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Shell to Cut Oil Production Costs

The oil industry company, Royal Dutch Shell, wants to reduce the costs of generating gas and oil in an attempt to save money and restore its industry. Aimed to cut 40% off the production expenses, the company is considering renewable energy sources and power sector. The company’s plan to diminish its costs, following the coronavirus pandemic, helps it to address sustainable energy and power. The competitive plan will probably escalate rivalry among oil companies including BP and Total. Shell’s total operating expenses reached $38 billion and overall capital allocation mounted to $24 billion, a year ago. Therefore, finding a way to decline costs to produce gas and oil is on its agenda. According to the sources, the major hubs for Shell to produce oil and gas are located in the Gulf of Mexico, the North Sea and Nigeria. Samira H.
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By Samira Hassanzadeh on October 19, 2021

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