Latest news with #RenaissanceAfricaEnergyCompany
Business Insider
06-08-2025
- Business
- Business Insider
Aradel Holdings Plc reports H1 2025 unaudited results – revenue of ₦368.1 billion, up 37.2%, and profit after tax of ₦146.4 billion, up 40.2%
The Chief Executive Officer of Aradel Holdings Plc, Mr. Adegbite Falade Comments: 'The first half of 2025 was shaped by both opportunities and challenges for Nigeria's oil and gas industry. Global geopolitical tensions continued to drive supply uncertainties and price volatility, while local operating conditions, from infrastructure to regulatory transitions, demanded resilience and adaptability. In the face of this dynamic landscape, our Company remains focused and forward-looking. We recorded strong operational performance, driven by stable average production volumes. We made significant progress on our strategic growth agenda. We successfully completed the acquisition of equity interest in Chappal Energies Mauritius Limited. Furthermore, our recent investment in Renaissance Africa Energy Company (Renaissance'), our deemed associate, has yielded positive returns, with our share of its performance featuring in Aradel's books for the first time. ND Western Limited and Renaissance Africa Energy Company are expected to remain significant contributors to our bottom-line from non-operated assets into the future. The consistent performance of our associate companies underscores the strategic value of our stake and supports our broader portfolio diversification objectives. We extend our sincere gratitude to Mr. Ladi Jadesimi, Mr. Ede Osayande, and Mr. Thierry Georger, who stepped down from Aradel's Board after several years of dedicated service, in line with statutory tenure limitations. We also welcome new members to our Board during the first half of the year, enhancing the breadth of experience and diversity of thought at the highest level of our governance structure. The new additions to the Board are Ms. Kerin Gunter, Mr. Olusola Adeeyo, Mr. George Osahon, and Mr. Mahmud Tukur. These changes reflect our commitment to strong stewardship and future-ready leadership. As we look ahead to the second half of the year, we remain focused on executing our strategic priorities: enhancing shareholder value, maintaining operational excellence, and delivering responsibly in today's changing energy landscape.' Group Financial Highlights 30 June 2025 30 June 2024 Variance ₦'billion ₦'billion % Revenue 368.1 268.3 37.2 Operating Profit 118.6 150.3 (21.1) Operating Profit Margin 32.2% 56.0% (2378bps) EBITDA 176.4 189.7 (7.0) EBITDA Margin 47.9% 70.7% (2280bps) Profit Before Tax 191.3 162.3 17.9 Share of profit of associates 71.3 13.5 429.8 Profit After Tax 146.4 104.4 40.2 Earnings per Share 33.3 24.0 38.8 Operating Cashflow 140.8 165.4 (14.9) Capital Expenditure 48.1 49.2 (2.2) Total Assets 1,810.7 1,749.8 3.5 Total Equity 1,453.2 1,404.1 3.5 ADVERTISEMENT Financial Review Foreign exchange dynamics continued to impact on the financial performance of the Group, although, H1 2025 witnessed a lesser pace of naira devaluation year on year. The average exchange rate in H1 2025 was ₦1,550:US$1 relative to ₦1,345:US$1 in H1 2024. Revenue increased by 37.2% to ₦368.1 billion (H1 2024: ₦268.3 billion). This was driven by: 36.0% increase in export crude oil revenue (63.2% of total revenue) to ₦232.8 billion (H1 2024 ₦171.1 billion; 63.8% of total), driven by increased production levels, improved utilisation of the Trans Niger Pipeline (TNP), minimal crude losses and additional value from the Alternative Crude Evacuation (ACE) system, resulting in higher crude oil sales of 2.04 mbbls in H1 2025 (H1 2024: 1.46 mbbls), despite drop in realised crude oil price (exported) per barrel to $73.6 (H1 2024: $87.5) 42.6% increase in refined products revenue (31.6% of total revenue) to ₦116.5 billion (H1 2024: ₦81.7 billion; 30.4% of total revenue) due to higher sales volume of 165.3 mmltres, up by 32.7% (H1 2024: 122.2 mmltres). 21.7% increase in gas revenue to ₦18.8 billion (5.2% of total revenue), due to higher production volumes (H1 2024: ₦15.5 billion; 5.8% of total revenue) as well as higher realised gas price per mscf of $1.7 (H1 2024: $1.5). Corporate Governance Updates The following key changes were made to the Board of Directors during the first half of the year: The Board member responsible for arranging the release of this announcement on behalf of Aradel Holdings is Adegbola Adesina, CFO Aradel Holdings Plc.
Rhyl Journal
20-06-2025
- Business
- Rhyl Journal
Nigerian communities set to have oil pollution High Court claims tried in 2027
Members of the Bille and Ogale communities in the Niger Delta, which have a combined population of around 50,000, are suing Shell plc and a Nigerian-based subsidiary of the company, the Shell Petroleum Development Company of Nigeria, which is now the Renaissance Africa Energy Company. The two communities began legal action in 2015, claiming they have suffered systemic and ongoing oil pollution for years due to the companies' operations in the African country, including pollution of drinking water. They are seeking compensation and asking for the companies to clean up the damage caused by the spills. The companies are defending the claims, saying that the majority of spills are caused by criminal acts of third parties or illegal oil refining, for which they are not liable. On Friday, Mrs Justice May ruled on more than 20 preliminary issues in the claims, following a hearing held in London over four weeks in February and March. She said that 'some 85 spills have, so far, been identified', but added that the case was 'still at a very early stage'. Her findings included that Shell could be sued for damage from pipeline spills caused by third parties, such as vandals, in efforts to steal oil, a process known as bunkering. She also said that while there was a five-year limitation period on bringing legal claims, a 'new cause of action will arise each day that oil remains' on land affected by the spills. The cases are due to be tried over four months, starting in March 2027. Reacting to the ruling, the leader of the Ogale community, King Bebe Okpabi, said: 'It has been 10 years now since we started this case, we hope that now Shell will stop these shenanigans and sit down with us to sort this out. 'People in Ogale are dying; Shell need to bring a remedy. 'We thank the judicial system of the UK for this judgment.' Matthew Renishaw, international development partner at law firm Leigh Day, which represents the claimants, said: 'This outcome opens the door to Shell being held responsible for their legacy pollution as well as their negligence in failing to take reasonable steps to prevent pollution from oil theft or local refining.' He continued: 'Our clients reiterate, as they have repeatedly for 10 years, that they simply want Shell to clean up their pollution and compensate them for their loss of livelihood. 'It is high time that Shell stop their legal filibuster and do the right thing.' A Shell spokesperson said that the company welcomed the judgment. They said: 'For many years, the vast majority of spills in the Niger Delta have been caused by third parties acting unlawfully, such as oil thieves who drill holes in pipelines, or saboteurs. 'This criminality is the cause of the majority of spills in the Bille and Ogale claims, and we maintain that Shell is not liable for the criminal acts of third parties or illegal refining. 'These challenges are managed by a joint venture which Shell's former subsidiary operated, using its expertise in spill response and clean-up. 'The spills referenced in this litigation were cleaned up by the joint venture regardless of the cause, as required by Nigerian law, working closely with government-owned partner NNPC Ltd, Nigerian government agencies and local communities. 'Clean-up certificates were issued by the Nigerian regulator NOSDRA.' The High Court and the Court of Appeal ruled in 2017 and 2018, respectively, that there was no arguable case that Shell owed the claimants a duty of care, but the Supreme Court ruled in 2021 that there was a 'real issue to be tried'.
Glasgow Times
20-06-2025
- Business
- Glasgow Times
Nigerian communities set to have oil pollution High Court claims tried in 2027
Members of the Bille and Ogale communities in the Niger Delta, which have a combined population of around 50,000, are suing Shell plc and a Nigerian-based subsidiary of the company, the Shell Petroleum Development Company of Nigeria, which is now the Renaissance Africa Energy Company. The two communities began legal action in 2015, claiming they have suffered systemic and ongoing oil pollution for years due to the companies' operations in the African country, including pollution of drinking water. They are seeking compensation and asking for the companies to clean up the damage caused by the spills. The companies are defending the claims, saying that the majority of spills are caused by criminal acts of third parties or illegal oil refining, for which they are not liable. On Friday, Mrs Justice May ruled on more than 20 preliminary issues in the claims, following a hearing held in London over four weeks in February and March. She said that 'some 85 spills have, so far, been identified', but added that the case was 'still at a very early stage'. Her findings included that Shell could be sued for damage from pipeline spills caused by third parties, such as vandals, in efforts to steal oil, a process known as bunkering. She also said that while there was a five-year limitation period on bringing legal claims, a 'new cause of action will arise each day that oil remains' on land affected by the spills. The cases are due to be tried over four months, starting in March 2027. Reacting to the ruling, the leader of the Ogale community, King Bebe Okpabi, said: 'It has been 10 years now since we started this case, we hope that now Shell will stop these shenanigans and sit down with us to sort this out. 'People in Ogale are dying; Shell need to bring a remedy. 'We thank the judicial system of the UK for this judgment.' Matthew Renishaw, international development partner at law firm Leigh Day, which represents the claimants, said: 'This outcome opens the door to Shell being held responsible for their legacy pollution as well as their negligence in failing to take reasonable steps to prevent pollution from oil theft or local refining.' He continued: 'Our clients reiterate, as they have repeatedly for 10 years, that they simply want Shell to clean up their pollution and compensate them for their loss of livelihood. 'It is high time that Shell stop their legal filibuster and do the right thing.' A Shell spokesperson said that the company welcomed the judgment. They said: 'For many years, the vast majority of spills in the Niger Delta have been caused by third parties acting unlawfully, such as oil thieves who drill holes in pipelines, or saboteurs. 'This criminality is the cause of the majority of spills in the Bille and Ogale claims, and we maintain that Shell is not liable for the criminal acts of third parties or illegal refining. 'These challenges are managed by a joint venture which Shell's former subsidiary operated, using its expertise in spill response and clean-up. 'The spills referenced in this litigation were cleaned up by the joint venture regardless of the cause, as required by Nigerian law, working closely with government-owned partner NNPC Ltd, Nigerian government agencies and local communities. 'Clean-up certificates were issued by the Nigerian regulator NOSDRA.' The High Court and the Court of Appeal ruled in 2017 and 2018, respectively, that there was no arguable case that Shell owed the claimants a duty of care, but the Supreme Court ruled in 2021 that there was a 'real issue to be tried'.
South Wales Guardian
20-06-2025
- Business
- South Wales Guardian
Nigerian communities set to have oil pollution High Court claims tried in 2027
Members of the Bille and Ogale communities in the Niger Delta, which have a combined population of around 50,000, are suing Shell plc and a Nigerian-based subsidiary of the company, the Shell Petroleum Development Company of Nigeria, which is now the Renaissance Africa Energy Company. The two communities began legal action in 2015, claiming they have suffered systemic and ongoing oil pollution for years due to the companies' operations in the African country, including pollution of drinking water. They are seeking compensation and asking for the companies to clean up the damage caused by the spills. The companies are defending the claims, saying that the majority of spills are caused by criminal acts of third parties or illegal oil refining, for which they are not liable. On Friday, Mrs Justice May ruled on more than 20 preliminary issues in the claims, following a hearing held in London over four weeks in February and March. She said that 'some 85 spills have, so far, been identified', but added that the case was 'still at a very early stage'. Her findings included that Shell could be sued for damage from pipeline spills caused by third parties, such as vandals, in efforts to steal oil, a process known as bunkering. She also said that while there was a five-year limitation period on bringing legal claims, a 'new cause of action will arise each day that oil remains' on land affected by the spills. The cases are due to be tried over four months, starting in March 2027. Reacting to the ruling, the leader of the Ogale community, King Bebe Okpabi, said: 'It has been 10 years now since we started this case, we hope that now Shell will stop these shenanigans and sit down with us to sort this out. 'People in Ogale are dying; Shell need to bring a remedy. 'We thank the judicial system of the UK for this judgment.' Matthew Renishaw, international development partner at law firm Leigh Day, which represents the claimants, said: 'This outcome opens the door to Shell being held responsible for their legacy pollution as well as their negligence in failing to take reasonable steps to prevent pollution from oil theft or local refining.' He continued: 'Our clients reiterate, as they have repeatedly for 10 years, that they simply want Shell to clean up their pollution and compensate them for their loss of livelihood. 'It is high time that Shell stop their legal filibuster and do the right thing.' A Shell spokesperson said that the company welcomed the judgment. They said: 'For many years, the vast majority of spills in the Niger Delta have been caused by third parties acting unlawfully, such as oil thieves who drill holes in pipelines, or saboteurs. 'This criminality is the cause of the majority of spills in the Bille and Ogale claims, and we maintain that Shell is not liable for the criminal acts of third parties or illegal refining. 'These challenges are managed by a joint venture which Shell's former subsidiary operated, using its expertise in spill response and clean-up. 'The spills referenced in this litigation were cleaned up by the joint venture regardless of the cause, as required by Nigerian law, working closely with government-owned partner NNPC Ltd, Nigerian government agencies and local communities. 'Clean-up certificates were issued by the Nigerian regulator NOSDRA.' The High Court and the Court of Appeal ruled in 2017 and 2018, respectively, that there was no arguable case that Shell owed the claimants a duty of care, but the Supreme Court ruled in 2021 that there was a 'real issue to be tried'.
Leader Live
20-06-2025
- Business
- Leader Live
Nigerian communities set to have oil pollution High Court claims tried in 2027
Members of the Bille and Ogale communities in the Niger Delta, which have a combined population of around 50,000, are suing Shell plc and a Nigerian-based subsidiary of the company, the Shell Petroleum Development Company of Nigeria, which is now the Renaissance Africa Energy Company. The two communities began legal action in 2015, claiming they have suffered systemic and ongoing oil pollution for years due to the companies' operations in the African country, including pollution of drinking water. They are seeking compensation and asking for the companies to clean up the damage caused by the spills. The companies are defending the claims, saying that the majority of spills are caused by criminal acts of third parties or illegal oil refining, for which they are not liable. On Friday, Mrs Justice May ruled on more than 20 preliminary issues in the claims, following a hearing held in London over four weeks in February and March. She said that 'some 85 spills have, so far, been identified', but added that the case was 'still at a very early stage'. Her findings included that Shell could be sued for damage from pipeline spills caused by third parties, such as vandals, in efforts to steal oil, a process known as bunkering. She also said that while there was a five-year limitation period on bringing legal claims, a 'new cause of action will arise each day that oil remains' on land affected by the spills. The cases are due to be tried over four months, starting in March 2027. Reacting to the ruling, the leader of the Ogale community, King Bebe Okpabi, said: 'It has been 10 years now since we started this case, we hope that now Shell will stop these shenanigans and sit down with us to sort this out. 'People in Ogale are dying; Shell need to bring a remedy. 'We thank the judicial system of the UK for this judgment.' Matthew Renishaw, international development partner at law firm Leigh Day, which represents the claimants, said: 'This outcome opens the door to Shell being held responsible for their legacy pollution as well as their negligence in failing to take reasonable steps to prevent pollution from oil theft or local refining.' He continued: 'Our clients reiterate, as they have repeatedly for 10 years, that they simply want Shell to clean up their pollution and compensate them for their loss of livelihood. 'It is high time that Shell stop their legal filibuster and do the right thing.' A Shell spokesperson said that the company welcomed the judgment. They said: 'For many years, the vast majority of spills in the Niger Delta have been caused by third parties acting unlawfully, such as oil thieves who drill holes in pipelines, or saboteurs. 'This criminality is the cause of the majority of spills in the Bille and Ogale claims, and we maintain that Shell is not liable for the criminal acts of third parties or illegal refining. 'These challenges are managed by a joint venture which Shell's former subsidiary operated, using its expertise in spill response and clean-up. 'The spills referenced in this litigation were cleaned up by the joint venture regardless of the cause, as required by Nigerian law, working closely with government-owned partner NNPC Ltd, Nigerian government agencies and local communities. 'Clean-up certificates were issued by the Nigerian regulator NOSDRA.' The High Court and the Court of Appeal ruled in 2017 and 2018, respectively, that there was no arguable case that Shell owed the claimants a duty of care, but the Supreme Court ruled in 2021 that there was a 'real issue to be tried'.
