According to the Shell Energy Transition Strategy 2024 report, about 50% of total routine and non-routine flaring in its integrated gas and upstream facilities in 2023 happened in assets operated by the Shell Petroleum Development Commission and Shell Nigeria Exploration and Production Company.
In the report, Shell stressed that it had completed plans to sell the gas flaring Nigerian assets to a consortium of indigenous energy firms.
The energy firm revealed its efforts to decrease flaring, an inefficient practice that contributes to climate change.
Routine gas flaring happens during oil production when it is not feasible to utilize or re-inject the gas into the well.
In 2021, the report also indicated Shell's goal to eliminate routine flaring from their upstream operations by 2025 instead of 2030. Becoming a signatory to the World Bank’s Zero Routine Flaring by 2030 initiative in 2015 has accelerated their commitment to end routine flaring.
The company's total routine flaring of upstream oil and gas assets stayed relatively stable in 2023 compared to 2022 at 0.1 million metric tons, decreasing from 1.1 million metric tons in 2016, according to the report.
The company disclosed that it had allocated $5.6 billion to low-carbon solutions in 2023, representing 23% of its capital expenditure.
The firm also mentioned that it will invest $10-15bn in low-carbon solutions from 2023 to 2025, establishing itself as a major player in the energy transition.
Shell has declared its commitment to providing the different types of energy needed worldwide, especially in liquefied natural gas. Additionally, the company has announced its investment of $11m in 25 mini-grid projects across Nigeria, to supply affordable solar energy to communities in need.
It was previously stated that Shell intends to sell its stakes in SPDC to Renaissance, as it transitions from onshore to offshore oil business. However, the deal has not been approved by the Federal Government.
