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Posts on ‘October 10th, 2006’

Weekly Standard: Of Morals And The Marketplace: How Protectionism Affects The New Global Economy

EXTRACT: The Putin government now contends that Total’s license to explore in the Arctic Circle and Royal Dutch Shell’s contract to develop natural gas in Sakhalin — on an island in Russia’s Far East — violate its environmental regulations, and that Exxon’s contract in Sakhalin doesn’t convey the rights the company believed it did. Besides, […]

International Herald Tribune: Companies count the cost of kidnapping in Nigeria

The Associated Press Published: October 10, 2006   PORT HARCOURT, Nigeria Oil companies in Nigeria are being hit with rising costs due to kidnappings of their staff that have become so commonplace in the volatile Niger Delta one Nigerian company is selling T-shirts calling it the country’s “fastest growing business!”   For many though, it’s […] Shell turns to cascade lasers for oil exploration

10 October 2006 A cross-disciplinary UK consortium wins funding to develop a laser detection system that could be used to discover hidden fields of oil and natural gas. A UK team is working on a £2.4 million ($4.5 million) project to develop an optical system based on quantum cascade lasers for oil and gas prospecting. […]

Prime-Tass: Public spending watchdog wants govt to “streamline” Sakhalin-2 costs

MOSCOW, Oct 10 (Prime-Tass) — The Audit Chamber, Russia’s public spending and revenue watchdog, has asked the government to consider “streamlining” the costs of Sakhalin Energy’s Sakhalin-2 oil and gas project, the watchdog said Tuesday. The Audit Chamber said that Sakhalin Energy’s plans to increase its spending targets for 2003-2010 to U.S. $22.2 billion from […]

Associated Press: Attackers occupy Nigerian Shell oil facility: 60 Shell workers held

October 10, 2006 LAGOS, Nigeria (AP) — Attackers overran a Nigerian navy base early Tuesday and occupied a nearby oil facility belonging to a subsidiary of Royal Dutch Shell PLC, taking several troops hostage, a police official said. A spokesman for the company said about 60 Nigerian oil workers also were being held. No deaths […]

AFX News: Shell says 60 employees held hostage in Nigeria

10 Sept 2006 LAGOS (AFX) – Armed youths who seized a Shell flowstation earlier today in Nigeria’s Niger Delta have taken 60 workers hostage, the company said. ‘After firing some warning shots, the attackers took hold of the security post where they are holding some 60 SPDC (Shell Petroleum Development Company) and contractor staff,’ Shell […]

Reuters: Shell shuts in 12,000 bpd output in Nigeria

Tue 10 Oct 2006 13:56:36 BST (Updates with quote, details) LAGOS, Oct 10 (Reuters) – The Nigerian unit of Royal Dutch Shell has shut in about 12,000 barrels per day of oil output at its Nun River facility after armed youths invaded the platform, a company spokesman said on Tuesday. About 60 people were on […]

Money Week: Why Europe’s new gas supply is bad news for Ukraine

10.10.2006 by John Stepek Yesterday was just another normal day as far as the markets were concerned. One of the world’s most genuinely unhinged regimes joined the nuclear club. North Korea, part of George W. Bush’s infamous ‘axis of evil’, said it had tested a nuclear bomb underground – and Japanese scientists had the seismic […]

Kommersant: Deutschland uber Alles: Gazprom will supply Angela Merkel, not George W. Bush

10 October 2006 Gazprom will develop the Stockman deposit without foreign partners. That sensational announcement was made yesterday by head of the monopoly Alexey Miller. Gazprom had announced its desire to exchange a share in the project for direct access to the domestic markets of Western countries. Under the new concept, Gazprom will develop the […]

Gulf Times (Qatar): Shtokman move not all bad for oil majors

Publish Date: Tuesday,10 October, 2006, at 09:29 AM Doha Time    LONDON: Western oil companies who spent the past year haggling with Gazprom for a stake in its Shtokman gas field will be disappointed by the Russian group’s decision to develop the field alone, but analysts say it’s not all bad news for the oil […]

Email to Jeroen van der Veer: Sakhalin II: the destruction of Shell’s reputation for prudent project management

Email to Mr Jeroen van der Veer, CEO, Royal Dutch Shell Plc .com Tuesday 10 October 2005  Dear Mr Van der Veer The Moscow Times has published a news report this morning indicating a projected cost of $50 billion for the Sakhalin II project. This is what happens when you rudely ignore a legitimate question […]

The Moscow Times: Auditor Says Shell’s Sakhalin-2 May Cost $50Bln

Tuesday, October 10, 2006. Issue 3515. Page 5. Royal Dutch Shell’s Sakhalin-2 project off Russia’s Pacific coast may cost as much as $50 billion, the Audit Chamber said Monday. Operator Sakhalin Energy, which doubled expenses for the project’s second phase last year to $20 billion, may raise the cost of Sakhalin-2 once again, auditor Mikhail […] Sakhalin-2 Development on Turmoil

09.10.2006 09:43 The Russia’s Sakhalin-2 oil and gas project was plunged into further turmoil yesterday after the Kremlin said talks over Gazprom taking a stake in the project had stalled. Royal Dutch Shell, the leader of the project, with a 55 per cent shareholding, faced the very real prospect of being stripped of a key […]

Dow Jones Newswires: US Court Rejects Shell Motion Over Nigeria Torture Claim -2

Monday October 9th, 2006 / 16h57    However the ruling by Judge Kimba Wood granted Shell’s application for other counts in the lawsuit to be dismissed, relating to extrajudicial killings, the right to life, and property destruction. The original class action was filed September 2002 in the U.S. District Court for the Southern District of […]


10 October 2006 Russia is looking more and more inhospitable, especially if you’re a Western energy company. Less than a month after Russian regulators threatened to pull a crucial permit for a multibillion-dollar energy project led by Royal Dutch Shell in Russia’s Far East, known as Sakhalin II, Gazprom said it would develop the nation’s […]

The Wall Street Journal: Airbus CEO’s Resignation Reflects Company’s Deep Structural Woes

EXTRACT: Those tensions are a further example of the troubles arising from European efforts to maintain national balance within multinational companies. Petroleum giant Royal Dutch/Shell, industrial group ABB and consumer-products giant Unilever have all stumbled in recent years in part because of split management that was guided as much by political forces as economic interests. […]

The Wall Street Journal: Oil News Roundup: October 9, 2006 8:14 p.m.

THE WALL STREET JOURNAL ONLINE October 9, 2006 8:14 p.m. After rising more than a dollar in early trading, crude futures finished up 20 cents at $59.96 a barrel on the New York Mercantile Exchange. Reports that OPEC members agreed to cut output by one million barrels a day, and that North Korea completed a […]

The Wall Street Journal: Exxon’s Sakhalin Project Could Fall Short of Output Targets

By GREGORY WHITE October 9, 2006 YUZHNO-SAKHALINSK, Russia — Exxon Mobil Corp.’s $12.8 billion Sakhalin-1 project in Russia’s Far East could fall short of planned output targets because of a recent government decision refusing to expand the project’s permit to develop a key oilfield, an executive at OAO Rosneft, the Russian state oil company that […]

Lloyds List: Shell Exploration offers partner a business model on profit-sharing

Published: Oct 10, 2006 SHELL Exploration Company has offered India’s state-owned Oil ‘ Natural Gas Corp a profit-sharing business model for productivity improvements in their exploration and production activities joint venture, writes Shirish Nadkarni in Mumbai. ONGC is understood to be considering the Shell subsidiary’s proposal, based on a framework outlined by the energy major. […]

Lloyds List: Talisman plans output boost with takeover of North Sea platforms

By: Auk and Fulmar assets sold by Shell and ExxonMobil as being no longer part of their core activities, writes Martyn Wingrove, Lloyds List: Published: Oct 10, 2006 TALISMAN Energy is expecting to increase reserves and oil production from the Auk and Fulmar fields after acquiring the assets from Shell and ExxonMobil. The Canadian group […]

Lloyds List: BP and Shell sign up to riserless drilling tests

Published: Oct 10, 2006 ABILITY Group has launched a NKr79m ($12m) joint industry project with BP and Shell to test riserless drilling systems in deepwaters, writes Martyn Wingrove. The company intends to perform a test on its latest riserless mud recovery system in water depths of up to 1,500 m on a BP or Shell […]

BBC News: Shock as Russia goes solo on gas field

(Murmansk is Russia’s only western all-year ice-free port) There is a general perception that increasingly politics are driving these big energy deals By Jorn Madslien Business reporter, BBC News, Murmansk   Just hours after the Arctic city of Murmansk celebrated its 90th birthday with a giant fireworks display in the town’s main square, its patriotic people […]

Irish Times: Scuffles as gardaI remove Corrib gas site protesters

By: Tom Shiel, Published: Oct 10, 2006 Protesters trying to prevent workers employed by Shell contractors from getting on to the 400-acre site of the proposed Corrib gas terminal in north Mayo staged a flying picket on a road a mile away. Instead of picketing the main entrance to the site at Bellanaboy shortly after […]

Financial Times: Quest for oil goes to ends of the earth

By Sheila McNulty Published: October 10 2006 03:00 | Last updated: October 10 2006 03:00 One hundred and forty miles out into the Gulf of Mexico, the most high-tech drill ship in the world is drilling a well 4,300ft below the water. The process is risky, expensive and time-consuming. It takes about 80 days and […]

Financial Times: Gazprom dashes hopes of foreign stakes in Shtokman

By Neil Buckley in Moscow and Carola Hoyos in London Published: October 10 2006 03:00 | Last updated: October 10 2006 03:00 Gazprom said yesterday it would develop Russia’s massive Shtokman natural gas field alone – and switch eventual output from the US to Europe – dashing the hopes of foreign companies vying for stakes […]

New York Times: Gazprom Intends to Develop Huge Gas Field on Its Own

By ANDREW E. KRAMER Published: October 10, 2006 MOSCOW, Oct. 9 — Gazprom, Russia’s natural gas monopoly, abruptly broke off talks Monday with five international companies bidding for a stake in an offshore field in Russia, canceling the largest energy deal involving foreigners expected here this year. Gazprom’s chief executive, Aleksei B. Miller, said his […]