The UK is less attractive than the United States for energy investment, due to the high windfall taxes on energy producers in Britain and the lack of incentives for clean energy investments similar in scale to the American provisions to boost green energy, Shell’s CEO Wael Sawan told The Times in an interview published on Monday.
The UK government should “take a page from some of the things that the US have done recently, through the Inflation Reduction Act,” Sawan told the newspaper.
The IRA has nearly $370 billion in climate and clean energy provisions, including investment and production credits for solar, wind, storage, critical minerals, funding for energy research, and credits for clean energy technology manufacturing such as wind turbines and solar panels.
The EU also seeks to bolster policies to support the EU’s clean technology manufacturing and preserve the bloc’s competitiveness in the face of the U.S. Inflation Reduction Act and massive subsidies in China.read more
The CEO of Shell has said that the company’s plan to reduce oil production by up to 2% each year this decade is now under review.
In 2021, Shell said that its oil production had peaked in 2019 and would continue to decline over the next three decades.
Recent events have highlighted the fragility of the global energy system and now Shell wants to focus on ensuring energy supply.
Shell’s plan to have its oil production decline by up to 2% each year this decade is currently under review, the supermajor’s new CEO Wael Sawan told The Times in an interview published on Friday, adding that he is a firm believer of the statement “don’t deny people energy.”
Back in 2021, Shell said that its oil production peaked in 2019 and is set for a continual decline over the next three decades as it looks toward the renewables side of the business.read more
Feb 2nd, 2023
by John Donovan.
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BBC NEWS
Shell reports highest profits in 115 years
Oil and gas giant Shell has reported record annual profits after energy prices surged last year following Russia’s invasion of Ukraine.
By Simon Jack & Nick Edser: 2 FEB 2023
Profits hit $39.9bn (£32.2bn) in 2022, double last year’s total and the highest in its 115-year history.
Energy firms have seen record earnings since oil and gas prices jumped following the invasion of Ukraine.
It has heaped pressure on firms to pay more tax as households struggle with rising bills.
Opposition parties said Shell’s profits were “outrageous” and the government was letting energy firms “off the hook”. They also called for the planned increase in the energy price cap due in April to be scrapped.read more
Jan 30th, 2023
by John Donovan.
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Shell plc announces Executive Committee and Directorate changes
Shell plc: ·
London, 30 January 2023 – Shell plc is to reduce the size of its Executive Committee (EC) from nine to seven members in a decisive move designed to simplify the organisation further and improve performance as we deliver our Powering Progress strategy.
Under the changes, which are expected to take effect on 1 July 2023, Shell’s Integrated Gas and Upstream businesses will be combined to form a new Integrated Gas and Upstream Directorate led by current Upstream Director, Zoe Yujnovich. The Downstream business will be combined with Renewables & Energy Solutions to form a new Downstream and Renewables Directorate led by current Downstream Director, Huibert Vigeveno.
Separately, the Strategy, Sustainability and Corporate Relations (SSCR) Directorate will be discontinued and its Director, Ed Daniels, will step down from the EC effective 1 July 2023, and leave Group service thereafter. Strategy will be brought together with New Business Development and, alongside Sustainability, will report direct to Sinead Gorman, Chief Financial Officer, enabling more streamlined planning and better capital allocation decisions. Corporate Relations will report direct to Wael Sawan, Chief Executive Officer. We thank Ed for his distinguished service over more than 34 years and wish him well for the future.read more
Jan 30th, 2023
by John Donovan.
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REUTERS
Shell CEO in first changes combines LNG, upstream operations
Ron Bousso:
LONDON (Reuters) -Shell will combine its oil and gas production and liquefied natural gas (LNG) divisions as part of CEO Wael Sawan’s first changes since taking charge of the energy giant earlier this month.
The new division, which combines Shell’s most profitable operations, will be headed by current upstream director Zoe Yujnovich, Shell said in a statement on Monday.
Sawan took office on Jan. 1 after heading Shell’s integrated gas division, which included Shell’s LNG and renewables businesses, with a vow to simplify and improve the company’s operations.
Under the internal restructure, renewables operations will be combined with Shell’s oil refining and marketing operations led by current downstream director Huibert Vigeveno, the company said.read more
Shell held talks last year with the biggest UK North Sea producer Harbour Energy to sell its oil and gas fields offshore Norway and some mature assets offshore the UK, but a deal ultimately couldn’t be reached due to price volatility, company sources told Reuters on Tuesday.
Shell, as well as other majors, have worked in recent years on streamlining asset portfolios to focus on the most profitable projects. Back in 2021, Shell said that its oil production peaked in 2019 and is set for a continual decline over the next three decades as it looks toward the renewables side of the business. Shell said its carbon dioxide emissions also likely peaked—a year earlier, in 2018.read more
Wael Sawan has officially become Shell’s new chief executive officer, succeeding Ben van Beurden, who had held the post since January 1, 2014.
In an in-house interview posted on Shell’s website, which asked the new company head how he felt about taking on the challenge of being Shell CEO, Sawan said he was “incredibly excited”.
“But, I have to admit, also sometimes daunted by the huge challenges that are out there. I take comfort in the fact that we do have a strong strategy. We do have brilliant people,” he added in the interview.read more
Oct 4th, 2022
by John Donovan.
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The Guardian
Shell chief: governments may need to tax energy firms more to help the poor
Ben van Beurden also warns against EU moves to cap price of gas and electricity to protect consumers
Alex Lawson Energy correspondent: Tue 4 Oct 2022 12.35 BST: Last modified on Tue 4 Oct 2022 12.48 BST
The chief executive of Shell has said governments may need to tax energy companies further to fund efforts to protect the “poorest” people from soaring bills.
Ben van Beurden, the outgoing boss of the oil and gas company, told an energy conference in London: “One way or another there needs to be government intervention. Protecting the poorest, that probably may then mean that governments need to tax people in this room to pay for it.
“I think we just have to accept as a society – it can be done smartly and not so smartly. There is a discussion to be had about it but I think it’s inevitable.”read more
Sep 16th, 2022
by John Donovan.
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The New York Times
Shell’s Chief Executive, Ben van Beurden, to Step Down
Wael Sawan, who spent most of his career on the oil and gas side of Shell before moving recently to its liquefied natural gas and renewable energy unit, will take over Europe’s largest energy company.
Shell, Europe’s largest oil company, said on Thursday that Ben van Beurden, who has served as chief executive since 2014, would step down at the end of the year. He will be succeeded by Wael Sawan, who currently heads a unit that includes the company’s lucrative liquefied natural gas business and its investments in clean energy, including wind and solar power.
Mr. van Beurden, 64, whose departure was not a surprise, has steered Shell through a turbulent time and is leaving on a high note — at least for investors in oil and gas, who are seeing record profits and payouts. Consumers, on the other hand, are fuming about paying high prices at the pump and to heat their homes as energy costs have soared in the wake of Russia’s invasion of Ukraine.read more
Sep 16th, 2022
by John Donovan.
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Bloomberg
New Shell CEO Is a Smart Diplomat Who Faces Historic Challenges
William Mathis
(Bloomberg) — Shell Plc’s next CEO is seen as natural choice who will follow the course laid out by his predecessor — straight into a series of historic challenges.
Wael Sawan, the head of gas and renewables who will take Shell’s top job on Jan. 1, will have to make good on the company’s promise to cut greenhouse gas emissions without sacrificing profits from fossil fuels. He must also navigate the political fallout from a deepening energy crisis that has put the industry’s windfall profits in the cross-hairs of European governments.read more
Shell (SHEL.L)has tapped its head of gas and renewables as its new chief executive as Ben van Beurden departs after almost four decades at the FTSE 100 group.
Ben van Beurden will hand over the reins to the company’s Canadian director of integrated gas, renewables and energy solutions, Wael Sawan.
After resigning as chief executive at the end of this year, the Dutchman will continue to advise the board until next June.
A dual Lebanese-Canadian national born in Beirut, Sawan joined the company in 1997 and has previously run the company’s oil and gas projects in Qatar, its deepwater business from Houston and its upstream division.read more
Sep 16th, 2022
by John Donovan.
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skynews
Shell boss Ben van Beurden leaves two major legacies as successor is named
Sky’s Ian King looks at the achievements Ben van Beurden will leave behind and the challenges ahead for his successor at a time of turmoil for the energy sector.
Ian King: Business presenter @iankingsky: Thursday 15 September 2022 11:41, UK
Ben van Beurden, whose departure as Shell chief executive at the end of the year was confirmed on Thursday morning, leaves at least two major legacies.
The first is the blockbuster £47bn takeover, announced in April 2015, of BG Group.
The deal attracted no end of criticism at the time. There was a lot of unease, at a time when oil and gas prices were depressed, about Shell’s ability to sustain its dividend payments – which then accounted for £1 in every £9 of dividends paid by UK companies. The company was accused of over-paying for BG.read more
Sep 15th, 2022
by John Donovan.
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Shell Chief Executive Officer Ben van Beurden to step down, Wael Sawan appointed as his successor
LONDON, September 15, 2022 — Shell plc (“Shell”) today announced that Ben van Beurden will step down as Chief Executive Officer (CEO) at the end of 2022, and that his successor will be Wael Sawan. Wael’s appointment is effective January 1, 2023*, when he will also join Shell’s Board of Directors. Ben van Beurden will continue working as adviser to the Board until June 30, 2023, after which he will leave the group.read more
LONDON, Sept 2 (Reuters Breakingviews) – Shell (SHEL.L) is about to get a new boss. Chief Executive Ben van Beurden, who has been in situ since the start of 2014, is likely to step down from the $192 billion oil giant next year, Reuters has reported read more . Plenty of credible candidates exist to replace him, but one looks the most obvious.
Despite battling with two major oil price slumps and an unprecedented 66% cut to Shell’s dividend in April 2020, Van Beurden’s track record looks acceptable. Since Jan. 1 2014, when he took over, Shell shares have returned 67%… He also pulled off the $70 billion purchase of BG Group in 2016, which made it a leading force in liquefied natural gas (LNG).read more
Warns of more volatility if Russia hit by sanctions
Calls on Europe to be ‘proactive’ on supply security
LNG cargoes likely to continue to come to Europe
Shell is prepared to do what it can to bring more LNG to Europe to help mitigate the impact of any potential sanctions on Russian energy, but warned of an “incredibly” tight market and called on Europe to be “proactive” in managing its gas supply security.read more
Listen and read proof in audio and transcript form of Shell CEO Ben van Beurden’s cover-up tactics in the OPL 245 Nigerian corruption scandal. The instruction given by him in the covertly recorded call to CFO Simon Henry was at odds with Shell’s claimed core business principles. Cover-up and obstruction, instead of transparency and integrity, says Shell critic John Donovan
JOHN DONOVAN TV DOCUMENTARY INTERVIEW
SHELL EXECUTIVES AT THE CENTER OF A SCHEME TO STEAL $1.3 BILLION FROM NIGERIA’S PEOPLE
SHELL ADMITS DEALING WITH NIGERIAN MONEY LAUNDERER – BBC NEWS
SHELL, ENI AND NIGERIAN OFFICIALS IN OPL 245 CORRUPTION SCANDAL
INVESTIGATION OF OPL 245 NIGERIAN OIL CORRUPTION SCANDAL
DUTCH EARTHQUAKES CAUSED BY SHELL/EXXON
SHELL KILLS FOR OIL IN NIGERIA
ESTHER KIOBEL: EVIL OIL GIANT SHELL COLLUDED IN THE EXECUTION OF MY INNOCENT HUSBAND
ESTHER KIOBEL SUES SHELL FOR COMPLICITY IN HUSBANDS MURDER
SHELL LIED ABOUT CLEANING UP OIL IN NIGER DELTA
SHELL SPIES INFILTRATED NIGERIAN GOVERNMENT
LEGO DROPS SHELL OVER GREENPEACE OIL SPILL VIDEO
SHELL ARCTIC DRILLING ACCIDENTS
SHELL KNEW ABOUT CLIMATE CHANGE DECADES AGO
ABANDONED BY SHELL: KEITH MACDONALD & FAMILY, VICTIMS OF RADIOACTIVE CONTAMINATION AT WORK
ROYAL DUTCH SHELL FOUNDER SIR HENRI DETERDING, NAZI FINANCIER
JOHN DONOVAN PROMOTIONAL GAMES FOR SHELL AND OTHER CLIENTS
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