• About
  • Advertise
  • Contact
Thursday, July 3, 2025
  • Login
No Result
View All Result
NEWSLETTER
The NY Journals
  • Home
  • Business
  • Technology
  • Entertainment
  • Sports
  • Lifestyle
  • Health
  • Politics
  • Trending
  • Home
  • Business
  • Technology
  • Entertainment
  • Sports
  • Lifestyle
  • Health
  • Politics
  • Trending
No Result
View All Result
The NY Journals
No Result
View All Result
Home Technology

Shell plans wide cuts in oil exploration division, sources say

by Sarkiya Ranen
in Technology
Shell plans wide cuts in oil exploration division, sources say
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Shell plans to scale back its oil and gas exploration and development workforce by 20 per cent as CEO Wael Sawan widens his cost-saving drive to the highly profitable division after deep cuts in renewables and low-carbon businesses, company sources said.

The restructuring in the exploration and wells development and subsurface units will see hundreds of job cuts around the world, and will be felt in particular in its offices in Britain and the Netherlands, the sources told Reuters.

The planned 20 per cent reduction is subject to consultations with employee representative bodies, the sources added.

Shell’s oil and gas production division, known as upstream, which includes the exploration and well development units, accounted for over one third of the company’s US$28.25 billion in adjusted earnings in 2023.

Exploration is vital for oil and gas companies in order to replenish depleting reserves and discover new resources that, if developed, can be highly profitable. Shell in recent years made significant discoveries in Namibia which it is now studying for potential development.

A Shell spokesman would not comment on the reduction figures.

BT in your inbox

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

“Shell aims to create more value with less emissions by focusing on performance, discipline and simplification across the business. That includes delivering structural operating cost reductions of US$2-3 billion by the end of 2025,” Shell said in a statement.

Sawan, who took office in January 2023, has vowed to improve Shell’s performance to boost profitability and narrow a wide gap in its shares valuation compared with larger US rivals.

As part of the strategy, Shell plans to grow its liquefied natural gas division, steady oil production and focus on its most profitable businesses.

Shell in recent months scaled back operations in offshore wind, solar and hydrogen, sold retail power businesses, refineries and some oil and gas production, including in Nigeria.

In March, Shell weakened a 2030 carbon reduction target and scrapped a 2035 objective, citing expectations for strong gas demand and uncertainty in the energy transition.

Shell’s shares have gained over 8 per cent so far this year, outperforming its European rivals and Chevron, as investor confidence was buoyed by improving cashflow and the better performance of the company’s key assets. REUTERS



Source link

Tags: CutsDivisionExplorationOilPlansShellSourcesWide
Sarkiya Ranen

Sarkiya Ranen

I am an editor for Ny Journals, focusing on business and entrepreneurship. I love uncovering emerging trends and crafting stories that inspire and inform readers about innovative ventures and industry insights.

Next Post
Oleksandr Usyk makes bold prediction for Anthony Joshua vs Tyson Fury fight

Oleksandr Usyk makes bold prediction for Anthony Joshua vs Tyson Fury fight

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Stellantis shares fall as new CEO avoids big shake-up of top jobs

Stellantis shares fall as new CEO avoids big shake-up of top jobs

1 week ago
Japan’s ‘Moon Sniper’ Lands But Power Running Low

Japan’s ‘Moon Sniper’ Lands But Power Running Low

1 year ago

Popular News

    Connect with us

    The NY Journals pride themselves on assembling a proficient and dedicated team comprising seasoned journalists and editors. This collective commitment drives us to provide our esteemed readership with nothing short of the most comprehensive, accurate, and captivating news coverage available.

    Transcending the bounds of New York City to encompass a broader scope, we ensure that our audience remains well-informed and engaged with the latest developments, both locally and beyond.

    NEWS

    • Business
    • Technology
    • Entertainment
    • Sports
    • Lifestyle
    • Health
    • Politics
    • Real Estate
    Instagram Youtube

    © 2025 The New York Journals. All Rights Reserved.

    • About Us
    • Advertise
    • Contact Us
    No Result
    View All Result
    • Home
    • Business
    • Technology
    • Entertainment
    • Sports
    • Lifestyle
    • Health
    • Politics
    • Trending

    Copyright © 2023 The Nyjournals

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In