Shell - The African Mirror

Apr

2024

Nigeria strikes deal with Shell to supply $3.8 bln methanol project

NIGERIA has struck a deal for Shell to supply gas to its proposed $3.8 billion Brass methanol facility, resolving a major hurdle to a final investment decision on the project, the minister of state for gas said. Nigeria, which holds Africa's largest natural gas reserves of more than 200 trillion cubic feet, has struggled to tap the commodity due to capital constraints and a lack of infrastructure. Minister Ekperikpe Ekpo said in a statement that the Gas Supply and Purchase Agreement (GSPA), crucial for the Brass methanol project, will be executed next month following successful talks with Shell's Nigeria CEO and…

Apr

2024

By NATALIE GROVER and WENDELL ROELF

OPEC woos Namibia as African nation prepares to produce from 2030

BUSINESS

THE OPEC+ oil producers group, having lost Angola and other players in recent years, is eyeing Namibia for possible membership as it sets up what could be Africa’s fourth-largest output by the next decade, an African industry official and sources told Reuters. TotalEnergies and Shell in recent years have made discoveries estimated at 2.6 billion barrels, setting the stage for the southern African country to plan production from about 2030. The initial focus for OPEC+ would be to see Namibia join its Charter of Cooperation, the sources said, a grouping that engages in longer-term dialogue about energy markets. Brazil joined the charter…

Mar

2024

By SEUN SANNI

Shell faces calls to safely decommission old assets before Nigeria exit

NEWS

NIGERIA needs to ensure that Shell safely dismantles its old infrastructure or pays to remove them from the Niger Delta before its exit, says a report on the environmental impact of the activities of multinational companies. Shell is set to exit from Nigeria's onshore oil and gas operations after agreeing in January to sell the business to a consortium of five mostly local companies for $2.4 billion. The deal is the latest by an international oil company seeking to divest from Nigeria's troubled onshore oil sector. But the cost of dismantling old assets could leave the country with environmental degradation, according to…

Feb

2024

By CAMILLUS EBOH

Nigeria seeks to resolve disputed oilfield issues, denies criminal liability

NEWS

NIGERIA wants to resolve outstanding issues around the disputed OPL 245 oil block as it seeks to attract investment to its oil and gas industry and has held talks with Shell and Eni to discuss the matter, its oil minister said. Minister of State for Petroleum Heineken Lokpobiri Minister of State for Petroleum Heineken Lokpobiri reiterated the government's position that there was no criminal liability on its part, or by the other parties, in the oil block deal, which has been embroiled in litigation for years. Nigeria in November, withdrew a $1.1 billion civil claim against Shell and Eni related to allegations…

Jan

2024

By CAMILLUS EBOH

Nigeria set to approve Shell’s oil asset sale

BUSINESS

NIGERIA backs Shell's decision to sell its onshore oil and gas assets, its junior oil minister said, and will give the necessary regulatory approval. Shell announced its exit from Nigeria's onshore and shallow water operations after agreeing to sell the business to a consortium of five mostly local companies, opting to focus future investments in the less troubled deep offshore fields. Heineken Lokpobiri, Nigeria's minister of state for petroleum, who spoke at the World Economic Forum in Davos, said the government will not impede legitimate business transactions and reaffirmed its commitment to "fostering a business-friendly environment" in the sector. In a statement,…

Jan

2024

By RON BOUSSO

Shell to exit Nigeria’s troubled onshore oil after nearly a century

NEWS

SHELL is set to conclude nearly a century of operations in Nigerian onshore oil and gas after agreeing to sell its subsidiary there to a consortium of five mostly local companies for up to $2.4 billion. The British energy giant pioneered Nigeria's oil and gas business beginning in the 1930s. It has struggled for years with hundreds of onshore oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits. Since 2021, Shell has sought to sell its Nigerian oil and gas business but will remain active in Nigeria's more lucrative and less problematic…

Jan

2024

By CAMILLUS EBOH

Nigeria’s top court says Shell’s appeal should be heard after oil spill claim

NEWS

NIGERIA'S Supreme Court ruled that Shell should be granted a hearing over an alleged oil spill in the Niger Delta after the Court of Appeal halted an asset sale and ordered a judgement claim to be paid prior to hearing its case. The case, one of several against Shell Plc locally and abroad, started with a High Court ruling in November 2020 that ordered Shell to pay 800 billion naira ($878 million) to communities of Egbalor Ebubu in Rivers state, who accused the firm of an oil spill that damaged waterways and farms. Shell denies causing the spill. Shell had appealed…

Dec

2023

By FELIX ONUAH

Shell sees $6 billion oil, gas investments in Nigeria, presidency says

NEWS

SHELL sees a $5 billion offshore oil investment opportunity in Nigeria and pledged to spend a further $1 billion in five to 10 years to boost natural gas output for domestic supplies and exports, a presidential spokesperson said, citing Shell's director of gas and upstream operations. Nigerian President Bola Tinubu held talks with Shell's Zoe Yujnovich in a move to attract capital to Africa's top energy producer, presidential spokesperson Ajuri Ngelale said in a statement. Yujnovich was cited as saying Shell has "an imminent $5 billion investment opportunity" in the offshore Bonga North oil project. "I am really keen to…

Nov

2023

By The African Mirror

Shell confirms Nigeria’s withdrawal of oilfield claim

NEWS

SHELL confirmed that Nigeria has withdrawn civil claims totalling $1.1 billion against it concerning allegations of corruption in a 2011 oilfield deal. "We are pleased that this claim has been withdrawn. It brings to an end to all legal cases against Shell on OPL 245 in Italian courts," a Shell spokesperson said in a statement. In 2021, an Italian court acquitted Shell, Eni, the operator of the OPL 245 oilfield, and company executives of corruption allegations in the acquisition of the field a decade earlier. Eni confirmed Nigeria had withdrawn the claim on Thursday.

Nov

2023

By The African Mirror

Shell plans to drill two more wells offshore Namibia

BUSINESS

SHELL plans to drill two more wells in Namibia over the next 6 to 9 months with the energy giant citing "encouraging data" for the possible development of a new oil basin in the southern African country, CEO Wael Sawan said. Shell plans to drill one exploration well, one appraisal well, and conduct one flow test at its exploration licences offshore Namibia, Sawan said in a call with analysts. "There is a lot of encouraging data that we have identified," he said. Shell and France's TotalEnergies have made several promising discoveries in recent years in the country which has no oil and gas…