Speeches 2004

Investing in changing energy markets

26/10/2004

Jeroen van der Veer, President of Royal Dutch and Chairman of the Committee of Managing Directors Royal Dutch/Shell Group

Jeroen van der Veer, President of Royal Dutch and Chairman of the Committee of Managing Directors Royal Dutch/Shell Group

Oil and gas markets are changing rapidly- driven by expanding demand, particularly from emerging economies. The system has insufficient spare capacity to be shock proof. Developing new supplies and delivery chains to consumers - who will be increasingly dependent on energy imports- will require major investment. Larger, more complex and riskier projects will be required to develop more difficult resources. These present particular challenges - financial, technological, project management, and downstream integration. International companies- with their capital, technologies and global expertise- can play a particular role in such projects. But they will only be welcomed as partners in developing national resources if they show they add real value and can work with national companies.

Shells primary strategic thrust is to invest in such upstream oil and gas projects.

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