Oil supermajor Shell (NYSE:SHEL) is planning to reduce its oil and gas exploration and development staff by 20%, according to an exclusive report from Reuters, citing intentions to cut costs to what has long been a wildly profitable segment of the oil giant’s business. The new cuts follow Shell’s earlier moves to reduce its workforce and costs in the renewable and low-carbon segments.
According to Reuters, citing unnamed company sources, Shell is restructuring its operations, targeting exploration, well development and subsurface…Shell To Slash Exploration Workforce by 20%: Reuters
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