FT: Peter Voser says he regrets Shell’s huge bet on US shale

Peter Voser said the failure of Royal Dutch Shell’s huge bet on US shale was a big regret of his time as chief executive of the company.

Speaking to the Financial Times three months before he is due to step down, Mr Voser also described the technical setbacks Shell has suffered in its exploration campaign off the coast of Alaska as one of his greatest disappointments in the job.

Shell has invested at least $24bn in so-called unconventional oil and gas in North America. But it is a bet that has yet to pay off. Its North American upstream business has struggled to turn a profit and in August Shell announced a strategic review of its US shale portfolio after taking a $2.1bn impairment. “Unconventionals did not exactly play out as planned,” Mr Voser said.  MORE