• Advertise
  • About us
  • Terms and Conditions
  • Contact us
Wednesday, July 16, 2025
Australian Times News
  • News
    • Weather
    • Sport
    • Technology
    • Business & Finance
      • Currency Zone
    • Lotto Results
      • The Lott
  • Lifestyle
    • Entertainment
    • Horoscopes
    • Health & Wellness
    • Recipes
  • Travel
  • Expat Life
  • Move to Australia
No Result
View All Result
  • News
    • Weather
    • Sport
    • Technology
    • Business & Finance
      • Currency Zone
    • Lotto Results
      • The Lott
  • Lifestyle
    • Entertainment
    • Horoscopes
    • Health & Wellness
    • Recipes
  • Travel
  • Expat Life
  • Move to Australia
No Result
View All Result
Australian Times News
No Result
View All Result
Home News

Shell says its virus-hit assets could fall by US$22-billion

Hard-hit energy giant has announced another write-down that will shave a further US$4.5-billion from its assets.

Mike Simpson by Mike Simpson
26-12-2020 07:00
in News
Image by Rudy and Peter Skitterians from Pixabay

Image by Rudy and Peter Skitterians from Pixabay

Global petroleum and energy company Shell is warning that the value of its oil and gas assets could fall by as much as US$22-billion in 2020.

The energy giant has announced another write-down that will shave up to $4.5-billion from its portfolio in the final quarter of this year.

Weaker outlook for global oil demand

It blamed the decision on the weaker outlook for global oil demand, which is due to Covid-19’s impact on business and leisure travel, as well as poor global economic growth prospects.

Shell added that the fourth-quarter results for its oil products division, due out in February, would be significantly lower compared with the third quarter.

The company’s latest write-downs could bring its total impairments to $22-billion for this year, which has been one of the worst on record for the industry due to the drop in demand for crude and fuels.

More investment into renewable energy

The write-down includes Shell’s Appomattox oil and gas project in the Gulf of Mexico, which began production in April last year and plans to pump the equivalent of 175,000 barrels of oil a day at its peak.

According to a report in the UK-based Guardian newspaper, Shell plans to use its deepwater oil and gas assets as a ‘cash engine’ to generate free cashflow that can be reinvested in renewable energy.

AlsoRead...

The Broker who says ‘Yes’ when Banks say NO

The Broker who says ‘Yes’ when Banks say NO

8 July 2025
Leading with Trust: Why Quality still wins in the AI Era

Leading with Trust: Why Quality still wins in the AI Era

5 June 2025

The company plans to invest up to $2-billion a year on new energies such as offshore windfarms, electric vehicles and electric car charging. In total it will spend $20-billion this year, after cutting its planned capital expenditure from $25-billion in March.

Crisis of uncertainty facing oil companies

Shell was once the FTSE 100’s biggest dividend payer. But it cut its dividend from 47 cents to 16 cents a share in April because of the crisis of uncertainty facing oil companies during the pandemic.

“The coronavirus has wreaked havoc on big oil companies this year by causing one of the fastest drops in demand in history. In response ministers from the world’s largest oil-producing countries agreed to cut their production to prevent a market collapse,” the Guardian reported.

Tags: businessBusiness Impacts of Covid-19COVID-19energyFossil fuelsRenewable energy
DMCA.com Protection Status

SUBSCRIBE to our NEWSLETTER

[mc4wp_form id=”2384248″]

Don't Miss

The Dating Wealth Gap Is Getting Wider: What You Should Know

by Fazila Olla-Logday
11 July 2025
Source: Pixabay
Lifestyle

The divide between wealth and romance is growing. As income inequality widens, financial status is playing a bigger role in...

Read more

The Broker who says ‘Yes’ when Banks say NO

by Pauline Torongo
8 July 2025
The Broker who says ‘Yes’ when Banks say NO
Business & Finance

When faced with constant loan rejection or last-minute withdrawals of support, Trelos Finance stands out as a solution.

Read more

Common Mistakes When Buying a Telescope — And How to Avoid Them

by Fazila Olla-Logday
1 July 2025
Common Mistakes When Buying a Telescope
Technology

You’ve spent hours scrolling through telescope specs online, dazzled by features and grand promises. The excitement builds—until your newly arrived...

Read more

From Portugal to Bali: Where Aussies Should Go for Your Next Coastal Holiday

by Fazila Olla-Logday
20 June 2025
Source: Flickr
Travel

Aussies, here is a guide to where you should go for your next coastal holiday.

Read more

Leading with Trust: Why Quality still wins in the AI Era

by Pauline Torongo
5 June 2025
Leading with Trust: Why Quality still wins in the AI Era
Business & Finance

If you're leading a software team today, you've likely noticed the shift: faster feature rollouts, routine automation, and AI taking...

Read more

How to Save on Airport Parking: Budget Tips Every Traveller Should Know

by Fazila Olla-Logday
3 June 2025
How to Save on Airport Parking
Travel

Saving money on airport parking can be a challenge,but here are some budget friendly tips to help you navigate.

Read more

Why Australian Investors are Betting on the Aviation Maverick Louis Belanger-Martin

by Pauline Torongo
28 May 2025
Why Australian Investors are Betting on the Aviation Maverick Louis Belanger-Martin
Business & Finance

Bélanger-Martin’s ambitions stretch beyond redefining inflight comfort—they’re rooted in resurrecting the romance of supersonic travel with a modern twist.

Read more
Load More

Copyright © Blue Sky Publications Ltd. All Rights Reserved.
australiantimes.co.uk is a division of Blue Sky Publications Ltd. Reproduction without permission prohibited. DMCA.com Protection Status

  • About us
  • Write for Us
  • Advertise
  • Contact us
  • T&Cs, Privacy and GDPR
No Result
View All Result
  • News
    • Weather
    • Sport
    • Technology
    • Business & Finance
      • Currency Zone
    • Lotto Results
      • The Lott
  • Lifestyle
    • Entertainment
    • Horoscopes
    • Health & Wellness
    • Recipes
  • Travel
  • Expat Life
  • Move to Australia

Copyright © Blue Sky Publications Ltd. All Rights Reserved.
australiantimes.co.uk is a division of Blue Sky Publications Ltd. Reproduction without permission prohibited. DMCA.com Protection Status