Shell releases its energy transition strategy report
Royal Dutch Shell has released its Energy Transition Report which outlines the firm’s future within a cleaner energy industry.
Despite continuing with oil exploration, the company also claims it will “thrive as the world transitions to lower-carbon energy”, it stated in a press release.
“Understanding what climate change means for our company is one of the biggest strategic questions on my mind today,” stated Ben van Beurden, CEO of Shell.
“In answering that question, we are determined to work with society and our customers.”
“We will help and inform and encourage progress towards the aims of the Paris Agreement.”
“And we intend to continue to provide strong returns for shareholders well into the future.”
In the report, the company states that it anticipates it will produce 80% of its current oil and gas reserves by 2030, expecting only 20% production following.
Shell also aims to invest £3.5bn (US$4.89bn) in conventional oil and gas, as well as an additional $3.5bn on oil products.
The company has also set the goal to spend £1.4bn ($1.99bn) on renewable energies.
Shell aims to grow its business in what it expects to be important areas and will use data from its Sky Scenario to methodically identify future investments.
Shell will also target wind power for future investments as part of its expansion in power markets.
“We have the 680MW offshore wind farm on the border in the Southern North Sea between the Netherlands and the UK, and there’s more to come,” remarked John McArthur, Vice President of group CO2 at Shell.
Global Offshore rebrands Enelift and invests in global hubs
Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.
The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.
The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.
Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.
Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.
The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.
Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".
"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.
Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.
"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."