‘Oil Price Drop, Huge Challenge To Shell’s Operations’

Chairman, Tarakiri Cluster Development Board, Dr Jude Ebibokefie (left) in a chat with General Manager, SDCR, Shell Petroleum Development Company of Nig Ltd., Mr Nedo Osayande (right) during the commissioning of Agbidiama Landing Craft, at SPDC Marine Base, Kidney Island, Port Harcourt. Photo:Egberi A. Sampson

The fall in oil price  at
the global market has become a new phenomenon which is posing serious challenges to the operations of the Anglo-Dutch oil giant, Shell.
The former Managing Director and Country Chair of the Shell Petroleum Development Company of Nigeria (SPDC), Mr Mutiu Sunmonu gave this hint  in Port Harcourt Friday at a send forth ceremony organised on his behalf by the company.
Sunmonu noted that the best approach was for the company to take steps and devise strategies to cut cost especially on its long term plans.
He regretted that the new economic downturn occasioned by oil price fall in the global market directly impact on the activities of oil firms including SPDC and stressed that with steps that would adjust the company’s programmes, it would overcome the challenges.
The occasion, which also marked a welcoming ceremony of the new Managing Director and Country Chair of the Company, Mr Osagie Okunbor, Mutiu maintained that the problem of oil theft and its negative implications were part of the major challenges faced by Shell for years.
He said oil theft devastated the operations of the company and at other times forced SPDC to shut down operations thereby incurring great losses.
He particularly called on stakeholders in the sector not to relent in the spirited fight against oil theft.
Sunmonu commended the staff for the high co-operation given to him and solicited for adequate support to the new managing director to enable him succeed.

Chris Oluoh