Ron Bousso of Reuters reports that Shell is looking to slash up to 40% of oil and gas production costs in order to focus on renewable energy and power markets.
- Shell, as well as many other companies, are shifting from traditional oil and gas to renewable and clean energy.
- In addition to slashing oil and production costs, Shell is also lowering the number of its oil refineries.
“Royal Dutch Shell is looking to slash up to 40% off the cost of producing oil and gas in a major drive to save cash so it can overhaul its business and focus more on renewable energy and power markets, sources told Reuters.”
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