By Andrew Johnson: Friday July 30, 2010
ROYAL Dutch Shell yesterday expressed confidence in its safety standards in the wake of BPs Gulf of Mexico oil spill as it unveiled a near doubling in profits to $4.5billion (£2.9billion) for the second quarter to June.
Chief executive Peter Voser (right) said the disaster was a tragedy that would have far-reaching implications for the whole industry.
Stricter rules are expected to drive up costs. However, he said Shell already complied with or exceeded most of the changes to safety regulations now being proposed, before adding: At the end of the day, you will not be in a position to say it will never happen, because accidents do happen.
Shell took a $56million hit from the deep water drilling ban imposed by the US government after the spill, which is expected to cost three million barrels of oil this year in production. Voser did not rule out trying to reclaim the money from BP. read more
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