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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meeting with his Russian counterpart, Sergey Lavrov, to clarify the reasons why a key Russian environmental permit was withdrawn from a Royal Dutch Shell PLC (RDSB.LN) venture, a spokesman for the Dutch minister said Thursday.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. […]

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