Royal Dutch Shell has said over 80 per cent of its $30 billion capital budget in 2012 will be utilised in the upstream activities. Sixty per cent of this would be spent in North America and Australia and would cut across producing and new assets, Shell disclosed at an investors’ forum.
The company said it realised $17 billion from asset sales between 2009 and 2011 and expects to rake another $2 billion to $3 billion from assets divestment this year bringing the total of anticipated revenues from asset sales between 2009 and 2012 to $20 billion. Fiften billion dollars of acquisitions is for repositioning the company for growth.
On areas to put in the $30 billion capital budget, Shell said it would continue to balance exploration drilling in established basins, with selective expansion into frontier acreage, and new plays such as liquids-rich shales. The company said its exploration spending increased by some 30 per cent to $3.6 billion last year, excluding acreage purchases, and should increase a further 35 per cent in 2012 to some $5 billion.
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