Shell says its oil production has peaked and will decline every year

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The Anglo-Dutch company said in a statement Thursday that it expects its oil production to decline by 1% to 2% each year. Its total carbon emissions likely peaked in 2018, he added.

“Our fast-track strategy will reduce carbon emissions,” said CEO Ben van Beurden. “Whether our customers are motorists, households or businesses, we will use our global scale and our brand of trust to expand into markets where the demand for cleaner products and services is greatest, offering greater cash flow. predictable and higher returns, ”he added.

Shell unveiled in September its intention to become a net zero emissions company by 2050 (including for its own products and those it sells), joining European rivals BP (BP) and Total (UNTIL) by making a radical shift to clean energy. Oil giants have written off billions of dollars in assets, spurred by forecasts that global oil demand may never return to pre-pandemic levels.

In the short term, however, Shell will continue to invest around $ 8 billion a year in oil exploration and pumping, he said Thursday. It plans to invest $ 2-3 billion a year in renewables and hydrogen, with around $ 8-9 billion for gas and chemicals integrated.

“Shell’s goal is to build large-scale low-carbon businesses by the early 2030s,” the company said, adding that capital spending would gradually shift to clean energy.

The company wants to sell twice as much electricity as it sells today by 2030 and grow its global electric vehicle network from more than 60,000 charging points today to around 500,000 by 2025.

Shell said it would give shareholders an advisory vote on its energy transition plan, adding that it was the first company in the sector to do so.

– This is a developing story and will be updatedre.

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