• 3 minutes China's aggression is changing the nature of sovereignty.
  • 8 minutes Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 11 minutes Europe gas market -how it started how its going
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour The Fascist Dictatorship called Russia under Dictator for Life Putin
  • 2 hours Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 1 day Russia, Ukraine and "2022: The Year Ahead"
  • 17 hours FOREX. Currencies of oil-producing countries.
  • 3 days "Tackling One Of The Fracking Industry’s Biggest Problems" by Robert Rapier
  • 3 days Energy Storage Could Emerge As The Hottest Market Of 2022
  • 2 days NordStream2
  • 3 days Following the Big Money
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

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





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News