Shell is reportedly planning to cancel its annual oil output reduction target of between 1% and 2%, with new CEO Wael Sawan expected to announce plans for increased spending on oil and gas.
Shell and other major oil companies have found that transitioning to alternative energies such as wind, solar, and hydrogen hasn't yielded the expected returns, while oil and gas continue to be more profitable than anticipated.
Shell, which was sued into cutting its oil output, is going back to oil and gas in a big way, and talking openly about its bottom-line change of heart. that Shell was going to scrap its oil output reduction plans. Not only had it already hit its reduction targets through asset sales, the report said, but it was enjoying the returns its oil business was making.
Yet the transition has failed to live to the promise Big Oil executives assumed was a safe one. First BP and now Shell are either downsizing—BP—or scrapping some of their wind, solar, hydrogen and biofuels—Shell—plans. Because they are not making the returns that were expected of them. But oil and gas are making more than probably expected..
This is quite a departure from the mostly deafening silence coming from European Big Oil majors in the past couple of years as activist pressure doubled and tripled, prompting them to start talking about emission reduction plans, tracking and recording, and output cuts.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shell To Raise Dividend By 15% As It Doubles Down On Oil And Gas | OilPrice.comShell plans to raise its dividend by 15% after pledging to grow its natural gas business and extend its upstream position.
Read more »
Shell pushes up dividend and cuts spending\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
Shell ups dividend and cuts spending\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
Leatt 3.0 Enduro Convertible Helmet Snaps-On Protection: Full-Face, 3/4, or Just Your HeadLeatt's new 3.0 Enduro Helmet is one lid to rule them all - a simple half-shell, an enduro ¾-shell with goggles, or proper gravity full-face protection...
Read more »
China Deepens Influence In Iraq With Oil-For-Infrastructure Deals | OilPrice.comSaudi Arabia, Iran, and Iraq are the most prominent countries in which China is looking to secure long-term oil supply deals.
Read more »
Brazil Gears Up To Become Fourth Largest Oil Producer | OilPrice.comBrazil is on course to become the world's fourth-largest oil producer, riding a wave of increased oil production, substantial reserves, and significant investments from both domestic and international entities.
Read more »