Shell plans to invest an average of $30bn/year on capital expenditure (capex) over 2021-25 “with a ceiling of $32bn/year,” the firm says in its bi-annual strategy outlook on 4 June. This represents a sizable hike on the 2019 target of $25-30bn and 2018’s actual spend of $24.8bn (MEES, 8 February).

And, for the first time, less than half of Shell’s planned spend will go on upstream oil and gas. For 2018, 51% of Shell’s spending went on the upstream, 46% on the “transition themes” segment – which is less green than it sounds given that it consists of refining, petchems and LNG/gas – and 3% on power. (CONTINUED - 977 WORDS)