Shell reports jump in profits

Royal Dutch Shell has said it will launch a major investment drive in an effort to boost falling production.

The oil giant said it would spend $30bn (£19.4bn) on new oil and gas projects this year, compared with $24bn in 2011.

The announcement came as Shell reported a rise in profits even as production fell, thanks to higher oil prices.

For the final three months of 2011 net income was $6.5bn, up from $5.7bn a year earlier.

Peter Voser, the Chief Executive of Shell warned ''2012 is not going to look good on the refining side''.

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