Shell moves from oil and gas production business to renewable energy

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The oil major is looking at ways it can slash costs in the division, known as its upstream arm, by as much as 40 per cent. This would include cutting the day-to-day costs of operations, as well as reining in spending on new projects.

And it would be on top of the £3.1billion that boss Ben van Beurden wants to save by the end of next March by laying off staff and suspending bonuses, Reuters reported.

The company has not said how many staff it will let go from its 83,000- strong workforce.

https://www.dailymail.co.uk/money/markets/article-8756815/Shell-wields-axe-moves-away-oil-renewables.html

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