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Shell still divesting and forced to book major impairment

British-Dutch oil supermajor Shell has taken a hit worth USD 3.5-4.5 billion in the fourth quarter and at the same time sells its stake in an Australian LNG project.

Photo: Morteza Nikoubazl/REUTERS / X01474

It is no secret that 2020 has been a tough year for one of the world's largest oil companies, Royal Dutch Shell.

The group has on several occasions been obliged to downgrade asset values and is enacting a big cost-cutting plan entailing reduced investments, divestments and thousands of staff redundancies – and the company's challenges have only persisted into this year's fourth quarter.

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