Shell shifts focus from offshore wind to higher-return activities [Yahoo! Finance]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: Yahoo! Finance
The move reflects CEO Wael Sawan's strategy to emphasise high-return activities, reducing costs in low-carbon and renewable sectors while focusing on oil, gas and biofuels. A Shell spokesperson stated: "While we will not lead new offshore wind developments, we remain interested in offtakes where commercial terms are acceptable and are cautiously open to equity positions if there is a compelling investment case." The shift comes as the offshore wind sector faces challenges such as rising costs and supply chain issues. Shell's decision aligns with similar strategies by BP and Equinor, who have also slowed renewable investments due to investor pressure for higher returns. The energy shock from Russia's invasion of Ukraine and declining profitability in renewables have influenced these decisions. According to the report, Shell will continue with existing offshore wind projects but has withdrawn from several projects, including those located in South Korea and the US. The compan
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