Posts on ‘September 17th, 2006’
Russia’s Minister of Natural Resources, Yuri Trutnev, said last week that enhanced environmental scrutiny of Sakhalin Energy is part of Russia’s efforts “to defend its interests” after Shell announced that the cost of the project would nearly double to $20 billion.
The project is being developed through a special deal approved by Parliament known as a production-sharing agreement under which, in lieu of taxes, Russia takes part of the oil and gas produced once the investors’ costs are covered. Doubling the cost of the project would mean Russia would have to wait longer to see its share of the profits.
Sunday 17 September 2006
LONDON (Dow Jones)-Royal Dutch Shell PLC (RDSB.LN) Chief Executive Jeroen van der Veer said in an interview with Newsweek this weekend that Russia’s government and energy officials have some justification to be irritated by the country’s portrayal as a threat to Europe’s gas supplies, comments that carry additional resonance given Russian authorities are threatening a Shell-led multibillion dollar integrated oil and gas development off of the country’s far eastern coast.
Posted to the Web: Sunday, September 17, 2006
AS a fall out of the two days nationwide strike by oil workers in the country to protest, among others, the increasing violence in the Niger Delta region which claimed the life of a staff of Shell Development Company (SPDC), Mr. Nelson Ujeya, the federal government is to set up a high powered commission of inquiry to determine those who killed him and 10 Niger Delta youths who had gone to rescue him from militants who held him hostage August 20.
Saturday September 16th, 2006 / 21h36
MOSCOW -(Dow Jones)- A key environmental permit for a $20 billion oil and gas project led by Royal Dutch Shell PLC (RDSA.LN) may be canceled as early as this week, a Russian official said Saturday after the General Prosecutor’s Office issued a statement calling the document at odds with Russian law.
Withdrawing the permit would halt work on Phase-2 of the project, the developer, 55%-Shell-owned Sakhalin Energy Ltd., has previously said. Phase-2 is a multibillion dollar integrated oil and gas development under which Sakhalin Energy plans to start producing liquefied natural gas, or LNG, by summer 2008.