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LONDON (Reuters) – Royal Dutch Shell said on Thursday it will further reduce 2015 capital investment to $ 30 billion (19.2 billion pounds), down by 20 percent from a year ago as it expects the downturn in oil prices to “last for several years.”
Shell earlier this year cut its capital expenditure, or capex, to $ 33 billion from around $ 35 billion in 2014.
The Anglo-Dutch oil and gas company said its operating costs are expected to fall by $ 4 billion, or around 10 percent, in 2015 as part of a broad efficiency drive to boost its balance sheet.
Shell said it expects $ 30 billion of asset sales between 2016 and 2018, on top of a total of $ 20 billion in disposals for 2014 and 2015 combined.
(Reporting by Ron Bousso and Karolin Schaps; Editing by Ed Davies)
