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Tag: Shell

Oil and Gas

Shell exceeds analyst expectations with Q1 adjusted profit of $5.58b

British oil major Shell reported a first-quarter adjusted profit of $5.58 billion on Friday, exceeding analyst expectations of $5.09 billion, as per an LSEG consensus, and a company-provided forecast of $4.96 billion. The robust performance, though down more than 25% from the same period last year, prompted Shell to sustain its share buyback program at […]

Oil and Gas

Shell to increases payouts, trim costs to focus on LNG growth

British oil major, Shell on Tuesday announced plans to increase shareholder returns and cut spending while expanding its liquefied natural gas business. Ahead of its Capital Markets Day 2025, Shell announced plans to increase shareholder distributions to 40-50% of cash flow from operations, up from the previous 30-40% range. The company will maintain a 4% […]

Business

Global Gas condemns Shell’s completion of sale to Renaissance

Global Gas and Refining Limited has criticized the Sale and Purchase Agreement between the Renaissance consortium and Shell Petroleum Development Company, calling it intolerable. The Chairman of Global Gas, Mr. Kenneth Yellowe, made this disclosure in a statement in Abuja, adding that the move was an affront to the Nigerian judiciary as well as a […]

Oil and Gas

Renaissance completes takeover of Shell’s onshore assets

Renaissance Africa Energy Holdings has finalized its acquisition of Shell Petroleum Development Company of Nigeria, marking a significant shift in Nigeria’s oil and gas sector. This transaction, valued at $2.4 billion, concludes Shell’s nearly century-long onshore operations in the country. This comes after the sale and purchase agreement with Shell in January 2024 and the […]

News

Shell, S’African partner near $1bn oil-asset sales deal

Shell Plc and its South African partner are close to settling a valuation dispute, which would allow for the sale of Shell’s local downstream assets, potentially worth up to $1 billion, according to sources familiar with the situation. The company operates 600 service stations across South Africa, while Thebe Investment Corp., a Black-owned firm, holds […]

News

Global Gas opposes Shell’s $2.4bn sale, cites ongoing legal cases

Global Gas and Refining Limited on Monday opposed the recent completion of the $2.4 billion Sale and Purchase Agreement between Shell and the Renaissance Consortium, revealing that the deal was finalized despite ongoing legal cases against the oil giant. In a press briefing in Abuja, the company stated that despite promising to hold off on […]

Oil and Gas

FG approves Shell’s $2.4bn onshore assets sale

Renaissance Africa Energy Company Limited has announced that it has received ministerial consent to acquire Shell Petroleum Development Company. This marks a significant development in Nigeria’s oil and gas sector. This was disclosed in a statement released by the company on Wednesday. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reportedly granted approval […]

Tinubu orders NNPC to sell Crude to Dangote in Naira
News

Tinubu hails Shell’s $5bn deepwater project investment

President Bola Tinubu has praised the $5 billion Final Investment Decision by Shell and its partners on the Bonga North Deepwater Project as a significant milestone for Nigeria’s energy sector. Earlier today, Shell confirmed its FID for the deepwater offshore project in Nigeria. In a statement on Monday by presidential spokesperson Bayo Onanuga, President Tinubu […]

News

Shell, Equinor to merge UK offshore oil, gas operations

Shell and Norway’s Equinor have announced plans to merge their British offshore oil and gas assets into a joint venture. The new company, based in Aberdeen, Scotland, aims to maintain fossil fuel production and ensure the security of energy supply in the U.K. The deal is expected to be completed by the end of next […]

News

Shell grants $1.98bn in contracts to Indigenous firms

Shell Companies in Nigeria announced that they awarded contracts worth $1.98 billion to indigenous companies in 2023, as part of efforts to boost local content in the Nigerian oil and gas sector. These contracts, awarded by Shell Petroleum Development Company of Nigeria Limited, Shell Nigeria Exploration and Production Company Limited, and Shell Nigeria Gas, reflect […]

News

FG launch probe into alleged land-grabbing by Agip, Shell

The Federal Government has launched a probe into complaints by the oil-producing communities in Bayelsa State over land grabbing by international oil companies including the Nigerian Agip Oil Company and Shell Petroleum Development Company. The investigative team headed by Kamoru Busari, the director of the Federal Ministry of Petroleum Resources’ Upstream Department, along with representatives […]

News Oil and Gas

Shell, Ardova partner to boost energy sector productivity

Shell International has collaborated with Ardova Plc to create the inaugural Power Conference, which aims to encourage debate around productivity and competitiveness in the energy sector. Powering Nigeria’s Industries – Enhancing Productivity and Competitiveness,” was recently held in Lagos, according to The Punch. According to a statement from the corporation, the conference focused on the […]

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