Shell will exit another floating offshore wind project, the company said on Thursday—adding another to the long list of departures from the offshore wind segment. Shell will sell its 80% stake in the 1.25 GW MunmuBaram project in South Korea to its JV partner Hexicon, leaving the latter with a 100% stake in the project, Shell said.
Nevertheless, Big Oil has profited more than $250 billion since the start of the Russian/Ukraine war. Of course, that comes after a couple of hard covid-induced years. In fact, according to a recent Global Witness report, the five largest oil companies in the world, BP, TotalEnergies, Exxon, Chevron—and yes, Shell—have distributed some $200 billion among their shareholders.
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