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Royal Dutch Shell will continue to move ahead with its oil sands projects in Canada despite the slump in demand for crude and weak global spot prices, the company's chief executive has insisted.
Speaking to the Guardian, Peter Voser insisted that the company is taking the long-term view on its oil sands projects and is not too nervous about the current outlook for prices and demand.
However, he added that in order to maintain profitability during these difficult trading conditions, the company is conducting extensive cost reviews across all of its oil sands operations.
"We are renegotiating contracts with the vendors, we are looking at staff levels, we are looking at travel and training costs, so in a general sense we are turning over all the stones and looking at costs," he explained.
Earlier this week, Royal Dutch Shell told shareholders that its profits had fallen 62 per cent in the first quarter of this year, when compared to the same period in 2008.
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