Shell expects its oil production to decrease by 1%-2% annually as it prioritizes spending on transition projects in an acceleration of its strategy to achieve net zero emissions by 2050, it said Feb. 11. Receive daily email alerts, subscriber notes & personalize your experience. Register Now In a strategy update, Europe’s largest oil and gas company said it was likely that its oil production had already peaked in 2019 and its CO2 emissions in 2018. The further decline in oil production would result from asset sales and natural decline, it said. Sketching out its near-term investment plans, it said it expects spending in the traditional upstream segment to fall behind spending in “transition pillar” areas, comprised of […]