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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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Shell's CEO, Sawan combines Upstream and LNG together

Sawan 



By Akinola Ajibade


Newly appointed Chief Executive Officer, Shell, Mr Wael Sawan, yesterday, unfolded plans to effect major changes in the multinational oil company.

He said the firm would combine its oil and gas production and liquefied natural gas (LNG) divisions, in line with plans to have broader institution under his control, adding that the development may lead to some job cuts 

The new entity, which combines Shell’s most profitable operations, Sawan said,will be headed by current Upstream Director, Zoe Yujnovich, the company said in a statement made available to News Mirror. 

Sawan took office on Jan. 1 after heading Shell’s integrated gas division, which included the group’s LNG and renewables businesses, with a vow to simplify and improve the company’s operations.

Under the internal restructuring, renewables operations will be combined with Shell’s oil refining and marketing operations led by current downstream director Huibert Vigeveno, the company said.

The overhaul will reduce the size of Shell’s executive committee to seven from nine members in an effort to “simplify the organisation further and improve performance”.

The changes could result in “relatively limited” job cuts across the company, a spokesperson said.

Shell last underwent a major overhaul in the wake of the coronavirus pandemic in 2020, in which then-CEO Ben van Beurden cut more than 10% of the company’s workforce as part of his push to steer the company towards energy transition.

“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,” Sawan said in the statement.

The changes will take effect on July 1.

Shell’s strategy calls for cuts to its greenhouse gas emissions and the building of a large low-carbon business.

The company reports its 2022 full-year results on Thursday.

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