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Rapid oil cuts is ‘valley of death’ for Shell, says chief Ben van Beurden

THE TIMES

Rapid oil cuts is ‘valley of death’ for Shell, says chief Ben van Beurden

Boss says he has to balance wind-down of fossil fuels with cashflow from new businesses

Cutting Royal Dutch Shell’s oil and gas production too quickly before its new green businesses are generating cash would lead the company into a “valley of death”, its chief executive has said.

Speaking in the aftermath of a Dutch court ruling forcing the oil major to cut its emissions faster than planned, Ben van Beurden said he was prepared to take “more risk than our investors traditionally would like to see us take” to accelerate the growth of its clean energy operations.

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