ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Friday, February 26, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
​Oil Crisis: Shell to cut 10,000​ jobs in Nigeria, other countries

Ben Van Beurden

​Oil Crisis: Shell to cut 10,000​ jobs in Nigeria, other countries

byBassey Udo
February 4, 2016
2 min read
ADVERTISEMENT

Royal Dutch Shell, the parent company of Shell Petroleum Development Company of Nigeria, has unfolded plans to cut its global workforce, including Nigeria’s, by about 10,000 in 2016, as it battles increasing pressures from declining global oil prices on its operations.

​The ​Chief Executive Officer of the group, Ben Van Beurden, said in a webcast on its 2015 fourth quarter and full year results early on Thursday that this was part of holistic changes the company was undertaking to restructure and refocus its operations in 2016.

“We are making substantial changes in the company, reorganising our u​pstream, and reducing costs and capital investment as we refocus Shell, and respond to lower oil prices,” Mr. Beurden said.

The ​chief ​e​xecutive, who said the planned merger between Shell group and BG Group was expected to be completed in a few weeks, explained that no fewer than 10,000 staff and direct contractors​ for both companies would be sacked.
Reviewing the g​roup’s performance in 2015, Mr. Beurden said the poor situation compelled the company to significantly curtail spending by reducing the number of new investment decisions and designing lower-cost development solutions in its operation.

​He said the decision had reduced the ​g​roup’s operating costs and capital investment during the year by about $12.5 billion when compared to the previous year, adding that further reductions were expect in 2016 to stay afloat.
“As a result of our actions in 2015, we have retained a strong balance sheet position, with 14% gearing. Shell will take further impactful decisions to manage through the oil price downturn, should conditions warrant that,” the Shell Group boss said.

The ​g​roup had announced a $1.8 billion, or 44 per cent drop in total earnings for the last quarter of 2015, compared with $4.2 billion for the fourth quarter of 2014. Full year 2015 earnings dropped to $10.7 billion compared with $22.6 billion in 2014.

In 2016, apart from the ​group’s decision to pull out of the Bab sour gas project in Abu Dhabi, Mr. Beurden said the company also decided to postpone final investment decisions, FIDs, on both LNG Canada as well as the Bonga South West in deep water project in Nigeria.

The Bonga South West project includes the construction of a new floating production, storage and offloading (FPSO) facility with an expected peak production of 225,000 barrels of oil per day.

The Bonga South West oil field, which straddles oil mining leases (OMLs) 118, 132 and 140, is operated by the Shell Nigeria Exploration and Production Company, SNEPCo, the deepwater operating arm of Shell Nigeria.

RelatedNews

VIDEO: What Bawa told Senate about himself

Facebook to invest $1bn in news industry

Nigeria needs urgent action on food as population surges — Osinbajo

Nigeria’s National HIV response – 14 years later

The Bonga project itself, which began oil and gas production in 2005, is Nigeria’s first deep-water development in water depths of over 1,000 metres.

In 2014, SNEPCo also commenced oil production at the Bonga North West deep-water development, with oil transported by a new undersea pipeline to the existing Bonga FPSO and export facility.

In November 2014, SNEPCo announced plans to drill eight more wells in the Bonga field in the third phase of the Bonga Main development. Bonga has produced over 500 million barrels of oil to date.

Dangote adbanner 728x90_2 (1)

​​

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

Brave shop owner in Bayelsa locks up two gun-wielding robbers

Next Post

Buhari Scorecard: Presidency accuses group of ​’false propaganda’​

Bassey Udo

Bassey Udo

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

More News

Nigeria Stock Exchange

Nigerian stocks end two-day rally with N66bn loss

February 25, 2021
A Bureau De Change, BDCs, operator

Naira strengthens on I&E window

February 25, 2021
Minister of Finance, Zainab Ahmed 1

Unifying Naira’s exchange rate will take time, Nigerian Govt tells World Bank

February 25, 2021
Oando-PLC [Photo Credit: www.oandoplc.com]

SEC speaks on court order nullifying Oando’s AGM ban

February 25, 2021
AMCON

AMCON seizes assets belonging to directors over N1.6bn debt

February 25, 2021
Naira and Dollars

Naira weakens against dollar on I&E window

February 24, 2021
Next Post
President Muhammadu Buhari talking

Buhari Scorecard: Presidency accuses group of ​'false propaganda'​

Lagos helicopter crash: Bristow suspends operations

Nigerian government bars Bristow from using crashed helicopter model

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,624,822 other subscribers.

Advertisement






netherland biz school Advert

Zenith Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.