Name: Hit to Shell's assets rises past $22 billion
Uploaded: 2020-12-23T18:20:39.000Z
Duration: 1 min 8 s
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Sentences with advanced comparative

But Shell's assets aren't as valuable as it once thought.

The oil major said Monday that it was cutting US Muchas $4.5 billion off the value off oil and gas operations that takes the firm's total write downs this year to more than $22 billion.

The move reflects a weaker outlook for oil and gas demand has been slashed by this year's global economic slowdown.

Shell says the latest cut was driven by factors including the closure off refineries.

They're only operating at around three quarters off capacity due to the slump in demand.

The new move follows earlier write downs in October and the second quarter.

 Chief executive Ben Van Burden is expected to set out a new strategy in February that will detail how the company plans to cut its greenhouse gas emissions and expand low carbon energy and power businesses. 