E - Energy transition has Shell prepare for its largest restructuring in modern history

Shell ([[RDS.A]], [[RDS.B]]) is jumping on the bandwagon of its European rivals BP (BP) and Eni (E), which have both announced plans to reduce their focus on oil and gas in the coming decade and build new low-carbon businesses.Sources tell Reuters that the oil major is looking to slash up to 40% off the cost of producing oil and gas so it can overhaul its business and focus more on renewable energy and power markets."We had a great model but is it right for the future? There will be differences, this is not just about structure but culture and about the type of company we want to be," said a senior source at the company.Shell's new cost-cutting review, known internally as Project Reshape and expected to be completed this year, will affect its three main divisions and any savings will come on top of a $4B target set in the

For further details see:

Energy transition has Shell prepare for its largest restructuring in modern history