Home / World News / Shell plans to slash value of its oil & gas assets by up to $22 billion

Shell plans to slash value of its oil & gas assets by up to $22 billion

The writedown announcement came after Shell cut its forecast for energy prices into 2023 on expectations that sales will only recover slowly after the pandemic

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Shell's move follows similar steps by other major energy companies such as BP, which plans to cut the value of its assets by up to $17.5 billion following the hit to fuel sales from global travel restrictions to prevent the virus spreading. Photo: Bloomberg

Bloomberg

2 min read Last Updated : Jul 01 2020 | 1:25 AM IST

Royal Dutch Shell plans to slash the value of its oil and gas assets by up to $22 billion after the coronavirus crisis hit demand for fuel and weakened the outlook for energy prices, the Anglo-Dutch energy company said on Tuesday.

The writedown announcement came after Shell cut its forecast for energy prices into 2023 on expectations that sales will only recover slowly after the pandemic, adding to the company’s already bleak longer-term outlook for fossil fuel demand.

Shell's move follows similar steps by other major energy companies such as BP, which plans to cut the value of its assets by up

Topics : Coronavirus Royal Dutch Shell Crude Oil Price Global economy Liquefied Natural Gas US shale oil BP plc

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