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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: BigBull who wrote (51002)	9/13/1999 10:37:00 AM
From: Tomas	Read Replies (3) \| Respond to of 95453

Shell Says to Spend $3 Billion on Exploring for Oil in Asia Singapore, Sept. 13 -- Royal Dutch/Shell Group, the world's second-biggest publicly traded oil company, said it will spend up to $3 billion in exploring for oil in Asia over the next five years to find lower cost oil reserves and natural gas. Our ``exploration and production is putting emphasis on lower cost oil reserves and on gas,' and we think we can find those reserves in Asia, said Maarten van den Bergh, group managing director, The Royal Dutch/Shell Group. Although oil prices are higher now, there is still excess supply and it cannot be sure the Organization of Petroleum Exporting Countries will continue with output cuts over the longer term, he said at the APPEC '99 conference in Singapore. That means oil prices could fall, he said. ``Our five year plans for our business as a whole are based on a $14 (a barrel) oil price, but new projects must be robust at $10,' he said. Shell said last month it plans to sell its coal subsidiary, completing its exit from mining as it focuses more on oil and natural gas production. Shell said in May it will sell assets and pare costs to revive profit and focus the company on its most profitable businesses. Shell in December said it took a $4.5 billion charge to write down assets and sell 40 percent of its chemicals units. bloomberg.com