Shell reviewing some of its Shell Ventures portfolio with option to sell, sources say

By Stephanie Kelly

LONDON, Feb 26 (Reuters) - Shell SHEL.L has put under review with the option to sell investments it holds in some of the companies under its Shell Ventures portfolio, two sources familiar with the matter said.

The British oil major will retain a majority of its Ventures investments, one of the sources said. The corporate venturing fund has interests in start-ups and other early-stage businesses focused on sectors including power, emissions management and mobility.

Under CEO Wael Sawan, Shell is aiming to shrink the company's low-carbon projects to focus on liquefied natural gas trading and upstream.

Shell Ventures, established in 1996, has initial investments typically ranging from $2 million to $5 million, and total potential commitments reaching between $10 million to $25 million over a company's lifecycle, Shell's website said.

For a minority of the portfolio, Shell will look to identify investors who may be better positioned to support and scale those companies, one of the sources said.

Shell reported earlier this month that it missed fourth-quarter profit expectations with an 11% drop to the lowest level since early 2021 amid weaker oil prices, but kept its bumper share buyback programme.