A Review of the Nigerian Energy Industry

Okunbor, Shell Nigeria’s Chairman designate, decries oil price drop

Mkpoikana Udoma 14 February 2015, Sweetcrude, Port Harcourt – The newly-appointed Chairman of Shell Companies in Nigeria and Managing Director of the Shell Petroleum Development Company of Nigeria, Mr. Osagie Okunbor, has decried the continuous fall in global oil prices, describing it as “a challenge confronting the company”.

Osagie Okunbor, New Country Chair for Shell Companies in Nigeria.
Osagie Okunbor, New Country Chair for Shell Companies in Nigeria.

Okunbor disclosed this to newsmen at the welcome party and send-forth for himself and the outgoing managing director, Mr. Mutiu Sunmonu in Port Harcourt, saying his company would take necessary measures to avoid panic over the development.

“We will do what we need to do, just to make sure we contain cost, but at the end of the day we will have to take a long-term measure, because when we invest it is in terms of 15 to 20 years. So, it is not something we take lightly.

“It is certain that we will not allow the global fall in oil price to get to us in such a way that we will start panicking. All the necessary precautions will be taken, all the necessary measure will also be taken, we will adjust our business, as well as adjust our strategy,” he said.

The managing director designate promised to continue with the steps so far taken by the outgoing managing director in tackling oil theft in the Niger Delta.

He said: “The business of oil theft disturbs me deeply, not just as the MD of Shell, but also as a Nigerian, because the problem with oil theft is not just the devastating effect it has on the environment, but also what it means for us economically, because anytime you put holes in these pipes, apart from destroying the environment, what it means is that we have to shut down production to prevent escalating problems.

“So, on both grounds we lose, not just as Shell but more so as government and as a people”.

In his farewell address, Sunmonu, the outgoing managing director, expressed gratitude to the management and staff of Shell for believing in him as he tasked his successor to educate leaders in the oil producing communities about the dangers of oil theft.

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