SHELL WILL CUT 250
Royal Dutch Shell will cut around 250 jobs at its onshore North Sea oil operations in Aberdeen, Scotland as part of a business restructuring, a spokesman said on Tuesday.
The oil and gas company said the job reductions in Aberdeen will be implemented by the end of 2014 as it "reorganising its upstream onshore operations, to better serve the needs of its offshore facilities and to build a stronger long-term business in the North Sea," a spokesman said.
Shell employs around 4,500 staff at its upstream operations in Scotland as well as an additional 1,000 service contractors.
Shell's announcement follows a similar move in June by Chevron, which announced it would cut around 225 jobs in its North Sea operations. Shell is in the midst of a cost-cutting drive to boost revenue that will include the sale of $15 billion-worth (8.95 billion pounds) of assets around the world, including North Sea operations.
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IEA - For the third consecutive year, global energy investment declined, to USD 1.8 trillion (United States dollars) in 2017 – a fall of 2% in real terms. The power generation sector accounted for most of this decline, due to fewer additions of coal, hydro and nuclear power capacity, which more than offset increased investment in solar photovoltaics.
EIA - Crude oil production from the major US onshore regions is forecast to increase 143,000 b/d month-over-month in July from 7,327 to 7,470 thousand barrels/day , gas production to increase 1,066 million cubic feet/day from 69,466 to 70,532 million cubic feet/day .
U.S. FRB - Industrial production rose 0.6 percent in June after declining 0.5 percent in May. For the second quarter as a whole, industrial production advanced at an annual rate of 6.0 percent, its third consecutive quarterly increase. Manufacturing output moved up 0.8 percent in June.
U.S. DT - The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $69.9 billion. Of this, net foreign private inflows were $58.8 billion, and net foreign official inflows were $11.1 billion.