Shell Investment Pays Off With Output Growth as BP Scales Back
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Royal Dutch Shell Plc may become Europe’s largest oil and gas producer as a $100 billion spending program starts to pay off and closest rival BP Plc scales back.
This year, Shell’s Pearl gas-to-liquids and Qatargas 4 liquefied natural gas developments in the Middle East are scheduled to come on stream, following investment of about $21 billion, the latest in a line of projects from Brazil to Canada that have reversed a seven-year decline in production. At the same time, BP forecasts output will drop 11 percent this year as it sells more assets to pay for the Gulf of Mexico oil spill.