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Shell slashes North Sea costs to make profit in a crash

, Energy Editor: Monday June 5, 2017

Royal Dutch Shell has cut operating costs for some of its North Sea fields by 70 per cent since the price of crude crashed, the oil company said. Andy Brown, Shell’s head of upstream, said it was able to make “significant money in the North Sea at $50 [a barrel oil prices]” thanks to the reductions, which analysts said were among the steepest by any company. Mr Brown said he had been shocked by some of the inefficiencies Shell found when it reviewed operations worldwide after oil prices fell. Shell’s global operating costs have been cut by 20 per cent, or $10 billion, since 2014. In the Gulf of Mexico, for example, it has cut the number of vessels serving its platforms from 61 to…
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