Royal Dutch Shell eyes expansion plans

02 February, 2012 The Dutch oil company posts a 54% rise in profits.

Royal Dutch Shell is planning further expansion projects as it posted a 54 per cent rise in profits for the past 12 months.

The oil giant is planning a $30 billion (£19.4 billion) investment on new oil and gas developments over the coming year which is an increase of $6 billion on 2010.

Whilst companies such as Premier Oil announced that it had reached its production target for 2011, Shell now plans to make major investments in countries such as North America and Australia with 60 per cent of upstream funding planned for the developments.

Shell will also increase exploration projects in places such as the Arctic with the company increasing commitment to $5 billion.

Peter Voser, chief executive of the oil giant, said: "Shell's strategy is innovative and competitive. Our improving financial position creates an opportunity to increase both our dividends and investment levels. With ramp up now well in hand for near-term growth, I want to move our agenda forward today, with new targets for the company."

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