Exclusive: Shell launches major cost-cutting drive to prepare for energy transition

20 Sep by Vitaliy Dadalyan

Exclusive: Shell launches major cost-cutting drive to prepare for energy transition

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Exclusive: Shell launches major cost-cutting drive to prepare for energy transitionRoyal 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. Shell’s new cost-cutting review, known internally as Project Reshape and expected to be completed this year, will affect its three main divisions and any savings will come on top of a $4 billion target set in the wake of the COVID-19 crisis. Reducing costs is vital for Shell’s plans to move into the power sector and renewables where margins are relatively low.