Scotsman.com: Shell to Boost Technical Staff: “The move was disclosed in an internal newsletter and comes as investors wait to discover whether Shell will reclassify its reserves for the fifth time since last January.” (ShellNews.net) 18 Jan 05
By David Winning, PA City Staff
Oil giant Shell today said it planned to hire more than 1,000 engineers to beef up the unit at the centre of its reserves crisis last year.
The recruitment drive for its exploration and production arm is aimed at regaining ground lost to rivals after Shell cut its oil reserves by nearly a quarter last year.
The move was disclosed in an internal newsletter and comes as investors wait to discover whether Shell will reclassify its reserves for the fifth time since last January.
Auditors have called into question the status of 900 million barrels of oil and gas stocks and Shell is expected to provide an update alongside its annual results on February 3.
Shell said it needed additional technical staff to support a significant hike in investment in its exploration and production unit and “execute its work plan over the next several years”.
The company is striving to close the gap on rivals such as BP by finding new reserves to replace fully the oil and gas it takes from the ground over the next four years.
A total of 170 experienced petroleum engineers are being sought by April on a contract or permanent basis. These staff are part of the team responsible for making sure oil and gas can be extracted from the ground.
The remaining staff will join the exploration and production unit in other roles, although no details were provided on where they will be based around the world.