Company Operations

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 …

Shell CEO defends strategy against activist investor’s bid to split company

October 28, 2021 | Company Operations

London, UK | Royal Dutch Shell Plc mounted a robust defence against activist investor Dan Loeb’s bid to split the company, and pension funds that are dumping its shares, saying the company’s integration of oil, gas and renewables is key to delivering the energy transition. The energy giant’s CEO is fighting to keep his strategy alive after suffering two major blows in a matter of days.  On Wednesday, Loeb’s Third Point Capital LLC said it had amassed a sizable stake in Shell and would push …

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 …

BP halts output at North Sea ETAP platform after power failure

February 19, 2020 | Company Operations, North Sea & Western Europe, Upstream

London, UK – British multinational oil and gas company, BP  halted production at its ETAP platform, which connects seven oil and gas fields in the British North Sea with the Forties Pipeline System and the CATS gas terminal, after a problem with its power generation system, the company said on Wednesday. It also evacuated 66 of the 134 people working on the platform “We are working to resolve the power generation issue,” BP said in a statement. ETAP’s production is between 30,000 and 35,000 barrels …

Uganda set to miss 2022 oil production deadline

October 01, 2019 | Company Operations, Development / Production, Uganda

London, UK | – French multinational oil giant Total E&P’s decision to suspend all oil activities in Uganda after Tullow Oil’s failure to sell a stake of its interests will delay Uganda’s plans of producing first oil, hurting the country’s position of meeting some of its debt obligations, reports the Observer. Uganda has racked up a pile of debts – such as the construction of roads and power plants – in the hope that oil money would flow quickly so that the country can service …

BP CEO Dudley draws up plans to step down next year

September 30, 2019 | Company Operations, Management

London, UK | –  British multinational oil and gas company  BP plc  Chief Executive Officer Bob Dudley is drawing up plans to step down next year, ending a tumultuous decade at the helm of the oil and gas company that swung from near collapse in 2010 to rapid growth today, sources close to the company said on Monday. BP’s first American CEO has indicated several times in closed discussions in recent years that he would like to retire at the age of 65, taking him …

Kenya plans to begin oil exports in Q3 this year

July 25, 2019 | Company Operations, Kenya

Nairobi, Kenya | – Kenya is expected to begin oil exports in the third quarter 2019, British multinational oil and gas exploration company Tullow oil said on Wednesday.  Mark MacFarlane, executive vice president for east Africa of Tullow Oil, said in a statement that in May the Early Oil Pilot Scheme (EOPS) production was increased from 600 barrels of oil per day (bopd) to 2,000 bopd and, to date, more than 200,000 barrels of oil have been delivered to the port of Mombasa. “Tullow expects …