Shell Trinidad and Tobago Ltd. (Shell), a subsidiary of Shell plc, has taken Final Investment Decision (FID) on the Manatee project, an undeveloped natural gas field in the East Coast Marine Area (ECMA) in Trinidad and Tobago.
Shell Plc plans to explore an offshore South African oil block located across the maritime border with Namibia, where a number of discoveries have been made.
Shell plc (NYSE:SHEL) expects a $2 billion impairment in the second quarter of 2024 after pausing its Rotterdam biofuels facility and divesting its Singapore refinery. Rotterdam’s construction halt leads to a $600 million to $1 billion non-cash charge, while Singapore sees $600 million to $800 million in charges.
British supermajor remains within the initially guided ranges despite lowered outlook for oil and gas demand growth this year
The companies submitted bids for the Modified UC block, which is located close to the Teak, Sammaan, Poui producing fields.
South Africa’s purchase of the nation’s largest refinery from Shell Plc and BP Plc for a symbolic rand (five US cents) will transfer the environmental liability of the site to the government, according to a local advocacy group.
Shell shareholders are anxiously counting down to the oil supermajor’s first-quarter (Q1) 2024 earnings release on May 2, with a cloud of valuation concerns hanging over the company. Despite its share price trading near record highs, giving Shell a whopping £185.1 billion market capitalization, the firm was recently dethroned as Britain’s most valuable company by pharmaceutical giant AstraZeneca.
Nigeria’s oil regulator on Monday commenced the evaluation of the divestment processes of Shell’s 75-year-old onshore assets to Renaissance company, the new investors.
Financial details of Shell’s vast oil and gas trading business are some of the company’s closest-held secrets.
Documents in a lawsuit filed by a former employee, however, revealed its U.S. crude trading regularly earns around US$1 billion every year.
Offshore Namibia, the success rate in offshore discoveries has been phenomenal so far.
This week, TotalEnergies and QatarEnergy said they were expanding their efforts to explore for oil and gas in the Orange Basin offshore Namibia.
In Uruguay, Brazil’s neighbor to the south, a subsidiary of Chevron entered in a deal this week to buy 60% and assume operatorship of an offshore exploration block.