Shell to cut 7,000 to 9,000 jobs globally

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

Royal Dutch Shell Plc has announced plans to cut between 7,000 and 9,000 jobs globally before the end of 2022. Shell’s 83,000-strong workforce will reduce by 11%, including the 1,500 employees that took voluntary redundancy earlier this year.

Shell is cutting costs due to the global crude oil crash and intends to focus more on clean energy. Shell expects its cost-cutting measures to save up to $2.5 billion each year.

Shell to cut 7,000 to 9,000 jobs globally brandspurng
Shell to cut 7,000 to 9,000 jobs globally | www.brandspurng.com

Reducing costs is vital for Shell’s plans to move into the power sector and renewables where margins are relatively low.

Competition is also likely to intensify with utilities and rival oil firms including BP and Total all battling for market share as economies around the world go green.

Fuel sales recovery

- Advertisement -

In an operations update, Shell also said its oil and gas production was set to drop sharply in the third quarter to around 3,050 barrels of oil equivalent per day due to lower output as a result of the coronavirus pandemic and hurricanes that forced offshore platforms to shut down.

Shell, the world’s largest fuel retailer, saw a recovery in fuel sales in the third quarter from lows hit in the previous quarter as some countries gradually emerged from lockdown measures.

Read Also:  Shell Advises Nigeria to Heavily Tax Petrol, Diesel Generators

In the second quarter, Shell narrowly avoided its first quarterly loss in recent history, helped by booming trading business. It, however, announced nearly $16.8 billion in impairment charges after sharply lowering its outlook for oil and gas prices in the wake of the pandemic.

Shell said it will take another impairment charge of $1 to $1.5 billion in the third quarter.

Read Also:  Force Majeure Disrupts Exports of Nigeria’s Bonny Light
- Advertisement -
Shell to cut 7,000 to 9,000 jobs globally - Brand SpurShell to cut 7,000 to 9,000 jobs globally - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Shell to cut 7,000 to 9,000 jobs globally - Brand SpurShell to cut 7,000 to 9,000 jobs globally - Brand Spur

Latest News

Nestle Nigeria declares N35.50 dividend to shareholders

The directors of Nestle Nigeria Plc in the published Full Year financial report for 2020 have proposed a final...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Shell to cut 7,000 to 9,000 jobs globally - Brand SpurShell to cut 7,000 to 9,000 jobs globally - Brand Spur