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Shell has major operations in Africa, particularly in Nigeria, South Africa, Tunisia, Algeria, Gabon, Egypt, and Namibia.
The oil major Shell said that its profits more than halved in 2023 on lower oil and gas prices. There is a slump in world oil prices after zooming up to a record level during the initial days of the Russia -Ukraine conflict. Post-tax profit slumped to USD 19.4 billion last year from USD 42.3 billion in 2022, according to a statement issued by the company.
Shell has major operations in Africa, particularly in Nigeria, South Africa, Tunisia, Algeria, Gabon, Egypt, and Namibia. Data shows Shell’s revenue divided almost to USD 316.6 billion. But a slide in the profit is not going to affect the shareholders. Over USD 3.5 billion will be distributed to shareholders.
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Chief executive of Shell Wael Sawan was optimistic about the performance of the oil major and said that the company delivered another quarter of strong performance. He assured that the company made good progress and exuded optimism that in 2024 it would continue to do well as Shell simplifies the organisation with a focus on delivering more value with less emissions.
