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Oil giant Shell goes into hydrogen and biofuels, abandoning oil

Europe / Business and Finance

But for the near future, Shell's spending will continue to focus on oil and gas.

Oil giant Shell goes into hydrogen and biofuels, abandoning oil

Oil giant Shell said that by 2050 it wants not only steel as a carbon-neutral company, but also to make its customers so.

The company also announced that its oil production, which peaked in 2019, will gradually decline.

Shell reported huge losses last week after the coronavirus pandemic drove oil demand.

Shell now wants to expand its biofuel, hydrogen and hydropower business as it faces increasing pressure from investors and lenders.

CEO Ben van Beurden said the oil giant's goal is for its energy products to be predominantly low-carbon.

Shell will use its existing refineries to start producing biofuels and will also use them to produce hydrogen.

Mr van Beurden said hydrogen has "huge growth potential" and Shell is aiming for a double-digit share of global hydrogen sales.

Shell wants to increase sales of hydrogen at gas stations in the event of an increase in demand for cars running on hydrogen, and is also interested in a possible market for hydrogen heating of homes.

In the near future, the company's spending will continue to focus on oil and gas: $ 8 billion per year for oil and between $ 2 and 3 billion per year for renewable energy.

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