The Head of Shell Called the Decline in Oil and Gas Production Dangerous and Irresponsible
Cutting oil and gas production would be dangerous and irresponsible, Shell CEO Wael Savan told the BBC.
According to the top manager, the world is still “desperately in need of oil and gas”, and the speed of transition to renewable energy is not yet sufficient to replace them.
Wael also warned of the possibility of another increase in energy prices in the event of rising demand from China and a cold winter in Europe.
Competition between buyers over the past year has led to the fact that the price of liquefied natural gas was too high for poor countries such as Pakistan and Bangladesh, and these volumes went to consumers from Northern Europe, the top manager said.
“They took the LNG away from these countries and the kids had to (…) learn by candlelight,” he added. “If we are going to make an (energy) transition, it has to be fair and work for more than just one part of the world.”
In addition, Wael did not rule out the possibility of moving the headquarters and listing of Shell shares from the UK to the US. Fuel and energy companies whose shares are traded in the US, as a rule, are valued more expensive, he explained.
