Shell Mulls Sale of U.S.’s Largest Oil Field During Climate Push
June 13, 2021, 12:29 PM PDT
Royal Dutch Shell Plc is reviewing its holdings in the
largest oil field in the U.S., a possible sale that could raise as
much as $10 billion, according to Reuters.
The potential sale
could include all of Shell’s 260,000 acres in the Permian Basin,
Reuters reported citing unidentified people familiar with the matter.
Shell declined to comment on Reuters’ report.
The oil and gas
behemoth is under pressure to accelerate carbon emissions cuts after a
Dutch court ruled last month that the company’s climate plans didn’t
go far enough. The order to cut emissions faster and more drastically
than planned is likely to have far-reaching consequences on the
Shell to Speed Up Emission Cuts After Court Ruling, CEO Says
Shell to Accelerate Emissions Cuts After Dutch Court Ruling
Shell Only Has Hard Options to Meet Dutch Court’s Climate Order
Shell, which has
92,000 employees spanning 70 countries, had planned to cut emissions
by 20% by 2030. The court in The Hague, however, ordered it to reduce
its absolute emissions by 45% compared with 2019 levels, after the
Dutch arm of Friends of the Earth sued Shell for violating human
rights by contributing to global warming.
Officer Ben van Beurden said Shell expects to appeal the verdict, and
that the company has been unfairly targeted. Still, the CEO described
a plan to take “bold but measured” steps to cut emissions.
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