Shell to Cut 20% of Oil and Gas Exploration and Development Workforce, Reuters Reports

-- Shell is planning to cut its oil and gas exploration and development workforce by 20%, as part of wider cost-saving plans following cuts in renewables and low-carbon businesses, Reuters reports, citing unnamed sources.

-- The scale back, subject to consultations with employee representative bodies, will cause the reduction of hundreds of jobs around the world, particularly affecting offices in Houston, The Hague and to a lesser degree in Britain, Reuters reports.

-- The two affected businesses are exploration, strategy and portfolio development, and subsurface and wells, Reuters reports.

-- Shell declined to comment on the details, but noted that it is pursuing cost reductions of $2 billion to $3 billion by the end of 2025 as previously announced in June 2023.

Full story: https://tinyurl.com/47x49k7s

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

August 29, 2024 12:19 ET (16:19 GMT)

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