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Posts from ‘August, 2006’

KBTV4: Motiva Refinery Back Up After Power Loss

( Air Date: 8/31/2006 ) Shell Oil Company said Thursday its 285,000 barrel-per-day joint-venture refinery in Port Arthur, was back up after losing power Wednesday. The plant, owned by Motiva, a joint venture between Royal Dutch Shell`s (RDSa.L: Quote, Profile, Research) Shell Oil and Saudi Refining, suffered a power outage for a short time after […]

By Alfred Donovan Visitors may have wondered why service on our sister website is often interrupted for days at a time by a notice which states: – “ERROR:  This blog is on hold because its bandwidth has been exceeded. Please contact your blog provider.” If you want to know the reason why, please visit the following website […]

RIA Novosti: Russia’s environmental watchdog probes Sakhalin Energy violations

17:36 | 31/ 08/ 2006  MOSCOW, August 31 (RIA Novosti) – Russia’s environmental protection agency has completed the first part of a comprehensive audit of Sakhalin Energy activities under the massive Sakhalin-II energy project off the country’s Pacific coast, the agency said Thursday. The Federal Service for the Oversight of Natural Resources started the inspection […]

Yahoo! News: Regulators approve Shell Canada upgrader expansion

CALGARY, Alberta (Reuters) – Alberta regulators have approved a 100,000 barrel-per-day expansion of Shell Canada Ltd.’s Scotford upgrading refinery, part of a planned oil sands project that could cost up to C$12.8 billion ($11.9 billion). The Alberta Energy and Utilities Board gave Shell Canada the green light to proceed with construction at the upgrading refinery […]

Bloomberg: Russia may open a criminal case against Shell Project

31 Aug 2006 Russia may open a criminal case against Royal Dutch Shell Plc’s Sakhalin-2 project because of “numerous” environmental violations, the country’s Natural Resources Ministry said. Oleg Mitvol, the deputy head of Russia’s environmental inspectorate, is ready to provide material from a recent inspection to the Prosecutor General’s office, the ministry said in […]

AFX Europe (Focus): Nigerian oil workers to begin ‘warning strike’ Sept 13 over unrest

AFX Europe (Focus) Published: Aug 31, 2006 LAGOS (AFX) – Nigeria’s two main oil workers unions will begin a three-day warning strike on Sept 13 in protest against a wave of kidnappings and violence in the Niger Delta, a union official said. The national executive committees of the National Union of Petroleum and Natural Gas […]

The Times: Former Shell chief is pleased but he may sue his accusers

August 31, 2006 SEC drops investigation of Watts By David Robertson   THE world’s leading financial regulators have concluded that nobody is to blame for Shell’s overstatement of its oil reserves, after the US Securities and Exchange Commission (SEC) dropped its investigation of Sir Philip Watts. Sir Philip, the former executive chairman of Shell, is […]

The Hindu News: Shell technology to begin operations in Bangalore

Houston, Aug. 30 (PTI): Shell Technology India (STI) that will deliver high-end technical studies, project management and technical services to companies across the globe will become operational in Bangalore from September this year and plans to go on a massive recruitment drive in the country. “By the end of 2006 we hope to have 200 […]

The Times: nobody is to blame for Shell’s overstatement of its oil reserves…

Need to Know: Financial regulators have concluded that nobody is to blame for Shell’s overstatement of its oil reserves after the US Securities and Exchange Commission dropped its investigation of Sir Philip Watts, Shell’s former chairman. The UK’s Financial Services Authority reached the same conclusion last November. The Dutch authorities also decided to take no […]

Financial Times: Shell investors can lay the reserves scandal to rest US watchdog takes no action on Watts

By Andrew Hill Published: August 31 2006 03:00 | Last updated: August 31 2006 03:00 In the midst of Shell’s investigation into its reserves crisis, in April 2004, Lord Oxburgh, then chairman of Shell Transport and Trading, said “human failings, not structural deficiencies” were to blame for the problems. At the time, it seemed more […]

Financial Times: Ousted Shell chairman off SEC’s hook

By Carola Hoyos Published: August 31 2006 03:00 | Last updated: August 31 2006 03:00 The US Securities and Exchange Commission has decided not to take action against Sir Philip Watts, the ousted chairman of Royal Dutch Shell, the energy group. The decision ends the regulator’s two-year investigation into the role Sir Philip played in […]

Daily Telegraph: Browne’s annus miserabilis at BP is not over

By Christopher Hope (Filed: 31/08/2006) The Texas explosion investigation, allegations of market rigging and huge oil leaks are making life tough, says Christopher Hope Some time in the next few months, a clutch of lawyers from Texas are due to arrive at BP’s plush headquarters in London’s St James’s Square looking for the company’s chief […]

Daily Telegraph: Big oil in big trouble as BP faces working over by US

EXTRACT: He was able to show that he relied on Shell’s reserves reporting process which was transparent and involved experts who believed it to comply with SEC rules; that he relied on Shell’s external auditors who followed procedure, reviewed relevant reserves and did not object to Shell’s proved reserves submissions to the SEC; and finally […]

Daily Telegraph: US regulator clears ex-Shell boss

By Alistair Osborne, Business Editor (Filed: 31/08/2006) After a two-year investigation, SEC tells Sir Philip Watts it won’t take any action regarding oil reserves overbooking scandal. America’s financial regulator has decided not to take any action against former Shell chairman Sir Philip Watts over the oil and gas reserves overbooking scandal in 2004, which cost […]

The New York Times: S.E.C. Will Take No Action Against Former Chief of Shell

By DOW JONES/THE ASSOCIATED PRESS Published: August 31, 2006 By Dow Jones/AP The Securities and Exchange Commission has decided to take no action against Sir Philip Watts, the former chief executive of Royal Dutch Shell, over the 2004 scandal involving the overbooking of oil reserves, the law firm representing him said yesterday. The S.E.C., which conducted […]

The Independent: SEC clears Watts over Shell reserves scandal

By Michael Harrison, Business Editor Published: 31 August 2006 Sir Philip Watts’ two-year battle to clear his name ended in victory for the former Shell chairman yesterday after the US Securities and Exchange Commission decided not to take any action against him over the oil giant’s reserves reporting scandal. The decision marks the end of […]

The Herald (Scotland): Ex-Shell chief cleared in oil scam

KARL WEST August 31 2006   American regulator the Securities & Exchange Commission yesterday confirmed it will be taking no action against Sir Philip Watts, former Shell chief executive, over the oil reserves overbooking scandal. Watts and other senior managers were ousted after Shell admitted in early 2004 that it had deceived investors by overstating […]

Dow Jones Newswires: Nigeria Min Appears Before House Panel On Shell – Report

31 August 2006     LAGOS -(Dow Jones)- Nigeria’s oil minister Wednesday appeared before a House committee to answer questions concerning an alleged underpayment to the government by a unit of Royal Dutch Shell PLC (RDSA), a private television station reported. Channels TV said that Minister of State for Petroleum Edmund Daukoru presented the Committee on […]

The Times: Problems arise when tails are counted as legs

August 31, 2006 Analysis by Patrick Hosking   THE worst scandal to hit Shell in its 170-year history came out of the blue one January morning in 2004. Shell executives confessed in a conference call to amazed City analysts that the company’s reserves of oil and gas had been overstated by 25 per cent.    […]

The Wall Street Journal: SEC Decides Not to Act Against Ex-Shell Chairman

DOW JONES NEWSWIRES August 30, 2006 3:32 p.m. The U.S. Securities and Exchange Commission has decided to take no action against the former Royal Dutch Shell PLC boss over a reserves overbooking scandal, his lawyer said Wednesday. The SEC conducted a two-year joint investigation with the U.K.’s Financial Services Authority and concluded that no action […]

MarketWatch: SEC drops investigation of former Shell exec

By Jim Jelter, MarketWatch Last Update: 2:52 PM ET Aug 30, 2006 SAN FRANCISCO (MarketWatch) — The U.S. Securities and Exchange Commission has dropped its two-year investigation of Philip Watts, the former Royal Dutch Shell chairman, deciding to take no action against him for the company’s overstatement of its oil and gas reserves, according to […]

The Scotsman: Russia tells Shell to review pipelines

Wed 30 Aug 2006   Russia tells Shell to review pipelines MOSCOW (Reuters) – Russia’s environmental watchdog, which has already ordered to Royal Dutch Shell to stop work on onshore pipelines on Sakhalin, said on Wednesday the group needed to redraw the plan. “Onshore pipeline construction can be resumed only after the project is reworked, […]

MarketWatch: SEC Closes Watts Investigation (*the chief crook gets off)

SEC Concludes Investigation of Royal Dutch/Shell’s Former Chairman Last Update: 1:13 PM ET Aug 30, 2006 WASHINGTON, Aug 30, 2006 (BUSINESS WIRE) — Late yesterday, the United States Securities and Exchange Commission (“SEC”) provided notice that it had completed its investigation into the circumstances surrounding the recategorization of proved oil and gas reserves by Royal […]

UpstreamOnline: Delta security tops union agenda

By Upstream staff Nigerian oil unions met today to discuss deteriorating security in the Niger Delta and union leaders said a complete withdrawal of their members from Africa’s oil heartland was one option to be considered. But oil company sources said an ultimatum to the government over kidnappings and attacks on oil installations was a […]

AFX News: US SEC ends probe on former Shell chairman on reserves scandal

Wednesday, 30th August 2006 13:08 LONDON (AFX) – The US Securities and Exchange Commission has concluded its investigation on Philip Watts, former chairman of the Royal Dutch/Shell Group, regarding his role on the Anglo-Dutch oil major’s oil reserves crisis in 2004, according to Watt’s lawyers. The SEC, which conducted a two-year joint investigation with the […]

UpstreamOnline: SEC drops probe into ex-Shell boss

By Upstream staff The US Securities & Exchange Commission has decided to take no action against former Shell boss Phil Watts over a reserves overbooking scandal, Watts’ lawyers said today. Watts and other senior managers were ousted after Shell admitted in early 2004 that it had overstated the size of its oil and gas reserves […]

Dow Jones Newswires: Shell Worker Death Upgrades Strike Threat At Talks Wed – Union

Wednesday August 30th, 2006 / 11h15    LONDON -(Dow Jones)- The Royal Dutch Shell PLC (RDSB)-led joint venture in Nigeria confirmed late Tuesday that a local employee was killed following a clash 10 days ago between the military and rebels in the Niger Delta, a development that raises the specter of strike action at a […]

Washington Post: New Probe Another Problem for BP

U.S. Panel, Justice Dept. to Examine Firm’s Oil and Gas Trading By Stephen Voss and Mathew Carr Bloomberg News Wednesday, August 30, 2006; Page D02 BP PLC, the world’s third-largest oil company, is under investigation by U.S. authorities for possible manipulation of crude oil and gasoline markets, a further blow to a reputation that has […]

Financial Times: BP faces two US probes over trading

By Rebecca Bream Published: August 30 2006 03:00 | Last updated: August 30 2006 03:00 BP has revealed that it now faces two investigations into its trading activities in the US, adding to its troubles following the forced shutdown of its Prudhoe Bay field in Alaska. The oil major yesterday confirmed media reports that it […]

Shell-Mex & BP Limited

Comment posted on The Scotsman article: “FTSE boosted by oil on troubled water”  BP and Shell have both made extravagant claims in multimillion dollar global advertising campaigns about their lofty business ethics and undying commitment to the environment. The reality is rather different. Many of their own workers lives have been lost in recent […]

The Guardian: Inquiry into BP ‘market manipulation’

EXTRACT: BP’s fall from grace comes after a period in the limelight when its rival Shell had sacked its chairman after regulators found it guilty of overbooking reserves. It took 18 months for Shell’s share price to recover. THE ARTICLE · Investigators look at crude oil and petrol trading · Browne called to testify in […]

UpstreamOnline: Shell Nigeria sees 2005 output fall

By Upstream staff Supermajor Shell’s Nigerian venture sees a “challenging” 2006 after its oil production fell 8% last year because of project delays and natural output declines. Shell Petroleum Development Company production averaged 924,000 barrels per day last year, down from 2004’s one million bpd, the company said in its Shell Nigeria Annual Report recently […]

UpstreamOnline: Shell hopes to lift Bonny force majeure

By Upstream staff Shell said today it hoped to lift a force majeure on exports of Bonny crude from Nigeria soon after a recent increase in output. Last month Shell declared force majeure on exports of Bonny crude in July and August after a pipeline leak cut production. “We don’t have a date for when […]

UpstreamOnline: Hostage to be freed ‘in hours’

By Upstream staff An Italian oil worker kidnapped last week in Nigeria will be freed in a matter of hours, a state government spokesman said today. The expected release of the hostage, a contractor to oil services company Saipem , follows the intervention of a powerful militant group which ordered his unconditional freedom in an […]

China Economic Net: Royal Dutch suspends faulty pipeline: Russia looks at suing Shell

Last Updated(Beijing Time):2006-08-29 15:29   A consortium led by Royal Dutch Shell PLC has suspended pipe-laying work at a section of its giant liquefied natural gas project on Russia’s far eastern island of Sakhalin because of substandard construction work, a spokesman for the consortium said yesterday. Ivan Chernikovsky said that work had been halted on […]

Bloomberg: BP’s Crude, Gasoline Trading Under U.S. Investigation (Update 4)

EXTRACT: BP lost its position as Europe’s largest oil company by market value to Royal Dutch Shell Plc after BP earlier this month said it had to shut down the Prudhoe Bay field in Alaska because of inadequate testing for pipeline corrosion. THE ARTICLE By Stephen Voss Aug. 29 (Bloomberg) — BP Plc, Europe’s second-largest […]

Bloomberg: Tropical Storm Ernesto Strengthens, Heads for Florida (Update1)

EXTRACT: Royal Dutch Shell Plc said it has prioritized delivery to its Shell and Motiva gas stations along evacuation routes to ensure drivers can refuel, according to a statement from the company. It also has generators in place ready to power pumps. THE ARTICLE By Alex Morales and Courtney Dentch Aug. 29 (Bloomberg) — Tropical […]

MarketWatch: U.S. oil executives enjoyed biggest paychecks on record in 2005: report

EXTRACT: In contrast, leaders of giant oil companies based outside of the U.S., such as Royal Dutch Shell PLC (RDSA) and BP PLC (BP), received more modest pay last year. BP CEO Lord Browne, for instance, pulled in $5.6 million in 2005, while Shell CEO Jeroen van der Veer made $4.1 million. “While hardly suffering, […]

MarketWatch: U.S. probes BP over crude, gas dealings (Whether markets were manipulated at heart of latest inquiries)

Aug 29, 2006: LONDON (MarketWatch) — The U.S. government has begun criminal and civil investigations into whether BP Plc manipulated U.S. crude-oil and unleaded-gasoline markets, as the British petroleum giant’s chief executive is being forced to testify under oath about safety problems. The world’s second-largest publicly traded oil company, BP has acknowledged the investigations and […]

The Wall Street Journal: BP Woes Deepen With New Probe

Public, Political Pressure May Rise As Inquiry Looks Into Possibility Of Manipulation in Gas, Oil Prices By JOHN R. WILKE in Washington, ANN DAVIS in Houston and CHIP CUMMINS in London August 29, 2006; Page C1 Federal investigators are examining whether BP PLC manipulated crude-oil and unleaded-gasoline markets, signaling a rise in regulatory scrutiny of […]

Irish Times: Irish firms win Corrib Gas contracts

Published: Aug 29, 2006 Irish construction companies have won contracts valued at 76 million for the construction of the controversial Corrib Gas terminal at Bellamaboy Bridge in north Mayo. The contracts will cover civil works, structural steel works, mechanical engineering works and electrical and instrumentation. According to Terry Nolan, deputy managing director of Shell E&P […]

AFX News Limited: Shell Consortium Halts Construction of Sakhalin Pipeline

The Sakhalin Energy consortium, led by Royal Dutch Shell, said it has halted construction of an oil and gas pipeline on Sakhalin Island due to landslide risk affecting a stretch of seven kilometers of the route in the Makarov region. Spokesman for the consortium Ivan Tcherniakhovski told Agence France-Presse that Sakhalin Energy believes certain sub-contractors […]

The Wall Street Journal: Oil Prices Fall Nearly $2 a Barrel After Hurricane Fears Recede

By MASOOD FARIVAR August 29, 2006; Page C3 Oil prices dropped nearly $2 a barrel as Hurricane Ernesto weakened to a tropical storm and was forecast to miss the energy-production areas of the Gulf of Mexico. The October crude contract on the New York Mercantile Exchange settled $1.90 lower to $70.61 a barrel on light […]

The Wall Street Journal: Woodside’s Energy Partners Bid Shows Allure of Gulf of Mexico

By RUSSELL GOLD and IAN PEMBERTON August 29, 2006; Page A12 Woodside Petroleum Ltd.’s $883.1 million takeover bid for Energy Partners Ltd., based in New Orleans, underscores the industry’s continued interest in the Gulf of Mexico despite recent hurricane activity and the challenge in finding lucrative new deposits in the well-explored area. The bid by […]

The Independent: Shareholder raps Shell’s ‘corroded’ gas pipes

By Julia Kollewe Published: 29 August 2006 Royal Dutch Shell has come under fire over corroded gas pipes, just days after BP was forced to shut down production at an oilfield in Alaska due to severe pipeline corrosion. A shareholder group has lambasted Shell for letting gas pipes corrode in Ireland. Canon Christopher Hall, a […]

Associated Press: Shell Halts Pipeline Project in Russia

Monday August 28, 9:38 am ET  Shell PLC Halts Section of Pipeline Construction at Russian LNG Project MOSCOW (AP) — A consortium led by Royal Dutch Shell PLC has suspended pipe-laying work at a section of its giant liquefied natural gas project on Russia’s far eastern island of Sakhalin because of substandard construction work, a […]

Independent Nigeria’s oil hub: It’s like the Wild West with AK-47s’

By Katherine Houreld Port Harcourt – Foreign workers in Nigeria’s oil hub carpool with rifle-toting police officers on their morning commute. A night on the town can turn into a run from gunfire. And placemats at a popular bar advise:”Eat a lot. Fat people are harder to kidnap.” Amid a rash of hostage-takings in the […]

kommersant (Moscow): Sakhalin Energy Suspends Construction

Sakhalin Energy that is the subsidiary of British-Dutch Shell and the Sakhalin-2 operator has suspended construction of some of the ground-surface pipelines. The official reason is that the company itself revealed violation of technical provisions. But more likely than not, it is the response to Federal Service for Natural Resources Supervision that harbors doubts about […]

Planet Ark: ANALYSIS – Biofuel Rush Risks Gasoline Hike, Forest Damage

Reuters UK: August 28, 2006 LONDON – Biofuels can both bring down high pump prices and help halt climate change, their supporters hope.  But the result of the global boom in the green fuel additive may just have precisely the opposite effects in the near-term, according to both oil company executives and green campaigners. The […]

The Economist: Kidnap insurance: A king’s ransom

EXTRACT: Oil giants that operate in the Niger Delta, including Royal Dutch Shell, are reconsidering staffing levels. An oil workers’ union is threatening to pull members out after a botched attempt on August 20th to rescue a Nigerian Shell employee who had been seized. THE ARTICLE Insuring against kidnap and extortion is a growth industry […]