Shell Plc (SHEL) plans to reduce its workforce by 20% in its oil and gas exploration and development segments, part of CEO Wael Sawan’s aim to enhance profitability, as reported by Reuters.The cuts will affect Shell employees worldwide, with notable impacts in the UK and The Netherlands offices.A source cited by Bloomberg indicated the reductions will focus on the exploration, strategy, and portfolio segment, as well as the development, subsurface, and wells business units.CEO Wael Sawan’s strategy also includes emphasizing the most profitable sectors, expanding the liquefied natural gas division, and maintaining consistent oil production.Currently, Shell’s stock is trading at $72.11, a rise of 0.21% on the New York Stock Exchange.The material has been provided by InstaForex Company – www.instaforex.com
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