• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 11 hours How Far Have We Really Gotten With Alternative Energy
  • 8 days They pay YOU to TAKE Natural Gas
  • 5 days What fool thought this was a good idea...
  • 8 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 3 days A question...
  • 14 days The United States produced more crude oil than any nation, at any time.
Are Hybrids and EVs Incompatible?

Are Hybrids and EVs Incompatible?

If the car manufacturers, or…

7 Global Economic Myths Shattered

7 Global Economic Myths Shattered

There are many myths about…

City A.M

City A.M

CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…

More Info

Premium Content

Shell To Bow Out Of California Joint Venture With Exxon

Shell 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

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News