10:29 AM EDT, 08/29/2024 (MT Newswires) -- Shell (SHEL) is planning to cut down its oil and gas exploration and development team by 20% as part of Chief Executive Wael Sawan's cost-saving efforts, Reuters reported Thursday, citing company sources.

Hundreds of job cuts will occur in the exploration and wells development and subsurface units, particularly in the company's Britain and the Netherlands offices, the sources reportedly told Reuters.

Shell did not immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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