LONDON: Royal Dutch Shell still sees abundant opportunity to make money from oil and gas in coming decades even as investors and governments increase pressure on energy companies over climate change, its chief executive said.
A defiant van Beurden rejected a rising chorus from climate activists and parts of the investor community to transform radically the 112-year-old Anglo-Dutch company's traditional business model."Despite what a lot of activists say, it is entirely legitimate to invest in oil and gas because the world demands it," van Beurden said.
"We can sustain an upstream portfolio all the way into the 2030s if there is an economic rationale for doing that and a societal rationale for doing that," van Beurden said.Van Beurden rejected as a"red herring" arguments that Shell's oil and gas reserves, which can sustain its current production for around eight years, would be economically unviable, or stranded, in the future.
The company, the world's largest dividend payer, plans to return US$125 billion to shareholders in the five years to 2025.
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