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Shell To Bow Out Of California Joint Venture With Exxon

Shell is reportedly planning to quit its California-based joint venture with fellow oil supermajor ExxonMobil as it looks to accelerate its transition away from fossil fuels.

Four sources told Reuters that the FTSE blue chip had informed Exxon that it intended to exit subsidiary Aera Energy, in which it holds a 52 percent stake. The firm did not respond to a request for comment.

If it does so, it will be the latest in a number of divestments the Anglo-Dutch giant has made this year amid growing pressure to up its climate commitments.

Shell has already sold refineries in Washington State and Houston, and is also mulling getting rid of its assets on shale shelf the Permian Basin.

Aera is one of the Golden State’s biggest oil and gas producers, and employs around 1,100 people.

Aera produces about 125,000 barrels of oil and 32m cubic feet of natural gas each day, accounting for about 25 per cent of the state’s oil and gas production.

A sale would mark yet another sign that Shell is firm in its commitments to reduce the emissions it produces from its operations.

The firm was reprimanded by a Dutch court last month when it ruled that the firm needed to accelerate its emissions reduction plans in a world first decision.

It must now lower emissions by 45 percent by 2030 from 2019 levels, as opposed to by 2035 as it had initially planned.

Following the judgement, which Shell said it would appeal, chief exec Ben van Beurden said that it would accelerate its net-zero plans.

This doesn't mean Shell is done with oil just yet, however. The company still has massive projects ongoing across the globe. 

By City AM

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