SHELL CUTTING 250 JOBS
Royal Dutch Shell will reportedly cut at least 250 more jobs this year at its UK North Sea operations.
"Shell UK plans to reduce the number of staff and agency contractors who support the company's UK North Sea operations by at least 250 in 2015," Shell said Thursday.
The cuts are in addition to 250 layoffs announced in August.
The units expected to be hit by the headcount reduction have not been disclosed yet.
In August Shell said it would layoff 250 employees at its onshore North Sea oil operations in Scotland as part of a company wide cost cutting strategy.
The company employees about 4,500 employees and 1,000 service contractors at its upstream operations in Scotland as of 2014.
In the UK region of the North Sea, Shell produces more than 12 percent of the UK's oil and gas on behalf of Shell and its partners.
High operational costs and dwindling reserves have been putting pressure on UK North Sea projects.
Wood Mackenzie estimates that by 2030 nearly $9 billion in tax relief will be claimed for decommissioning costs in Scottish fields.
The long term production decline will be temporarily alleviated with a 30,000 barrels of oil equivalent per day hike in 2018 production will dip below 1 million boepd by 2023, a report issued by Wood Mackenzie said.
Earlier this year Shell said it will cut $15 billion in global spending over the next three years as it prepares for prolonged oil price weakness.
The plan will include cancelling and shelving some projects through 2017 although the company has not disclosed the projects that will be affected by the cuts.
"We are taking a prudent approach here and we must be careful not to over-react to the recent fall in oil prices," Shell CEO Ben van Beurden said when the plan was announced.
|February, 16, 23:45:00|
|February, 16, 23:40:00|
|February, 16, 23:35:00|
|February, 16, 23:30:00|
|February, 16, 23:25:00|
|February, 16, 23:20:00|
AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.
TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.
ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.
FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.