Shell plays down risk of stranded oil and gas reserves By Reuters – Investing.com

Shell plays down risk of stranded oil and gas reserves By Reuters – Investing.com

© Reuters. FILE PHOTO: A Shell logo is seen at a gas station in Buenos Aires

By Ron Bousso LONDON (Reuters) - Royal Dutch Shell (LON:) said on Thursday the majority of its oil and gas reserves will be produced by 2050, playing down the risk of stranded assets as it prepares to reduce its greenhouse gas emissions in the coming decades. The disclosure is still a rare admission by a major oil and gas company that some of its reserves may be worthless in a world shifting away from fossil fuels to renewable energy in an effort to stem global warming. The Anglo-Dutch company said in a document to investors summarising its climate strategy that around 75% of its proved oil and gas reserves will be produced by 2030, with an additional 3% produced after 2040. Since late 2019, Shell has wiped out over $20 billion from the value of its oil and gas reserves after lowering the outlook for commodity prices because of the energy transition and the impact on demand of the COVID-19 pandemic. Shell aims to cut its emissions from well-head to petrol station to net zero by 2050, and has set out intermediate targets, in one