Daily Trust: Shell Plans to Cut U.S.$15 Billion Investment in Nigeria
Royal Dutch Shell Plc yesterday said it will cut $15 billion (N2.5 trillion) of investment over the next three years in an effort to plug dwindling revenues from oil sales.
The world's big oil company in its financial results signalled that a period of adjustment lay ahead for much of the industry following a near 60 per cent slide in crude prices since June to less than $50 a barrel.
Chief Executive of Shell, Ben van Beurden, said the group would respond to the fall in oil prices by being careful not to overreact to the recent fall in oil prices.
"Royal Dutch Shell Plc will cut $15 billion of investment over the next three an effort to plug dwindling revenues from oil sales, after the company on Thursday reported a sharp slide in quarterly earnings due to the plunge in crude prices.