The shipping industry spews hundreds of millions of tons of greenhouse gases into the atmosphere each year and is under mounting pressure to decarbonize. LNG, emitting less carbon than oil-derived ship propellant, has been touted as a key bridge fuel during the switch to cleaner energy. Yet it still releases pollutants, including large amounts of methane.
Nigerian National Petroleum Co. Ltd. is the majority owner of the SPDC JV holding 55 percent. TotalEnergies SE owns 10 percent but has entered into a deal to divest this to Chappal Energies Mauritius Ltd. for $860 million. Eni SpA owns the remaining five percent, previously held via Nigerian Agip Oil Co. Ltd. (NAOC). The Italian state-controlled company sold NAOC to local player Oando PLC for nearly $800 million last year but has decided to retain its SPDC JV stake.
Shell PLC and its partners have begun producing petroleum in the Gumusut-Kakap-Geronggong-Jagus East (GKGJE) Phase 4 deepwater project on the border of Malaysia and Brunei.
McDermott has completed engineering, procurement, construction, installation, and commissioning (EPCIC) activities in the Gulf of Mexico for Shell, enabling oil production at its Whale development, the company said on Thursday.
In January, Shell announced Andrew Smith’s promotion to lead the trading and supply arm and elevated him to the committee, signaling the unit’s increasing importance to the energy giant. Machteld de Haan is also due to join the committee as the leader of downstream, renewables and energy solutions.
Global LNG demand will increase by around 60% by 2040, driven by economic expansion in Asia, emissions reductions in heavy industry and transport, and the growing impact of AI, Shell has forecast in its LNG Outlook 2025.
The two-year, cost-reimbursable contract extension, centers on providing brownfield EPC services, as well as subsea and integrity management, at the Shell UK-operated St Fergus and Mossmorran onshore terminals and the Nelson, Gannet and Shearwater offshore assets.
The government of Egypt has signed deals with Shell and TotalEnergies for the delivery of 60 LNG cargoes at a cost of around USD 3 billion, Reuters reported on Friday.
Shell (SHEL.L), opens new tab will write down around $400 million over an oil discovery offshore Namibia that it deemed commercially unviable in a blow to the southern African country’s efforts to become a crude producer.
Shell told Reuters that discovered oil and gas resources in offshore block PEL39 in Namibia “cannot currently be confirmed for commercial development.”
A Shell-CNOOC joint venture has reached an FID on expanding a petrochemicals complex in the south of China, Shell said on Wednesday.