Gazprom and Shell in significant investment cuts

The falling oil prices make both Russian Gazprom and Shell reduce their investments significantly. Shell plans to cut USD 15 billion from new projects over the next three years.

Photo: Gazprom

Oil companies are now starting to put figures on the size of the expected cuts set to hit the industry and not least the numerous affiliated subcontractors. The rock-bottom crude prices hurt Russia's Gazprom and the company's ability to complete planned investments, says Gazprom in a statement.

Dutch Shell published a disappointing 4th quarter result on Thursday, and the company is also announcing large-scale cuts in new projects for the coming years. Shell failed to meet analysts' expectations for the 4th quarter in spite of an improved bottom line, reports Bloomberg.

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