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Oil, gas, LNG to be Shell’s ‘cash engines’ for decades: CEO Van Beurden

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Oil, gas, LNG to be Shell’s ‘cash engines’ for decades: CEO Van Beurden

Shell plans to keep investing in oil, gas and liquefied natural gas as the “cash engines” for the energy transition and expects its giant LNG Canada project, targeted at Asian markets, will operate well into the second half of the century, CEO Ben van Beurden said Oct. 6.

Speaking at the online Energy Intelligence Forum, Van Beurden dismissed notions of winding down the upstream oil and gas business as “silly” and said there was “nothing illegitimate” about producing oil and gas. In the global energy system, “to just believe that you can switch 100% from coal to 100% renewables…is a little bit of a silly notion,” he said.

Van Beurden reiterated the company would diversify away from oil and gas into power provision, biofuels, hydrogen and mitigation projects such as carbon capture and storage, and will focus on serving consumers as much as the original production process.

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