Shell Planning to Open up Some 20 Billion BOE of Resources by the End of the Decade By CJ – Webbolt Newsroom May 10, 2006, 14:16
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LONDON, — Royal Dutch Shell plc (NYSE: RDS.A , NYSE: RDS.B) updated on its strategy today. Chief Executive Jeroen van der Veer commented “our strategy of 'more upstream, profitable downstream' is on track”.
“Upstream, we are committed to increase our production to 3.8-4.0 million barrels of oil equivalent in 2009, and we have record investments for our future in hand. Downstream, we are making selective growth investments, after a period dominated by disposals. Competitive cost performance and operational excellence are embedded in our strategy. Our downstream businesses should generate over $1.0 billion of further improvements by the end of this decade.”
“These are exciting times for Shell. We are making investments and taking final investment decisions by the end of the decade, which together will open up some 20 billion barrels of oil equivalent resources. These resources, which are around one third of our discovered resource base today, include substantial long-life fields, which will underpin our profitability for many years to come.”
He said the company is maturing around 50 major growth projects today, which should start up across 2006-09. “Around half are already under construction, in an unprecedented level of activity for Shell. Looking beyond 2009, Shell's portfolio is robust and growing, and the company is working on a larger number of further options, which underpin our aspiration for further production growth in the next decade.”
“We see great potential in unconventional hydrocarbons, in plays such as oil sands and gas-to-liquids. These 'unconventionals', and Shell's technology, should help us drive full replacement of our production, on both a resources and reserves1 basis, and sustain long term production growth.” said van der Veer. Such unconventional resources, however, may not qualify as SEC proved oil & gas reserves, where the company has previously forecast an average 100% SEC proved reserves replacement ratio over 2004-08.
Van der Veer said “We still have a fair prospect of achieving that target. However, we do not want this target to drive the wrong business decisions, either in the timing of projects, or in the type of resources that we prioritise. The industry is seeing a very tight market for materials and contract rates. Our requirement for competitive returns means that we will probably hold back some of our longer-term projects, until the supply and contracting environment cools down. That in turn makes achieving our SEC proved reserves replacement forecast less likely than it was.”
“We now see SEC reserves replacement across 2004-08 as an outcome of our investment choices, rather than a forecast. Our goal is to invest in the right projects, at the right time, within our framework of capital discipline, ” van der Veer said.
Chief Financial Officer Peter Voser concluded “we are focused on competitive returns, disciplined capital allocation, and organic growth. We expect to average 20-25% gearing through-cycle, including off balance sheet items. Organic capital spending for 2006 is expected to be around $19 billion, as previously indicated, with around $21 billion of spending anticipated in 2007.”
“Due to continued strength in oil and gas prices, and our capital discipline, we expect to exceed our previous guidance for up to $5 billion of share buy-backs in 2006. Share buy-backs will continue, subject to market conditions and the capital requirements of the group.”
1. Reserves meaning SEC proved oil & gas reserves, plus specific hydrocarbon categories that fall outside the SEC's current definitions, for example oil sands and other unconventionals. In such cases we will look to have high levels of confidence in our economic, technical and project maturity estimates.
In this document “Shell” is defined as Royal Dutch Shell together with all of its consolidated subsidiaries. The expressions “Shell”, “Group”, “Shell Group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to the Group or Group companies in general. Likewise, the words “we”, “us” and “our” are also used to refer to Group companies in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.
LONDON (Dow Jones)–More than 2,700 Chinese households had to be resettled due to the construction of the Nanhai petrochemicals complex, its part owner Royal Dutch Shell PLC (RDSB.LN) said in a report Tuesday.
In its annual environmental and social report, the Anglo-Dutch major said that the relocation program was carried out according to World Bank and Chinese standards.
Shell owns 50% in the $4.3 billion project. The other half is owned by CNOOC Petrochemicals Investment Co. Ltd., a 90%-owned unit of China National Offshore Oil Corp. read more
New Orleans's ComebackIs Swift, but Officials SayHuge Problems Lie Ahead
By JENNIFER S. FORSYTHMay 10, 2006; Page B6
Eight months after Hurricane Katrina, the lights are back on in many downtown New Orleans buildings, creating a nighttime skyline that doesn't look that different than before the storm.
Despite Katrina — and, in some ways, because of it — the occupancy rate for top-quality office space is better than it was at the beginning of 2005. Many larger companies — especially those in the crucial energy sector — that temporarily evacuated have returned. Government relief agencies, contractors doing cleanup work and various advocacy groups have set up shop. And the market has tightened because some damaged offices haven't reopened, while others were converted to condos and hotel rooms before the storm.read more
Crude-oil futures rebounded, settling at more than $71 a barrel on the New York Mercantile Exchange, in part because of fresh anxieties about Iran's nuclear program. Here is today's well of news about oil and fuel prices.
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CASTRO'S OIL BONANZA: Cuba plans to let China and other countries drill for oil in its half of the Florida Straits, which lie between Cuba and Key West, the New York Times reports. U.S. laws have long banned drilling on the U.S. side, but rising energy prices have inspired a growing chorus of voices to call for the prohibition to end. Fidel Castro split the area with the U.S. in a 1977 treaty, and Cuba's side alone might have some 4.6 billion barrels of oil and 9.8 trillion cubic feet of natural gas. “This is the irony of ironies,” one lobbyist to end the U.S. drilling ban told the Times. “We have chosen to lock up our resources and stand by to be spectators while these two come in and benefit from things right in our own backyard.”read more
Royal Dutch Shell, the Anglo-Dutch oil giant, blamed attacks by militants on pipelines in Nigeria and hurricanes in America for missing its goal of reducing oil spills in 2005. About 340 tonnes of oil flooded land in Nigeria in December.
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Regal Petroleum, the London-based oil and gas producer, said that it will shut its Ukrainian gasfields after losing a legal battle with CNGG, its former joint venture partner. Separately, Richard Griffiths, former chairman of Evolution Group, the broker behind Regal, has left the company with a final pay package of almost £3 million.
Platinum Mining Corp of India, the AIM-listed company, is facing a revolt from Steven Newbury, its former chief executive and largest shareholder, who has requisitioned a meeting to shake up the board.
is planning to sell its Dutch gas exploration and production operations which produce 1.8 million cubic feet of gas a day.
Bateman Litwin, which provides services to the oil, gas, power and chemical industries, has set a 180p-215p price range for its initial public offering, which will see the group raise about £55 million ahead of its flotation on AIM this month.
Wresting control from foreign interests, Bolivian government names directors to energy companies
CARLOS VALDEZ AP Worldstream; May 10, 2006
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Bolivia is taking new steps toward wresting control of its natural-gas industry from foreign companies, naming Bolivian directors to oversee the companies' transition to majority ownership by the government.read more
SINGAPORE (AP) — Oil prices fell Wednesday as traders awaited a midweek U.S. government petroleum inventories report expected to show domestic gasoline stocks rose for the second straight week.
Prices continued to be supported by persistent concerns about the outlook for Iran's oil exports amid the country's confrontation with the West over its nuclear program.
Also, traders remain worried about unrest in Nigeria, violence in Iraq and rising resource nationalism in South America.read more
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Governments have had to share the windfall gains from rising commodity prices with giant oil exploration and mining companies. Much of the price rise has been absorbed by higher profits, as the recent performance of BP and Shell testifies. The mining company Rio Tinto saw its underlying profits rise 118% to $5bn (pounds 2.7bn) in 2005, with the chairman, Paul Skinner, expecting the outlook to remain good. “We believe economic growth will continue the positive trend of 2005 even if rates of growth slow somewhat,” he said at the company's annual meeting last week. “This, in turn, should result in a continuation of strong markets for our products and prices above the long-term trend.”read more
Legal challenge to gas pipeline will not be heard before October
Mary Carolan Irish Times; May 10, 2006
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The full hearing of a legal challenge to the construction of the controversial high-pressure gas pipeline near Rossport in Co Mayo will not be ready to proceed before October next, the High Court heard yesterday.read more
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EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON.
EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.
JOHN DONOVAN TV DOCUMENTARY INTERVIEW
SHELL EXECUTIVES AT THE CENTER OF A SCHEME TO STEAL $1.3 BILLION FROM NIGERIA’S PEOPLE
SHELL ADMITS DEALING WITH NIGERIAN MONEY LAUNDERER – BBC NEWS
SHELL, ENI AND NIGERIAN OFFICIALS IN OPL 245 CORRUPTION SCANDAL
INVESTIGATION OF OPL 245 NIGERIAN OIL CORRUPTION SCANDAL
DUTCH EARTHQUAKES CAUSED BY SHELL/EXXON
SHELL KILLS FOR OIL IN NIGERIA
SHELL LIED ABOUT CLEANING UP OIL IN NIGER DELTA
SHELL SPIES INFILTRATED NIGERIAN GOVERNMENT
LEGO DROPS SHELL OVER GREENPEACE OIL SPILL VIDEO
SHELL ARCTIC DRILLING ACCIDENTS
SHELL KNEW ABOUT CLIMATE CHANGE DECADES AGO
ROYAL DUTCH SHELL FOUNDER SIR HENRI DETERDING, NAZI FINANCIER
JOHN DONOVAN PROMOTIONAL GAMES FOR SHELL AND OTHER CLIENTS
Listen and read proof in audio and transcript form of Shell CEO Ben van Beurden’s cover-up tactics in the OPL 245 Nigerian corruption scandal. The instruction given by him in the covertly recorded call to CFO Simon Henry was at odds with Shell’s claimed core business principles. Cover-up and obstruction, instead of transparency and integrity, says Shell critic John Donovan
I used shell broadband. It was by far the worst broadband provider ever! The internet did not work most days. I had their super fast broadband and it dropped out constantly. Watching a movie was awful with the constant buffering. Customer support was super slow. Now their going to charge me for the useless router which I have sent back.
Date of experience: 21 November 2023
By far the worst broadband provider ever!
The worst ever
I used shell broadband. It was by far the worst broadband provider ever! The internet did not work most days. I had their super fast broadband and it dropped out constantly. Watching a movie was awful with the constant buffering. Customer support was super slow. Now their going to charge me for the useless router which I have sent back.
I ordered shell energy broadband on nov 2. I was promised connection the following week. They initiated the direct debit. I called the following week and was told router would arrive on 13 and service would go live on 17. No further email or communication until 20 when I was told service would start on 30th. Spent 10 minutes waiting on phone line and spoke to a polite assistant who was absolutely useless in solving my problem. Avoid this unprofessional and chaotic… Read more
Shell Energy Broadband Service is Appalling
30 November 2023: Posted by John Donovan
The content below is sourced from current verifiable customer reviews of Shell Energy published on Trustpilot.
Extremely slow broadband for 10 months, not fixed.I have had slow broadband well below the guaranteed speed for 10 months and Shell Energy have not been able to fix it.They have tried sending about 4 or 5 engineers but have not fixed the problem.Gurps, who I have been dealing with most recently, has been friendly and polite, alth… Read more
Extremely Slow Shell Broadband
OVER 500 EXTERNAL PUBLICATIONS CITING OUR SHELL WEBSITES
See our link list of over 500 articles by the FT, Wall Street Journal, Reuters, Bloomberg, Forbes, Dow Jones Newswires, New York Times, CNBC etc, plus UK House of Commons Select Committee Hansard records, information on U.S. Securities & Exchange Commission websiteetc. all containing references to our Shell focussed websites, or our website founders Alfred and John Donovan. Includes TV documentary features in English and German, newspaper and magazine articles, radio interviews, newsletters etc. Plus academic papers, Stratfor intelligence reports and UK, U.S. and Australian state/parliamentary publications, also citing our Shell websites. Click on this link to see the entire list, all in date order with a link to an index of over 100 books also containing references to our non-profit websites and/or our activities.
John Donovan, the website owner
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