LONDON — British energy giant Shell plans to cut hundreds of jobs from its oil and gas exploration division as part of a cost-cutting program announced last year, a person familiar with the matter said Friday.
The cuts will affect two units specializing in exploration and development of hydrocarbon extraction projects, with their workforces set to be reduced by 20 percent, the source told Agence France-Presse .Offices in the United States and the Netherlands will be most affected, the person added, but the details of the plan are subject to talks with unions.
'Achieving those reductions will require 'new efficiencies and a leaner overall organization,' a Shell spokesman told AFP, without confirming the job cuts.Shell earlier this month said net profit dropped 8 percent in the first half due to weaker gas prices and write-offs.Despite the fall in margins, the result was helped by lower operating costs and higher hydrocarbon production volumes.
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