Royal Dutch Shell has shut three oil flow stations in Nigeria's Niger Delta region after a pipeline was sabotaged, a company spokeswoman has said.
January 31st, 2010:
Nigeria’s oil pipeline sabotaged – Royal Dutch Shell
More job cuts at ailing Royal Dutch Shell
The Sunday Times
// <![CDATA[ // January 31, 2010 By Danny Fortson PETER VOSER, boss of Royal Dutch Shell, will warn of fresh job cuts this week as he reveals sagging profits at the oil giant. Since taking the top job six months ago Voser has cut 5,000 staff. He warned this weekend that the restructuring may need to go further as the company battles falling production and a huge cost base. He added: As part of that, it may also mean that some more people have to go.Analysts expect the group to report a quarterly profit of $2.9 billion (£1.8 billion) on Thursday, a 40% drop over the same period last year. This would take its annual profit to $13.4 billion, down 57% on the $31.4 billion it made in 2008 when the oil price hit a record of $147 a barrel.The results will come in stark contrast to rival BP. Analysts expect it to post a profit of $4.8 billion for the quarter, about 75% better than the same time a year ago. The jump is largely thanks to the overhaul initiated by Tony Hayward since he took over as chief executive in 2006.
Peter Hitchens, analyst at Panmure Gordon, said: The question is, can Voser turn it round and get Shell going in the right direction? The underlying business is still in decline.
Voser is carrying out a raft of other cost-cutting measures, including the sale of large swathes of its Nigerian oilfields, a plan revealed in The Sunday Times last month.
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Shell to sell oil licenses in Nigeria
By Tom Burgis in Lagos
Published: January 30 2010 03:20
Royal Dutch Shell is to sell its stake in three Nigerian oil-producing licenses, underlining its new chief executives cool stance towards what was long a mainstay of the groups operations.
In recent weeks fresh rumours have circulated that Shell was seeking to dispense of Nigerian assets worth billions of dollars.
Peter Voser, Shells new chief executive, said in October that the groups production in Nigeria had fallen to 120,000 barrels a day from 300,000 b/d before the start of a rebellion by militant groups in the Niger delta demanding a greater share of the regions oil wealth.