Shell will step back from new offshore wind developments but “remain interested in offtakes where commercial terms are acceptable”.

Last month, Oil giant BP announced that as part of its cost-saving ambitions it has “focused its portfolio”, which includes killing off 18 early-stage hydrogen projects. Two months prior, it revealed that the business was also halting new offshore wind projects.

Now, another oil giant Shell is also stepping back from new offshore wind investments.

A spokesperson for the company 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.”

Shell also told Reuters that it is splitting its power division following an extensive review of the business. This means focusing on activities with the highest returns – oil, gas and biofuels – while reducing spending on renewables.

Shell Energy, which includes...