Shell Profits Allow For New Projects

The BBC has reported that oil and gas giant Shell recorded a 77% rise in profits in the second quarter of 2011.

The $8 billion profit is roughly double that of the same period in 2010, with the company attributing this to sales of assets in the first half of the year, amounting to $4 billion.

The sales were said to be a “key driver” in the reduction of costs and improvement of operating performance throughout the business. Shell has disclosed that production is down in the second quarter, though it also said that three large scale projects are beginning, increasing European imports and hopefully creating jobs. Chief Executive Peter Voser says that the “new projects should drive [Shell’s] financial performance in the coming quarters.”

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