Connect with us

Energy

Report: Shell Will Lay Off Hundreds In Workforce, Houston To Be Impacted

Published

on

Shell reiterates commitment to lower CO2 emissions in Nigeria

Reuters said Shell could cut hundreds of oil and gas exploration and development jobs in order to reduce costs, with Houston being especially impacted.

Shell, the major oil and energy company with its U.S. headquarters in Houston, may soon announce it is cutting 20 percent of its upstream workforce, according to a new report.

The Houston-based oil and gas giant is planning to reduce its oil and gas exploration staff by 20 percent, according to Reuters.

ALSO READ: Shell Nigeria Wins Multiple Awards At 2024 SPE

Restructuring of the company’s “exploration and wells development and subsurface units” will see hundreds of job cuts around the world, and will be felt in particular in its offices in Houston, The Hague, and to a lesser degree in Britain, the sources told Reuters.

Shell did not respond to Chron’s request for comment on the impending layoffs. The energy giant is Houston’s second-largest energy employer, employing an estimated 9,000 people in the area, according to Houston Business Journal research.

The workforce cuts are not confirmed, and must still be discussed with employee representatives, the news agency said.

Shell’s new CEO, Wael Sawan, is on a cost-saving drive to improve the company’s performance. “Shell aims to create more value with less emissions by focusing on performance, discipline and simplification across the business. That includes delivering structural operating cost reductions of $2-3 billion by the end of 2025,” Shell said in a statement sent to Reuters.

In recent years, the business has also divested in a number of industries, including refineries and renewables. Earlier this week, Shell sold a pipeline and terminal system near the Houston Ship Channel that it had previously integrated into the Deer Park Refinery to a Houston-based business. Previously, Shell sold its interest in the Deer Park Refinery to Petroleos Mexicanos, or Pemex, for $596 million in 2022.

In 2022, Shell also sold its refinery in Mobile, Alabama, to Vertex Energy Inc. of Houston.

Decades after helping establish Houston’s reputation as the Energy Capital of the World, oil and gas giant Shell is shifting its focus.

The company recently published its Energy Transition Strategy 2024 report and announced it will be getting rid of about 1,000 gas stations over the next two years and funneling resources to expanding services for electric vehicles (EVs).

The company also set a goal of cutting down customers’ carbon emissions, which rose to 569 million tonnes in 2021, by 25-30 percent by 2030. “Our target to become a net-zero emissions energy business by 2050 remains at the heart of our strategy,” the report stated.

Courtesy – Chron

Energy

IEA Puts UAE’s Oil Output at 5.3mbpd for September

Published

on

Oil output from the United Arab Emirates (UAE) rose to record levels in September, underscoring its resilience even amidst the Middle East crises and liberation from OPEC+ limits.

The International Energy Agency (IEA) issued the data in its monthly report, adding that Abu Dhabi raised total oil production, including condensates, by 400,000 bpd to 5.3 MMbpd.

According to the IEA, the UAE bolstered crude output to more than 4.4 MMbpd, nearing its maximum capacity, which surpasses the previous highs for total oil in August, and crude oil in June.

READ ALSO: Africa’s Energy Security Conversations Pull Industry Executives Together

The UAE has been one of the most successful among regional producers in restoring flows through the Strait of Hormuz, by drawing on a fleet of tankers to discreetly shuttle cargoes through the chokepoint and then transfer them onto other vessels. In addition, the country’s decision to leave the Organization of the Petroleum Exporting Countries (OPEC) as of May has freed it from the group’s output caps, a source of frustration for years.

Its gains contributed to a wider recovery in flows from Gulf producers, which reached more than 75% of pre-war levels in September, led by Saudi Arabia, according to the Paris-based IEA.

Still, it’s unclear how far the regional rebound has withstood a new wave of Iranian attacks on tankers transiting Hormuz, and escalating hostilities carried out by the Houthi rebel faction in Yemen.

The UAE depleted its observable above-ground inventories at a record pace of more than 270,000 bpd in September, drawing them to an all-time low, according to the IEA.

Continue Reading

Energy

Africa’s Energy Security Conversations Pull Industry Executives Together

Published

on

Africa’s gas potential and strengthening the continent’s energy security would take centre stage at the Africa Interviews Sustainability Forum (AISF 2026) scheduled for Wednesday, October 21, in Lagos.

Biztellers reports that top officials of Oando Plc and Renaissance Africa Energy Company Limited, Ayotola Jagun and Tony Attah, respectively, will be leading other industry leaders in the discussion.

Jagun, Oando’s Executive Director, Chief Corporate Services and Sustainability Officer, and Attah, Managing Director and Chief Executive Officer of Renaissance Africa Energy Company Limited, will participate in a panel discussion alongside Lamé Verre of Lean In Equity & Sustainability (LiNES) and Dapo Filani, Managing Director and Chief Executive Officer of Waltersmith.

The panel will examine Africa’s energy security and the role of natural gas in the continent’s energy transition.

READ ALSO: 30 Nigerians Bag Postgraduate Scholarship from NNPC Ltd, Eni

The forum, launched in 2024, is holding its third edition under the theme, “Energy Security and Africa’s Energy Transition: Defining the Role of Gas.”

This year’s gathering will explore how African countries can strengthen energy security, attract investment in gas development and balance growing energy demand with sustainability objectives.

Verre, a London-based energy and sustainability executive, is Co-founder and Chair of the Advisory Board of LiNES. She will bring her international experience in sustainability, decarbonisation and low-carbon development to the discussion. Her work spans low-carbon initiatives across sectors, including marine, the built environment, forestry, land and agriculture.

Jagun brings extensive experience in corporate governance, regulatory compliance, enterprise risk management and sustainability. Her contribution will provide a corporate sustainability and governance perspective on the relationship between energy development, environmental responsibility and Africa’s transition priorities.

Attah, a former Managing Director and Chief Executive Officer of Nigeria LNG Limited, has extensive experience in the oil and gas industry, particularly in natural gas development and major energy operations.

Filani leads Waltersmith, an indigenous Nigerian energy company with interests across the oil and gas value chain. His participation will highlight the role of indigenous energy companies in strengthening domestic energy capacity and supporting economic development.

The panel will consider what is required to unlock greater investment in Africa’s gas sector, how natural gas can support industrial growth while advancing sustainability, and what practical measures could help translate the continent’s energy ambitions into tangible outcomes.

Beyond the panel discussion, AISF 2026 will provide opportunities for engagement among senior energy executives, policymakers, investors and business leaders.

Continue Reading

Energy

Middle East Push, G7’s Strategic Reserve Release Arrest Oil Prices

Published

on

Oil prices on Monday went south, after crude exports from the Middle East rose above pre-war levels, while the Group of Seven nations pledged to release 100 million barrels of crude and diesel from emergency reserves.

Brent crude futures fell by $1.20, or 1.17 percent, to $101.05 a barrel, while West Texas Intermediate crude declined by $1.16, or 1.27 percent, to $89.95 per barrel, according to Reuters.

Middle Eastern crude exports exceeded pre-war levels on four of the seven days in the final week of September, shipping data showed, despite attacks on vessels passing through the strategic Strait of Hormuz.

The increase in exports, combined with the G7’s planned release of emergency stocks, helped put downward pressure on crude prices.

The G7 countries agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves and pledged to refrain from energy export restrictions following pressure from United States President Donald Trump.

READ ALSO: Ndindi Nyoro Gives Ruto 14 Days to Disclose Dangote Refinery Deal

However, the scale of the additional supply remained uncertain.

IEA Executive Director, Fatih Birol, said last week that member countries had already released about two-thirds of the 400-million-barrel volume.

Meanwhile, supply concerns remained elevated as fighting continued across parts of the Middle East.

Saudi Aramco Chief Executive Officer, Amin Nasser, also warned that crude oil and refined fuel supplies were expected to remain stretched.

He said rebuilding global stockpiles after emergency withdrawals could take two years.

The United States Strategic Petroleum Reserve fell to 283 million barrels last week, its lowest level since October 1982, according to data from the US Department of Energy.

The supply outlook was further complicated by the continuing conflict involving Saudi Arabia and Iran-backed Houthi forces in Yemen.

Yemeni government forces attacked Houthi positions in the Dhubab district overlooking the Bab el-Mandeb Strait on Monday, according to two military sources.

The development came a day after the internationally recognised government launched a campaign to retake Houthi-held territory.

Meanwhile, OPEC+ postponed a review that would determine its 2027 oil output quotas after the war involving Iran disrupted projects aimed at expanding production capacity across the Middle East.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x