Royal Dutch Shell (RDS.A, RDS.B) is down 1.5% after the company said it is ramping its North American shale output earlier than planned to lock in quick returns from what has become one of its most profitable businesses.
Greg Guidry,head of the company's unconventional energy business, told Reuters the company plans to make shale oil and gas in the United States, Canada and Argentina a key engine of growth in the next decade, targeting output of around 500,000 barrels of oil equivalent per day (boepd).
It aims to boost output by 140,000 boepd over the next three years in the Permian basin in West Texas and the Duvernay region in Canada, Guidry reportedly told Reuters. Shell had previously expected to hit that target after 2020.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.