AFP – British energy giant Shell yesterday announced plans to slash costs by billions of dollars and increase shareholder returns, as it focuses on its liquified natural gas (LNG) business.
Shell aims to reduce costs by between USD5 billion to USD7 billion by 2028, compared with 2022 levels, the company said in a statement ahead of its investor event in New York.
That is an increase from its previous target of USD2 billion to USD3 billion in cost reductions by the end of 2025, which had involved hundreds of job cuts in its oil and gas division.
The London-based group said it aims to grow sales of LNG by four to five percent a year until 2030, while holding oil production flat.
