Shell CEO Will Retire in 2014

Shell CEO Will Retire in 2014

Royal Dutch Shell plc announced Thursday that CEO Peter Voser will retire from the company during the first half of 2014. The decision is being seen as surprise move by Voser, since he has served just four years in the post.

Shell said that its board's nomination and succession committee will now lead a "structured and comprehensive" review of candidates to enable an orderly transition to a new CEO.

The departure will not mean a change in strategy for the company and Voser's decision to retire was a personal one, a Shell spokesperson told Rigzone. The company's succession committee would search both internally and externally for a candidate to replace Voser, but that an internal candidate would be preferable, the spokesperson added.

Voser commented in a statement:

"After almost 10 years as CEO and CFO and more than 25 years in Shell, I have elected to retire in the first half of 2014.

"After such an exciting executive career I feel it is time for a change in my lifestyle and I am looking forward to having more time available for my family and private life in the years to come."

Shell's first quarter results revealed that current cost of supplies (CCS) earnings for the 1Q 2013 improved 3 percent over 1Q 2012 to $7.5 billion.

In its Upstream business, the firm said that its first de-bottlenecking project for the Athabasca oil sands project in Canada has been completed. The project, in which Shell has a 60-percent stake, is expected to add some 10,000 barrels per day of capacity.

In Nigeria, the firm took the decision in 1Q 2013 to develop the deepwater project, Erha North Phase 2, some 65 miles off the Nigerian coast. This is expected to produce some 60,000 barrels of oil equivalent per day at peak production.

In Oman, the Amal steam-enhanced oil recovery project has been brought on stream, with this project expected to ramp up to some 20,000 barrels of oil per day (bopd) over the next few years.

In the United States, the firm announced its intention to form a joint venture with Kinder Morgan to develop a natural gas liquefaction plant in two phases at the existing Elba Island LNG terminal to export LNG, while it also took the final investment decision for two natural gas liquefaction units in Louisiana, U.S. and Ontario, Canada.

Elsewhere during the first quarter, Shell entered into an agreement to acquire part of Repsol's LNG portfolio outside of North America for $4.4 billion, while in the UK it completed the acquisition of a further 5.9 percent of the offshore Shiehallion field while also acquiring additional interests in the Beryl area fields.

Shell's Upstream business segment produced 3.56 million barrels of oil equivalent per day during the first quarter of 2013, compared with 3.55 million boepd during 1Q 2012.


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.