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Posts from ‘January, 2006’

Reuters: Chevron says Gorgon partners secure new acreage

Tuesday 31 January 2006, 11:41pm EST SYDNEY, Jan 31 (Reuters) – Chevron Corp. (CVX.N: Quote, Profile, Research) said on Tuesday it had been awarded new oil and gas exploration acreage in the Carnarvon Basin off the northwest coast of Australia, adjacent to its existing Gorgon gas field development. Chevron will operate the W05-16 block with […]

AFX News Limited: Shell, Chevron, Exxon expand Gorgon exploration area off Australia

01.31.2006, 01:05 AM SYDNEY (AFX) – Partners in the Greater Gorgon gas project in the Carnarvon Basin, off northwestern Australia, have expanded their exploration area in the basin, Shell Development Australia said. The Royal Dutch Shell unit said the partners have been awarded exploration rights to offshore block WA-374-P, covering 2,650 square kilometers. Shell will […]

The Times: Mystery of £400,000 ransom as oil hostages are released

By Jonathan Clayton and Simon de Bruxelles NIGERIAN separatist rebels yesterday released a British security contractor and three foreign oil workers taken hostage in Nigeria almost three weeks ago, but immediately vowed a fresh wave of attacks in the lawless, but oil-rich Delta area. Nigel Watson-Clark, a former paratrooper employed by the British company Ecodrill […]

Daily Telegraph: Emerald oil

(Filed: 31/01/2006) Some may detect a whiff of Compton Mackenzie's Whisky Galore about the suggestion that fuel smugglers have helped to drive three of the world's biggest oil companies out of Northern Ireland. Esso, BP and Shell have all passed their filling stations in the province to franchisees. One reason for this, according to Ray […]

Daily Telegraph: Exxon profits shoot up 42pc to world record of $36bn

By Roland Gribben (Filed: 31/01/2006) Exxon Mobil got the oil companies' profit season underway in spectacular fashion yesterday by announcing a 42pc jump in full-year net income to $36.1billion (£20.3billion). The world's biggest oil and gas business set a new world record in corporate profits on the back of surging prices and attracted more criticism […]

Daily Telegraph: IRA fuel smuggling 'drove oil giants to abandon Ulster'

By Tom Peterkin, Ireland Correspondent (Filed: 31/01/2006) Fuel smuggling by the IRA has contributed to major oil companies pulling out of Northern Ireland, it was claimed yesterday. Esso, BP and Shell no longer directly own filling stations in Ulster, where police believe cross-border fuel smuggling and illegal selling of treated diesel is rife. Less than […]

The Independent: Market Report: Prospect of bumper profits lifts the oil giants

By Andrew Dewson Published: 31 January 2006 It is arguably the biggest week for results of the year so far and the market spent most of yesterday placing bets on who the winners and losers are likely to be. And it doesn't take a post-graduate finance degree to work out that Royal Dutch Shell is […]

The New York Times: Oil Holds Above $68 as Iran Clouds High OPEC Output

By REUTERS Published: January 31, 2006 Filed at 2:18 a.m. ET SINGAPORE (Reuters) – Oil prices held steady above $68 on Tuesday as international pressure grew on fourth-largest exporter Iran over its nuclear program, overshadowing an expected OPEC decision to maintain output near a 25-year high. U.S. light crude (CLc1) edged 3 cents up at […]

The New York Times: Oil Giants Seen in Nigeria for Long Haul

By THE ASSOCIATED PRESS Published: January 31, 2006 Filed at 12:55 a.m. ET LAGOS, Nigeria (AP) — Oil giants are likely to continue investing billions of dollars in Nigeria, even though a rash of recent militia attacks and kidnappings could mean violence is on the rise. The past two months have seen militias blow up […]

Financial Times: Surprise at first rating for Nigeria

By Joanna Chung in London Published: January 31 2006 Fitch Ratings surprised some bond market participants yesterday by assigning Nigeria its first credit rating – at only three notches below investment grade. The long-term debt rating of BB- puts the government debt of the oil-rich country, on a par, among others, with Turkey, Ukraine, Serbia, […]

Financial Times: Energy groups caught in delta conflict

By Dino Mahtani in Lagos Published: January 31 2006 02:00 | Last updated: January 31 2006 02:00 An escalation of violence in Nigeria's turbulent oil-producing delta region has left multinational oil companies wondering how sustainable their presence is in Africa's biggest oil producer. In spite of the release of four foreign hostages who were abducted […]

Financial Times: Lukoil optimistic on Iraq

By Carola Hoyos Published: January 31 2006 Lukoil, Russia's biggest oil company, is on the verge of reopening negotiations with Iraq on the Arab country's most lucrative oil development contract. Leonid Fedun, Lukoil's vice-president, said: “This year we will be able to start specific negotiations to develop fields.” He added: “2006 for us is the […]

Financial Times: ONGC to buy stake in Brazil oilfield

By Khozem Merchant in Mumbai Published: January 31 2006 India’s state-owned Oil and Natural Gas Corporation has agreed to pay $1.4bn to buy ExxonMobil’s 30 per cent stake in a field in Brazil’s Campos Basin, securing its first asset in the region after a string of setbacks. ONGC officials say its offer has been approved […]

Financial Times: Nigerian militants free kidnapped oil workers

By Dino Mahtani in Lagos Published: January 31 2006 02:00 Nigerian ethnic militants released four expatriate oil workers yesterday, ending a 19-day hostage crisis amid renewed threats on oil facilities in the world's eighth largest exporter. The hostages were abducted from an offshore oilfield in the turbulent Niger Delta region among a wave of attacks […]

Houston Chronicle: Exxon profits hit record $36 billion

The amount is the largest by any U.S. company, analysts believe By LYNN J. COOK Exxon Mobil Corp. posted a profit of $36 billion on sales of $371 billion for 2005, making it the best year the energy company has ever had. In fact, Exxon Mobil's massive year-end earnings make it the most profitable year […]

AP Worldstream: Major oil firms in Nigeria for the long haul, despite rising unrest

DANIEL BALINT-KURTI Jan 30, 2006 Oil giants are likely to continue investing billions of dollars in Nigeria, even though a rash of recent militia attacks and kidnappings could mean violence is on the rise. The past two months have seen militias blow up oil pipelines and launch attacks on two oil platforms run by Nigeria's […]

Business Wire:Shell Brings Employees Together With New Orleans Civic, Business & Political Leaders to Mark Return to Downtown; $500,000 Donation to New Orleans Police Foundation for Housing

Jan 30, 2006 Today Shell marked the re-opening of its downtown New Orleans offices with a community ceremony at One Shell Square that included Shell employees, civic and political leaders, and business partners. “Like so many other businesses, Shell left its headquarters in the Central Business District in preparation for Hurricane Katrina five months ago,” […]

Yahoo! News: Oil execs refuse to testify at U.S. Senate hearing

Mon Jan 30, 5:15 PM ET WASHINGTON (Reuters) – Officials from six major oil companies have refused to testify this week at a Senate hearing looking into whether oil industry mergers in recent years have made gasoline more expensive at the pump. With oil companies reporting record profits from higher energy prices, consumer groups have […]

Monsters and Released oil workers handed over to Shell director

Four expatriate oil workers abducted by gunmen from a Shell Petroleum Development Company facility in Nigeria nearly three weeks ago were handed over to Shell's managing director on Monday, hours after their release. The four, named as Briton Nigel Watson-Clark, Bulgarian Milko Nichev, Harry Ebanks from Honduras and U.S. national Patrick Handry, were released in […] News from anti-pipeline struggle in Ireland

By Finbar Dwyer – WSM – Workers Solidarity 90 Monday, Jan 30 2006, 1:59pm Rossport – Go west (and make Shell go offshore Though the issue of the Rossport pipeline was last in the news when the the five local men were released from prison, the conflict with Shell hasn't gone away. Since then the […]

The Australian: Barrow doubt hits Gorgon

By Nigel Wilson January 30, 2006 THE $11 billion Gorgon gas project faces big delays after warnings by its engineering advisers that placing the processing facilities on Barrow Island may be too costly. Engineers are looking again at whether gas from the Greater Gorgon reservoirs in the Indian Ocean could be piped directly to the […]

Shell Whistleblower Dr Huong files defence to Shell defamation suit

By Alfred Donovan Dr Huong, a former Shell geologist of almost 30 years standing was the FIRST SHELL employee to blow the whistle on the Shell reserves fraud (and other important issues relating to the discredited senior management of Royal Dutch Shell). As a result Shell appears determined to silence him at all costs. Hence […]

Shell CEO Jeroen van der Veer still faces potential criminal prosecution by US Justice Department

By Alfred Donovan has obtained a copy of the decision by the US Justice Department taken on 29 June 2005 against prosecuting Shell. This followed an investigation headed by Mr David Kelly, United States Attorney for the Southern District of New York. Mr Kelly, a member of the US President's Corporate Fraud Task Force, […]

Strategiy: Shell companies donate tents to Pakistan earthquake victims

Strategiy: United Arab Emirates [Monday, January 30, 2006 8:59:00 am] A group of Dutch expatriates donated AED 55,000 to Earthquake Relief Action Dubai, an organisation formed by Dubai Aid and Humanitarian City, towards the purchase of school tents for earthquake victims in Pakistan. The funds are the proceeds of a private photo exhibition organised by […]

Radio New Zealand: Oil company attacks continue in Nigeria

Posted at 8:47am on 30 Jan 2006 Armed men stormed the headquarters of a South Korean oil services company in Nigeria's delta region and stole 40 million naira ($US307,000) in the latest attack on foreign firms. There were no casualties. The raid came five days after nine men were killed during a suspected armed robbery […]

Reuters: Shell resumes partial output at EA oilfield

Mon Jan 30, 2006 7:39 AM GMT LAGOS (Reuters) – Royal Dutch Shell has partially resumed production at its 115,000 barrels per day EA offshore oilfield in Nigeria after repairs to a technical fault, oil industry sources said on Monday. The field was shut after a militant attack on January 11 in which four foreign […]

BBC NEWS: Kidnapped oil worker 'released'

A British oil worker kidnapped in Nigeria three weeks ago has been freed, a local official has said. Nigel Watson-Clark, from Saltford near Bath, and three other foreigners were taken hostage by armed militants demanding more control over resources. A spokesman for the southern state of Bayelsa said the four were alive and well and […]

The Scotsman: IPods and oil set to power up profits

THE WEEK AHEAD MARTIN FLANAGAN SCOTTISH group Wolfson Microelectronics is expected to unveil doubled full-year profits on Wednesday, helped by the surge in popularity of iPod music players. Wolfson, which makes the chips that change digital signals to analogue ones so that people can hear sounds or see images, said in October that demand for […]

Los Angeles: Militants Release 4 Foreign Oil Workers

From Times Wire Reports Four foreign oil workers held hostage by Nigerian militants were released and were well, a government spokesman said. The hostages — an American, Briton, Bulgarian and Honduran — were abducted Jan. 11 from an offshore oilfield in the Niger Delta operated by Royal Dutch Shell. Militants have crippled a tenth of […]

The Australian: Kidnapped oil workers released

From correspondents in Lagos January 30, 2006 NIGERIAN separatist militants released four Western oil workers today, after holding them hostage in the swamps of the Niger Delta for almost three weeks. The men – an American, a Briton, a Bulgarian and a Honduran – were handed over to the Bayelsa state government, spokesman Welson Ekiyor […]

The Australian: Barrow doubt hits Gorgon

By Nigel Wilson January 30, 2006 THE $11 billion Gorgon gas project faces big delays after warnings by its engineering advisers that placing the processing facilities on Barrow Island may be too costly. Engineers are looking again at whether gas from the Greater Gorgon reservoirs in the Indian Ocean could be piped directly to the […]

THE WALL STREET JOURNAL: Oil-Price Shock Tops List Of Global Economic Risks Amid Supply, Geopolitical Worries

By MARC CHAMPION Staff Reporter of THE WALL STREET JOURNAL January 30, 2006; Page A2 DAVOS, Switzerland — The good news about oil is that even if terrorists were to blow up key infrastructure around the world, there probably would be enough reserves to make up the shortfall for as long as a year. At […]

The Times: Look ahead

Royal Dutch Shell is expected to report the biggest profits performance in UK corporate history when it announces its fourth-quarter results on Thursday. Analysts expect the oil and gas group to reveal that it made $23.03 billion (£12.9 billion) last year, up from $17.59 billion over the previous 12 months. Shell is expected to report […]

Daily Telegraph: The week ahead

A guide to company results and meetings, and economic statistics Royal Dutch Shell is expected to unveil record profits for a British company fuelled by a steep increase in oil prices over the past year. The oil giant's fourth quarter results on Thursday are expected to push the company's annual earnings up to a record […]

Daily Telegraph: Refiners urge Brown to rethink

By Roland Gribben (Filed: 30/01/2006) Pressure is growing on the Government to end opposition to the creation of a new agency to control Britain's strategic oil stocks, amid worries about the future of the refinery business. The Chancellor Gordon Brown has been reluctant to support the move because he is concerned the Government may end […]

AFX Europe (Focus): Hostage oil workers released in Nigeria – official UPDATE

LAGOS (AFX) – Four foreign oil workers who had been held hostage by Nigerian separatist militants for 19 days have been released by their captors, a state government spokesman told Agence France-Presse. “They've been released. They're with the governor right now. They're very OK,” said Bayelsa State spokesman Ekiyor Welson, speaking by telephone from the […]

The New York Times: Nigerian Militants Free Foreign Oil Workers

By REUTERS Published: January 30, 2006 Filed at 2:39 a.m. ET YENAGOA, Nigeria (Reuters) – Nigerian militants released four foreign oil workers on Monday, ending a 19-day hostage crisis that also saw Nigerian oil output cut by a tenth. The hostages — an American, Briton, Bulgarian and Honduran — were abducted from an offshore oilfield […]

The New York Times: Oil Pushes Over $68 as Iran Talks Overshadow OPEC

By REUTERS Published: January 30, 2006 Filed at 1:19 a.m. ET SINGAPORE (Reuters) – Oil prices climbed half a dollar to above $68 a barrel on Monday, shrugging off a likely rollover in OPEC production to focus on key talks over Iran's nuclear program and more militant attacks in Nigeria. U.S. light crude climbed 46 […]

Financial Times: Filtronic aims for predictability

Published: January 30 2006 MONDAY *Filtronic, which is due to report its interim results, has “a long record of not meeting expectations”, according to one analyst. Today's announcement will provide clues as to whether the company, which makes microwave electronics for the wireless telecommunications and defence industries, is moving into more profitable and predictable times […]

Financial Times: Streamlined websites net top graduates

By Jon Boone, Education Correspondent Published: January 30 2006 Top companies are pouring resources into their recruitment websites as the battleground for scooping up top graduates has moved from university career fairs to the internet. According to the second annual study of 102 corporate career websites, published today, leading companies were busy in 2005 relaunching […]

The Observer: Treasury cashes in on the UK's financial jiggery-pokery

Frank Kane Sunday January 29, 2006 The front-page headline in the Financial Times last week was good news indeed. 'UK tops inward investment league,' it declared, going on to explain that Britain had attracted more cash than any other country in 2005. Hawk-eyed foreign investors had spotted the opportunities of the keenly competitive and efficient […]

The Observer: Who's to blame for the big bang?

As families suffering from the multiple effects of the Buncefield oil depot blast wait for compensation, no one is accepting responsibility, reports Jon Robins Sunday January 29, 2006 Sixty families who were injured or suffered damage to their homes in the Buncefield fuel depot explosion have begun legal action in the High Court against one […]

THE WALL STREET JOURNAL: OPEC Expected to Maintain Current Production Quota

A WALL STREET JOURNAL ONLINE NEWS ROUNDUP January 28, 2006 11:49 a.m. ALGIERS — OPEC will maintain its current production quota when it meets Tuesday in Vienna, Algerian Oil Minister Chakib Khelil said Saturday. “There is a consensus with the member countries to maintain the current quota as there is enough oil in the market,” […]

THE WALL STREET JOURNAL: Nigerian Militants Warn Against Rescue Attempt

Associated Press January 28, 2006 7:56 p.m. LAGOS, Nigeria — Militants who claim to be holding four foreigners hostage in Nigeria's oil-rich delta warned the military Saturday against attempting to free them by force. In a statement, the group claiming to hold the men accused the Nigerian government of planning military action with unidentified foreign […]

The Observer: Oil delta burns with hate

Escalating violence means western firms are thinking of quitting Nigeria. China may be quick to fill the vacuum, writes Nick Mathiason Sunday January 29, 2006 Levels of thuggery that once seemed acceptable to major oil firms operating in the Nigerian delta are now spilling over into widespread, vicious attacks. Will murder and kidnapping force them […]

Sunday Times: Shell and Exxon to smash transatlantic profit records

Tracey Boles OIL companies on both sides of the Atlantic will gush record profits this week, with America’s Exxon Mobil posting the world’s biggest-ever profit, and Shell setting a new record for British companies. Exxon is tomorrow expected to unveil a profit of about $32 billion (£18 billion) for 2005, according to Thomson Financial. It […]

Financial Mail, London, Week Ahead column

Daily Mail – London: KRTBN; Jan 29, 2006 Royal Dutch Shell is expected to make corporate history on Thursday when it announces the biggest profits from a UK company. The figures, the first since the group merged its UK and Dutch sides last summer, are expected to show before-tax profits of GBP12.9 billion, up from […]

Daily Telegraph: Shell sets $20bn-plus profits record

By Sylvia Pfeifer (Filed: 29/01/2006) Royal Dutch Shell, the Anglo-Dutch oil giant, is on course to set a British corporate record when it reports post-tax annual profits of about $23bn (£13bn) on Thursday. Industry analysts forecast that Shell will announce adjusted net profits for the fourth quarter of $5.4bn, fuelled by high oil prices, which […]

The Scotsman: Shell to post UK record £13bn profit

IAIN DEY CITY EDITOR OIL giant Royal Dutch Shell is poised to unveil the biggest profit ever recorded by a British company this week, clocking up earnings of close to £13bn. Soaring crude prices, which have been close to $70 a barrel for much of the year, are expected to have propelled the company's profits […]

The Business Online: Oil boom masks Shell's poor record

By Graeme Davies 29 January 2006 Plan to ramp up CapEx gets mixed response THE boom in the oil sector over the past three years has helped Anglo-Dutch giant Royal Dutch Shell mask a poor reserves replacement record which could otherwise have sunk its share price. Fuelled by hefty cash generation, Shell has decided to […]