Shell sets new production targets to meet oil and gas demand

Royal Dutch Shell plans to invest $100 billion over the next four years as it embarks on "ambitious" production targets to meet soaring demand for oil and gas. During a strategy briefing, Shell set a target of producing 3.7 million barrels of oil and gas per day for 2014. This is a 12% rise, and comes amid surging demand from emerging markets.

Chief executive Peter Voser said: "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."

The company has 20 new projects under construction, which will add more than 800,000 barrels of oil equivalent per day. Final investment decisions on another 10 key projects would be made over the next year or two, Mr Voser said.

The Anglo-Dutch company almost doubled its profits to $18.6bn last year thanks to higher oil prices. The results contrasted with those of its troubled rival BP, which recorded its first annual loss for nearly two decades due to clean up costs following the Deepwater Horizon disaster in the Gulf of Mexico.

Meanwhile, Mr Voser said Shell's three oil refineries in Japan were not damaged and were still operating following the earthquake.

He said Shell was sending extra supplies of gas to help make up the energy shortfall from damaged nuclear power generation.