When the big ones get out, the smaller ones have a chance to get big. Companies like Shell get out of countries like Nigeria for 2 reasons: they like the rent they get for renewable projects much more than working for a living. I don’t blame them. Everyone likes the easy stuff. The one problem is that the easy stuff costs people a lot of money and those people will turn the faucet off when the true cost becomes visible to them. And second: they can’t take the work and stress of working upstream anymore. Time for someone with more grit to move in. Good riddance.
“The balance of risks and rewards associated with our onshore portfolio is no longer compatible with our strategic ambitions,” Shell CEO Ben van Beurden told investors at Shell’s annual general meeting on Tuesday.