November 30, 2021 Read More →

Shell mulls return to Libya with solar project, new oil and gas fields

Reuters:

Royal Dutch Shell is considering a return to Libya with a plan to develop new oil and gas fields and infrastructure, as well as a solar project, two sources said, a decade after exiting the North African country because of unrest.

The plan, details of which were seen by Reuters, marks a rare new oil and gas foray by the energy major as it seeks to cut fossil fuel investment and slash greenhouse gas emissions.

In that strategy, Shell still needs some new projects to maintain output as reserves in existing oil and gas fields have rapidly fallen after years of slowing drilling activity.

The plan includes developing a solar energy project south of the Sirte Basin, part of Shell’s strategy to cut oil output by up to 2% a year by 2030 and hike investment in renewables and low carbon technologies to make up 25% of its budget by 2025.

[Ron Bousso]

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