Shell cuts 2015 capex by 20%
Capex will be reduced to $30bn
Royal Dutch Shell has confirmed that it will reduce capital investment for 2015 by 20% to $30bn, according to news site Reuters.
Earlier this year, Shell cut capex to $33bn from around $35bn in 2014.
Shell said that it expects its operating costs to fall by $4bn, or around 10% in 2015 as part of a broad efficiency drive to boost its balance sheet.
The company expects $30bn of asset sales between 2016 and 2018.