KemiO
Moderator
According to Reuters, Royal Dutch Shell announced a $700m loss in its Nigerian proceedings due to crude oil pilferage and other issues in the country, which it said cost the country itself $12bn a year.
The country’s production has dropped by 500,000 barrels a day over the past few years to around two million. As a result, it has put more of its Niger Delta activities up for sale.
The outgoing Chief Executive, Peter Voser stressed how the challenges faced in “Higher costs, exploration charges, adverse currency exchange rate effects and challenges in Nigeria as well as other factors has led to this final decision.
Voser will be succeeded by chief, Ben van Beurden, at the end of this year.
The country’s production has dropped by 500,000 barrels a day over the past few years to around two million. As a result, it has put more of its Niger Delta activities up for sale.
The outgoing Chief Executive, Peter Voser stressed how the challenges faced in “Higher costs, exploration charges, adverse currency exchange rate effects and challenges in Nigeria as well as other factors has led to this final decision.
Voser will be succeeded by chief, Ben van Beurden, at the end of this year.
