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Shell profits double to record $40 billion as war drives up energy costs

February 02, 2023 | Company Operations, Earnings Reports

London, UK | Global energy giant Shell made a record profit of almost $40 billion in 2022, more than double what it raked the previous year after oil and gas prices soared following Russia’s invasion of Ukraine. Europe’s largest oil company by revenue reported adjusted full-year earnings of $39.9 billion on Thursday — more than double the $19.3 billion it posted in 2021 — driven by a strong performance in its gas trading business. The company’s stock was up 2.6% in London at midday. Just over 40% of Shell’s …

Billpayers struggle as UK winter energy tariffs rise by 80% to £3,549

August 26, 2022 | Commodities & Oilprice, Energy Trading & Markets

The UK’s energy regulator, Ofgem, will likely raise its tariff cap again in January UK, London | UK energy regulator Ofgem has announced its next energy tariff price cap, showing that energy bills may rise by 80% from October. Since January 2022, the tariff cap has now risen by 179%. On Friday, Ofgem announced that the energy tariff price cap will rise to $3,549 per year for gas and electricity for an average household paying via direct debit from the start of October. Many energy businesses currently …

Nigeria loses $750m to oil theft in 2019 — NNPC

February 19, 2020 | Company Operations, Government & Regulations, Nigeria

Abuja, Nigeria | – The Nigerian National Petroleum Corporation (NNPC) says the nation lost about 750 million dollars to oil theft in 2019. The NNPC Group Managing Director, Malam Mele Kyari, disclosed this in Abuja on Tuesday according to Nigerian local newspaper, The Vanguard. Kyari said this when members of the Executive Intelligence Management Course 13 of the National Institute for Security Studies (NISS) visited the NNPC Towers. He decried the growing activities of oil thieves and pirates which he described as a threat to …

US Slaps Sanctions On Russian Oil Major Rosneft

February 19, 2020 | Company Operations, Energy Trading & Markets, South America

London, UK | – The United States on Feb. 18 ramped up pressure on Venezuela by blacklisting a subsidiary of Russian state oil major Rosneft that President Donald Trump’s administration said provides a financial lifeline to President Nicolas Maduro’s government. The U.S. Treasury Department imposed sanctions on Rosneft Trading SA, the Geneva-based trading unit of Rosneft, as Washington targeted Moscow over its backing of Maduro’s government. The move further complicates already-fraught U.S.-Russian relations. Russia condemned the sanctions, saying they amounted to unfair competition and would …

Italian judge puts Nigerian businessman on trial in oil graft case

February 19, 2020 | Current Affairs, Legal, Management, Nigeria

Milan, Italy | –  An Italian judge has ordered a Nigerian businessman to stand trial for alleged international corruption relating to a Nigeria oil graft case involving Eni and Shell, a judicial source and his lawyer said on Wednesday. Milan prosecutors allege that Alhai Aliyu Abubakar played a central role in one of the oil industry’s biggest scandals in years, handing out more than $500 million in cash to powerful Nigerian government officials. The money is alleged to come out of the $1.3 billion licence …

Algeria’s Sonatrach eyes partnerships with Exxon Mobil

October 01, 2019 | Algeria, Contracts, Mergers, Acquisitions & JVs

Algiers, Algeria |   –  Algeria’s state-owned Sonatrach held meetings with Exxon Mobil last week to discuss possible partnerships, a Sonatrach statement said on Monday, a week after it said it had talked with America’s Chevron Corporation. Sonatrach gave no further details of the September 25 and 26 meetings but the energy producer has said it wants to boost output to increase revenues after a decline in prices hit its budget. Some 95% of Algeria’s foreign revenue comes from oil and gas sales. Since energy prices …

Nigeria’s Rivers state buys Shell’s stake in Ogoniland oilfield

October 01, 2019 | Asset Acquisitions & Divestitures, Nigeria

Port Harcourt, Nigeria | –  Nigeria’s Rivers state in the Niger Delta region has purchased Royal Dutch Shell’s stake in an oil mining licence in the restive Ogoniland,  the state’s governor said on Monday. The block under licence, OML 11, has been undeveloped for nearly 25 years, since the execution of regional activist Ken Saro-Wiwa under the Nigerian  military government of Sani Abacha. The field is among several onshore assets that Shell had been trying to sell in Nigeria. Talks with at least one potential …

Tullow founder Aidan Heavey secures $1bln for new oil and gas venture

October 01, 2019 | Budget & Investment, West Africa

Boru Energy to headed by Heavey and former Tullow colleague Tom Hickey and will target assets in Africa London, UK |  Former Tullow Oil senior executives Aidan Heavey and Tom Hickey have secured $1 billion (€920 million) in backing from US investment giant Carlyle for a new oil and gas venture in West Africa to be called Boru Energy. The company will target acquisitions of “primarily non-operated interests” in oil and gas assets across several sub-Saharan African countries  Irish Times reports. Mr Heavey, who stepped down as chairman of Tullow – the exploration company …