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Shell cuts billions from spending plans

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Screen Shot 2016-04-20 at 13.50.03Robin Pagnamenta, Energy Editor: May 5 2016

Royal Dutch Shell has accelerated plans to shave billions more dollars from its capital spending this year, as it continues to digest its $54 billion acquisition of BG Group.

The oil giant, which unveiled a 58 per cent plunge in first-quarter profits yesterday, said it had trimmed its spending plans by a further 10 per cent to $30 billion from a $33 billion target announced in January.

Simon Henry, chief financial officer, said that Shell was was delaying a string of projects including the Bab sour gas development in Abu Dhabi. “Any new large greenfield project is under strict review.

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