AMSTERDAM: Royal Dutch Shell aims to produce 12 percent more oil by 2014 than it did last year and said it was assessing some 30 new projects.
Shell is targeting 3.7 million oil-equivalent barrels (boe) per day of production for 2014 and expects over $100 billion of net capital investment for the period 2011-14.
"We have made good progress in 2010. Our profitability is improving, and we are on track for our growth targets. There is more to come from Shell," Chief Executive Peter Voser said on Tuesday in a statement on the group's strategic plans.
In its downstream arm, where Shell's profitability has been hit, the oil major set a new target for a further $1 billion in cost reductions for period 2011 to 2012.
Shell also said it was on track to deliver its strategic targets by 2012. These call for a 50 to 80 percent increase in cash flow from operations between 2009 and 2012, based on a $60 to $80 oil price and an improved downstream and natural gas environment.
It added that asset sales proceeds exceeded $30 billion in the last five years and were expected to be up to $5 billion in 2011.
Shell has invested more than $100 billion in exploration and production over the past five years. The turmoil in the oil market, fuelled by upheaval in the Middle East, has intensified pressure on the oil major to spell out its long-term plan.
Shell shares fell 0.85 percent to 2,102 pence in London at 0840 GMT, compared to a 1.36 percent drop in the FTSE 100 index.
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