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Posts on ‘September 7th, 2006’

Orlando Sentinel: Oil companies not gouging, executive says

Mark Chediak | Sentinel Staff Writer
 
John Hofmeister, 58, president of Shell Oil Co. (the U.S. subsidiary of Royal Dutch Shell ), who was in town recently to address the Orlando Regional Chamber of Commerce. He spoke with staff writer Mark Chediak.

Question: Consumers are paying more for gas while big oil companies like Shell have recently raked in billions in record profits. Do you think consumers are justified in being upset with big oil’s gains?

Answer: I think consumers are naturally upset at the rapid change in price levels, and the upset is probably due to the fact that they may not understand what’s really going on.

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Reuters: INTERVIEW: Shell sees decision on deepwater GOM field this year

NEW YORK, Sept 7 (Reuters) – Shell Exploration and Production Co. expects to make an investment decision on a potentially large deepwater oil and natural gas field in the U.S. Gulf of Mexico this year, a company official said.

The Great White field could eventually pump 130,000 barrels of oil equivalent per day of natural gas and crude for the U.S. market, according to figures from Shell, part of Royal Dutch Shell .

“I anticipate we’ll make (the investment decision) between now and the end of the year,” Marvin Odum, Shell’s executive vice president of exploration and production in the Americas, told Reuters in an interview this week.

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Dow Jones Newswires: Nigeria Oil Unions, Govt Meet on Strike Threat Thursday

By Vincent Nwanma
LAGOS Thursday, September 07, 2006 

Representatives of Nigeria’s two oil unions are meeting in Abuja Thursday with officials of the Ministry of Labor and other stakeholders in the oil industry, over threats by the unions to start a three-day strike from Sept. 13, a source close to the unions said Thursday.

The source said however that the outcome of the meeting would not change the workers’ resolve to embark on the “warning” strike.

“Sept. 13 is non-negotiable and irrevocable,” he told Dow Jones Newswires Thursday.

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Dow Jones Newswires: Japan Companies Welcome Gazprom in Sakhalin-II

By  Mari Iwata
TOKYO: Thursday, Sep 7, 2006 (Dow Jones Newswires)

Japan’s Mitsui & Co. (8031.TO) and Mitsubishi Corp. (8058.TO) Thursday said they would welcome Russian gas monopoly OAO Gazprom (GSPBEX.RS) as a partner in the Sakhalin-II project.

Sakhalin-II, an offshore oil and natural gas development project in the northeastern area of Russia’s Sakhalin Island, is operated by international consortium Sakhalin Energy Ltd., in which Royal Dutch Shell PLC (RDSA) has a 55% stake. A Mitsui unit holds a 25% stake, and Diamond Gas Sakhalin, a Mitsubishi Corp. unit, holds a 20% stake in the consortium.

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Sad but true ‘Live Chat’ about Royal Dutch Shell

The following were some of the postings made on our “Live Chat” facility today.

guest 8027: you sad people.

guest 7828: Not sad, so much as a past victim of Shell’s criminality.

guest 900: Past victim? Join the club. It has many members all around the world. Suppliers, employees and retailers. Many lives ruined or changed for the worse as a consequence of having dealings with Shell. Many sad disappointed people who placed their trust in Shell. Lives have even been lost due to Shell management failure and disinterest as has been mentioned in news reports posted on this admirable site (Brent Bravo). Keep up the good work.

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MosNews: Russia Promises to Keep Existing PSAs, Says New Ones Unlikely

Created: 07.09.2006

Russia will not abandon existing production sharing agreements with foreign oil and gas companies, but it is unlikely to pursue further such deals in the future, the country’s Deputy Economy Minister Kirill Androsov said on Wednesday, Sept. 6.

Androsov also said he had no information supporting speculation that gas giant Gazprom might be seeking more than 25 percent of Shell-led Sakhalin Energy, the operator of Sakhalin-2, a major oil project in the Far East.

Last year Royal Dutch/Shell, which leads the Sakhalin Energy consortium, announced a preliminary swap deal with Gazprom that would give the state-controlled Russian company up to 25 percent in Sakhalin Energy in exchange for a 50 percent interest in Gazprom’s massive Zapolyarnoye gas field in northern Russia. But only days later, Shell said it expected development costs to double at the Sakhalin Energy project to $20 billion, prompting Gazprom to say it would reassess the planned exchange. Ever since then the companies have been in a deadlock failing to agree on who would get what. As MosNews reported, Sakhalin-2 has been recently troubled by all sorts of accusations from different government bodies, including a lawsuit from environmental regulator Rosprirodnadzor. Observers have speculated that all of this is being done in order to put some pressure on Shell in its negotiations with Gazprom.

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globeandmail.com: Shell jumping back into the oil sands

PATRICK BRETHOUR

Royal Dutch Shell PLC is plunging into Alberta’s oil sands again, saying yesterday that it has acquired another swath of leases to the west of the existing industry.

The British oil giant, parent of Shell Canada Ltd., rocked the oil sands industry in March when it announced that it had paid $465-million for 10 parcels of land in the twice-monthly provincial auction of petroleum rights. Those parcels are well to the west of Fort McMurray, in an area with oil trapped in limestone rather than clay.

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TMCNet: EXXONMOBIL: OIL AND GAS WILL REMAIN MAIN WORLD ENERGY SOURCE

[September 07, 2006] 

Oil and gas will continue to remain the world’s main energy source for the next 50 years, providing 60 percent of the required energy although many alternatives are there now, says an industry member.

ExxonMobil’s Manager of Public Affairs, Mokhtar Daud, said that although there were alternatives like coal, hydro power, nuclear and others, there were still large reserves of oil and gas and that they were more easier to use in transportation and distribution

They are also more economical, he said

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Mainichi Daily News (Japan): Japanese firms keep nervous watch on Russian suit over Sakhalin II

September 7, 2006

Japanese companies involved in the Sakhalin II energy development project are anxiously watching how a lawsuit filed by the Russian government to halt it will play out.

Russia’s natural resources management agency filed the suit with a Moscow court on Tuesday, seeking to annul the business license for the project, on the ground that Sakhalin Energy Investment Co., the project operator, has failed to take environment-protection steps demanded by the agency.

Mitsui & Co. has a stake of 25 percent in Sakhalin Energy, and Mitsubishi owns 20 percent. Utility firms such as Tokyo Electric Power Co. and Tokyo Gas Co. have concluded long-term contracts for liquefied natural gas supplies from Sakhalin Energy.

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ETHICAL CONTROVERSIES IN BUSINESS MANAGEMENT (extract relating to Royal Dutch Shell)

BY DR ROSAMUND THOMAS, DIRECTOR, CENTRE FOR BUSINESS AND PUBLIC
SECTOR ETHICS, UK

Presented to IV Symposium on Corporate Social Responsibility in the Americas, Cancun, Mexico July 19-20 2006

EXTRACTS

My address in Cancun, Mexico, to representatives from the oil and gas industries of the Americas begins, first, with an Introduction to ‘Ethical Controversies in Business Management’ today. My Introduction defines key terms, such as ‘Business Ethics’, moral values, and ‘Corporate Social Responsibility’ (CSR), and also identifies some of the causes of ethical controversies.

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Daily Express: Russia puts squeeze on Shell

ROYAL Dutch Shell’s key £11 billion Sakhalin project came under threat from the Russian environmental regulator yesterday, writes Andrew Johnson.

The watchdog, Rospirodnadzor, has filed a suit in a Moscow court calling for work to stop at the world’s biggest liquefied natural gas project, Sakhalin-2. Shell owns 55 per cent of the project and is looking to invest $20billion (£11 billion) in it.

The regulator wants work to stop because it says contractors are not complying with environmental rules.

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UpstreamOnline: Sure Northern on oil sands spree

By Upstream staff

Shell subsidiary Sure Northern Energy has bought five new oil sands leases in northern Alberta for C$101 million (US$92 million).

The leases are near the 10 parcels that it had picked up in February for C$465 million. In July Sure bought another lease for C$5.1 million through a land agent.

Sure Northern president Steve Crane said: “We are very pleased to have been successful in this latest lease sale. We believe there is potential in these parcels that compliments and strengthens the position we established earlier this year.”

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The Wall Street Journal: Oil News Roundup: September 6, 2006 5:17 p.m.

THE WALL STREET JOURNAL ONLINE
September 6, 2006 5:17 p.m.

Crude-oil prices dropped $1.23 to $67.40 a barrel on the New York Mercantile Exchange, their lowest level in nearly five months, as worries about supplies continued to ease. Here is Wednesday’s roundup of oil and energy news.

* * *
BP FACES GRILLING: Already under siege by regulators and financial-market investigators, BP PLC faces a new inquisitor tomorrow: the U.S. Congress. In the first of as many as two Capitol Hill appearances in coming days, U.S. operations chief Bob Malone and other BP officials face a public grilling. The House Energy and Commerce Committee will hear testimony from experts and BP officials on corrosion problems at BP’s Prudhoe Bay oil field. While much new evidence isn’t expected this week, the intensified scrutiny risks a further public-relations backlash from consumers and politicians against BP and its CEO, John Browne.

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The New York Times: Oil Prices Drop as Driving Season Ends

EXTRACT: Further easing supply concerns, Shell Exploration & Production Co., a unit of Royal Dutch Shell PLC, said its Mars platform in the Gulf of Mexico, which was heavily damaged by Hurricane Katrina, is now pumping 190,000 barrels of oil equivalent per day, or 20 percent more than before last summer’s storm.

THE ARTICLE

By THE ASSOCIATED PRESS
Published: September 7, 2006
Filed at 2:14 a.m. ET

SINGAPORE (AP) — Oil prices fell to five-month lows Thursday amid easing gasoline demand with the end of the summer driving season.

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Irish Times: EPA asks Shell to update Corrib report

By: Lorna Siggins, Marine Correspondent
Published: Sep 07, 2006

The Environmental Protection Agency is seeking a review of the environmental impact statement submitted by Shell E&P Ireland as part of the company’s licence application for the Corrib gas onshore terminal.

The company must respond by next Monday to the EPA request, which is central to the State’s consent procedure for the 900 million project.

The EPA informed the company last month that the impact statement did not comply with Article 14 (2)(b) of the EPA (Licensing) Regulations, 1994, in so far as “the risk from environmental pollution is concerned”.

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Financial Times: URALS ENERGY PUTS INVESTORS’ MINDS AT REST OVER SHELL’S RUSSIAN OIL SPAT

By John Murray Brown

Published: September 7 2006 03:00 | Last updated: September 7 2006 03:00

Urals Energy, an Aim-listed company with interests on Sakhalin Island, in the Russia’s far east, dismissed investors’ concerns that it could be affected by moves to block the $20bn (£10.6bn) Royal Dutch Shell project, writes John Murray Brown.

A Russian court this week was asked by regulators to suspend work on the Shell project because of alleged violations of environmental rules.

Bill Thomas, Urals chief executive, said: “That has nothing to do with us. It is like talking about the Moon when you mean Neptune. The only reason Shell is having trouble is Gazprom [the Russian natural gas company] wants back in on the project. We are 1,500 miles south of there.”

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allAfrica: Shell May Delay 480,000 BPD Output

This Day (Lagos)
NEWS
September 6, 2006

By Crusoe Osagie
Lagos

Uncertainty now hangs over the resumption of production of about 480,000 barrels per day (bpd) of crude oil production by Shell Petroleum Development Company (SPDC) in the Warri area of the Niger Delta, following threats of reprisal attacks by militant groups over the killing 12 militants in a recent shoot-out with soldiers.

Shell had shut-in the huge volume of oil production (which is about 21 percent of Nigeria’s oil production average of 2.4 million bpd) since last February, following the outbreak of violence in the region and a substantial damage to the company’s production facilities.

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AFX News Limited: Shell unit says production at Mars oil rig exceeds pre-hurricane levels

09.06.2006, 03:30 PM

NEW ORLEANS (AFX) – Royal Dutch Shell unit Shell Exploration & Production Company said its Mars oil rig, which was extensively damaged by Hurricane Katrina in 2005, is producing 190,000 barrels of oil equivalent per day, a 20 pct increase over pre-Katrina rates.

[email protected]

wj

Reuters: Royal Dutch Shell snaps up more oil sands acreage

Wed Sep 6, 2006 7:08 PM EDT

CALGARY, Alberta (Reuters) – Royal Dutch Shell has added to its new acreage position in Canada’s oil sands with a C$101 million ($92 million) acquisition of leases in Northern Alberta, the oil major said on Wednesday.

Shell unit SURE Northern Energy said it was the successful bidder for five parcels of land in the latest Alberta government sale. The acreage is adjacent to 10 parcels the company picked up in February for a record C$465 million.

It acquired another parcel in July for C$5.1 million through a land agent, the company said.

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