LONDON, March 15 (UPI) -- Royal Dutch Shell aims to increase energy production by more than 10 percent of 2010 levels within three years, an executive announced.
Shell Chief Executive Officer Peter Voser said his company set a production target of 3.7 million barrels of oil equivalent per day by 2014. This, he added, represented a 12 percent increase over 2010 levels and is one of the highest projected growth rates in the energy sector.
Shell has 20 new projects under construction in the upstream sector that will add more than 800,000 boe/d to production targets.
Appraisal activity in 2010 in the Gulf of Mexico and Australia added some 2.3 billion boe of new resources to Shell's portfolio while the acquisition of developments in shale and conventional gas reserves proved positive for those resources.
"We have made good progress in 2010. Our profitability is improving, and we are on track for our growth targets," said Voser in a statement. "There is more to come from Shell."