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 [...]
Posts from ‘August, 2006’
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 [...]


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