Reuters reports that Peter Voser said Shell will need time to benefit from its shale gas projects.
Therefore, due to its shale gas poor short-term results, the company has abandoned its production target of 4 million barrels a day by 2017.
Peter Voser said “We didn’t get the results which we were expecting to get in the shorter term and we will therefore have to develop this a little bit more before we can take benefits from it.” He also added “It was clearly not as successful as thought” and he believes it will take decades to see the US’ success to be emulated in other countries.
As already discussed, Shell will spend $1billion a year to help China unlock its shale gas reserves. Shell will cooperate with China National Petroleum Corp. to start fracking and release natural gas. Such a huge investment was planned as it is expected that China may hold 1,275 trillion cubic feet of technically recoverable gas.
How to accelerate shale gas developments and consequently benefits? Let me know your thoughts below.
To know more about shale gas developments, why not attend our events Shale Gas World UK, Shale Gas World Africa and Shale Gas World Europe .
Stay up to date with Shale World, subscribe to our enewsletter here to get the latest content straight to you.