Shell cuts oil and gas production as the market shifts towards renewables

Shell Energy has announced that it will be making sweeping cuts to its oil and gas production business to free up cash to spend on renewable energy. By cutting day-to-day operating costs and reining in spending on new projects, the energy supplier hopes to slash costs by as much as 40 per cent.

As part of this operational shift, Shell will now focus much of its oil and gas production on a few key hubs, such as Nigeria, the Gulf of Mexico and the North Sea. The company will also trim costs at its 45,000 petrol stations.

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