Cairo: Shell Egypt, a strategic partner of the Egypt Petroleum Show (EGYPES) 2024, emphasized the importance of addressing the energy trilemma, showcasing innovative initiatives aimed at shaping a sustainable energy future. Shell spokespersons also discussed the evolving role of natural gas and liquefied natural gas (LNG) in the context of transitioning to an energy future with fewer emissions.

Eugene Okpere, Shell Executive Vice President, Exploration, Strategy & Portfolio, took part in a panel entitled “The energy trilemma and the continued importance of fossil fuels,” where he underscored the complexities of global energy challenges and the imperative for a balanced approach towards energy security, affordability, and environmental sustainability.

Okpere stated: “Today, close to 1 billion people do not have regular access to energy, and close to 2 billion depend on coal for their primary source of energy. Oil and gas will continue to play a crucial role in the energy system for several decades to come, with demand reducing gradually over time. At Shell we subscribe to a just, and orderly energy transition. We will continue to produce the oil and gas as a reliable energy source the worlds needs today, whist ensuring we continuously reduce emissions from our own operations, and finding profitable and sustainable ways to transition to a net zero energy business.”

He concluded by emphasizing that solutions can only be found through 1) Collaboration: The Energy Industry, Governments and the Wider Society need to work together on winning solutions that match the resources and capabilities of their region or country.  2) Investment: Massive investment that is balanced – to produce lower-carbon barrels in the current energy system and lead the way in tackling the pressing imperative of transitioning to a future net zero energy system. 3) Technology & Innovation: Developing and deploying technology at scale, coupled with Innovation/New ways of working.

Key activities on the event’s second day included Shell’s participation in the panel discussion on “The Evolution of Natural Gas and LNG,” featuring Dalia Elgabry, Vice President & Country Chair of Shell Egypt. Panelists highlighted the essential role of natural gas and LNG in meeting the world’s growing energy needs while advancing towards a net-zero emissions energy system. Elgabry, representing Shell Egypt, contributed valuable insights into the significance of gas as a reliable, flexible, and lower-carbon energy source when compared to other fossil fuels.

Elgabry stated: “The need for low-carbon, affordable, and reliable energy is enormous and growing rapidly. Natural gas and LNG play a critical role in meeting this demand while contributing to the transition to a more sustainable energy future. Gas provides grid stability and flexibility, enabling the integration of renewable energy sources and supporting the decarbonization of various sectors.”

Elgabry emphasized the need to decarbonise the gas value chain, especially in light of Shell’s ambitions to become a net-zero emissions energy business by 2050 and showcased the company’s local initiatives, “In Egypt, Shell is implementing advanced technologies such as Leak Detection and Repair (LDAR) to reduce fugitive emissions from our operations in our joint ventures Rashpetco and ELNG. We are committed to achieving near-zero methane emissions by 2030 and to investing in innovative solutions to decarbonize industrial processes powered by gas.” She also highlighted Shell’s involvement in carbon capture and storage (CCS) projects worldwide as part of the company’s efforts to mitigate emissions from natural gas operations.


Sherine Nehad
Communications Manager
Shell Egypt N.V.

Middle East & North Africa Media Relations

Cautionary note

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. “Joint ventures” and “joint operations” are collectively referred to as “joint arrangements”.  Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

Forward-Looking Statements

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Shell’s net carbon intensity

Also, in this announcement we may refer to Shell’s “Net Carbon Intensity”, which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell only controls its own emissions. The use of the term Shell’s “Net Carbon Intensity” is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s net-Zero Emissions Target

Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year.  They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and Net Carbon Intensity (NCI) targets over the next ten years.  However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target and 2035 NCI target, as these targets are currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

Shell expects to publish its 2024 Energy Transition Strategy on March 14, 2024, which will include an update on Shell’s energy transition strategy and set out Shell’s climate targets and ambitions for the future.

Forward Looking Non-GAAP measures

This announcement may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking Non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those Non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

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