Nigeria: Shell Reports 23% Q4 2019 Profit Decline
Oil and gas giant, Royal Dutch Shell, announced its fourth quarter (Q4) 2019 results on Thursday, saying its profit fell by 23 percent to $16.5billion in 2019, hit by sliding oil market.
The company’s profit jumped 36 percent to $21.4billion in 2018 from $16.18bn recorded in 2017.
The oil giant’s total production in Nigeria increased in 2019 to 176,000 barrels of oil equivalent per day, the highest level in five years, Shell said. In 2018, its total production in Nigeria was161,000 boepd up from 159,000 boepd in 2017.
The company’s production in Nigeria fell to 125,000 boepd in 2016 amid renewed militant attacks on oil infrastructure in the Niger Delta, compared to 160,000 boepd in 2015 and 205,000 boepd in 2014.
Shell’s liquids production available for sale in Nigeria rose to 65,000 barrels per day in 2019, from 51,000 bpd in 2018.
The oil major’s natural gas production available for sale in Nigeria increased to 642 million standard cubic feet per day from 638 million scfpd in 2018.