Shell's chief executive has set out plans to develop its gas business and boost share buybacks as the company continues to move away from renewables.
The oil giant revealed plans on Tuesday to reduce the amount it spends annually on "low-carbon" projects by up to one third, to $2-3billion (£1.6-£2.3billion) per year.
Wael Sawan vowed that Shell would have no more than a tenth of its capital tied up in low carbon by 2030 as he revived the company's old marketing slogan to summarise its intentions in the strategy update.
Mr Sawan said it was making the company “simpler, more resilient and more competitive” as he attempts to close a valuation gap with its more fossil fuel-focused American rivals.
Shell now aims to increase gas production by about 2% each year while maintaining oil output at current levels, resulting in its overall oil and gas production growing by 1% each year to 2030.
FTSE 100
The UK's flagship share index, the FTSE 100, was up 13-points at 8,679 shortly after opening this morning.
Brent crude oil futures were up 0.01%, trading at $73.11 a barrel.
Companies reporting today
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