North Dakota have overwhelmed regulatory efforts to curb the practice, according to state data and independent research estimates.
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