Oil giants Royal Dutch Shell and BP have made massive combined profits of more than £7 billion over the last three months.

The companies continue to benefit from higher oil and gas prices.

BP reported first quarter profits of £3.32 billion and Shell recorded profits of £3.92 billion.

Royal Dutch Shell Chief Executive Jeroen van der Veer commented: "Good operating performance, combined with increased oil and gas prices, offset the impact of downstream conditions in the first quarter 2008. We have delivered another competitive set of earnings for Shell's shareholders.

-- Advertisement --

"Shell has the largest capital spending programme in our industry today, to grow the company and play our part in ensuring that energy markets remain well supplied. Our strategy is on track."

Both firms are well ahead of the equivalent periods last year, BP has risen by 48% and Shell by 12%.

(CD/JM)