Royal Dutch Shell said on Monday it will write down US$3.5 billion to US$4.5 billion in the value of oil and gas assets in 2021, the latest in a string of impairments this year as it adjusts to a weaker outlook, Reuters reports. In an update ahead of its fourth-quarter results, the Anglo-Dutch company said it expects oil and gas production in its upstream division to be around 2.275 and 2.350 million barrels of oil equivalent per day, impacted by the closure of platforms in the Gulf of Mexico due to hurricanes as well as mild weather in Northern Europe. Oil refinery utilization is expected to be at between 72 percent and 76 percent of capacity, reflecting continued weak demand due to the coronavirus pandemic.

Source: The Standard December 21, 2020 07:07 UTC