Shell to produce 75% of reserves by 2030
THE HAGUE, April 15, 2021 – The majority of Shell’s oil and gas reserves will be produced by 2030, the company said on Thursday.
Around 75% of the company’s reserves will be produced by 2030, and an additional 3% will be produced after 2040, the company said in a document for investors, de-emphasising the risk of stranded assets.
The energy giant aims to cut its greenhouse gas emissions to net zero by 2050, and is shifting its strategy away from oil and gas to embrace hydrogen, biofuels, offshore wind and CCUS. However, for the coming years its spending will remain hydrocarbons-driven.
In its 2020 annual report, the company said it had slightly over 9 billion boe in proven reserves, which equates to about seven years of its current production.