Royal Dutch Shell has spent more than $400 million on a range of acquisitions in recent weeks, from solar power to electric car charging points, cranking up its drive to expand beyond its oil and gas business and reduce its carbon footprint.
The scale of the buying spree pales in comparison to the Anglo-Dutch company’s $25 billion annual spending budget. But its first forays into the solar and retail power sectors for many years shows a growing urgency to develop cleaner energy businesses.
The investments are not limited to renewables such as biofuels, solarm and wind. Shell, as well as rivals such as BP, Exxon Mobil, and Chevron, are betting on rising demand for gas, the least polluting fossil fuel, to power the expected surge in electric vehicles in the coming decades.
To that end, Shell agreed in December to acquire independent British power provider First Utility for around $200 million, according to several sources close to the deal. The value of the acquisition had not been previously disclosed.
Shell declined to comment.
Read the full story here.
8 Mar 2018 14:30 CST (GMT-6)
- Live, then On Demand
Energy, Water, and Land Management Expert
30 Apr - 3 May 2018
- Houston, Texas
Celebrating 50 Years of OTC.
16 - 18 Apr 2018
- Abu Dhabi, UAE
26 - 28 Mar 2019
- Beijing, China
Share your experience with colleagues.
HSE Now is a source for news and technical information affecting the health, safety, security, environment, and social responsibility discipline of the upstream oil and gas industry.
©2003-2018 Society of Petroleum Engineers, All Rights Reserved.