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."
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.
"What we did in 2012 was to switch our rigs over to "tight-oil," or what you call liquid-rich shale, in order to push that production - so we actually left 2012 with 50,000 barrels daily production of light tight-oil," Voser said. "We are switching over to push the oil side more than the gas."
"If prices do recover we can always put more investments there in order to get gas production up again," he added.