Shell said Aug 25 it plans to increase its capital expenditure budget for upstream projects in Europe by 9% this year as part of efforts to help rebuild confidence in its underperforming exploration and production portfolio.An additional US150-mil will extend offshore asset life and bring new projects forward,Shell said,bringing total spending on European upstream projects to US1.8-bil.Shell did not say where the extra money would be spent.The spending is part of US2-bil in additional capex which Shell earmarked in April to boost short-term payback projects.
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