Shell to cut £18bn from value of assets amid coronavirus crisis
by Jillian Ambrose and Kalyeena Makortoff from on (#556RT)
Firm follows BP in facing impact of oil price collapse in the wake of Covid-19 outbreak
Shell has warned it will slash up to $22bn (18bn) from the value of its oil and gas assets as it counts the cost of falling fossil fuel prices during the Covid-19 pandemic.
The Anglo-Dutch oil major expects the collapse in oil demand during the coronavirus crisis to drag on global oil prices for at least three years, wiping billions from the value of its fossil fuel reserves and casting doubt on whether new discoveries will be developed.
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