The group said Wednesday that it had already cut average daily liquids production to 1.5 million barrels per day by the end of 2022 on divestments.
“Our target of a reduction in oil production by 2030 has not changed. We’ve just met it eight years early,” a spokesman added.
Shell also revealed it would pay out at least $5 billion in share buybacks in the second half of this year.
The group will additionally cut capital spending to between $22-25 billion for 2024 and 2025, and slash annual operating costs by $2-3 billion by the mid-decade.
“Performance, discipline, and simplification will be our guiding principles as we allocate capital to enhance shareholder distributions, while enabling the energy transition,” said chief executive Wael Sawan.
Remittances from Kenyans living abroad increased by 9.9 percent to Sh49.32 billion last month, pushing up the country’s foreign current reserve.
The latest Central Bank of Kenya (CBK) data shows that money sent home was Sh4.5 billion in June, up from Sh44.83 billion in April.
“The remittance inflows continue to support the current account and the foreign exchange market,” CBK said on Friday.
“The US remains the largest source of remittances to Kenya, accounting for 54 percent in May 2023,” it added.
The remittance inflows continue to support the current account and the foreign exchange market, the regulator said, boosting the forex reserves which hit a 10-year low in March when they fell to $6.49 billion.
Inflows, including loan disbursements have however boosted reserves which closed Friday at $7.5 billion (Sh1.036 trillion).
“The usable foreign exchange reserves remained adequate at USD 7,459 million (4.11 months of import cover) as at June 15. This meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover,” CBK said.
Since the Covid-19 pandemic period, Kenyans abroad who have also been grappling with job losses, high inflation and reduced income have had to find ways and means to sustain remittances to their loved ones back at home.