Shell.jpg (Photo : Bloomberg.com)
Royal Dutch Shell PLC is planning to cut jobs at their Canadian Oil-Sands operations soon. This will be the first energy company to cut on workforce at Canada's oil patch despite the crude oil sweep lately.
Shell oil company produces 250,000 barrels of oil per day from the oil sands mine. It plans to cut off some five to ten percent out of the 3000 workers in the plant; a few of which shall be designated to a different post, according to Shell's spokesperson Cameron Yost.
"We're continuing to review our business to make sure that we remain competitive," Mr. Yost said. "When prices are low the importance of that is underlined."
In August 2014, Lorraine Mitchelmore, President of Shell Canada, admitted that the company had met internal degree of profitability as Brent crude sells for $70 per barrel. Brent as the global oil benchmark took a slide and fell at its low of $50 per barrel the past week.
Shell disclosed having held up a plan for an oil-sands mine somewhere in Pierre River back last August 2014. The big oil company is said to have been pursuing other venture like expanding Jackpine mine somewhere at Carmon Creek and Peace River in North Alberta.
Shell owns the majority of shares at 60% stake in its core oil-sands operations together with Marathon Oil Corp. and Chevron Corp. sharing the remaining 40% shares. These are the surface oil mines called Jackpine and Muskeg River in northern Alberta.
