Looking upstream: Shell's Jeroen van der Veer
Shell plans Malaysia cash injection
Anglo-Dutch supermajor Shell is to invest $3.1 billion in its oil and gas operations in Malaysia over the next 10 years, much of it in upstream activities, local media reported the company said.
Shell Malaysia chairman Datuk Saw Choo Boon said at a briefing in Kuala Lumpur attended by Shell chief executive Jeroen van der Veer that most of the cash would be poured into oil and gas exploration, Malaysia’s Business Times reported.
Van der Veer said the company would invest $27 billion in capital projects worldwide in this year, on par with last year.
Van der Veer said the company was increasingly focusing its operations on the Far East, where it expected growth in Malaysia, China, Indonesia and India, the paper reported.
He said key projects in the region include the Gemusut-Kakap project in Malaysia, which is expected to start production in 2010.