Shell profits double on higher gas and oil prices

Higher gas and oil prices allowed Shell to double its profits in the three months to the end of September compared with the previous year. Current cost of supply net income rose to $7.2bn (£4.5bn) compared with $3.5bn during the same period a year ago. The cost of Brent crude was 48% higher in the quarter compared with the same period last year. Higher oil prices also increased the price of gas in Europe and Asia. Shell produces almost as much gas as oil. "Our profits pay for Shell's substantial investments in new energy projects, to ensure low-cost, reliable energy supplies for our customers and to create value for our shareholders," said Shell chief executive Peter Voser. "Our third quarter results were higher than year-ago levels, driven by higher oil prices and Shell's performance," he added. In the UK the company recently announced it was investing in the deep water Clair oil field west of the Shetland Islands in a scheme operated by rival BP. The company also completed the sale of the Stanlow refinery for a total of $1.2bn. Shell has had a series of recent accidents. In August the company suffered a leak at it's Gannet Alpha platform in the North Sea of around 1,300 barrels. In October Shell declared a force majeure on some of its customers after a fire shut down its refinery in Singapore.