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Posts on ‘March 15th, 2016’

Nigeria’s NNPC ‘failed to pay’ $16bn in oil revenues

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Tuesday 15 March 2016

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Nigeria’s state-owned oil company has failed to pay the government $16bn (£11bn) in a suspected fraud, according to an official audit.

The Nigerian National Petroleum Corporation (NNPC) provided no explanation for the missing funds, the auditor general told MPs.

Oil revenue accounts for two-thirds of the government’s funding.

President Muhammadu Buhari has promised to crack down on corruption since coming to office last May.

The NNPC has not commented on the auditor general’s findings.

The state oil giant has been mired in corruption allegations and losing money for many years.

Last month, the government announced that the NNPC would be broken up into seven different companies.

Nigeria’s former central bank governor Lamido Sanusi, now the Emir of Kano, was dismissed by the previous administration after saying that $20bn (£12bn) in oil revenue had gone missing in 2013. read more

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Shell worries about climate change, but decides to continue making it worse

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Screen Shot 2016-02-17 at 08.47.47By Katie Herzog on 14 Mar 2016

Shell Oil released its 2015 annual review last week, and the most surprising thing in it may be how concerned the company is with climate change. It’s hardly what you’d expect from Big Oil, and yet the words “climate change” occur 15 times in the 228 page report. While this may seem minor, it’s a hell of a lot more than climate change is discussed by most other oil monsters (Looking at you, Exxon). Shell, unlike many oil giants, actively acknowledges and even embraces climate action — at least, on paper. “It was encouraging to see governments reach a global climate agreement in Paris in December,” the report reads. “The agreement should now encourage countries to develop policies that balance environmental concerns with enabling a decent quality of life for more people.” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell share price: Barclays sees group in strong position after BG deal

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by Mary MorleyTuesday, 15 Mar 2016

Royal Dutch Shell’s (LON:RDSA) recent acquisition of former London-listed peer BG Group will give it more levers to pull to weather the downturn in oil prices, analysts at Barclays have said. The bank, however, cautions that the enlarged group’s work is ‘far from over’.

Shell’s share price has been subdued in London this morning, having shed 0.48 percent to 1,658.50p as of 08:11 GMT, largely in line with losses in the broader market, with the benchmark FTSE 100 index having fallen 0.55 percent to 6,140.50 points. In the year-to-date, the energy group’s shares have added 8.65 percent, as compared with a 1.61-percent dip in the Footsie. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com
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