|Bid||2,184.00 x 0|
|Ask||2,184.50 x 0|
|Day's range||2,180.50 - 2,208.50|
|52-week range||3.05 - 2,637.50|
|Beta (5Y monthly)||0.83|
|PE ratio (TTM)||8.71|
|Forward dividend & yield||1.43 (6.58%)|
|Ex-dividend date||14 Nov 2019|
|1y target est||N/A|
(Bloomberg) -- Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterNigeria’s Economic and Financial Crimes Commission charged Mohammed Adoke, a former justice minister and attorney general, for allegedly taking a bribe to facilitate a $1.3 billion oil deal.The anti-graft body filed 42 charges against Adoke and accused him of receiving a 300 million naira ($831,000) payment from businessman Aliyu Abubakar in relation to the acquisition of Oil Prospecting License 245 in the Gulf of Guinea, the commission said in an emailed statement.Adoke pleaded not guilty to all the charges and the case was adjourned to Jan. 27 when bail applications will be heard, the EFCC said.Abubakar is also being tried alongside other parties, including the local units of Royal Dutch Shell Plc and Eni SpA. The two companies, who deny any wrongdoing, are accused of improperly settling disputes over the oil field.OPL 245 was created in 1998, when then-petroleum minister Dan Etete carved out the offshore license and awarded it to his own company, Malabu Oil and Gas Ltd. Through successive regimes it was taken from him, awarded to Shell, and then given back, locking the companies and government in legal disputes.To win control of OPL 245, Shell and partner Eni paid the Nigerian government $1.1 billion. The companies agree the payment was made, but disagree about whether those funds went to bribes.Read more:To contact the reporter on this story: Tope Alake in Lagos at email@example.comTo contact the editors responsible for this story: Anthony Osae-Brown at firstname.lastname@example.org, Hilton Shone, Jacqueline MackenzieFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Italian tax police searched the Milan offices of three managers at Eni on Thursday to widen an investigation into suspected obstruction of justice by officials at the Italian oil group, two sources said. The inquiry is still in an early phase and has been overshadowed by an ongoing corruption trial centering on the 2011 purchase of a Nigerian oilfield by Eni and oil major Royal Dutch Shell Plc. Milan prosecutors opened the obstruction case in 2018 to investigate whether in 2015 and 2016 Eni officials had sought to discredit two independent board members who later became witnesses in the Nigeria case.
Guyana's government next month plans to begin a search for an oil company or trading firm to market its share of the South American country's crude, the director of the Department of Energy, Mark Bynoe, said in an interview. The government is entitled to a portion of the light, sweet crude that a consortium led by Exxon Mobil Corp began producing last month after making 15 discoveries in recent years. The finds are set to transform the economy of Guyana, an impoverished country of fewer than 800,000 people.
Zambian economist Dambisa Moyo says it is "naive" to advocate for fossil fuel divestment, days after 17-year-old activist Greta Thunberg called on the world's elite to do so.
(Bloomberg) -- Sign up here to receive the Davos Diary, a special daily newsletter that will run from Jan. 20-24.The bosses of some of the world’s biggest oil companies discussed adopting much more ambitious carbon targets at a closed-door meeting in Davos, a sign of how much pressure they’re under from activists and investors to address climate change.The meeting, part of a World Economic Forum dominated by climate issues, included a debate on widening the industry’s target to include reductions in emissions from the fuels they sell, not just the greenhouse gases produced by their own operations, people familiar with the matter said on Wednesday.The talks between the chief executive officers of companies including Royal Dutch Shell Plc, Chevron Corp., Total SA, Saudi Aramco, Equinor ASA and BP Plc showed general agreement on the need to move toward this broader definition, known as Scope 3, the people said, asking not to be named because the session was closed to the press. The executives didn’t take any final decisions.Shell and Aramco declined to comment. Media representatives for Chevron, Total and BP weren’t immediately able to respond to requests for comment. Equinor confirmed its CEO Eldar Saetre attended the meeting.Climate FocusTargeting Scope 3 emissions would be a big shift for an industry that produces the bulk of the world’s planet-warming emissions, once that could eventually require them to sell far less oil and gas. The simple fact that the industry’s top executives were considering it underscored how climate concerns suddenly came into focus in Davos this year.For the first time, environmental risks occupied the WEF’s top five long-term concerns. Business leaders from BlackRock Inc. CEO Larry Fink to Allianz SE boss Oliver Baete used their platform at the event to focus on sustainable investment. The two highest-profile attendees at the forum -- President Donald Trump and climate activist Greta Thunberg -- made headlines as they staked out opposing positions on the issue.The oil and gas executives debated a document produced by the WEF on “neutralizing emissions at the pump,” a reference to the gasoline and diesel sold to customers. There’s an urgent need to shift the industry’s target from production to emissions from end users, said one person.Several companies have already set targets for Scope 1 and 2 greenhouse gases, which come directly from pumping and refining hydrocarbons. Yet these account for less than 10% of total emissions from the life cycle of oil and gas. Some of their pledges have also focused on curbing emissions intensity -- the amount of carbon dioxide released per unit of energy -- which wouldn’t necessarily lead to a reduction in the volume of greenhouse gases produced if a company’s output is growing.Among major energy groups, only Shell, Total and Madrid-based Repsol SA have publicly announced that they are either targeting or monitoring Scope 3 emissions.The Spanish company made the boldest move, promising net-zero emissions in 2050 by diverting investment into wind and solar power. Shell has taken more modest steps, pledging to offset the greenhouse gases produced by fuel sold to drivers on their loyalty-card programs in the U.K. and Netherlands.Eni SpA Chairman Emma Marcegaglia said in a Bloomberg TV interview that the company is committed to becoming carbon neutral on a Scope 1 and 2 basis by 2030. The Italian oil and gas giant is in discussions about Scope 3 emissions, but needs more guidance from the government on how to do so, she said.Other companies, notably U.S. majors Exxon Mobil Corp. and Chevron have so far resisted specific pledges to cut total emissions, with the latter focusing instead on the carbon intensity of the energy it produces. BP CEO Bob Dudley, who retires later this year, has agreed aims for Scope 1 and 2 gases but in the past opposed a Scope 3 target.“We need to reduce our carbon intensity, everyone in the industry agrees on that,” Dudley said in an interview in Davos. However, he cautioned that shareholders and companies were using multiple definitions of Scope 3 emissions. “We need to get a common definition” so the industry “can work together in a powerful way.”(Updates with Aramco comment in fourth paragraph)\--With assistance from Laura Hurst, Francois de Beaupuy, Matthew Martin, Francine Lacqua and Mikael Holter.To contact the reporter on this story: Javier Blas in Davos at email@example.comTo contact the editors responsible for this story: James Herron at firstname.lastname@example.org, Rakteem KatakeyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Nigeria's financial crimes watchdog charged a former attorney general suspected of taking bribes to facilitate a $1.3 billion oil block sale, the agency said on Tuesday, in the latest twist in one of the industry's biggest alleged corruption scandals. An international investigation into the 2011 sale of the offshore oilfield known as OPL 245 by Malabu Oil and Gas has entangled two of the industry's biggest players, Shell and Eni, as well as an array of powerful figures from the previous Nigerian government. Mohammed Adoke, Nigeria's ex-attorney general, was charged with receiving the U.S. dollar equivalent of 300 million naira in 2013 to facilitate the OPL 245 deal and help waive taxes for Shell and Eni, according to a charge sheet filed in an Abuja high court last week.
The Royal Dutch Shell share price is under threat from climate change, but could the company's stock price crash as a result? The post Could climate change cause the Shell share price plunge to 1,300p? appeared first on The Motley Fool UK.
Oil and gas companies must boost investment in low carbon energies or face an increasing backlash that could threaten their long-term profits and social acceptance, the International Energy Agency (IEA) said on Monday. In a report with the World Economic Forum presented in Davos, the IEA said oil and gas companies face a critical challenge as the world increasingly adopts clean energy transitions to curb global warming.
Big oil has been living beyond its means for years according to a new report from the Institute for Energy Economics and Financial Analysis, with a shortfall of over $200 billion
Police detained 185 protesters in central Brussels on Saturday after the environmental protest group Extinction Rebellion staged demonstrations at a car show in protest at the auto industry's role in CO2 emissions that cause climate change. The protest came only days after the European Commission unveiled ideas on how to finance its flagship Green Deal project that aims to make the European Union a CO2 emissions-neutral area by 2050, in part through the transformation of the car industry. A member and former spokesman for the group, Christophe Meierhans, said Extinction Rebellion targeted the car industry because it told "a lot of lies in order to sell more cars".
Canadian oil producers and refiners have cut processing rates this week as extreme cold weather grips Western Canada, traders familiar with the matter said on Friday. Cold weather has spread across western Canada this week. Syncrude, one of the largest producers of crude oil from Canada's oil sands, as well as North West Refining (NWR), which operates the Sturgeon refinery, have declared force majeure, two traders familiar with the matter said.
* Wall Street opens slightly higher Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Julien Ponthus. The pan-European index hit a fresh high today as the market was celebrating the Phase 1 of the trade deal between the U.S. and China. The STOXX 600 gained 0.9% with the basic resources index jumping 2%, while the FTSE 100 was up 0.9% thanks to a weaker pound.
* Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Julien Ponthus. The Amsterdam Exchanges Index hit its highest today in almost 19 years.
Shell and Russia's Gazprom Neft have expanded their Russian joint venture by acquiring a licence for exploration and production of conventional hydrocarbon reserves in West Siberia, the two companies said on Friday. The JV, Salym Petroleum Development (SPD), will get the Salymsky 2 block in the Khanty Mansiisk Autonomous Region.
BEIJING/GUANGZHOU (Reuters) - Royal Dutch Shell signed a memorandum of understanding (MoU) with China National Offshore Oil Corp (CNOOC) to build its first commercial-scale polycarbonate production plant in the southern Chinese city of Huizhou. Polycarbonate is a transparent and impact-resistant polymer, widely used to make vehicle headlights and LED spotlights.
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The World Economic Forum said the biggest threats to global stability and prosperity over the next 10 years are all climate related.
Shell thinks aviation fuel will be one of the critical growth areas to explore, as ground vehicle transportation fuel and other segments are expected to decline over time