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Shell to cut up to 9000 jobs in attempt to save costs


Shell will be cutting 7000 to 9000 jobs in the near future to save costs due to the difficult market conditions in the oil sector caused by the coronacrisis. The oil and gas group announced this in an interim trade update, in anticipation of the quarterly figures.

The number of jobs that Shell cuts also includes some 1500 employees who voluntarily leave the company this year. The job cuts will take place in the period up to the end of 2022, and should result in cost savings of 2 billion to $ 2.5 billion per year.

British media said earlier this week that thousands of jobs were at risk at Shell as a result of a simplification of the company structure. In the oil and gas sector in particular, Shell clearly wants to reduce costs, also because of the transition from society to renewable energy. The British-Dutch group employs around 83,000 employees worldwide.

Shell also announced that for the third quarter, production is expected from the equivalent of 2,15 million to 2,25 million barrels per day. This includes an impact of up to 60,000 to 70,000 barrels per day due to production disruptions due to hurricanes in the Gulf of Mexico, the company said. Gas production in the third quarter is expected to be equivalent to between 820,000 and 860,000 barrels per day.

The group further states that the lower prices in the third quarter will have a significant impact on the margins for lng, liquefied natural gas. In addition, Shell warns that refining margins will be significantly lower than in the second quarter of this year. Shell comes up with third quarter figures on 29 October.

Written by: Patrick O'Brien

Patrick O'Brien is a student who is taking only the first steps in journalism. The main interest is events from the world of macroeconomics and finance.

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World, As Seen from the most beautiful islands: Ireland and Cyprus

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