Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Euronext Amsterdam  >  Royal Dutch Shell    RDSA   GB00B03MLX29

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

ROYAL DUTCH SHELLA : Shell Suggests More Realistic Iraq Oil Target

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/17/2012 | 10:53pm CEST

Iraq may be forced to cut its ambitious oil production targets by as much as 40%, despite recently boosting output to pre-Gulf War levels, a senior Royal Dutch Shell PLC (RDSB.LN) executive said Thursday.

Although Iraq has been steadily improving output in recent months -- the International Energy Agency estimates the country has been pumping as many as 250,000 more barrels a day since August -- its plans to produce 11 million barrels a day by 2020 are unlikely to come to pass, according to the Shell official.

Instead, Iraq can realistically expect to boost oil output to between 6 million and 7 million barrels a day, said Ruth Cairnie, Shell executive vice president for strategy and planning. "Iraq has acknowledged that its targets are too ambitious," said Cairnie, who was addressing a conference here.

Shell, which is renovating the giant Majnoon field with Malaysia's Petronas, is one of the largest oil companies operating in Iraq.

In another interview, the head of Shell's Iraq operations said the Anglo-Dutch major was in talks with the government about how best to develop the Majnoon field. While he acknowledged that this could mean a reduction in the targeted production plateau level of 1.8 million barrels a day, he stressed that discussions were ultimately aimed at ensuring Iraq's oil reservoirs were better maintained for longer.

"We're now in exploratory discussions with the government about the optimal field development plan. A reduction in the plateau, and consequent extension of the field's life, could be an outcome, but you have to look at that not so much as a Majnoon issue as one in the overall context of what is overall the right production level for Iraq," said Nijkamp.

While Iraq's deputy prime minister in charge of energy, Hussain al-Shahristani, has set a target of 11 millions barrels a day by 2020, industry analysts and executives have cautioned that this is unrealistic. In particular, the war-damaged country's lack of adequate export infrastructure and insufficient water supplies -- a key component when pumping crude -- mean this ambition is little more than a pipe dream.

However, this target is actually a revision of the country's previously stated output goal of 12 million barrels a day. Shahristani last month gave a more circumspect assessment of Iraq's crude prospects, saying the change of plan was undertaken to "maximize the recovery from each field...and extend the plateau production," to 2035.

-By Alexis Flynn, Dow Jones Newswires; +44 20 7842 9471; [email protected] (James Herron contributed to this report.)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ROYAL DUTCH SHELL
10/18 ROYAL DUTCH SHELL : Europe`s largest oil company buys Europe`s largest electric ..
10/18DJWoodside Narrows Production Range as Wheatstone Starts Up
10/18DJROYAL DUTCH SHELL : Vivo Energy Bets on Africa With $3 Billion IPO--Update
10/18 ROYAL DUTCH SHELL : Local cracker project at heart of Shell's massive investment..
10/18DJROYAL DUTCH SHELL : Vivo Energy Bets on Africa With IPO
10/18 ROYAL DUTCH SHELL : US shale to help power Shells multi-billion dollar chemicals..
10/18 ROYAL DUTCH SHELL : Shell divestment transformed NPDC into a major oil company O..
10/18DJCorrection to Oil Companies Defend Big Bets on Gas Story on Tuesday
10/17DJOil Companies Defend Big Bets on Gas
10/17 ROYAL DUTCH SHELL : Shell again eyes oil, gas exploration in Bosnia
More news
News from SeekingAlpha
10/19 SHALE AND MOLTEN SALT : Energy Space Gets Wider, More Nuanced
10/18 This Will Not Be The 'Last Great Secular Oil Bull Market'
10/18 Rio Tinto -4% as African scandal continues to bite
10/18 Shell open first charging points at U.K. gasoline stations
10/18 Long Transocean, Short Diamond Offshore - Does This Makes Sense?
Financials ($)
Sales 2017 283 B
EBIT 2017 21 924 M
Net income 2017 13 845 M
Debt 2017 60 707 M
Yield 2017 6,04%
P/E ratio 2017 16,69
P/E ratio 2018 15,19
EV / Sales 2017 1,11x
EV / Sales 2018 1,04x
Capitalization 253 B
Chart ROYAL DUTCH SHELL
Duration : Period :
Royal Dutch Shell Technical Analysis Chart | RDSA | GB00B03MLX29 | 4-Traders
Technical analysis trends ROYAL DUTCH SHELL
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 31,7 $
Spread / Average Target 4,3%
EPS Revisions
Managers
NameTitle
Ben van Beurden Chief Executive Officer & Executive Director
Charles O. Holliday Chairman
Jessica Uhl Chief Financial Officer
Harry Brekelmans Director-Technology & Projects
Gerardus Johannes Wijers Deputy Chairman
Sector and Competitors
1st jan.Capitalization (M$)
ROYAL DUTCH SHELL-0.62%253 407
PETROCHINA COMPANY LIMITED1.26%215 191
TOTAL-5.98%136 154
PETROLEO BRASILEIRO SA PETROBRAS8.54%67 614
STATOIL2.27%67 124
NK ROSNEFT' PAO--.--%60 162