Shell says its oil output peaked, speeds up emission cuts [View all]
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)
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