Shell is gradually loosening the purse strings on its self-imposed capital spending constraints. LNG and the deepwater form key components of its $25-30bn/year 2021-25 spending plans. As for the Mena region, a renewed focus on GTL in Qatar, and potentially Oman, is front and center.

Shell plans to invest an average of $30bn/year on capital expenditure (capex) over 2021-25 “with a ceiling of $32bn/year,” the firm says in its bi-annual strategy outlook on 4 June. This represents a...