Shell faces major production gap as oil and gas reserves continue to decline
Shell needs new acquisitions or major discoveries to address a looming production shortfall by 2035. Analysts warn that dwindling reserves could impact output.
Insights:
Shell plc announced on February 9, 2026, that it expects a production shortfall of 350,000 to 800,000 barrels of oil equivalent per day by 2035. The company stated that maturing fields and declining proven reserves are insufficient to meet its long-term output targets. According to the announcement, Shell and analysts have stated that filling this projected gap will necessitate either major acquisitions or a significant exploration breakthrough.
