Shell set to reward shareholders with more of its record oil and gas profits rather than invest in renewables as it rows back on pledge to cut oil output DavidConnett1 reports
Shell is set to scrap a target to reduce oil output by 1 to 2 per cent per year, its chief executive will tell investors next week.
Shell produced around 1.5 million barrels per day of oil in the first quarter of 2023, down by 20 per cent from 2019 production of 1.9 million bpd. It reportedOutput is now expected to remain flat and could slightly rise by the end of the decade depending on whether new projects meet profit thresholds as well as on the success of exploration activity, particularly in Namibia.
Security personnel remove a protester during the Fossil Free London demonstration at Shell’s annual shareholder meeting
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