• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 8 minutes Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 57 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 21 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 1 day As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 21 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 2 hours Middle East on brink: Oil tankers attacked off Oman
  • 7 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 1 day Never Knew Gasoline Prices were this important!
  • 12 hours Plants are Dying
  • 23 hours (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
  • 4 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 18 hours We Are Better Than This
  • 7 hours Emmissions up, renewables nowhere
  • 2 days Britain makes it almost 12 days with NO COAL
Oil Inches Higher On Falling Rig Count

Oil Inches Higher On Falling Rig Count

Oil prices inched higher at…

The Calm After The Storm In Oil Markets

The Calm After The Storm In Oil Markets

The rapid drop in crude…

CEO: Oil, Gas Is Shell’s Core Business For The Foreseeable Future

Van Beurden Shell

Royal Dutch Shell is not ‘going soft’ on oil and gas, despite recent investments in cleaner energy and energy solutions—Shell’s core business is and will continue to be oil and gas for the foreseeable future, the supermajor’s chief executive Ben van Beurden said on Tuesday.

Speaking at the Oil and Money conference in London, van Beurden pointed to recent headlines about Shell’s investments in hydrogen, moves into electric vehicles (EVs) charging infrastructure, or an acquisition into the UK power sector, adding this note of caution: “But even headlines that are true can be misleading. They might even make people think we have gone soft on the future of oil and gas. If they did think that, they would be wrong.”

Shell’s spending on new energy solutions may be huge by some standards, at US$1 billion to US$ 2 billion. But this is compared to total annual capital spending of around US$25 billion, the chief executive noted.

It is right to invest in new energies to stay with customers over the long term, but Shell also wants to stay with its customers “right now, next year and for all the years to come until this long-term future becomes reality.”

“We do plan to be at the forefront of change in our industry but we cannot and will not seek to dislocate ourselves from the people who buy our products,” van Beurden said.

“That means Shell’s core business is, and will be for the foreseeable future, very much in oil and gas, and particularly in natural gas. Oil is going to be needed by this world for a long time to come, and gas even more so. And yes, we have made a few big moves into gas,” Shell’s CEO said, arguing the benefits of the LNG market in which Shell is heavily investing.

Shell is also investing in North Sea oil and gas, with the redevelopment of the Penguins field and with the Fram field, van Beurden said.

Although Shell has been investing in renewable energy and cleaner-energy solutions, it has been keeping and will keep its focus on gas and oil. Earlier this year, Shell said that it would move away from oil “when this makes commercial sense.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Tom Alciere on November 01 2018 said:
    In Cape Verde, the gasoline company was Shell Cabo Verde SARL. Cape Verde is largely desert. They get little rain because they don't have trees, because they don't get enough rain. This provides me with an idea how Shell can help.
    After an oil tanker is no longer fit for transporting crude across the sea, maybe they can clean it out and use it to transport fresh water to Cape Verde for irrigation. If she does break open en route, fresh water does not make a mess.
  • Lee James on October 10 2018 said:
    I think Mr. van Buerden has a fairly balanced view, and I appreciate all that Shell is doing to find alternatives to burning fossil fuel. He says they'll move away from oil when it makes commercial sense. I'm always interested in hearing what he thinks makes sense down the road, and what we should be doing today so that we can get to the kind of energy future that we'll need tomorrow.

    Choosing to burn oil for energy is a big-picture item. Oil is at the center of geopolitical conflict. We spend a lot of money today defending what we call oil shipping lanes. Some not-so-nice countries use oil revenue, specifically, to build out-sized armies and arsenals. Peace and world security concerns ares in addition to all the usual health related issues over transporting and burning hazardous fuel.

    I think U.S. oil companies can benefit from hearing what European oil companies have to say about future energy supply.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News