Anglo-Dutch supermajor Shell is hatching plans for a massive company-wide restructuring in response to the Covid-19 pandemic and to position the 113-year-old oil and gas company for the shift to lower-carbon energy.

A special internal project team began work behind closed doors earlier this month and is set to present its findings in the third quarter or early fourth quarter, according to Shell sources.

The restructuring follows the collapse in global oil demand caused by the Covid-19 pandemic, as oil and gas companies seek to become more agile in meeting the challenge of battling climate change.