Shell says its oil output peaked, speeds up emission cuts

[Omaha Steve]

Source: AP

By DANICA KIRKA

LONDON (AP) — Global energy company Shell said it plans to eliminate seven refineries and reduce production of gasoline and diesel fuel by 55% over the next decade as it unveiled new plans for reaching its goal of being carbon neutral by 2050.

Royal Dutch Shell, which built its brand exploring for oil and natural gas in Africa, South America and the North Sea, said Thursday that the company’s oil production peaked in 2019 and is expected to decline by 1% to 2% annually.

“Our accelerated strategy will drive down carbon emissions and will deliver value for our shareholders, our customers and wider society,” Chief Executive Ben van Beurden said in a statement.

Critics say energy companies like Shell are moving too slowly to cut carbon emissions blamed for global warming amid a United Nations drive to limit temperature increases to no more than 1.5 degrees Celsius (2.7 degrees Fahrenheit) over pre-industrial levels.



FILE - In this Wednesday, Jan. 20, 2016 file photo, the Shell logo on pumps at a petrol station in London. Global energy company Shell said it plans to eliminate seven refineries and reduce production of gasoline and diesel fuel by 55% over the next decade as it unveiled new plans for reaching its goal of being carbon neutral by 2050. (AP Photo/Kirsty Wigglesworth, File)


Read more: https://apnews.com/article/business-ab6647b370ed1420862b457847274395

[lagomorph777]

1. Acknowledging reality: Transform from oil company to energy company, or fade away.

[pandr32]

4. Exactly! They've seen this coming a long time now.

Plenty of time to refocus their business on green alternate energy.

[NurseJackie]

2. Interesting. Thank you.

A story so nice it was posted twice.

[dhill926]

3. change is a comin'...

evolve or perish...

[Miguelito Loveless]

5. "Talk", as the saying goes, "is cheap"

I will believe this when I see refineries close, and production fall. There is still a LOT of money to be made selling poison for for burning.

[Aristus]

6. They only get on board with emissions standards

when the oil runs out, and they need to stretch the life of what's left...

[mr_lebowski]

7. Exactly. I have serious doubts re: whether they are choosing to do this

Or they have no choice due to physical/geological reality.

The North Sea has been in production decline for many years now, as have many other major fields like Cantarell.

The fracking 'boom' is a dying gasp.

[iluvtennis]

8. Good news. nt

[AllaN01Bear]

9. blah . blah. blah. we had 50 years or more to deal with this but nooooo.