Under this scenario, Shell assumes oil prices will average in the mid-$60s in 2018. The company is active in more than 70 countries and said it would like to focus on 13 important nations where it is making good returns, including Brazil, Australia and the United States. Deepwater production could double to some 900,000 barrels of oil equivalent per day in 2020, Shell said. A main source for cost savings, including 12,500 job cuts this year, will come from overlaps in operations in areas including Australia, Brazil and the North Sea. Chief Executive Officer Ben van Beurden hopes the new cuts will help boost Shell's share price, which has underperformed rivals since oil prices started to collapse in mid-2014.

Source: Standard Digital June 07, 2016 11:26 UTC