Global O&G market low on spare capacity, but Shell to stay focused on future of energy

THE global oil and gas (O&G) market is going through a “turbulent period” and the industry’s spare capacity is currently at a low level, but Shell’s chief executive Ben van Beurden stressed that the energy giant will keep its focus on the cleaner “future of energy”.

Speaking to reporters on Wednesday (Jun 29), he said that spare capacity is low now due in part to the fact that companies like Shell, and national oil companies around the world, had “scaled back investment levels quite a bit” even before the Covid-19 pandemic. 

The ultimate goal for companies and governments around the world was to scale back O&G investments and step up investments in renewables.