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Tag: Shell

Oil and Gas

Shell hails Petralon Energy for Dawes Island first oil milestone

Petralon Energy has been commended for the development of the Dawes Island Field, with Shell Western Supply and Trading describing the feat as a sign of growing confidence in Nigerian indigenous companies. The oil major said the indigenous exploration and production company has demonstrated the capacity to acquire, develop, finance and operate oil and gas […]

Oil and Gas

Nigeria faces 225,000 bpd cut as Shell shuts Bonga FPSO

Nigeria faces a 225,000 barrels per day crude oil output cut as Shell Nigeria Exploration and Production Company Limited shuts down its Bonga Floating Production Storage and Offloading vessel for scheduled turnaround maintenance. The deepwater facility lies 120 kilometres offshore in water depths exceeding 1,000 metres. It normally produces up to 225,000 barrels per day […]

Oil and Gas

Shell, Sunlink approve final investment for HI Gas Project

Shell Nigeria Exploration and Production Company Limited, a subsidiary of Shell plc, in collaboration with Sunlink Energies and Resources Limited, has approved the final investment decision for the HI Gas Project off the coast of Nigeria. According to a Shell statement on Tuesday, once completed, the project is expected to produce 350 million standard cubic […]

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Shell pays $5.34bn to FG in 2024, highest globally 

Shell Plc paid $5.34 billion to the Nigerian government in 2024, making it the largest payment the company made to any government globally that year, despite its ongoing divestment from onshore oil operations in Nigeria. This information comes from Shell’s annual “Payments to Governments” report, a mandatory disclosure under UK law, which provides transparency on […]

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 […]

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