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UPDATE 1-Shell writes down up to $4.5 bln in oil and gas assets

Mon, 21st Dec 2020 07:13

(Adds details)

By Ron Bousso

LONDON, Dec 21 (Reuters) - Royal Dutch Shell on
Monday it will write down $3.5 to $4.5 billion in the value of
oil and gas assets in 2021, the latest in a string of
impairments this year as it adjusts to a weaker outlook.

In an update ahead of its fourth-quarter results, the
Anglo-Dutch company said it expects oil and gas production in
its upstream division to be around 2.275 and 2.350 million
barrels of oil equivalent per day, impacted by the closure of
platforms in the Gulf of Mexico due to hurricanes as well as
mild weather in Northern Europe.

Oil refinery utilisation is expected to be at between 72%
and 76% of capacity, reflecting continued weak demand due to the
coronavirus pandemic.
(Reporting by Ron Bousso, editing by Louise Heavens)

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