Retiring Shell CEO Voser regrets huge bet on US shale.

FT: “Peter Voser says 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. ….“Unconventionals did not exactly play out as planned,” Mr Voser said. “We expected higher flow rates and therefore more scalability for a company like Shell,” he said.….”He also acknowledged that exploration results in the US shales had been disappointing. “We expected higher flow rates and therefore more scalability for a company like Shell,” he said.
….Mr Voser also said rhetoric about the US shale revolution being exported to other countries was “hyped”, and that the rest of the world was in an early “exploration phase” which could yield “negative surprises”.
He singled out China, where Shell has drilled 22 wells, as one of the most prospective countries for shale gas, but warned that costs there were higher than in the US.
Mr Voser acknowledged problems in Alaska, where Shell has spent nearly $5bn on an offshore exploration campaign but has yet to complete a single well, amid regulatory and technical problems.”