Shell Oil betting on higher oil prices in the future

Troubled Shell puts faith in high oil price for recovery
By Carl Mortished, International Business Editor

SHELL, the beleaguered oil giant, is pinning its hopes for recovery on long-term high oil prices. In its first strategy presentation since the reserves scandal, the Anglo-Dutch company set out an aggressive plan to rebuild its reserves with more investment and acquisitions.

Jeroen van der Veer, chairman of Royal Dutch/Shell, promised to spend $45 billion (