New Shell CEO Reverses Course – More O&G Drilling, Less Renewables

Looks like Shell's new CEO, Wael Sawan, is capable of rational thought, unlike his predecessor, Ben van Beurden. Previous CEO van Beurden had set the company on the suicidal path of reducing oil and gas drilling in favor of investing in renewable energy. It turns out that's not making any money for the company. So at an investor meeting this week, Sawan is going to unveil a new strategy--back to more drilling for oil and gas and less dithering with renewables, according to Reuters. In addition, super-secret sources whispering to Bloomberg say that Sawan is trying to cut more deals with China and India to sell more LNG. Sawan "sees a long-term role for natural gas in the world’s energy mix" and Shell is going to help meet that need.

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