Shell remains North Sea force after dropping Cambo plan

SHELL has quadrupled annual profits after feeling the benefit of the gas price surge which is stoking the cost-of-living crisis in the UK.

The energy giant announced that it made $19.3 billion (£14.3bn) profit in 2021 compared with $4.8bn in the preceding year.

Shell chief executive Ben van Beurden said the company had made good progress in 2021. He reiterated that the company plans to use the profits it makes from oil and gas production in areas such as the North Sea to invest in supporting the transition to a lower carbon energy system.

In December the company dropped plans for the Cambo development off Shetland after facing opposition from environmentalists.

Shell will also use the profits it makes in the oil and gas business to fund significant increases in payouts to shareholders. The company expects to return $8.5 billion to investors through share buybacks in the first half of this year. It will increase its dividend per share by around four per cent for the first quarter of this year.

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