Green campaigners accused Shell of being "captivated by oil & gas profits" and claimed a renewed dash for fossil growth over renewables is a "knee-jerk" reaction that slows down the energy transition.

New Shell chief executive Wael Sawan will today confirm a long-expected strategy shift for the oil giant.

Shell will row back on its previous targets to reduce oil production, pursue further growth in gas and LNG and return more cash to shareholders via dividends and new buybacks, the company said earlier on Wednesday.