Shell, whose production has dropped below 3 million barrels of oil equivalent a day, has cut 5,000 jobs. Its also reorganized management by erasing 20 percent of senior posts.
January 29th, 2010:
BP May Widen Valuation Gap With Shell on Higher Profits, Output
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Oil giants promise to rebuild industry in Iraq
Tony Hayward, the chief executive of BP, said that his company hoped to increase production in the Iraqi field it has agreed to modernise from one million to three million barrels a day over the next 10 years. His counterpart at Royal Dutch Shell, Peter Voser, made a similar commitment on the two fields Shell is involved with.
Shell Sells 3 Nigeria Oil Blocks To Local Companies
LONDON (Dow Jones)--The Nigerian joint venture company operated by Royal Dutch Shell PLC (RDSB.LN) agreed Friday to sell its 30% interest in three oil production licenses that have been shut down since 2008 to a consortium led by local companies for an undisclosed sum, the venture said in a statement.
Shell May Cut More Jobs says Voser
Shell May Cut More Jobs as Energy Demand Recovery Remains Muted
January 29, 2010, 07:22 AM EST
By Fred Pals and Francine Lacqua
Jan. 29 (Bloomberg) — Royal Dutch Shell Plc, Europes second-largest oil company, may need to cut more jobs this year to control operating costs as a recovery in energy demand waits until the second half.
Its normal in any business that you have to go further and you have to operate your operating expenditure in a very tough way, Chief Executive Officer Peter Voser said in a Bloomberg Television interview in Davos, Switzerland. As part of that, it may also mean that some more people have to go.
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