Shell's chief executive officer tells CNBC that natural gas prices likely will stay low this year and need to go higher before companies can justify additional shale drilling for the fuel.
CNBC reports: "'If I look at the macro in terms of gas prices in the U.S., I don't see big changes in 2013. I think it'll take a little bit longer until it comes back to a range that we think should be around $3 to $5 or $4 to 6 -- where most projects would make sense,' Peter Voser told CNBC Europe's 'Squawk Box.'
"Natural gas prices in the U.S. have tumbled from their record high of just over $13 as the shale-gas boom has created a supply glut.
"Voser said Shell had switched some rigs over to focus on the more profitable 'tight oil', a process whereby oil companies extract oil from shale rocks rather than gas."
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