Shell prepares for major production cuts to refocus on green strategy
Kumutha Ramanathan: Contributor: Yahoo Finance UKRoyal Dutch Shell (RDSB.L) is looking to cut up to 40% off its costs related to producing oil and gas as it focuses on the renewable energy and power markets.
That’s according to a source who spoke exclusively to Reuters.
The project is known internally as Project Reshape and is expected to be completed by the end of this year, said Monday’s report. There will be three main divisions of the business that are impacted by the cuts and they will reportedly be in addition to a $4bn (£3.1bn) target set in the wake of the COVID-19 crisis.