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Shell concerned at local insecurity challenges

17 January 2014, 16:02Okoro Chinedu

Lagos - Shell, the international oil firm, lamented the insecurity affecting its operations in the country.

Chief Executive Officer Ben van Beurden, raised concern as he presented the company’s unaudited financial results for the fourth quarter of 2013.

“Compared with the fourth quarter 2012, upstream earnings excluding identified items were impacted by higher exploration expenses and lower volumes. A high level of maintenance activity during the fourth quarter
2013 affected high value oil and gas production volumes, including gas-to-liquids, as well as LNG sales volumes. Earnings were also impacted by the weakening of the Australian dollar. Upstream Americas continued to incur a loss. The security situation in Nigeria remained challenging,” he said.

The company has previously bemoaned vandalism to its equipment in the country.

Meanwhile, Shell’s fourth quarter 2013 earnings on a current cost of supplies (“CCS”) basis excluding identified items are expected to be approximately $2.9 billion and were impacted by weak industry conditions in downstream oil products, higher exploration expenses and lower upstream volumes.

“Our 2013 performance was not what I expect from Shell. Our focus will be on improving Shell’s financial results, achieving better capital efficiency and on continuing to strengthen our operational performance and project delivery,” said van Beurden.

The company will announce audited results on January 30.

Fourth quarter 2013 CCS earnings are expected to be approximately $2.2 billion, and full year 2013 CCS earnings are expected to be approximately
$16.8 billion.

– CAJ News


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