AMSTERDAM -- Royal Dutch Shell (RDS.A), which vies with Exxon Mobil (XOM) as the world's largest publicly listed oil company, says it now targets production of 3.7 million barrels of oil per day in 2014.
That's up from output of just 3.14 million daily in 2009 and 3.34 million in 2010 as Shell boosted production in places such as Russia's Sakhalin Island and offshore Qatar.
The previous target was 3.5 million barrels daily by 2012. The company plans $100 billion in capital spending in 2011-2014 to build proved reserves, which declined amid accounting scandals in the early 2000s.
Shell said Tuesday in a strategy update it added more to proved reserves than it pumped in 2010, and now has more than 14 billion barrels of proved reserves -- enough for 11 years of operations.