"Shell is considering fossil fuel investments in Venezuela worth billions of dollars, according to its chief executive. Wael Sawan said Europe's largest oil company is weighing plans for production projects off the Venezuelan coast that could begin yielding gas in the next couple of years. These are opportunities that could potentially be activated within months, he told CNBC, adding that the company was now awaiting approvals."
"The oil company reported a 22% fall in adjusted earnings to $18.5bn (13.6bn) for 2025, down from $23.7bn in 2024, owing to steadily falling global oil market prices. It is the third year in a row that the company has reported falling profits since making almost $40bn during the 2022 energy crisis. Shell's earnings for the last quarter of the year were $3.25bn, missing analyst expectations of $3.5bn and well below the $5.4bn reported for the previous three months."
Shell is weighing multibillion-dollar production projects off the Venezuelan coast that could yield gas within a couple of years, pending approvals. Venezuela passed hydrocarbon law reforms designed to boost oil and gas output and attract foreign investment. Opportunities could potentially be activated within months. Adjusted earnings fell 22% to $18.5bn for 2025, marking a third consecutive year of declining profits after nearly $40bn in 2022. Quarterly earnings of $3.25bn missed analyst expectations, while dividends increased 4% and $3.5bn in share buybacks were announced.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]