Royal Dutch Shell is reviving plans to drill for oil in Arctic in a move likely to intensify its battle with environmentalists.
The Anglo-Dutch giant’s chief executive Ben van Beurden accepted that Arctic drilling “divides society”, but said the world needs new sources of oil.
Greenpeace said Shell was taking a “massive risk” in a “pristine” region.
Shell also announced a $15bn (£9.9bn) cut in global spending, and profit figures that disappointed investors.
The cut in investment – spread over three years – comes after a fall in the oil price. Although the price is expected to remain lower in the medium term, Mr van Beurden said: “We are taking a prudent approach here and we must be careful not to over-react to the recent fall in oil prices.
“Shell is taking structured decisions to balance growth and returns.”
Shell also said profits for the last three months of 2014 had risen to $4.2bn compared with $2.2bn in the same period a year earlier.