Auglo-Dutch Shell anticipates a 25 per cent rise in its production level from the 2011 benchmark as its new projects come on stream over the next six to seven years.
This, according to the conpany’s 2011 sustainability report, translates to a production rise of four million barrels of oil equivalent per day.
The company said that to fund the new projects, it would make available a net capital investment of about $30 billion in 2012, 80 per cent of which would be put into its oil and gas exploration and production to boast energy supplies.
“As we deliver growth, our business strategy supports our contribution towards affressing global carbon dioxide emissions, supply more natural gas for electricity generation, help to develop carbon capture and storage, produce low carbon biofuel for road transport, and work toward improving energy efficiency in our operations, the report read in part.
It explained that the quickest and most affordable way of tackling the challenge of meeting rising energy demand with lower carbondioxide emissions is to replace coal with natural gas in power generation, adding, we expect natural gas to account for more than half of our upstream production in 2012 and to continue to grow in the coming years”.
The report said investing in research and development of advanced technologies would continue to be paramount in the company’s strategies, pointing out that as it moves into more remote locations and develop increasingly, innovative technologies would enable it deliver energy to its customers.
The report disclosed that shell spent $1.1 billion on research and development in 2011 more than any other international oil and gas company that over the last five years, the companying has spent $2.3 billion on developing alternative energies, carbon capture and storage including other CO2 research and development.
According to the report, the company’s employees and contractors, as well as its joint ventures must act in accordance with Shell’s Health, Safety, Security, Environment and Social Performance Control framework as that defines standard and accountability for HSSE $ SP at every level of the organisation.