Royal Dutch Shell Plc’s Australia unit said Aug. 3 it will buy environmental services firm Select Carbon as it seeks to cut back its emissions and expand its low-carbon and renewable power business.
Shell did not disclose a value for the deal, but said it will help in contributing towards the company’s ambition of being a “net-zero emissions energy business by 2050 or sooner.”
Last year, Shell made its first foray into Australia’s highly competitive power sector with a A$617 million (US$441 million) takeover offer for ERM Power.
The Anglo-Dutch company has made a number of large investments in renewables and electric vehicle technologies, and plans to boost spending on its power division to $2 billion to $3 billion per year by 2025 as the world rapidly shifts towards cleaner energy.
Select Carbon specializes in developing carbon farming and manages a portfolio of over 70 projects encompassing over 9 million hectares across Australia, according to the company’s website.
Shell expects the deal to be completed before the end of the year, it said in a statement.
Recommended Reading
US Drillers Cut Oil, Gas Rigs for Second Week in a Row
2024-08-23 - The oil and gas rig count fell by one to 585 in the week to Aug. 23. Baker Hughes said that puts the total rig count down 47, or 7% below this time last year.
FourPhase Secures Three New Contracts in UK and UK Continental Shelf
2024-08-22 - The contracts include coiled tubing and de-sanding services for operators in the U.K. Continental Shelf.
Hess Seeks Partnership for Suriname Block 59
2024-08-22 - Hess Corp. is seeking a new partner or partners to join in Suriname’s offshore Block 59 after Exxon Mobil and Equinor each gave up their one-third interests last month.
How Liberty Rolls: Making Electricity, Using NatGas to Fuel the Oilfield
2024-08-22 - Liberty Energy CEO Chris Wright said the company is investing in keeping its frac fleet steady as most competitors weather a downturn in oil and gas activity.
OPEC Gets Updated Plans From Iraq, Kazakhstan on Overproduction Compensation
2024-08-22 - OPEC and other producers including Russia, known as OPEC+, have implemented a series of output cuts since late 2022 to support the market.