Shell has unveiled its Q3 results, showing profits that have more than doubled to £7.2bn from the year before. Also, driven by the build up of its oil sands project in Canada and gas in Qatar, Shell’s production was 2% higher than last year at 3.01m boe/d (Barrels of Oil Equivalent per Day). Analysts are gushing about shell’s results and expect it to continue stronger with over 20 projects coming over the next 3 years. In wake of weak financial markets, Shell has resumed its buy-back programme with $800m buy-back in this quarter. Shell shares rose by 1.84% to £22.95 in London.
Shell has also raised concerns about Europe’s competitiveness than its sovereign debt crisis. Shell has curbed its investment in Europe, with only 15% investment in the region, owing to the unfavourable policy support from the European Commission. Comparisons are rife between the strong support to energy industry for the development of unconventional gas, namely shale, from North America and opposing position held by European government.
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