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Shell Companies Emerge Best in Sustainability Innovation in Africa

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  • Shell Companies Emerge Best in Sustainability Innovation in Africa

Shell Companies in Nigeria (SCiN) have emerged the 2017 Best Nigerian companies in Sustainability Innovation in Africa, beating two other finalists at the 11th edition of the Sustainability, Enterprise and Responsibility Awards (SERAs) for Corporate Social Responsibility held in Lagos on Friday.

Shell companies also defeated three other contestants to win as the Best Company in Affordable and Clean Energy, and got the second runner-up prize for the Most Socially Responsible Nigerian Company for the year.

“We’re delighted at the continued recognition of our modest support to Nigeria and Nigerians to make life better and to create opportunities to individuals and institutions, particularly in our host communities,” said the Managing Director, The Shell Petroleum Development Company of Nigeria Limited (SPDC) and country Chair, SCiN, Mr. Osagie Okunbor.

“We are challenged by these laurels to do even more as CSR remains part of the DNA of the Shell business, and we are striving to improve our partnership with NGOs, government and communities to ensure our people participate more in the execution of programmes and own them for greater sustainability,” he added.

Leveraging its support for entrepreneurs for bright energy ideas through the globally acclaimed Shell LiveWIRE programme, SPDC showcased its numerous social intervention programmes including the training and empowerment of hundreds of youths particularly in its host communities to clinch the prize as the best company in affordable and clean energy.

The sustainability innovation award resulted from the renewable energy solution as an alternative for powering the Shell-supported Obio cottage hospital, Port Harcourt which led to significant cost savings in energy consumed and enabled the hospital to focus its resources on its core aspiration of providing quality healthcare for the people.

Due to its success, the solution has been replicated in seven other Shell-supported health facilities in the Niger Delta.

The SERA-CSR Awards is an annual event to celebrate organisations investing resources in the improvement of lives of stakeholders and contributing to the development of Africa through their social performance and investment programmes.

A total of twenty-six awards were won by corporate organisations and individuals in recognition of their sustainable development and social investment efforts in Africa.

Apart from their three winning entries, Shell companies also got nominated in four other categories: Best Company in Poverty Eradication; Best Company in Provision of Clean Water and Sanitation; Best Company in Partnership for Development; and Best Company in Support of SMEs.

Shell Companies in Nigeria – SPDC, Shell Nigeria Exploration and Production Company (SNEPCo), and Shell Nigeria Gas (SNG) work with government, communities and civil society to implement programmes that have a lasting impact on lives in the Niger Delta and Nigeria as whole.

Social investment activities focus on community and enterprise development, education, health, access-to-energy and since 2016, road safety.

This, however, excludes community-driven development programmes and initiatives delivered through the Global Memorandum of Understanding (GMoU) which focuses on various themes as determined by benefiting communities.

In 2016 alone, Shell Companies in Nigeria spent $29.8million on social investment projects and awarded 94 percent of their contracts valued at over $0.74billion to Nigeria companies while $1.4 billion was paid to the Nigerian government in royalties and corporate taxes, and another $106.8million contribution made to the NDDC as required by law.

Since 2003, SPDC and SNEPCo have trained over 6,550 Niger Delta youths in enterprise development and have awarded scholarship grants to over 7,652 secondary school students and 4,435 university students in the last six years.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

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Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

Oil retreated from an earlier rally with investment banks and traders predicting the market can go significantly higher in the months to come.

Futures in New York pared much of an earlier increase to $63 a barrel as the dollar climbed and equities slipped. Bank of America said prices could reach $70 at some point this year, while Socar Trading SA sees global benchmark Brent hitting $80 a barrel before the end of the year as the glut of inventories built up during the Covid-19 pandemic is drained by the summer.

The loss of oil output after the big freeze in the U.S. should help the market firm as much of the world emerges from lockdowns, according to Trafigura Group. Inventory data due later Tuesday from the American Petroleum Institute and more from the Energy Department on Wednesday will shed more light on how the Texas freeze disrupted U.S. oil supply last week.

Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group Inc. predicting the rally will accelerate as demand outpaces global supply. Russia and Riyadh, however, will next week once again head into an OPEC+ meeting with differing opinions about adding more crude to the market.

“The freeze in the U.S. has proved supportive as production was cut,” said Hans van Cleef, senior energy economist at ABN Amro. “We still expect that Russia will push for a significant rise in production,” which could soon weigh on prices, he said.

PRICES

  • West Texas Intermediate for April fell 27 cents to $61.43 a barrel at 9:20 a.m. New York time
  • Brent for April settlement fell 8 cents to $65.16

Brent’s prompt timespread firmed in a bullish backwardation structure to the widest in more than a year. The gap rose above $1 a barrel on Tuesday before easing to 87 cents. That compares with 25 cents at the start of the month.

JPMorgan Chase & Co. and oil trader Vitol Group shot down talk of a new oil supercycle, though they said a lack of supply response will keep prices for crude prices firm in the short term.

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Crude Oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

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Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

Oil prices rose on Monday as the slow return of U.S. crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the COVID-19 pandemic.

Brent crude was up $1.38, or 2.2%, at $64.29 per barrel. West Texas Intermediate gained $1.38, or 2.33%, to trade at $60.62 per barrel.

Abnormally cold weather in Texas and the Plains states forced the shutdown of up to 4 million barrels per day (bpd) of crude production along with 21 billion cubic feet of natural gas output, analysts estimated.

Shale oil producers in the region could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output affected, sources said, as frozen pipes and power supply interruptions slow their recovery.

“With three-quarters of fracking crews standing down, the likelihood of a fast resumption is low,” ANZ Research said in a note.

For the first time since November, U.S. drilling companies cut the number of oil rigs operating due to the cold and snow enveloping Texas, New Mexico and other energy-producing centres.

OPEC+ oil producers are set to meet on March 4, with sources saying the group is likely to ease curbs on supply after April given a recovery in prices, although any increase in output will likely be modest given lingering uncertainty over the pandemic.

“Saudi Arabia is eager to pursue yet higher prices in order to cover its social break-even expenses at around $80 a barrel while Russia is strongly focused on unwinding current cuts and getting back to normal production,” said SEB chief commodity analyst Bjarne Schieldrop.

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Crude Oil

Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

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Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

Oil prices rose to $65.47 per barrel on Thursday as crude oil production dropped in the US due to frigid Texas weather.

The unusual weather has left millions in the dark and forced oil producers to shut down production. According to reports, at least the winter blast has claimed 24 lives.

Brent crude oil gained $2 to $65.47 on Thursday morning before pulling back to $64.62 per barrel around 11:00 am Nigerian time.

U.S. West Texas Intermediate (WTI) crude rose 2.3 percent to settle at $61.74 per barrel.

“This has just sent us to the next level,” said Bob Yawger, director of energy futures at Mizuho in New York. “Crude oil WTI will probably max out somewhere pretty close to $65.65, refinery utilization rate will probably slide to somewhere around 76%,” Yawger said.

However, the report that Saudi Arabia plans to increase production in the coming months weighed on crude oil as it can be seen in the chart below.

Prince Abdulaziz bin Salman, Saudi Arabian Energy Minister, warned that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious”.

“We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high, and we have to be extremely cautious,” he told an energy industry event.

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