Shell to ignore wind and solar in push towards greener energy output
Shell will present strategy next week that, unlike Total and BP, focuses more on becoming an intermediary between clean power producers and customers
drogen and biofuels markets as it shifts away from oil, rather than joining rivals in a scramble for renewable power assets.
Shell and its European rivals are seeking new business models to reduce their dependency on fossil fuels and appeal to investors concerned about the long-term outlook for an industry under intense pressure to slash greenhouse gas emissions.
Shell will present its strategy next week and, unlike Total and BP, will focus more on becoming an intermediary between clean power producers and customers rather than investing billions in renewable projects.
Shell announced in October it would increase its spending on low-carbon energy to 25% of overall capital expenditure by 2025. That would translate to more than $5bn (€4.1bn), up from $1.5bn-$2bn now.
The Anglo-Dutch company will, however, keep its overall oil and gas output largely stable for the next decade to help fund its energy transition, though gas is set to become a bigger part of the mix.
Meanwhile, Irish exploration company United Oil and Gas is set to commence a farm-out process to find development and funding partners for its assets in Jamaica.
The company said its Italian asset remains on track to produce first gas this year.
Currently, United, which is active in the UK, Caribbean, Mediterranean, and northern Africa, is producing solely from its gas field in Egypt.
Fellow Irish explorer PetroNeft Resources has confirmed its acquisition of an additional 40% stake in the Licence 67 asset in Siberia for $2.9m (€2.4bn) in a cash and share deal.
The company currently owns 50% of the asset and will own 90% when the deal completes next month.
Source : irishexaminer
