The head of Royal Dutch Shell Yeruen Van der Veer said that the fall in oil prices will not damage the company's investment program of $ 31 billion in 2009.
«With regard to our projects, we have never done the calculation on the assumption that oil prices will be high for so long», - he said in his speech on Sunday in the Danish public television, passes Bloomberg. «Therefore, all our investments - and some of them, which we postponed - can survive the current superb price of oil».
Oil companies cut capital spending and delay projects, as oil prices fell by 54% over the past year. This was the first fall in prices on the «black gold» in relation to the past year, since 2001. Shell deferred a decision on the draft second-phase expansion of activities in the Athabasca - the oil sands of Canada in October, and reduced costs for the year 2008.
«The most expensive oil is produced from oil sands of Canada - said the Van der Veer. - For new projects in oil sands «the oil price should be higher».
Crude oil traded below $ 39 on the NYMEX on 20 February, when world markets fell on fears that the recession would deepen.
www.k2kapital.com
22.02.2009
22.02.2009
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