Shell is stepping back from new investments in offshore wind projects and is splitting its power division following an extensive review of the business under CEO Wael Sawan’s drive to boost the company’s returns, the company told Reuters.

Shell Energy, which include renewables, power generation and supply to customers, will be split into two separate power generation and trading units, a company spokesperson told Reuters.

“While we will not lead new offshore wind developments, we remain interested in offtakes where commercial terms are acceptable and are cautiously open to equity positions, if there is a compelling investment case,” the spokesperson said in a statement.

Shell profit surprises all analysts

Royal Dutch Shell, commonly known as Shell, is a British-Dutch multinational oil and gas company. Headquartered in London, Shell is one of the largest energy companies in the world, with operations in over 70 countries. The company was founded in 1907 and has since grown to become a leading player in the global energy market.

Shell’s business operations include exploration and production of oil and natural gas, refining and marketing of petroleum products, and production of petrochemicals. The company also invests in renewable energy sources, such as wind and solar power, as part of its efforts to transition to a lower-carbon energy mix. Shell has a diverse portfolio of brands, including Shell, Pennzoil, and Quaker State.

As a major player in the energy industry, Shell has faced various challenges and controversies over the years, including concerns over climate change, environmental impact, and human rights. In response, the company has set targets to reduce its carbon footprint and invest in cleaner energy technologies. Shell continues to play a significant role in meeting the world’s growing energy demands while navigating the transition to a more sustainable energy future.