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    Shell writes down oil and gas assets by $22 billion

    Shell writes down oil and gas assets by $22 billion

    Shell writes down oil and gas assets by $22 billion
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    By PTI  IST (Published)

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    Energy producer Royal Dutch Shell warned Tuesday it will slash the value of its assets by 22 billion to account for lower oil and gas prices amid the COVID-19 pandemic.

    Energy producer Royal Dutch Shell warned Tuesday it will slash the value of its assets by 22 billion to account for lower oil and gas prices amid the COVID-19 pandemic.
    The company predicted the write-down for the quarter and said it continues to adapt to ensure the business remains resilient in challenging times. Earlier this month, its competitor BP, also cut the value of its own assets by up to 17.5 billion.
    Shell predicted prices for Brent crude, the international oil benchmark, would be at 50 dollars a barrel in 2022. Earlier it had predicted a price of 60 a barrel. On Tuesday, it was trading near 41 a barrel.
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