economy
February 5, 2026
Shell will consider fossil fuel investment in Venezuela, says chief executive
Wael Sawan weighs up production project as company boosts dividends despite 22% drop in full-year earnings
TL;DR
- Shell is considering billions of dollars in fossil fuel investments in Venezuela, including offshore gas production.
- The company reported a 22% fall in adjusted earnings to $18.5 billion for 2025, marking the third consecutive year of declining profits.
- Despite lower profits, Shell increased shareholder dividends by 4% and conducted $3.5 billion in share buybacks.
- Venezuela recently passed reforms to its hydrocarbon laws to encourage foreign investment in its oil and gas sector.
- Global oil prices fell by almost 20% in 2025, with crude dropping below $60 a barrel.
- Activist shareholders and environmental groups have criticized Shell's continued fossil fuel focus and its impact on climate change.
- Shell's chief executive, Wael Sawan, highlighted strong operational performance and cost savings despite the financial downturn.
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