• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 2 hours End of Sanction Waivers
  • 2 hours Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 2 hours Alliances: Iran And Pakistan To Form Joint Rapid Reaction Force At Border
  • 2 hours Climate Change Protests
  • 2 hours Don't Climb Onto the $80+ Oil Price Greed Roller Coaster, Please.
  • 11 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 1 hour US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 9 hours Gas Flaring
  • 7 hours "Undeniable" Shale Slowdown?
  • 15 mins Populist Surge Coming in Europe's May Election
  • 11 hours Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 12 hours Oil at $40
  • 12 hours Case against Trans Mountain Begins
  • 11 hours China To Promote Using Wind Energy To Power Heating
  • 11 hours U.S. Refiners Planning Major Plant Overhauls In Second Quarter

Breaking News:

Guaido Takes Strides To Topple Maduro

Alt Text

The Undeniable Signs Of A Shale Slowdown

Schlumberger, the world’s largest oilfield…

Alt Text

U.S. Energy Consumption Hits All-Time Record

The United States consumed 101.2…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Shell CEO: $80 Oil To Boost Energy Infrastructure Investment

Brent Crude at $80 a barrel is not an “unreasonable” price of oil, and it will support investment in oil and gas infrastructure after the downturn, Shell’s chief executive Ben van Beurden told CNBC in an interview on Tuesday.

“We should be able to balance the market at that sort of oil price level, but of course bringing on new production is not a short-term event,” van Beurden said, noting that it takes years for the industry to bring new production online.

The top executive at Shell said that the oil market is “a little bit tight,” adding that he thinks the industry needs “slightly elevated prices to bring new supply on, which is going to be the main challenge.”

Shell has been working to reduce the cost of its offshore projects, its chief executive told CNBC. The company is building a portfolio of projects that can break even at $40 per barrel, he noted.

Earlier this year, Shell, a major player in the U.S. Gulf of Mexico, said that it had started early production at a deepwater subsea development in the U.S. Gulf of Mexico a year ahead of schedule and at a forward-looking, break-even price of less than $30 per barrel of oil.

Just before that announcement, Shell made a large deepwater exploration discovery in the U.S. Gulf of Mexico, just 13 miles from its Appomattox project that is expected to start production by the end of 2019.

Referring to the U.S. tariffs and quotas on steel imports, Shell’s van Beurden told CNBC that the tariffs and quotas are affecting Shell in some of the construction projects in the United States.

“We are being affected, but not to the point that it makes us change our mind on investments,” van Beurden said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News