Shell plans to exit operations in 10 countries as a measure forCost reduction

   Royal Dutch Shell Group said that it plans to exit oil and gas operations in 10 countries as part of a strategy to raise its cost savings profile to $4.5 billion and narrow its focus to the most profitable businesses such as liquefied natural gas, deepwater oil production and chemicals.

Shell’s Chief Executive Officer, Ben van Beurden, who spoke on Tuesday in London as the Group looks to seal the $54 billion acquisition of BG Group, did not name the countries to be affected by the company’s exit plans.

   The company, which has already unfolded plans to divest from Gabon, said the cost saving strategy would also include savings from 12,500 job cuts in 2015 and sale of 10 per cent of its production as part of a $30 billion asset sale plan by 2018.

Shell is currently active in about 70 countries around the world, including Nigeria where it remains the leading producer of hydrocarbons.

Shell plans to focus attention on its operations in just 13 countries, including Brazil, Australia and the United States.