Reuters: Shell CEO says shale gas to take longer to develop than expected

Royal Dutch Shell CEO Peter Voser said it will take a longer time than expected for the company to reap benefits from its shale gas projects due to poor short-term results.

Weak U.S. shale liquids production contributed to a $2.2 billion charge Shell revealed in August and was a key factor in its decision to abandon its goal to deliver 4 million barrels a day of production by 2017.

"We didn't get the results which we were expecting to get in the shorter term and we will therefore have to develop this a little bit more before we can take benefits from it," Voser told reporters on the sidelines of the World Energy Congress.

"It was clearly not as successful as thought."  MORE