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Shell Plc Announces Executive Committee And Directorate Changes

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2 months ago

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Olushola Okunlade Writes

Shell Plc. is to reduce the size of its Executive Committee (EC) from nine to seven members in a decisive move designed to simplify the organisation further and improve performance as we deliver our Powering Progress strategy.

Under the changes, which are expected to take effect on 1 July 2023, Shell’s Integrated Gas and Upstream businesses will be combined to form a new Integrated Gas and Upstream Directorate led by current Upstream Director, Zoe Yujnovich. The Downstream business will be combined with Renewables & Energy Solutions to form a new Downstream and Renewables Directorate led by current Downstream Director, Huibert Vigeveno.

Separately, the Strategy, Sustainability, and Corporate Relations (SSCR) Directorate will be discontinued and its Director, Ed Daniels, will step down from the EC effective 1 July 2023, and leave Group service thereafter. The strategy will be brought together with New Business Development and, alongside Sustainability, will report directly to Sinead Gorman, Chief Financial Officer, enabling more streamlined planning and better capital allocation decisions. Corporate Relations will report directly to Wael Sawan, Chief Executive Officer. We thank Ed for his distinguished service over more than 34 years and wish him well in the future.

Wael Sawan said: “I’m making these changes as part of Shell’s natural, and continuous, evolution. Our core purpose is to provide energy to our customers, safely and profitably, while helping them, and us, to decarbonise. I believe that fewer interfaces mean greater cooperation, discipline, and speed, enabling us to focus on strengthening performance across the businesses and generating strong returns for our investors.

“Shell is a great company and we’re changing to ensure we become a great investment too. Simplifying how the organisation works, in pursuit of higher performance, is critical to achieving that.”

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Energy

Shell Lifts Force Majeure On 250,000bpd Bonny Export Terminal, Rises Hope For Nigeria

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7 days ago

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March 16, 2023

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Shell Lifts Force Majeure On 250,000bpd Bonny Export Terminal, Rises Hope For Nigeria
The Shell Petroleum Development Company of Nigeria Limited (SPDC) said it has lifted the force majeure on its 250,000 barrels per day (bpd) Bonny export terminal with effect from Wednesday, 15 March 2023.

The oil major declared the force majeure on March 3, 2022, following a significant decline in crude receipts at the Bonny Oil and Gas Terminal caused by rampant crude theft and vandalism.

A spokesperson of SPDC who did not want his name in print, announced this yesterday, saying, “The Shell Petroleum Development Company of Nigeria Limited (SPDC), operator of the SPDC joint venture, has lifted the force majeure on Bonny export program with effect from Wednesday, March 15, 2023.

“The force majeure was declared on March 3, 2022 following a significant decline in crude receipts at the Bonny Oil and Gas Terminal.”

On November 22, Shell lifted force Majeure declared on the oil export program from the terminal following a leak on the 150,000bpd Nembe Creek Trunk Line (NCTL), one of the two pipelines that feed crude to the Bonny Light terminal.

Nigeria had suffered severe oil losses in the last one or two years due to the activities of oil thieves and vandals.

The country’s oil output had dropped to an all-time low of 900,000bpd in August 2022, leading to Nigeria’s knockout at some point as Africa’s largest oil producer by Angola, according to the Organisation of the Petroleum Exporting Countries (OPEC) Monthly Oil Market Report for September 2022.

The oil cartel stated that Nigeria’s crude oil production dropped from one million bpd recorded in July 2022 to 900, 000bd in August.

At the height of the embarrassing production underperformance, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mallam Mele Kyari, had lamented that Nigeria was losing about 95 per cent of oil production at the Bonny terminal to theft.

“I can tell you, in one line, just less than 200 kilometers, we had 295 illegal connections and you see the data”, Kyari had said.

He had stated that Nigeria was losing nearly all the oil output at Bonny, the town after which its premium oil grade, Bonny Light is named and a key export point for the country

“What is most difficult to manage today is the issue of crude oil theft, it is real and it is happening”, the GCEO had said.

But the country is gradually recovering as production has climbed to 1.3 million bpd owing to a rash of measures jointly taken by the NNPC, private security operatives, and government agencies to tackle crude theft.

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Energy

Digital Technology: The Backbone Of Net-Zero Emissions

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1 week ago

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March 15, 2023

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Digital Technology: The Backbone Of Net-Zero Emissions

In a net-zero emissions world, digital technologies and solutions will be the backbone of energy systems. The future of energy is decarbonized, decentralized, and digital.

As we progress in this transformative decade for our industry, digitalisation is already transforming the energy industry, by improving efficiency and safety as well as by helping to drive the energy transition.

Read the report “Digital technology: The backbone of a net-zero emissions future”, to understand why digital technologies will be key to the net-zero transition, and to explore the readiness of industry sectors to decarbonise through digitalisation.

For more information about how we can accelerate the energy transition with Web3 technologies, read this complementary article with MIT Technology Review Insights.

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Energy

These Allegations Are Spurious, Vindictive Reactions To Board’s Enforcement Of Corporate Governance Standards – Seplat Energy

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1 week ago

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March 15, 2023

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Seplat Energy grows 2021 full-year gross profit by 128.9% to N114.2bn

… Seplat Energy Board unanimously passes a vote of confidence in Mr. Brown as the CEO

 Seplat Energy Plc reports that on March 9, 2023, it was served with court processes and ex-parte Interim Order of the Hon Justice C. J. Aneke of the Federal High Court, Lagos, Nigeria, restraining the Chief Executive Officer, Mr. Roger Brown from participating in the running of the Company for a period of 7 days.

The Board believes these allegations are a spurious and vindictive reaction to the Board’s enforcement of corporate governance standards and a determination to continue to uphold their fiduciary duties and loyalty to the Company. The Board of Seplat Energy has unanimously passed a vote of confidence in Mr. Brown as the CEO.

The interim orders are premised on allegations of unfair, prejudicial, and offensive acts by the Chairman, CEO, and all of the Independent Non-Executive Directors (INEDs) of Seplat Energy.

The allegations include that the CEO organised a site visit for a number of its major shareholders to the Company’s operations, cancelled some catering and landscaping contracts, and introduced a new job performance rating.

Seplat Energy refutes the allegations and notes that since Mr. Brown became CEO in 2020, Nigerian nationals have been appointed to the company’s most important positions, including Chairman, Senior Independent Non[1]Executive Director, Chief Financial Officer, and Chief Operating officer.

The Order allows the Chairman, Mr. Basil Omiyi, and all the INEDs of Seplat Energy to continue running the affairs of the Company on the basis that it is in accordance with Nigerian law. Mr. Brown has delegated authority to Mr. Samson Ezugworie, Chief Operating Officer, to act as CEO during the period that he is required to step back from his executive duties.

The injunction was filed by Messrs. Moses Igbrude, Sarat Kudaisi, Kenneth Nnabike, Ajani Abidoye, and Robert Ibekwe, who purport to have shares in Seplat Energy Plc. Seplat will follow the due processes of law in responding to the allegations before the courts. At the same time, the Company will continue to maintain its operational excellence and act in line with the best corporate governance standards.

This announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule).

Responsibility for publication

This announcement has been authorised for publication by Mr. Basil Omiyi, Independent Chairman / Dr. Charles Okeahalam, Senior Independent Director, on behalf of the entire Board of Seplat Energy PLC.

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