Another Multi-Billion Dollar Greed Fest
Well, well, well—what do we have here? Another day, another obscene oil and gas deal where Shell, the world’s favorite villainous polluter, and its partner TotalEnergies, have secured a cozy little $3 billion agreement with Egypt. Why? Because when it comes to squeezing every last drop of fossil fuel out of the planet and keeping the cash registers at BlackRock (one of Shell’s biggest investors) cha-chinging, there’s simply no such thing as “enough.”
Egypt, facing an energy crisis after domestic gas production hit a seven-year low, has been forced to go cap in hand to the same greedy fossil fuel barons who help keep nations addicted to their dirty products in the first place. The deal? A sweet 60 cargoes of liquefied natural gas (LNG) to keep the country running through 2025. Of course, Shell was too busy counting its blood money to comment when Reuters asked. TotalEnergies? Also mysteriously silent. Egypt’s petroleum ministry? Probably busy drafting its next desperate plea for more overpriced gas.
Here’s the kicker: Egypt was supposed to be exporting LNG to Europe. But because of a “steep decline in domestic output” (that’s oil-speak for “we sucked the gas fields dry and didn’t think ahead”), it has had to pivot back to importing—just another twist in the fossil fuel industry’s endless cycle of dependence and exploitation. Zohr, Egypt’s largest gas field, has been churning out less and less, and electricity demand is surging, so naturally, the only solution is to feed the monster even more.
And let’s talk about pricing! Egypt is already struggling under a foreign currency shortage, and what’s Shell’s idea of “helping out”? Selling LNG at a premium, of course. Summer rolls around, temperatures soar, and Egyptians need air-conditioning? Too bad—gas will cost you an extra $1-$2 per mmBtu on the spot market. Meanwhile, Shell and its cronies laugh all the way to the bank, because what’s a little more economic suffering if it keeps the profit margins fat?
If that weren’t bleak enough, let’s fast-forward: domestic gas output is projected to plunge another 22.5% by 2028, while Egypt’s power demand is set to spike by 39% over the next decade. Translation? This cycle of desperation and corporate profiteering is only just getting started.
But hey, at least Shell’s shareholders are happy, right? After all, BlackRock, Vanguard, and State Street have heavy stakes in this behemoth of destruction, and if there’s anything they love more than making money off global energy crises, it’s pretending to care about ESG investments while continuing to bankroll the climate apocalypse.
So, here’s to another lucrative, short-sighted, and downright disastrous deal—where the environment loses, regular people foot the bill, and Shell? Well, Shell just keeps getting richer.
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