Shell to keep oil output steady, sparking outcry | Business

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British energy major Shell announced Wednesday a big payout to shareholders and plans to keep oil output steady until 2030, triggering outcry from green campaigners. | News24_Business

Shell previously flagged a crude output reduction of between one and two percent per year as part of its carbon neutrality plan unveiled in 2021 and based on 2019 output.

"Our target of a reduction in oil production by 2030 has not changed. We've just met it eight years early," a spokesman added. "Performance, discipline, and simplification will be our guiding principles as we allocate capital to enhance shareholder distributions, while enabling the energy transition," said chief executive Wael Sawan.

 

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