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Share Price: 2,946.00
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Ask: 2,943.50
Change: 37.50 (1.29%)
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Shell in Nigeria

Tue, 16th Jan 2024 13:13

LONDON, Jan 16 (Reuters) - Shell pioneered Nigeria's oil and gas industry and remains a major investor in the West African country even after exiting its onshore operations. But over the decades the British company has come under fire over spills in the Delta region and struggles with oil theft, corruption and oil-fuelled violence.

Following are some of the highlights of Shell's history in Nigeria:

1936 - The Royal Dutch Shell Group establishes a Nigerian venture with the precursor company of BP Plc. The first shipment of oil from Nigeria takes place in 1958.

April 1973 - Nigerian government takes a stake in the venture. Over the coming years, the government increases its stake and BP exits.

1979 - The Shell Petroleum Development Company of Nigeria (SPDC) is established, incorporating assets of the older Shell-BP consortium. Over time, the Nigerian National Petroleum Corporation comes to own 55%, Shell owns 30%, France's Total owns 10% and Italy's Eni 5%.

1990 - The Movement for the Survival of the Ogoni People (MOSOP), led by firebrand environmental rights activist Ken Saro-Wiwa, starts campaigning for a fairer share of oil wealth for the Ogoni people living on oil fields and compensation for environmental damage.

January 1993 - MOSOP organises protests of around 300,000 Ogoni people against Shell and oil pollution. Nigeria's military government occupies the region.

April 1993 - Shell forms Shell Nigeria Exploration and Production Company Limited (SNEPCo), which signs Production Sharing Contracts to develop offshore oil and gas interests.

1993 - Shell ceases production in Ogoniland.

November 1995 - Saro-Wiwa and eight other MOSOP leaders are executed by Sani Abacha's military government on alleged murder charges, to worldwide horror. Nigeria is suspended from the Commonwealth.

Late 1990s - Over time, Shell's focus shifts to offshore exploration, where it enjoys better margins and fewer threats of attack by militants.

March 2001 - Shell signs an agreement to acquire a 40% stake in oil production licence (OPL) 245, a large offshore field, from local company Malabu.

October 2003 - SPDC pumps more than 1 million barrels of oil per day.

2005 - Shell starts production at the giant Bonga offshore field.

2006 - Militant group MEND (Movement for the Emancipation of the Niger Delta) emerges and begins to attack Shell facilities. Like MOSOP, it seeks a great share of oil wealth for the Delta's people and remediation for oil spills. SPDC pump stations and platforms in Niger Delta are attacked and production falls.

2008 - Two large spills, a result of operational faults, hit the community of Bodo in Ogoniland in the Niger Delta. Tens of thousands of barrels of oil are spilt.

January 2010 - SPDC sells some onshore fields and says it is no longer looking to Nigeria for growth.

April 2011 - Shell and Italy's Eni acquire OPL 245 for $1.1 billion from Malabu.

August 2011 - A U.N. report criticises Shell and the Nigerian government for contributing to 50 years of pollution in Ogoniland which it says needs the world's largest oil clean-up, costing an initial $1 billion and taking up to 30 years.

March 2012 - A group of 11,000 Nigerians from Bodo, Ogoniland, launch a suit against Shell at the London High Court, seeking tens of millions of dollars in compensation for the 2008 oil spills.

January 2013 - A Dutch court rules that Shell could be held partially responsible for pollution in the Niger Delta, saying the company should have prevented sabotage at one of its facilities. Four Nigerians and Friends of the Earth filed the suit originally in 2008 in the Netherlands.

January 2015 - Shell accepts liability for the Bodo spills, agreeing to pay 55 million pounds ($83 million at the time) to Bodo villagers and to clean up their lands and waterways.

May 2018 - Court case against Shell and Eni over the 2011 OPL 245 acquisition starts in Milan. Nine current and former executives and contractors, including ENI Chief Executive Claudio Descalzi, are accused by Italian prosecutors of paying $1.3 billion in bribes to secure the licence.

July 2020 - Italian prosecutors ask a Milan court to fine Eni and Shell 900,000 euros ($1.1 million) each and some current and former executives, including Descalzi, to be jailed. They also ask that $1.092 billion, the equivalent of the alleged bribes, be confiscated from all the defendants.

March 2021 - Milan court acquits all the defendants in the Italian trial.

Aug 2021 - Shell agrees to pay a Nigerian community 45.9 billion naira ($111.68 million) to settle a case over an oil spill with the Ejama-Ebubu community in Nigeria's Ogoniland.

May 2023 - UK Supreme Court rules that it was too late for Nigerian claimants to sue two Shell subsidiaries over the 2011 offshore oil spill.

January 2024 - Shell agrees to sell its onshore Nigerian oil and gas subsidiary to a consortium of five mostly local companies for up to $2.4 billion.

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10 May 2024 18:24

Europe Gasoline/Naphtha-Gasoline cracks register weekly drop

LONDON, May 10 (Reuters) - Northwest European gasoline refining margins rose by 37 cents to around $21.11 a barrel on Friday, but at that level registered around an 8.5% drop on the week.

Trade    Bid      Offer    Prev.    Buyer    Seller
Ebob $864 BP Varo
Barges
MOC
Platts E5
(fob ARA)
<EUROBOB-
ARA>
Ebob
Barges
E10
Platts(fo
b ARA)
Ebob $868-87 $878.25 BP Gunvor,
Barges 6.25 (5 (one Varo
Argus barges) barge)
E5(fob
AR)
Ebob $874.25 Assesse Phillip Totsa,
Barges d s 66, Mabanaf
E10 Argus at$867. Shell t
(fob AR) 50
June swap 853.25 $855.50
(fob ARA)
Premium $861 $871-$8 Trafigu Litasco
Unleaded 74 ra
(fob ARA)
<PU-10PP-
ARA>
Cargoes June BGN
(fob MED) +$7.50
FOB
Barcelo
na
Cargoes
(cif NWE)
Naphtha May +$5 June
(cif NWE) +$22
<NAF-C-NW
E>

Ebob crack (per barrel) $21.11 Prev. $20.74
Brent futures
Rbob
Rbob crack <RBc1-CLc1>
(Reporting by Robert Harvey; Editing by Kirsten Donovan)

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10 May 2024 15:38

NextDecade Texas Rio Grande LNG Train 1 on track for late 2027 completion

May 10 (Reuters) - U.S. liquefied natural gas (LNG) company NextDecade said the first phase of its Rio Grande project in Texas remained on budget and on schedule for substantial completion of three liquefaction trains from late 2027 to late 2028/early 2029.

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9 May 2024 17:33

Europe Gasoline/Naphtha-Gasoline cracks slip on weaker export demand

LONDON, May 9 (Reuters) - Northwest European gasoline refining margins dropped to about $21.40 a barrel on Thursday in thin trading activity and as export opportunities dwindled.

Trade    Bid      Offer    Prev.    Buyer    Seller
Ebob $915
Barges
MOC
Platts E5
(fob ARA)
<EUROBOB-
ARA>
Ebob
Barges
E10
Platts(fo
b ARA)
Ebob $878.25 $855 Sahara Gunvor
Barges (one
Argus barge)
E5(fob
AR)
Ebob Assesse
Barges d
E10 Argus at$867.
(fob AR) 50
June swap $855.50 $847
(fob ARA)
Premium $871-$8 $865-$8 Vitol Shell
Unleaded 74 67
(fob ARA)
<PU-10PP-
ARA>
Cargoes
(fob MED)
Cargoes $914
(cif NEW) (Tees)
Naphtha May +$4
(cif NWE)
<NAF-C-NW
E>

Ebob crack (per barrel) $20.44 Prev. $21.87
Brent futures
Rbob
Rbob crack <RBc1-CLc1>
(Reporting by Ahmad Ghaddar;Editing by Elaine Hardcastle)

Read more
9 May 2024 15:51

UK dividends calendar - next 7 days

Friday 10 May 
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Somero Enterprises Incspecial dividend payment date
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Monday 13 May 
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Tuesday 14 May 
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Comments and questions to newsroom@alliancenews.com
  
A full 14-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
8 May 2024 16:58

Europe Gasoline/Naphtha-Gasoline cracks decline after surprise US inventory gain

LONDON, May 8 (Reuters) - Northwest European gasoline refining margins dropped below $22 a barrel on Wednesday after U.S. data showed an unexpected rise in inventories.

Trade    Bid      Offer    Prev.    Buyer    Seller
Ebob $915
Barges
MOC
Platts E5
(fob ARA)
<EUROBOB-
ARA>
Ebob
Barges
E10
Platts(fo
b ARA)
Ebob $855 $885-$$ BP, Gunvor,
Barges 888(14K Sahara, Exxon
Argus T) Varo
E5(fob
AR)
Ebob $877-$8
Barges 77.75
E10 Argus (11KT)
(fob AR)
June swap $847 $855
(fob ARA)
Premium $865-$8 $869 Trafigu Shell,
Unleaded 67 ra Total
(fob ARA)
<PU-10PP-
ARA>
Cargoes May
(fob MED) +$14
Cargoes $914 Gunvor Equinor
(cif NEW) (Tees)
Naphtha
(cif NEW)
<NAF-C-NW
E>

Ebob crack (per barrel) $21.87 Prev. $22.41
Brent futures
Rbob
Rbob crack <RBc1-CLc1>
(Reporting by Ron Bousso; Editing by Kirsten Donovan)

Read more
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Shell sells Singapore refinery to Glencore joint venture

(Sharecast News) - Energy giant Shell has announced that it is selling its interest in Singapore's Energy and Chemicals Park, the company's largest petrochemical production and export centre in Asia Pacific.

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8 May 2024 13:19

Middle East Crude-Benchmarks fall, snapping two-day streak

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8 May 2024 07:07

Shell to sell Singapore refinery, petrochemical assets to Chandra Asri and Glencore

SINGAPORE, May 8 (Reuters) - Shell said on Wednesday it has agreed to sell its refinery and petrochemical assets in Singapore to a joint venture between Indonesia's PT Chandra Asri Pacific and Swiss commodities trader Glencore.

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7 May 2024 18:31

Europe Gasoline/Naphtha-Gasoline cracks steady as supply stays abundant

LONDON, May 7 (Reuters) - Northwest European gasoline refining margins were largely steady at $22.88 a barrel on Tuesday as European stock levels dipped and the market remains well supplied.

Trade    Bid      Offer    Prev.    Buyer    Seller
Ebob $915
Barges
MOC
Platts E5
(fob ARA)
<EUROBOB-
ARA>
Ebob
Barges
E10
Platts(fo
b ARA)
Ebob $885-$$ $896-$8 Litasco Gunvor,
Barges 888(14K 96.25 , Trafigu
Argus T) Glencor ra
E5(fob e, BP,
AR) Sahara,
Shell
Ebob $877-$8 $882-$8 Litasco Varo,
Barges 77.75 82.25 , BP, Totsa,
E10 Argus (11KT) P66 GST,
(fob AR) Mabanaf
t
June swap $855 $862.50
(fob ARA)
Premium $869 $876 Vitol Totsa
Unleaded
(fob ARA)
<PU-10PP-
ARA>
Cargoes May
(fob MED) +$14
Cargoes $914 Gunvor Equinor
(cif NEW) (Tees)
Naphtha
(cif NEW)
<NAF-C-NW
E>

Ebob crack (per barrel) $22.878 Prev. $22.646
Brent futures
Rbob
Rbob crack <RBc1-CLc1>
(Reporting by Noah Browning; Editing by Richard Chang)

Read more
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European shares close at record highs on financials boost

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*

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UK's FTSE 100 notches record closing high in broad rally

FTSE 100 up 1.2%, FTSE 250 adds 1.2%

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London close: Stocks jump on return from long weekend

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7 May 2024 16:08

BP profit slides by 40% as refinery outage offsets higher output

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*

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7 May 2024 15:25

Shell confirms "several" parties eying South African retail business

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