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    SHEL   GB00BP6MXD84

SHELL PLC

(SHEL)
  Report
Real-time Estimate Cboe Europe  -  05:53 2022-12-05 am EST
2377.25 GBX   +0.50%
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Exxon Mobil's Nigeria asset sale hits regulatory hurdle

08/09/2022 | 07:42am EST
FILE PHOTO: The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York

ABUJA (Reuters) - Nigeria's petroleum regulator said on Tuesday it stood by its refusal to approve Exxon Mobil's $1.28 billion sale of shares in its Nigerian unit to Seplat after President Muhammadu Buhari approved the transaction.

Nigerian Upstream Petroleum Regulatory Commission (NUPRC) head, Gbenga Komolafe, said under a new petroleum law passed last year, the petroleum minister can only grant consent for such an acquisition upon recommendation from the commission. Buhari also acts as the petroleum minister.

"The issue at stake is purely a regulatory matter and the commission had earlier communicated the decline of ministerial assent to ExxonMobil in this regard. As such the Commission further affirms that the status quo remains," the NUPRC said.

NUPRC had earlier this year declined to okay the deal without publicly giving a reason.

Buhari on Monday granted consent to the deal.

A presidency source told Reuters that Buhari would meet his junior oil minister Sylva Timipre on Tuesday over the issue. Timipre is expected to issue a statement after the meeting, the source added.

The sale is also opposed by state firm NNPC Limited, which argues it has pre-emptive rights to the assets.

Under the Petroleum Industry Act, which was passed last year after nearly two decades in the making, a holder of a petroleum exploration licence cannot "transfer his licence or any right, power or interest without prior written consent of the commission."

The law also says "where the consent of the minister is granted in respect of the application for a transfer, the commission shall promptly record the transfer in the appropriate register."

It is not clear if the petroleum minister's consent can override an objection from the commission.

Oil majors operating in Nigeria, including Shell and TotalEnergies want to exit shallow water operations, citing concern over disruptions by local communities and focus on deep water drilling.

(Additional reporting by Felix Onuah in Abuja, writing by Chijioke Ohuocha; editing by David Evans)

By Camillus Eboh


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL 0.35% 87.14 Delayed Quote.11.95%
EXXON MOBIL CORPORATION -0.85% 109.86 Delayed Quote.79.54%
SHELL PLC 0.37% 2375 Delayed Quote.45.86%
TOTALENERGIES SE 0.36% 59.1 Real-time Quote.31.95%
WTI 0.51% 81.527 Delayed Quote.6.45%
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Analyst Recommendations on SHELL PLC
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Financials (USD)
Sales 2022 392 B - -
Net income 2022 40 890 M - -
Net Debt 2022 42 517 M - -
P/E ratio 2022 5,36x
Yield 2022 3,55%
Capitalization 204 B 204 B -
EV / Sales 2022 0,63x
EV / Sales 2023 0,64x
Nbr of Employees 82 000
Free-Float 100,0%
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Technical analysis trends SHELL PLC
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Mean consensus BUY
Number of Analysts 19
Last Close Price 28,98 $
Average target price 34,68 $
Spread / Average Target 19,7%
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Managers and Directors
Bernardus Cornelis Adriana Margriet van Beurden Vice President-Manufacturing Excellence
Sinead Gorman Chief Financial Officer & Director
Andrew Stewart Mackenzie Chairman
Harry Brekelmans Director-Technology & Projects
Yiu Kiang Goh Deputy Chairman
Sector and Competitors
1st jan.Capi. (M$)
SHELL PLC45.86%204 441
SAUDI ARABIAN OIL COMPANY1.40%1 930 563
TOTALENERGIES SE31.95%154 713
PETROCHINA COMPANY LIMITED2.88%129 628
EQUINOR ASA55.28%118 484
GAZPROM-42.32%74 714