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Shell’s Falling Oil Output Ends Century-Long Business Model

  • Anglo-Dutch firm says oil production to fall 1%-2% a year
  • Energy giant to cut net carbon intensity by 20% in 2030
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WATCH: CEO Ben van Beurden says Shell won’t turn its back on legacy businesses.(Source: Bloomberg)
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Royal Dutch Shell Plc said its carbon emissions and oil production have peaked and will decline in the coming years as the company laid out a detailed plan for its transition to cleaner energy.

In a sign of how much the petroleum industry has shifted away from its mantra of growth and exploration, Shell said its oil production will fall by 1% to 2% a year. Assuming an annual reduction on the upper end of that range, the oil major’s production would fall by 18% by the end of the decade. Output of “traditional fuels” will be 55% lower by 2030.