Shell announces quarterly results

Press release
The oil and gas giant says it has benefitted from the renewed increase in oil prices
  Published:  02 Nov 2023    |      1 minute read

As the oil and gas giant Shell posts quarterly profits of £5.1bn, Imogen Dow, warm homes campaigner at Friends of the Earth, said:

“Buoyed by last year’s bumper profits – the biggest in Shell’s history – the company is going full steam ahead with plans to extract every last drop of oil and gas it can. And it was revealed as the main beneficiary of the new North Sea production licenses awarded earlier this week.

“We’re told these have been granted in the name of strengthening our energy security, but plundering our remaining fossil fuel stocks will do nothing to bring down the sky-high energy bills millions of households are bracing for yet again this winter.

“The government has failed to roll out the measures that will actually make a difference - a street-by-street insulation programme and a massive push to increase the production of cheap, homegrown renewable energy.

“The companies fuelling the climate and energy crises continue to cash in at our expense. Meanwhile, consumers remain dangerously exposed to future price shocks and volatile gas markets, which are increasingly threatened by global instability. It hardly needs saying that we must get off expensive and harmful oil and gas for good.”

ENDS