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Issue 19/2020 - Shell cuts costs to make the energy transition

 Last Update: 2022-11-12
 Source: Internet
 Author: User

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Shell cuts costs for the energy transition

Royal Dutch Shell is looking to cut production costs for oil and gas by 40 percent, in a move to save cash so it can overhaul its business and focus more on renewable energy and electricity markets
.

Shell's new cost-cutting review, known internally as the "reinvention project", is expected to be completed this year and will affect three of Shell's main divisions
.
It is reported that this is Shell's largest evaluation
.

It is reported that Shell's restructuring move is also closely related to
the actions of its European rivals BP and Eni in recent months.
Both companies plan to reduce their focus on oil and gas and build new low-carbon businesses
over the next 10 years.

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