The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Mining / Quarrying Mining And Quarrying Extraction Of Crude Petroleum And Natural Gas 06 - Extraction of crude petroleum and natural gas
7,000 - 9,000 jobs Number of planned job losses
Announcement Date
30 September 2020
Employment effect (start)
30 September 2020
Foreseen end date
Description
Anglo-Dutch multinational oil and gas company Royal Dutch Shell, commonly known as Shell, announced that it plans to cut between 7,000 and 9,000 jobs, approximately 10% of its global workforce by the end of 2022. So far, Shell announced a restructuring programme in the United Kingdom (500 jobs cut) and in the Netherlands (900 jobs cut).
Additionally, 1,500 employees have already taken voluntary redundancy.
The programme is a part of broader reorganisation that seeks to transform Shell into a net-zero emissions business by 2050. Shell plans to reduce the number of refineries and focus on lower-carbon energy sources like biofuel, hydrogen, and wind power. The cost-saving and restructuring programme is also related to the COVID-19 pandemic which caused a drop in demand for oil: the company revealed a net loss of USD 18.3 billion for the second quarter of 2020. The restructuring aims to save up to USD 2.5 billion (€2.12 billion) a year.
Shell is one of the largest companies in the world, employing 83,000 people worldwide.
Eurofound (2020), Royal Dutch Shell, Internal restructuring in World, factsheet number 102202, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/102202.
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