Shell to lay off 6,500 as more job cuts expected in oil industry

Shell to lay off 6,500 as more job cuts expected in oil industry

Royal Dutch Shell says it will axe 6,500 jobs this year and step up spending cuts, to deal with an extended period of lower oil prices, according to various news reports.

The company stated it was planning more asset disposals, bringing total asset sales between 2014 and 2018 to $50 billion.

“We have to be resilient in a world where oil prices remain low for some time, whilst keeping an eye on recovery,’’

Chief Executive Officer Ben van Beurden said.

Shell said it anticipated 6,500 staff and direct contractor reductions in 2015 from a total of nearly 100,000 employees.

Lower oil prices have contributed to a 37 per cent drop in the oil and gas group’s second-quarter profits.

Source: Media

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