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Abu Dhabi - Shell participated recently in the Middle East Petroleum & Gas Conference (MPGC) hosted by the Abu Dhabi National Oil Company (ADNOC) at Jumeirah Etihad Towers, Abu Dhabi. The company drew attention to the success of the Gulf Cooperation Council's (GCC) and UAE'sdiverse economy, as well as the challenges faced by the region and the way forward to a sustainable energy future. Other major international oil companies (IOCs) and national oil companies (NOCs) were also in attendance at the longest running annual oil conference in the Middle East.
During his speech, titled "Growth, Youth and Diversification - Opportunities and Challenges", Andrew Vaughan, Vice President and Country Chairman of Shell Abu Dhabi,said:
"While world energy consumption has tripled in the past 50 years, GCC consumption has risen tenfold from one percent of global consumption to four percent (please include source reference). The demographic profile of the region is changing dramatically as well. Young people are streaming onto the job market, needing worthwhile occupations that will benefit both themselves and their nations.And of course, we must not forget the need to find a solution to climate change. Such changes create new challenges, new dilemmas, and new opportunities."
In fact, the region is now one of the most energy intensive places in the world and internal demand is expected to increase pressure on supply and environmental systems.According to Shell, increased exposure to diverse markets, shifts to lower carbon energy supplies such as gas and utilising carbon capture and storage (CCS) are part of what can be done to meet the aspirations of a growing population while still protecting the environment.
Vaughan concluded his speech by saying that "the GCC has been hugely successful in meeting these challenges and is making enormous strides to tackle the future. The world can meet the challenge of climate change.This will require a shift to gas as a bridge to renewable energies, increased application of carbon capture and storage, and policy changes, particularly around carbon pricing, that will drive producer and consumer behaviours in the market.I am also confident that our industries and governments, particularly in this region, will be able to meet the demands of a growing population for clean energy sources that will satisfy their aspiration for a better life."
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About Shell
Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.
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For media enquiries, please contact:
Mr. Nureddin Wefati
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Shell EP International
Tel: +971 4 705 5347
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Mr. Ali Khan
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Cautionary note
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this announcement "Shell", "Shell Group" and "Royal Dutch Shell" are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. "Subsidiaries", "Shell subsidiaries" and "Shell companies" as used in this announcement refer to companies in which Shell either directly or indirectly has control, by having either a majority of the voting rights or the right to exercise a controlling influence. The companies in which Shell has significant influence but not control are referred to as "associated companies" or "associates" and companies in which Shell has joint control are referred to as "jointly controlled entities". In this announcement, associates and jointly controlled entities are also referred to as "equity-accounted investments". The term "Shell interest" is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in a venture, partnership or company, after exclusion of all third-party interest.
This announcement contains forward looking statements concerning the financial condition, results of operations and businesses of Shell and the Shell Group. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell and the Shell Group to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward looking statements are identified by their use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "goals", "intend", "may", "objectives", "outlook", "plan", "probably", "project", "risks", "seek", "should", "target", "will" and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and the Shell Group and could cause those results to differ materially from those expressed in the forward looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; and (m) changes in trading conditions. All forward looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward looking statements. Additional factors that may affect future results are contained in Shell's 20-F for the year ended 31 December 2014 (available at www.shell.com/investor and www.sec.gov ). These factors also should be considered by the reader. Each forward looking statement speaks only as of the date of this announcement, 3 May 2015. Neither Shell nor any of its subsidiaries nor the Shell Group undertake any obligation to publicly update or revise any forward looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward looking statements contained in this announcement.
© Press Release 2015
