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Peter Voser said the failure of Royal Dutch Shell’s huge bet on US shale was a big regret of his time as chief executive of the company.
Speaking to the Financial Times three months before he is due to step down, Mr Voser also described the technical setbacks Shell has suffered in its exploration campaign off the coast of Alaska as one of his greatest disappointments in the job.
Shell has invested at least $24bn in so-called unconventional oil and gas in North America. But it is a bet that has yet to pay off. Its North American upstream business has struggled to turn a profit and in August Shell announced a strategic review of its US shale portfolio after taking a $2.1bn impairment. “Unconventionals did not exactly play out as planned,” Mr Voser said....
....Mr Voser also said rhetoric about the US shale revolution being exported to other countries was “hyped”, and that the rest of the world was in an early “exploration phase” which could yield “negative surprises”....
"This latest revelation of the Shell CEO Mr Voser on the Hyped US shale gas revolution, will hopefully be a message of warning to the rest of the World:
Expect "negative surprises" in terms of preventing Shale gas production related environmental effects, the Shale gas production it self and of course the earnings !
It looks like Shell's adventures in US Shale gas exploitation are running aground indeed !"
Ak Malten, Pro Peaceful Energy Use
The Royal Dutch Shell drilling rig Kulluk aground off a small island near Kodiak Island, Jan. 1, 2013. / AP/U.S. COAST GUARD
Peter Voser says he regrets Shell’s huge bet on US shale at FT.com
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