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Posts on ‘October 24th, 2006’

Daily Telegraph: Browne predicts wave of mergers in oil industry

(BP chief executive, Lord Browne: ‘There are an awful lot of players and I guess the sector will change shape’) By Russell Hotten, Industry Editor 25 October 2006 Lord Browne, the chief executive of BP, predicted a wave of consolidation in the oil and gas industry as falling prices led companies to re-assess the finances […]

The Moscow Times: ‘The scandal surrounding Sakhalin’

Headline: Rendering Sharing Agreements Unproductive Wednesday, October 25, 2006. Issue 3526. Page 9. By Mikhail Subbotin At a news conference last week, Industry and Energy Minister Viktor Khristenko said there were no grounds for annulling existing production sharing agreements, or PSAs, in Russia. But apart from earlier ecological concerns, a rise in the projected cost […]

The Times: The right moment for a buyout

October 24, 2006 By Carl Motishead   IT IS a big play on dear oil, but Shell chose its moment well, offering to buy out the Canadian minority investors just after the Shell Canada share price had slumped by more than a quarter in value. This is a company that rode high on the oil […]

Irish Independent: Coming home to roost at Bellanaboy

Published: Oct 24, 2006 I note that you seem to proffer some praise to Dr Jerry Cowley TD for his efforts in trying to clear a way for workers to get on to the Bellanaboy Gas Terminal (Irish Independent, October 21). Tribute was paid to the same deputy by a senior Garda officer in the […]

Irish Times: Corrib protesters want ‘all options’ discussed

By: Lorna Siggins, Marine Correspondent, Irish Times Published: Oct 24, 2006 The Shell to Sea campaign has said it has always been willing to enter into discussions with Shell E&P Ireland on the Corrib gas project if such discussions include all options for the project. Campaign spokesman Dr Mark Garavan was responding to last weekend’s […]

Financial Post (Canada): Investors snub $40 offer from Shell: Shell Canada minority: ‘They are very clearly being opportunistic’

Published: Oct 24, 2006 CALGARY – Minority shareholders of Shell Canada Ltd. have given a thumbs down to Royal Dutch Shell PLC’s offer yesterday to pay $7.7-billion in cash for the remaining piece of its Canadian unit. “I don’t think $40 is going to be the number,” said Len Racioppo, president of Jarislowsky Fraser Ltd., […]

AFX Europe (Focus): Northern Petroleum and ExxonMobil Shell unit start drilling at Dutch well

Published: Oct 24, 2006 LONDON (AFX) – Northern Petroleum PLC said drilling at its first Netherlands-based exploration well, Steenwijk, in partnership with the joint Shell and ExxonMobil unit Nederlandse Aardolie Maatschappij B.V., began on October 22, ahead of schedule. [email protected] gp COPYRIGHT Copyright AFX News Limited 2006. All rights reserved.

BBC Monitoring Service: Nigerian environment activist group supports new UN assessment of oil spills

BBC Monitoring Service – United Kingdom Published: Oct 24, 2006 Text of report by Kelvin Ebiri entitled “MOSOP welcomes fresh UN assessment of oil spills” published by Nigerian newspaper The Guardian website on 24 October The Movement for the Survival of the Ogoni People (MOSOP) says it would support any environmental clean up within the […]

London Evening Standard: Shell at key stage over Sakhalin future

By: Bill Condie, Evening Standard – London: KRTBN Published: Oct 24, 2006 As BP today unveiled its problems, its great rival Shell was preparing for a crunch meeting with Russia’s Minister for Natural Resources. Yuri Trutnev will tomorrow fly the length of the Sakhalin project pipeline which is at the centre of threats to the […]

Daily Mail (London): Shell moves to control costs in Canada buyout: BP Shell mega merger?

Published: Oct 24, 2006 Royal Dutch Shell is taking control of its Canadian venture as it tries to stem massive budget overruns. The firm, which has been plagued by spiralling costs across the world, will spend GBP3.6bn of its acquisitions war chest buying out its Canadian minority shareholders. Shell, which already owns 78pc of Shell […]

Daily Mail (London): BP Shell supermerger?

By: Alex Brummer, Daily Mail – London: KRTBN Published: Oct 24, 2006 The oil price has slipped back below $60 a barrel despite the OPEC decision to cut back production. But this is proving no disincentive to the big oil players as they scramble to find new reserves. Rather than explore themselves it is sometimes […]

London Evening Standard: City Spy column

Published: Oct 24, 2006 SHELL’S DECISION to increase its exposure to Canada’s oil-sands deposits is unlikely to meet with the approval of those who have long been critical of the oil giant’s environmental record. As well as strip-mining the deposits, extracting crude from the oil shale is so energy-intensive that natural-gas-powered refineries have traditionally been […]

AP Worldstream: Russian minister: Total-controlled oil field in Russia has ‘violations many times over’

By: ALEX NICHOLSON, Published: Oct 24, 2006 An Arctic oil field being developed by France’s Total SA has “violations many times over,” Russia’s natural resources minister said Tuesday. But Yuri Trutnev, speaking after a conference of prosecutors’ agencies and environmental regulators, also signaled that Total was in no danger, at least not immediately, of losing […]

AFX Europe (Focus): Russia gives oil companies six months to shape up

Published: Oct 24, 2006 MOSCOW (AFX) – Russia’s natural resources ministry has given oil companies working in Russia six months to update plans for their projects amid a crackdown on foreign and domestic energy companies for alleged environmental violations, news agencies reported today. “I want to ask companies to promptly make changes to their license […]

The Independent: BP in spotlight over leaked Kremlin energy documents

By Andrew Osborn in Moscow Published: 24 October 2006 Russia has opened a criminal investigation into several government officials it believes leaked state secrets concerning the energy sector to Anglo-Russian oil giant TNK-BP. The incident has generated adverse publicity for the company at a time when foreign oil and gas firms are under pressure to […]

Mainichi Daily News: Japan, Netherlands confirm cooperation on Sakhalin II

Japan and the Netherlands agreed Tuesday to cooperate closely in efforts to ensure the smooth progress of the Sakhalin II gas and oil project. Japanese Minister of Economy, Trade and Industry Akira Amari reached the agreement at a meeting with visiting Dutch Economy Minister Joop Wijn. Specifically, the two countries will urge the project’s participants […]

RIA Novosti: stake in Sakhalin II project

14:22 | 24/ 10/ 2006  ST. PETERSBURG, October 24 (RIA Novosti) – Shell does not intend to sell its stake in Sakhalin Energy, the operator of the Sakhalin II oil and gas project in Russia’s Far East, the head of Shell Russia said Tuesday. The Anglo-Dutch oil major has come under attack from Russian authorities […]

Financial Times: Shell offers to buy up rest of Canadian oilsands unit

By Ed Crooks: Published: October 24 2006 03:00 | Last updated: October 24 2006 03:00 Royal Dutch Shell has delivered a vote of confidence in the potential of Canada’s oilsands by offering to buy out the 22 per cent of its Shell Canada subsidiary that it does not already own at a price 22 per […]

Financial Times: Premier ‘in talks’ with unnamed bidder

By Rebecca Bream and Mark Odell: Published: October 24 2006 03:00 | Last updated: October 24 2006 03:00 Premier Oil is in takeover talks with an unnamed bidder, following months of speculation about the future of the UK oil group. Shares in Premier Oil rose 98p, or 8 per cent, to £13.03p, valuing the company […]

Financial Times: Alberta oilsands lose none of their allure

By Bernard Simon in Toronto and Ed Crooks in London Published: October 24 2006 03:00 | Last updated: October 24 2006 03:00 The potential of Canadian oilsands has been challenged in recent months, but this has not damped Royal Dutch Shell’s enthusiasm. Yesterday it announced plans to spend £3.6bn taking full control of Shell Canada, […]


By Ed Crooks: Published: October 24 2006 03:00 | Last updated: October 24 2006 03:00 The decommissioning of North Sea installations first emerged as a public issue in 1995, with the row over the disposal of Brent Spar, writes Ed Crooks. It was a huge oil storage and loading buoy, brought into use in 1976 […]

Financial Times: Smaller oil companies step in to grab slice of North Sea’s declining energy resources

By Ed Crooks Published: October 24 2006 03:00 | Last updated: October 24 2006 03:00 Next month a new oilfield will come on stream in the North Sea to boost the region’s output. Buzzard, operated by Nexen, a Canadian company, is expected to produce 210,000 barrels of oil a day, helping to make next year […]

Financial Times: Lex column: Shell

Published: October 24 2006 03:00 | Last updated: October 24 2006 03:00 Gently does it. Since its reserves scandal in 2004, the rumour mill has linked Royal Dutch Shell with big, bold deals involving everyone from supermajor BP to minnow Premier Oil. In contrast, its C$7.7bn offer to buy out the minorities in Shell Canada […]

The Salt Lake Tribune: Shell looking to revive oil shale industry Energy

Company is exploring new technology for extracting in the Uinta Basin By Robert Gehrke Article Last Updated:10/23/2006 11:25:53 PM MDT WASHINGTON – The president of Shell Oil Co. said Monday the company is hopeful that oil shale, plentiful in Rocky Mountain states, could be one component of America’s future energy security. “Conventional oil and gas, […]

The Wall Street Journal: Oil News Roundup: October 23, 2006 5:27 p.m.

THE WALL STREET JOURNAL ONLINE October 23, 2006 5:27 p.m. Crude-oil futures tumbled again, settling at less than $59 a barrel on the New York Mercantile Exchange, as doubts grew about OPEC’s ability to keep supplies low enough to support prices of $60 or more. Here is Monday’s roundup of oil and energy news: * […]

The Guardian: Desperation may be heating this oil rumour (article speculates on Shell BP mega-merger)

Nils Pratley Tuesday October 24, 2006 There is no evidence that talks are taking place. There is no suggestion that executives on either side are agitating for it to happen. Yet the idea that BP and Shell could merge to create the world’s largest company refuses to go away. Oppenheimer & Co, a Wall Street […]

The Guardian: Mega-merger talk fuelled by Shell’s Canadian move (article speculates on BP Shell mega merger)

· Oil group tries to simplify North American business · Unnamed bidder in talks with Premier Oil Terry Macalister Tuesday October 24, 2006 Shell was at the centre of buyout moves and speculation last night after it unveiled plans to spend C$7.7bn (£3.7bn) simplifying its North American business. This was seen by some as a […]

The Guardian: Gardaí break up Shell protest in County Mayo

Owen Bowcott, Ireland correspondent Tuesday October 24, 2006 A sit-down protest by environmental activists trying to stop Shell building a gas terminal in County Mayo was broken up by police yesterday in the latest clash over the future of Ireland’s Corrib gas field. Campaigners, supported by many local residents, are demanding that the Anglo-Dutch oil […] Shell’s international mobility policy

24 October 2006 From a former Shell insider Dear Sir I would just like to make some comments on the recent email regarding Shell’s international mobility policy.  I leave it to your judgement as to whether they are worthy of publication. ( leaked internal email from Royal Dutch Shell ‘Expatriate Policy Manager’, Stephanie Boyde) The […]

New York Times: Oil Patch’s Profit Party Is Slowing Down

By THE ASSOCIATED PRESS October 23, 2006: Filed at 3:54 p.m. ET WASHINGTON (AP) — The oil industry’s profit party is still raging, just not as wildly as last year. Five of the world’s largest energy companies are expected to report combined third-quarter earnings this week of more than $30 billion, though profits were weighed […]

New York Times: Royal Dutch Shell Seeks to Buy the 22% of Shell Canada It Doesn’t Own

By IAN AUSTEN and HEATHER TIMMONS October 24, 2006 OTTAWA, Oct. 23 — Royal Dutch Shell, seeking to streamline its businesses and increase reliance on unconventional sources of fuel, offered on Monday to buy the public shares of Shell Canada for 7.7 billion Canadian dollars ($6.8 billion). Shell hopes to buy the 22 percent of […]

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