Connect with us

News

Shell agrees to sell SPDC, announces plan to exit Nigeria

Avatar

Published

on

Shell, a prominent international oil company, has agreed to sell its Nigerian onshore subsidiary, Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance, a consortium of five Nigerian companies and an international energy group, for a sum of up to $2.4 billion. The announcement was made in a statement on Tuesday, signifying the conclusion of the British oil giant’s core operations in Nigeria, which began in 1979.

However, the completion of the transaction is contingent upon approvals from the Federal Government of Nigeria, holding a 55 percent stake, and other requisite conditions. Shell emphasized that the transaction aims to maintain SPDC’s operational capabilities, encompassing technical expertise, management systems, and processes that benefit all companies in the SPDC Joint Venture (SPDC JV).

The statement clarified that SPDC’s workforce will remain employed during the transition to new ownership. Furthermore, Shell will retain a role in supporting the management of SPDC JV facilities, crucial for supplying a significant portion of feed gas to Nigeria LNG and NLNG, contributing to Nigeria’s optimal value from NLNG.

Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director, commented on the company’s future plans, stating a focus on investments in deepwater and integrated gas operations. Yujnovich emphasized the significance of the agreement in aligning with Shell’s previous intent to exit onshore oil production in the Niger Delta, streamlining the portfolio, and concentrating disciplined investment in Nigeria on deepwater and integrated gas sectors.

Yujnovich also expressed confidence in Nigeria’s energy sector, envisioning a positive investment outlook. Shell commits to supporting the country’s growing energy needs and export ambitions in line with its strategic goals.

Advertisement

The SPDC JV is an unincorporated joint venture consisting of SPDC Ltd (30 percent), the government-owned Nigerian National Petroleum Corporation (55 percent), Total Exploration and Production Nigeria Ltd (10 percent), and Nigeria Agip Oil Company Ltd (5 percent), as reported by AtlanticReporters

Advertisement
Click to comment

Leave a Reply

News

One shot dead in Nairobi as mass protest hits Kenya

Avatar

Published

on

A 24-year-old protester has been shot dead during demonstrations against the taxation bill currently moving in Kenya.

The deceased was said to have participated in a protest in the capital, Nairobi, on Thursday evening, when thousands of people took to the streets across the country.

The protest was due to a parliamentary debate and vote on the controversial law.

According to a lawyer representing the family, the man was shot in the leg by police and died as a result of massive blood loss.

The man was not given immediate health attention for more than 20 minutes.

Advertisement

One of the protest leaders called for people to come on Friday to the morgue of the hospital where the deceased lay in a show of solidarity with his parents.

The human rights organisation, Amnesty International reported that at least 200 people had been injured during Thursday’s protests in Nairobi alone.

Given the new tax law, many Kenyans fear that their cost of living will rise to an almost unmanageable level.

Entrepreneurs and business owners also fear significant losses due to declining purchasing power.

Advertisement

CREDIT: DAILY POST

Continue Reading

News

Gov Abiodun, Obasanjo, Amosun mourn as Ogun monarch joins ancestors

Avatar

Published

on

Ogun State Governor Dapo Abiodun has praised the late Towulade of Akinale, Oba Femi Ogunleye, as a remarkable leader who significantly elevated his community’s profile. Oba Ogunleye, a distinguished journalist, passed away in the United Kingdom at 79.

In his condolence message to the Ogun State Council of Obas and the Akinale community, Abiodun highlighted Oba Ogunleye’s contributions to the development of Ogun State following his notable journalism career.

“We deeply mourn the loss of Oba Femi Ogunleye, a revered journalist and traditional ruler who passed away in London at 79.

“Oba Ogunleye was a giant in the media industry, dedicated to truth and accountability in journalism. As the Towulade of Akinale, he was a respected monarch who worked tirelessly to uplift his people and promote development in Ogun State.

“His illustrious career and selfless service have left a lasting impact on our society. We extend our heartfelt condolences to the Ogun State Council of Obas, his family, friends, and the entire Akinale community.

Advertisement

“May his soul rest in eternal peace, and may his legacy continue to inspire future generations,” Abiodun stated.

Former President Olusegun Obasanjo, in a condolence message through his Special Assistant on Media, Kehinde Akinyemi, expressed shock at the monarch’s passing. Currently in South Africa for President Cyril Ramaphosa’s second-term inauguration, Obasanjo recalled Oba Ogunleye’s recent high spirits and travel plans, noting his absence will be deeply felt in Owu, Ogun State, and across Nigeria.

Similarly, Senator Ibikunle Amosun lauded the late monarch’s dedication to the development of Akinale, Owu Kingdom, Egbaland, and Ogun State. He remarked that as the first Towulade of Akinale, crowned in 2006, Oba Ogunleye played a pivotal role in many positive community developments and consistently promoted peaceful coexistence and unity among the people.

Continue Reading

News

Wike, Fubara: No individual can pocket Rivers – Asari Dokubo

Avatar

Published

on

Former Niger Delta militant leader Asari Dokubo has warned that no individual will be allowed to dominate Rivers State.

Dokubo emphasized that only one person can serve as governor at a time.

His comments come amidst the crisis in Rivers State due to the expiration of local government chairmen’s tenure.

He urged the former chairmen to accept the end of their three-year term and not to cause any problems.

Speaking to his followers in Port Harcourt, Dokubo stated: “Local government tenure has expired today, June 17, 2024. They should quietly go home. If they wish to seek re-election in accordance with the constitution, they should do so.

Advertisement

“But there is no provision for tenure extension in the constitution. Their term has ended. They should not create unnecessary issues for the state. I also advise young people not to let themselves be manipulated.

“Only one person can be governor of Rivers State at a time. We cannot have two governors simultaneously. The people of Rivers State are greater than Muhajid Asari Dokubo.

“Rivers State is larger than any single individual. No one can exploit and dominate the people of Rivers State. It is not possible.

“The people are demonstrating their power. They have independently taken over local government secretariats because this is about the people, and no one can argue that we voted for a three-year tenure for a chairman and that tenure should not exceed by even a second.”

Advertisement
Continue Reading

Trending