Join CCA in a 24-hour Vigil in advance of the Shell AGM at Methodist Central Hall Westminster from 1pm on Monday 23rd May until 1pm on Tuesday 24th May.
This month, Shell announced a record $9 billion quarterly profit, aided by the surge in oil and gas prices that followed Russia’s invasion of Ukraine. This was nearly triple the $3.2 billion profit reported in the same quarter last year. Just a few days before, BP announced that their quarterly profits had more than doubled, $6.2 billion compared to $2.6 billion in the same period in 2021.
Both Shell and BP are planning to continue investing billions in oil and gas projects over the next decade, aided by the Government who are planning a new round of licensing for oil exploration at 40 new sites in the North Sea.
Shell bosses are pressuring the Government to unblock development of the Jackdaw gas field despite objections to its environmental impact. Although they pulled out of the proposed Cambo oil field project due to pressure over climate change, Shell have refused to comment on whether they will reconsider now the site has been taken over by Ithacar Energy and the price of oil makes the investment more attractive.
Given their poor track record on climate and environmental concerns, and the scale of their profits during a cost of living crisis that is partly driven by the price of fuel, there has been outrage that Shell’s AGM, which starts on Tuesday 24th May at 10.00am, is to be held at a site owned by the Methodist Church.
Join us at the Vigil to let Shell investors know that such obscene profits are not acceptable or just in the face of rising living costs and climate change catastrophe.