Budget cuts will primarily affect exploration and development of new oil and gas fields, the company's CEO Ben van Beurden said, in a news release.
"We are taking a prudent approach here and we must be careful not to over-react to the recent fall in oil prices. Shell is taking structured decisions to balance growth and returns," van Beurden added.
Further cuts beyond $15 billion are also possible, according to the news release.
Oil prices have fallen by almost 60 percent since June due to high stockpiles and lower demand. The price of a barrel of Brent crude, which peaked at about $115 in summer 2014, currently hovers around $50.
Several other energy giants, including Premier Oil, Tullow Oil and BP, have also been reducing expenses by putting new projects on hold and cutting hundreds of jobs. Earlier in January, the world's largest oil service company, Schlumberger, announced that it would cut 9,000 jobs.
During a November 2014 meeting, the Organization of the Petroleum Exporting Countries (OPEC) announced it would not lower its oil production level to stabilize prices. Global repercussions from this decision included quickly decreasing prices, an oil supply glut and few hopes for prices to increase in the near future.
