Article by Daniel Adugbo published 1 May 2015 by AllAfrica.com
Shell Rules Out Divestment in Nigeria, Others This Year
Royal Dutch Shell said yesterday it had reduced its expected 2015 capital expenditure (capex) to $33 billion from $35 billion as the company continues to adjust its business to the lower oil-price.
Releasing its first-quarter results yesterday, Shell’s Chief Financial Officer (CFO) Simon Henry said the capex this year would be $33 billion, or “potentially less,” a reduction of at least $2 billion compared with guidance given by Shell three months ago.
Henry said that it had highlighted a number of projects where it could reduce its financial exposure, including the Majnoon project in Iraq and Carmon Creek in Canada.