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Shell: time to deliver

With a healthy inventory of upstream projects in development, Shell must put its operational mettle to the test. Tom Nicholls writes

GOOD things come to those who wait. No pain, no gain. Every cloud has a silver lining. For investors in Royal Dutch Shell in need of a pep talk, these might be clichés worth repeating.

Since 2004 – when it was forced to make large reductions to its proved oil and gas reserves, after admitting to having grossly exaggerated them – Shell has been trying to invest its way out of trouble. On paper, the policy looks set to pay off: work in progress includes several liquefied natural gas (LNG) projects – Pluto, Browse and Gorgon in Australia, Sakhalin in Russia, Qatargas 4 and ventures in Nigeria (see p28); various field developments, including Norway's Ormen Lange gasfield, Nigeria's Bonga and Kazakhstan's Kashagan oilfields; the pioneering Pearl gas-to-liquids (GTL) project in Qatar; and a large gas-oriented exploration venture in Libya.

No quick returns

The snag is – certainly for investors looking for ...Click here to continue reading Shell: time to deliver