Adaobi Rhema Oguejiofor
The new Chief Executive Officer of Shell Plc, Wael Sawan, has said that cutting down oil and gas output,which represents the major activity of the petroleum industry, was not healthy and would be bad for consumers.
In an interview, Sawan said that he was of a firm view that the world will need oil and gas for a long time to come, and for that reason, cutting oil and gas production was not healthy.
Shell’s closest peer, British Petroleum, in February said that it would slow the planned decline in its oil and gas production to guarantee the reliability of energy supply, following the disruption caused by the Russian invasion of Ukraine.The renewed emphasis on fossil fuels comes after a year of high and volatile prices, as Russia’s invasion of Ukraine brought disorder to gas supplies, and when the push for recovery of major economies from the Covid-19 pandemic drove up demand for oil.
