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Shell oil traders trade one Caribbean paradise for another

Fri, 17th Aug 2018 11:58

By Julia Payne

LONDON, Aug 17 (Reuters) - Royal Dutch Shell's oiltraders in the Caribbean island of Barbados are getting readyfor a tough gig - they're being moved to the Bahamas next month.

The relocation of the oil and gas company's trading hub forLatin America will make travel to customers in the key regioneasier for its employees, a company spokeswoman said.

Shell's oil output in South America jumped sharply in 2016after it acquired BG Group, which had a large portfolio ofassets in Brazil. The country now accounts for about 10 percentof the group's oil and gas production.

In the first half of 2018, oil production in the region was335,000 bpd, according to company data. In 2015, South Americanoutput was only 38,000 bpd.

"Shell Western Supply and Trading can confirm it isrelocating from Barbados to the Bahamas, effective September2018," the spokeswoman said.

"The requirement to move arose after the expansion of ourcustomer footprint following the BG integration. As we look togrow our business, the location of the Bahamas will enable us tomeet with our customers more frequently."

In the past the office was primarily focused on west Africancrude trading, particularly oil out of Nigeria where it has amajor presence, a source familiar with the matter said.

The office of about 45 people has many expatriates whohandle the whole chain around trading, including the financialside, legal, shipping and operations, the source said.

Brazil remains a key investment focus for Shell, which wasawarded more offshore deep-water exploration licenses this year.The country has some of the world's most enticing offshoregeology, with billions of barrels of oil contained beneath athick layer of salt under the ocean floor.

The allure of the Caribbean's palm trees and calm, pristinebeaches make job openings at Shell's office among the mostcoveted, traders said.

(Reporting by Julia PayneAdditional reporting by Ron BoussoEditing by David Holmes)

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