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Shell

Oil & Gas

Brexit uncertainty could hinder Shell’s £20bn divestment programme – report

The boss of Shell has told investors that the uncertainty created by the Brexit referendum result could delay the firm’s divestment plans, a news report said. Shell chief executive Ben van Beurden set out plans to sell more than £20billion worth of assets over the next two years following the oil major’s takeover of rival firm BG Group earlier this year. Mr van Beurden has also said the company is mulling the sale of ageing assets in the North Sea, but would not exit the UK continental shelf completely.

Oil & Gas

Shell depriving ex-workers of tax breaks on redundancy pay – report

Shell will scoop up the tax breaks on redundancy payments that had been available to departing workers, a news report said yesterday. So-called foreign service relief allows UK workers who have spent parts of their careers abroad to reclaim some of the tax due on severance pay, but Shell has moved to claim the money instead, Reuters reported. According to the report, which cites internal documents from Shell, the company introduced the policy on April 1.

Decom

Green groups urge Shell to remove Brent platform legs

Green lobbyists and politicians yesterday accused Shell of shirking its environmental responsibilities with its plans to leave the gigantic legs of its Brent field platforms in the North Sea. Mark Ruskell, Scottish Greens MSP for Mid Scotland and Fife, said the Brent field had generated millions for Shell and its shareholders and should be left in the same condition in which it was found. On Monday, Shell said it would recommend leaving the 300,000 tonne legs from three of the field’s four platforms in place, along with storage cells, the lower section of the Alpha platform’s jacket, drill cuttings and heavier pipelines entrenched in the seabed.

Decom

Updated: Shell plans to leave Brent platform legs in North Sea

Shell (LON: RDSB) plans to leave platform legs, storage cells and entrenched pipelines in the North Sea at the end of its multi-billion pound Brent decommissioning campaign, the oil major said yesterday. Duncan Manning, Shell’s business opportunity manager on Brent Decommissioning, said the removal of certain items of subsea infrastructure was potentially dangerous for workers and had little merit for the environment. On the back of years of research and consultation, the firm is preparing to submit its recommendations to the Department of Energy Change (DECC) by the end of the year.

Oil & Gas

Shell boss warns more job losses at the firm could “absolutely” happen

The boss at Royal Dutch Shell has reportedly said further job losses could “absolutely” take place at the company. Shell chief executive Ben van Beurden said in an interview with the Sunday Telegraph cuts were always a possibility in the absence of large deals being struck. Shell is axing about 12,500 roles this year due to a combination of low oil prices and its takeover of BG Group.

Oil & Gas

Shell boss keen to help UK with climate change, “when it makes business sense”

The boss of Royal Dutch Shell (LON: RDSB) wants the oil and gas giant to play a big part in the UK’s quest to meet climate change targets, “when it makes business sense”. Shell chief executive Ben van Beurden also expects the UK’s energy demand to level off as the country becomes more fuel efficient. “Social, political and geographical conditions differ from country to country," Mr van Beurden will say today at the company’s Powering Progress Together Forum. "In other words, the energy transition is likely to play out in a different way and at a different pace in different places.