Profits soar at Shell

Despite enormous profits, Shell said the motorist will not benefit as up to 70% of the price of gasoline will levy photography: Andy rain/EPA

Shell profits rose 77% to almost ￡ 5bn in the past three months, but the oil group said there is little chance of lower prices for motorists, with rising energy prices even more in the long term.

Chief Executive Officer Peter Voser said he was useless Shell blaming high pump prices given that the company made practically "nothing" with gasoline and 60% to 70% of the price of every litre came to the Government in taxes.

"It's the end of cheap oil and gas." I believe that we are in a world where finding oil and gas will be more complex. Need more money, need more investment, "said Voser."

The AA Motoring group said recently that he wanted the Commission to investigate the competition in the markets of oil and gasoline but Shell says only 2% of the profits from any part of its British operations and above all benefited from an increase of 49% in global prices of crude oil due to unrest in the Middle East and Africa.

The enormous revenues - at a time when production actually fell: come two days after BP reported earnings for the three months to June from. 2bn ￡ 3, showing the differences between the two, which have been mentioned several times as a potential merger partners in recent years.

Voser brushed aside suggestions that might be interested in taking charge of BP, saying that Shell had "more than enough on his plate" and did not express any enthusiasm for plans we prepared rival ConocoPhillips and also under consideration in BP, to divide the company into two companies: an upstream exploration firm, the other a subsequent refining operation.

Foreign Governments and oil companies wanted to Shell as a partner only by the fact that he had an "integrated" approach, he said. "It would be wrong to lose."Adds value both, Voser said in what appeared to be a replica head of BP Bob Dudley, indicating a break in your business can not discard.

But the head of the Shell Executive made it clear to continue talks with Rosneft and the Russian Government, once potential strategic BP and serious partners. One of the attractions in the Russian Arctic, said Voser, adding that the company also eager to expand in Greenland and Alaska.

Shell said it still expected drilling in the Beaufort and Chukchi Sea next year and has been in talks with the Government of United States on the lifting of a ban in the area, imposed accident of deep water following Explorer of BP in the Gulf of Mexico. Discussions on the new permits were, said Voser, "moving in the right direction."

The moratorium, which now stood, in the Gulf had lopped 50,000 barrels out of the volumes of expected production of Shell in the second quarter, while sales of assets in the problem. Global output of Shell was 2 per cent with new projects in sequence in the tar sands of Canada.

Financial analysts liked what they saw in Shell and says there's more good news to come. The Citigroup oil team believes that "the stage is ready for a stronger 2 H 11 [second half of 2011]".

Meanwhile, ExxonMobil saw its net income increase by 41% to. 68bn $10 and said that its oil and gas production increased by 10% in the quarter, compared with the same period in 2010, thanks to its purchase of XTO Corporation for $30bn last year.

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