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Posts on ‘September 21st, 2006’

MarketWatch: Dutch foreign minister seeks Russia meeting on Sakhalin -spokesman

Last Update: 4:49 PM ET Sep 21, 2006 LONDON (MarketWatch) — Dutch Foreign Minister Bernard Bot is seeking a meeting with his Russian counterpart, Sergey Lavrov, to clarify the reasons why a key Russian environmental permit was withdrawn from a Royal Dutch Shell PLC (RDSB.LN) venture, a spokesman for the Dutch minister said Thursday. Russia’s […]

The Economist: Yukos revisited?: Russia must stop strong-arming foreign investors

Sep 21st 2006 From The Economist print edition Russia must stop strong-arming foreign investors IT IS natural to be miffed when a deal that seemed shrewd turns out worse than you thought. It is especially galling if it involves a prized asset. The civilised response—if the other party is disinclined to renegotiate—is to shrug and […]

UpstreamOnline: US urges ‘rule of law’ at Sakhalin

By Upstream staff 21 September 2006 18:09 GMT The US government hopes Russia and foreign partners, including ExxonMobil, can reach an agreement on the gaint Sakhalin 1 oil project that “respects the rule of law,” an Energy Department spokesman said today. Russia said today it would oppose a $4.2 billion cost overrun on ExxonMobil’s project […]

Sakhalin II & Brent Bravo debacles: time for Brinded to resign?

  (Malcolm Brinded, Chief Executive, Shell Exploration & Production) 21 September 2006 Part One (By a Shell Insider) There are some important similarities between Sakhalin and the Brent maintenance issues which you may wish to bring to the attention of your readers. SAKHALIN Brinded was advised against the Sakhalin development by his Exploration and Production […]

MarketWatch: Iraq-Kurdistan oil minister says in talks with oil majors

21 Sept 2006    LONDON – The Kurdistan Regional Government in the north of Iraq is to sign oil contracts with companies next month, and is in talks with oil majors, its oil minister said Wednesday. Ashti Hawrami, the KRG’s minister of natural resources, told reporters on the sidelines of a London briefing on the region’s […]

Associated Press: 3 oil majors ink deal with Nigeria for gas venture

September 21, 2006 ABUJA, Nigeria (AP) — Oil majors Total SA, ENI SpA and ConocoPhillips signed a deal with Nigeria’s state oil firm Wednesday for a $2 billion natural gas plant in the country’s southern oil region, a senior official said. Martin Hutchison, managing director of the project, said the shareholders agreement will regulate the […]

The Scotsman: Russian energy broadside aims at Exxon after Shell

By Mikhail Yenukov MOSCOW (Reuters) – Russia’s government switched the focus of its attack on huge foreign-led energy projects to Exxon Mobil’s Sakhalin-1 oil scheme on Thursday, saying it would forbid a $4.2 billion overspend that cut Moscow’s profits. Moscow has already taken aim at Royal Dutch Shell’s massively over-budget Sakhalin-2, which it has ordered […]

The Wall Street Journal: Oil Companies Are Split on Push By Nations to Wring More Profits

  Shell, Exxon Stand Firm As Chevron, Total Consider Renegotiating Contracts By STEVE LEVINE in Dallas, BHUSHAN BAHREE in New York and GREGORY L. WHITE in Moscow September 21, 2006; Page A2 Oil-producing nations demanding contract concessions or seeking outright expropriations have created a split in the petroleum industry, with some companies insisting a contract […]

The Wall Street Journal: SHELL HANGS TOUGH

21 September 2006 Royal Dutch Shell PLC is standing firm against Moscow’s efforts to alter the early-1990s contract giving it the right to the massive Sakhalin Island oil and natural-gas project, warning that significant holdups will result in delays of liquefied-natural gas shipments to Japan and South Korea scheduled to begin as early as 2008, […]

The Wall Street Journal: Oil News Roundup: September 20, 2006 9:30 p.m.

THE WALL STREET JOURNAL ONLINE September 20, 2006 9:30 p.m. Crude-oil futures fell sharply for the second straight day on the New York Mercantile Exchange, shedding more than $1 a barrel to settle at less than $60.50, their lowest close since late March, after a government report of higher-than-expected crude-distillate inventories. Here is Wednesday’s roundup […]

Daily Telegraph: Russian balancing act benefits aircraft firms

EXTRACT: Russia’s attempts to use its gas company Gazprom to achieve energy ambitions in Europe and the pressure on Shell to renegogiate the terms of the $20bn Sakhalin oil and gas project are unnerving western investors. The EU has led diplomatic protests about the tactics being used to force Shell to give ground and bring […]

Daily Telegraph: Database: Energy: Thursday 21 September 2006

• Russia’s government denounced projects led by Exxon Mobil and Royal Dutch Shell for breaching environmental rules, as President Vladimir Putin seeks tighter control of the oil and gas industry. • Shares of Drax, owner of Britain’s largest electricity plant, had their biggest ever two-day drop after Goldman Sachs said earnings may decline and added […]

Daily Telegraph: Russia woos Japanese over Sakhalin project

By Roland Gribben (Filed: 21/09/2006) Russia is making renewed attempts to win Japanese support for Russian investment in the $20bn (£10.6bn) Shell-led Sakhalin oil and gas project offshore Siberia to ease diplomatic tensions. Alexander Losyukov, Russia’s ambassador to Japan, said in Tokyo the project would advance faster if Gazprom, the state-controlled gas business, had a […]

The Guardian: Royal Society tells Exxon: stop funding climate change denial

The Royal Society is worried about climate change lobby groups, including those funded by Exxon. Photograph: Matt Slocum/AP David Adam, environment correspondent Wednesday September 20, 2006 Britain’s leading scientists have challenged the US oil company ExxonMobil to stop funding groups that attempt to undermine the scientific consensus on climate change. In an unprecedented step, the […]

The New York Times: Suits Say U.S. Impeded Audits for Oil Leases

EXTRACT: In two of the lawsuits, two senior auditors with the Minerals Management Service in Oklahoma City said they were ordered to drop their claim that Shell Oil had fraudulently shortchanged taxpayers out of $18 million. THE ARTICLE By EDMUND L. ANDREWS Published: September 21, 2006 WASHINGTON, Sept. 20 — Four government auditors who monitor […]

The New York Times: Helicopter Pilots’ Union Declares Strike

EXTRACT: PHI is the primary helicopter provider for Shell Exploration & Production Co., an arm of Royal Dutch Shell PLC. Company spokesman Fred Palmer said Shell had been aware of the possibility of a strike and had made contingency plans. THE ARTICLE             By THE ASSOCIATED PRESS Published: September 21, 2006 Filed at 1:19 a.m. […]

AP Worldstream: Russia’s cancellation of gas project could hurt Japanese companies, ratings agency says

By: HIROKO TABUCHI, AP Worldstream Published: Sep 20, 2006 Russia’s recent decision to halt a multibillion-dollar petroleum drilling project in the country’s Far East could hurt Japanese traders, a credit ratings agency said Wednesday. Tokyo-based traders Mitsubishi Corp. and Mitsui & Co. have major stakes in the development and the cancellation could damage the companies’ […]

Lloyds List: New Sakhalin row looms

Published: Sep 21, 2006 SHELL affiliate Sakhalin Energy is facing more action from the Russian government and may be charged for forest destruction, writes Martyn Wingrove. The natural resources ministry is chasing the Anglo-Dutch oil major and partners Mitsubishi and Mitsui with a criminal case after it suspended permits on the Sakhalin II project. The […]

Lloyds List: Challenge and opportunity on sustainable energy

EXTRACT: Ewald Breuness of Shell emphasised the concern that fuel demands would compete with those for food, and a market for biomass might cause food shortages or the use of non-sustainable crops could cause environmental damage. He said genuine sustainability was important and an international system of tracking and tracing origins of such biomass products […]

Asahi Shimbun: Clouds of uncertainty hover over mammoth oil and gas project off Sakhalin Island…

Clouds of uncertainty hover over a mammoth oil and gas project off Russia’s Sakhalin Island that offered a major new energy source for Japan. But all of a sudden, Russia’s Natural Resources Ministry has revoked its 2003 environmental approval for the Sakhalin II project. Published: Sep 21, 2006 It seems inconceivable that the Russian government […]

Financial Times: Moscow divided over Sakhalin

By Neil Buckley in Moscow Published: September 21 2006 03:00 | Last updated: September 21 2006 03:00 Signs of disagreements emerged yesterday within the Russian government over whether work should be halted on Sakhalin-2, the $20bn oil and gas project led by Royal Dutch Shell in the Russian far east. Russia’s natural resources ministry said […]

The Scotsman: Sibir may hand Shell JV stake to Gazprom – report

21 September 2006 MOSCOW (Reuters) – Russian oil firm Sibir Energy may hand half of a Siberian joint venture with Royal Dutch/Shell to Gazprom’s oil arm in return for control of Moscow’s oil refinery, Vedomosti newspaper reported on Thursday. Sibir’s main shareholder Shalva Chigirinsky told Vedomosti that under the proposed deal Sibir would end up […]

Bloomberg: Royal Dutch Shell Plc Sakhalin-2 License

By Makiko Suzuki and Patrick Rial Sept. 21 (Bloomberg) Sakhalin-2 License Sumitomo Mitsui also fell on speculation its share value will be diluted after the lender raised its conversion price of preferred stock to 1.273 million yen from 826,900 yen effective Oct. 1, prompting more people to apply to convert shares before the price change. […]

Austin American-Statesman: Shell leader talks about energy

   (Shell Oil USA President, John Hofmeister) At UT, president of company’s U.S. operations touts conservation, renewable energy and nontraditional approaches to boosting fuel supplies. By Claudia Grisales AMERICAN-STATESMAN STAFF Thursday, September 21, 2006 The head of Shell Oil Co. is on a barnstorming tour of the country, hoping to spread his company’s viewpoints on […]

The Daily Yomiuri (Japan): ANALYSIS / Putin wields power to scrap oil link

Toru Kaneko Yomiuri Shimbun Correspondent (Sep. 21, 2006) The Russian Natural Resources Ministry’s cancellation of a permit for the Sakhalin-2 oil and gas development project reflects President Vladimir Putin’s steadfast determination to keep the domestic energy industry under the thumb of his administration. The series of actions taken by the Russian government toward energy-related businesses […]

The Moscow Times: Total’s Oil Field Comes Under Review

Thursday, September 21, 2006. Page 1. By Miriam Elder and Tim Wall Staff Writers   Steve Voss / Bloomberg   State pressure on foreign oil companies intensified Wednesday as the Natural Resources Ministry said it was reviewing whether to revoke Total’s production sharing agreement for its Arctic Khoryaga oil field. The announcement came just two days […]

The Scotsman: Russia condemned over gas deal

DMITRY ZHDANNIKOV AND ELIF KABAN IN MOSCOW RUSSIA has drawn protests from Tokyo, Brussels and London after trying to renege on a deal involving a £10.5 billion oil and gas development in the country’s far east. On Monday, Russia revoked environmental approval for Sakhalin-2, one of the world’s biggest energy projects, because of allegations Shell […]

The Herald (Scotland): West caught in a great big Russian bear hug

ALF YOUNG September 21 2006   BIG Oil – or rather Big Western Oil – is in increasingly big trouble. So far this week, Royal Dutch Shell and its Japanese minority partners have been plunged into a tense stand-off with the Russian government over the fate of the consortium’s $20bn Sakhalin-2 project. BP has revealed […]

International Business Times: Russian Envoy Says Sakhalin-2 Project Will Continue

By Joseph Sato Posted 20 September 2006  (International Business Times) – After the Russian government announced its withdrawal of environmental approval for the Sakhalin-2 liquefied natural gas (LNG) project on Sep. 18, Alexander Losyukov, Russia’s ambassador to Tokyo, said on Wednesday that the construction continues as stated on their contract.    The Russian Ambassador mentioned […]

Reuters: Japan firms may sell Gazprom 5% of Sakhalin-2:paper

TOKYO, Sept 21 (Reuters) – Japanese trading houses Mitsui & Co Ltd. and Mitsubishi Corp. are in talks to sell a combined 5 percent stake in the Royal Dutch Shell-led Sakhalin-2 oil and gas project to Russia’s state-run Gazprom , Japan’s Yomiuri newspaper reported on Thursday. The Shell-led project is due to begin shipping large volumes […]

IPS: Funders Pressured to Abandon Russian Pipeline

Emad Mekay WASHINGTON, Sep 20 (IPS) – Encouraged by a Russian government decision last week to enforce tougher environmental regulations for the controversial Sakhalin II oil project, international environmentalists say that the European Bank for Reconstruction and Development (EBRD) should change course and withhold funding for the project or risk violating domestic Russian law. Russia […]

International Herald Tribune: Japanese companies deny report selling gas project stakes to Russia’s Gazprom

The Associated Press Published: September 20, 2006   TOKYO Two Japanese trading companies on Thursday denied a report that they plan to sell some of their shares in a multibillion-dollar petroleum drilling project in Russia’s Far East that was halted by Moscow earlier this week.   Russia’s withdrawal on Monday of an environmental permit for […]

The Times: Russia accuses Shell of damaging Sakhalin forests

September 21, 2006 From Tony Halpin in Moscow   SHELL was threatened with prosecution for alleged destruction of forestry yesterday as its conflict with the Russian Government over the Sakhalin-2 oil and gas project intensified. Russia’s Natural Resources Ministry claimed that criminal damage worth at least 11 million roubles (£220,000) had been done to forests […]

Mayo News: No consent possible – Shell to Sea

By Áine Ryan SHELL has been accused of not addressing the ‘real possibility’ that an onshore pipeline route ‘will never be agreed upon’ by the people of north Mayo. The Shell to Sea campaign made the accusation after the company distributed a newsletter to  households in the area last week. The newsletter details the proposed […]