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Shell Posted Record Profit US$31b

"We made good progress in 2007, launched new projects upstream and downstream, and achieved exploration successes"

Royal Dutch Shell said on Thursday that net profits surged 23 percent last year to a record 31.331 billion dollars, mostly due to soaring crude prices.

Net profit on a current cost of supply basis, excluding fluctuations in the value of inventories, rose by 9.0 percent to 27.564 billion dollars in the twelve months to the end of December, compared with 2006.

The record-breaking figures were recorded last year as oil prices raced towards 100 dollars per barrel.

"Overall these are satisfactory results," said chief executive Jeroen van der Veer in the earnings release.