Organizational changes affecting Shell Upstream Companies in Nigeria

Source: www.gulfoilandgas.com 11/13/2007, Location: Africa

Shell Production and Development Company Limited (SPDC), Shell Exploration and Production Africa Limited (SEPA) and Shell Nigeria Exploration and Production Company Limited (SNEPCO) (together hereinafter referred to as "Shell") announced the intent to improve efficiency and reduce costs, taking advantage of synergies between companies and eliminating duplication, under a project called 'One Shell'.

Under One Shell, there will, for example, be one Production organization, one Development organization, one Projects organization, in addition to the sharing of support services.

Basil Omiyi, the Shell Nigeria Country Chair and Managing Director of Shell Petroleum and Developing Company (SPDC) said: "We are operating in an extremely difficult environment where levels of production have been severely curtailed by the security situation for some time, where there is significant upward pressure on costs and where funding issues are having an impact on our operations. Under these circumstances we must take action in order to reduce costs, increase efficiencies and maintain a robust upstream business in the interests of both Shell, our partners and Nigeria in general."

SEPA, SPDC and SNEPCO will continue to discharge all of their respective corporate and contractual obligations as fully functioning separate legal entities. Management of the business affairs of the companies will remain vested in their respective Boards.

Shell remains committed to Nigerianization at all levels. Details of the reorganization are yet to be finalized and will be discussed with partners and all relevant stakeholders, including staff and unions, before final decisions and official announcements are made.


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