The company’s three-year strategic plan, outlined in 2010, is building the foundations for profitable growth for shareholders in the future.
Shell claims that it is improving near-term competitive performance, and is delivering a new wave of production growth.
In Canada oil sands, the company has progressed with ramping-up of the expansion project at its Scotford Upgrader, and ASOP-1 recently reached its full production level of 100,000b/d.
The Qatargas 4 LNG project in Qatar reached production plateau earlier this year, and ramp up of Train 1 of the Pearl GTL project continues to make good progress, with Train 2 on track for start-up before the year-end.
According to Shell, these three projects, representing some $30bn of investment, underpin the company’s targets for financial and production growth to 2012.
The company said it is on track to deliver its strategic targets for 50-80% growth in cash flow from operations from 2009 to 2012.
Shell has launched 14 further upstream projects so far in 2010-11, which have an expected peak production of some 400,000boe/d for the company in the medium term.
In downstream, the company is focusing on operating performance and investing in selective growth.
Shell CEO Peter Voser said the company is making good progress in delivering its strategy, and its decision to maintain investment in new projects in the 2009 downturn is driving growth in the company.
