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Business

Oil giant Shell unveils drastic company overhaul

Latest update : 2009-05-27

UK energy group Royal Dutch Shell has unveiled a major overhaul of the company's structure to reduce corporate overheads and costs. Shell said the reorganisation would affect around 24,000 staff, but declined to comment on potential job losses.

AFP - British energy group Royal Dutch Shell on Wednesday unveiled a drastic overhaul of the company's structure but gave no details on potential job losses.

 

The group said in a statement it would merge its exploration and production, gas and power, and oil sands units into two new divisions.

 

The overhaul comes as incoming chief executive Peter Voser seeks to register an impact on the company. Voser takes over from current boss Jeroen van der Veer on July 1, when the changes will also be implemented.

 

"This new structure will increase accountability in the company, and improve Shell's performance on delivering new projects and developing new technologies," Voser said in the statement.

 

"These changes will increase our focus, accelerate our plans to reduce complexity, corporate overheads and costs, and result in faster decision-making and delivery," he added.

 

Shell's global head of exploration and production, Malcolm Brinded, will lead the larger of the new divisions, Upstream International.

 

Marvin Odum, Shell's Executive Vice President for Exploration and Production Americas, will become director of Upstream Americas.

 

The reorganization will affect around 24,000 Shell staff, but a company spokesman declined to comment on how many jobs may be cut.

 

In April, Shell revealed that first-quarter net profit plunged 62 percent to 3.488 billion dollars (2.645 billion euros) as oil prices slumped in a worldwide economic downturn.

 

Date created : 2009-05-27

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