Shell Plans 20% Job Cuts in Exploration

Shell plans to reduce its workforce in the oil and gas exploration and development divisions by 20% as part of CEO Wael Sawan's strategy to boost profitability and efficiency, following previous cuts in renewables and low-carbon businesses. The restructuring will impact employees globally, particularly in Houston, The Hague, and Britain, and involves consultations with employee representative bodies. Shell aims to achieve structural operating cost reductions of $2-3 billion by the end of 2025. The upstream division, which includes exploration and well development, accounted for over one-third of Shell's $28.25 billion in adjusted earnings in 2023. The company also plans to focus on its most profitable businesses, expand its liquefied natural gas division, and maintain steady oil production.