Anglo-Dutch oil group said it was cancelling investment plans and will take a ‘significant hard look’ at the tax position of its North Sea operations
Shell is to make $15bn (£10bn) of spending cuts and has warned George Osborne that North Sea operations will remain in the firing line unless the chancellor can offer tax cuts. Shell’s chief executive, Ben van Beurden, said he had already put in place a restructuring programme selling off some North Sea fields, but low oil prices meant more savings must be found.
Related: Shell determined to start Arctic oil drilling this summer