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Posts on ‘September 6th, 2006’

The Moscow Times: Ministry Presses Exxon on Sakhalin-1

Thursday, September 7, 2006. Issue 3492. Page 5.
Reuters

The Natural Resources Ministry has told ExxonMobil it will not automatically enlarge the license territory of Exxon’s Sakhalin-1 oil and gas block, despite the discovery of new reserves near or at existing deposits.

The ministry said its representatives had told the U.S. oil major, developing the field under a decade-old production-sharing agreement, that they would auction the newly discovered deposits.

The move follows weeks of unprecedented pressure by Moscow on the rival Sakhalin-2, led by Royal Dutch Shell, culminating Tuesday when the country’s environment watchdog said it had asked a court to recognize the agreement did not comply with ecological rules.

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Oil&Gas Journal: International group starts Saudi gas drilling

By OGJ editors

HOUSTON, Sept. 6 — A joint venture of Royal Dutch Shell PLC, Total SA, and Saudi Aramco has begun exploratory drilling for nonassociated gas and condensate in the southern part of Saudi Arabia’s Empty Quarter.

The venture, South Rub al-Khali Co. Ltd. (SRAK), has spudded Isharat 1, the first of seven wells planned over the next 28 months. It has been shooting seismic surveys toward a commitment of acquiring at least 16,000 km of 2D data during a 5-year exploratory period.

SRAK moved components of the rig 2,000 km from Dubai to the location of Isharat 1, drilling of which is expected to take 4 months.

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Bloomberg: Oil Falls to 5-Month Low in New York as Supply Concern Eases

EXTRACT: Royal Dutch Shell Plc, the world’s second-largest publicly traded oil company, said its Mars platform in the Gulf was producing 20 percent more oil than before it was damaged and shut down by Katrina. The platform is currently producing 190,000 barrels of oil equivalent per day, the company said today in a statement. 

THE ARTICLE 

By Mark Shenk

Sept. 6 (Bloomberg) — Crude oil in New York fell, heading for the lowest close in five months, as concern eased that shipments from Iran, the fourth-biggest oil producer, will be curbed because of a dispute about the country’s nuclear program.

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International Herald Tribune: Russian will not abrogate existing production-sharing agreements

The Associated Press
WEDNESDAY, SEPTEMBER 6, 2006

MOSCOW Russia will not abandon existing production sharing agreements with foreign oil and gas companies, but is unlikely to pursue further such deals in the future, the RIA-Novosti news agency quoted a senior official as saying Wednesday.

Deputy Economic Development and Trade Minister Kirill Androsov also said he had no information supporting speculation that gas giant OAO Gazprom might be seeking more than 25 percent of Sakhalin Energy, the operator of Sakhalin 2, a major oil project in the far east, the report said.

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TMCnet: Sakhalin-2 promoter denies Russian environment regulator’s claim

(Kyodo News International (Tokyo) (KRT) Via Thomson Dialog NewsEdge) Sep. 6–

MOSCOW — Sakhalin Energy Investment Co., an international consortium promoting an oil and natural gas development project off Russia’s Sakhalin island, on Wednesday denied a claim by the Russian environmental regulator that the exploration program could harm the environment, Interfax news agency said.

Sakhalin Energy, set up by Royal Dutch/Shell Group, Japanese trading houses Mitsui & Co. and Mitsubishi Corp. and other concerns, issued the denial following a lawsuit filed by the Federal Service for the Supervision of Natural Resources in Moscow on Tuesday in a bid to have the government withdraw its approval of the Sakhalin-2 project on the grounds of possible damage to the environment, Interfax said.

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Dow Jones Newswires: Russian Dep Min: Won’t Tear Up Sakhalin PSAs

Wednesday September 6th, 2006 / 17h51 
 
However, Androsov said Russia is unlikely to pursue further PSAs in the future.
Androsov’s comments echo similar comments by Kremlin aide Igor Shuvalov, who said Tusday that accusations by the Ministry of Natural Resources against Shalin Energy, the Royal Dutch Shell (RDSA)-led consortium developing Sakhalin-II, had nothing to do with any desire to renegotiate the terms of the PSA governing the project.

Shuvalov added, however, that in his “personal opinion” the best thing for Sakhalin Energy to do would be to pay taxes under the normal regime paid by other oil and gas companies. The PSAs for Sakhalin-1 and Sakhalin-2 are parliament-approved acts that guarantee specific tax treatment for those two projects.

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RIA Novosti (Moscow): Gazprom wants no more than 25% in Sakhalin II – dep. minister

20:35 | 06/ 09/ 2006 

ST. PETERSBURG, September 6 (RIA Novosti) – Russian energy giant Gazprom does not want more than a 25% stake in the Sakhalin II project in the Far East, a deputy economics minister said Wednesday.

Speaking to reporters from Japan on the sidelines of a Russian-Japanese investment forum, Kirill Androsov said: “We are not aware of Gazprom’s plans to raise [the negotiated] stake to more than 25%.”

Reporters had suggested Gazprom might seek to take over shares from Mitsui and Mitsubishi, the Japanese companies that hold 25% and 20% of shares respectively in the Sakhalin II project off Russia’s Pacific coast.

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MarketWatch: Platts Releases 2006 Top 250 Global Energy Companies List

Sep 6, 2006

SINGAPORE, Sept 06, 2006 /PRNewswire via COMTEX/ — Platts today released its annual 2006 Top 250 Global Energy Companies rankings, recognizing the industry’s top-performing companies around the world. The list, led by Exxon Mobil Corporation, was unveiled at the Platts Top 250 Global Energy Companies Asia/Pacific Rim Region Awards Dinner, sponsored by Allegro, Energy City Qatar and LIM. Mr. Li Huaiqi, Secretary to the Board of Petrochina Co. Ltd, the Platts Top 250’s #1 energy company in Asia for five years running, presented the keynote address at the awards dinner.

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GGI RapidNews: MANAGEMENT PRODUCTIVITY

Volume 7, Issue 7- August 2, 2006

Fortune Magazine’s List of the Top 500 Companies

Who are at the top of the 500 most successful companies world-wide? How “little” can a company make and still be part of this exclusive club? These questions are answered in the July 24, 2006, issue of Fortune Magazine.

ExxonMobil wins the #1 Spot with annual revenues of $339.9 billion. Slightly down the list at #5 is General Motors at $192.6 billion. The #500 company, the last on this list but certainly still a star, is NIKE. This athletic footwear maker has annual revenues of $13.7 billion.

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RIA Novosti: Russian Ministry plans to finish probe into Sakhalin-II by end of year

14:35 | 06/ 09/ 2006 

ST. PETERSBURG, September 6 (RIA Novosti) – Russia’s economics ministry is hoping to finalize a review of the feasibility study of the Sakhalin-II energy project off the country’s Pacific coast by the end of the year, the deputy economics minister said Wednesday.

Costs on Sakhalin II have reportedly doubled to about $20 billion, with rising commodity prices across the world, leading Gazprom to say it wants to reduce the stake on offer in Zapolyarnoye-Neocomian because the value of the Sakhalin asset has fallen.

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Kommersant: Russian Pres. Aide Suggests Foreigners Forego Product Sharing

Russian presidential aide Igor Shuvalov said at a briefing at the RIA Novosti news agency yesterday that it was desirable for participants in product-sharing agreements to convert to a “national procedure.” He suggested that the participants in the Sakhalin 2 project could thus solve their problems with Russian agencies.

Russian authorities have repeatedly expressed dissatisfaction with the work of foreign companies within product-sharing agreements. This is the first time changes in the agreements have been suggested and it is connected with Russian authorities’ wish to monopolize Russian gas deliveries to the world market fully.

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Gulf Times – Doha, Qatar: Shell top officials discuss strategies at Doha meet

Published: Wednesday, 6 September, 2006, 11:41 AM Doha Time 
 
Top executives from Royal Dutch Shell’s global project community at the annual Shell Project Directors’ Conference at the Sheraton yesterday
 
Business Reporter

MORE than 40 top executives from Royal Dutch Shell’s global project community gathered at the Sheraton yesterday to share information on leading-edge strategies and practices in project delivery.

Delegates to the annual Shell Project Directors’ Conference represented Shell’s largest capital investment projects, including the recently launched world-scale integrated Pearl Gas to Liquids (GTL) project, which is being developed in partnership with Qatar Petroleum.

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