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Shell to cut Americas upstream spending by 20 pct

Reuters article published LONDON, March 13 Thu Mar 13, 2014 3:14am EDT

Screen Shot 2014-02-10 at 16.29.29(Reuters) – Royal Dutch Shell said on Thursday it was cutting spending on American upstream by a fifth this year after it was impacted by losses in resources plays such as shale.

“Shell is shrinking this portfolio and cost base, with 2014 spending to be reduced by 20 percent compared to 2013, and redirecting onshore investment to the lowest cost gas acreage with the best integration potential, and into on-going exploration in liquids-rich shales,” it said in a statement.

“At the same time, profitable growth should continue in deep-water and heavy oil, where an industry-leading development programme is underway,” it added.

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