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Posts on ‘October 25th, 2006’

The Wall Street Journal: Oil News Roundup: October 25, 2006 4:30 p.m.

THE WALL STREET JOURNAL ONLINE October 25, 2006 4:30 p.m. Crude-oil futures surged above $61 a barrel on the New York Mercantile Exchange, their highest close since Oct. 9, after the Department of Energy said U.S. crude stockpiles unexpectedly fell and gasoline demand rose amid falling pump prices. Here’s Wednesday’s roundup of oil and energy […]

Reuters: Russia prolongs Shell project probe, may prosecute

Wed Oct 25, 2006 11:31 AM ET By Mikhail Yenukov YUZHNO-SAKHALINSK, Russia (Reuters) – Russian Natural Resources Minister Yuri Trutnev heaped more pressure on Shell’s Sakhalin-2 project on Wednesday with an order for a prolonged environmental probe and a threat of prosecution. At a meeting with environmental inspectors and project operator Sakhalin Energy on Sakhalin […]

New York Times: Shell Could Face Criminal Charges in Russia

(Joseph Sywenkyj for The New York Times Shell’s $22 billion Sakhalin 2 project, under construction on Sakhalin Island, will have about 500 miles of natural gas and oil pipelines.) October 26, 2006 By ANDREW E. KRAMER MOSCOW, Oct. 25 — A Russian official threatened criminal prosecutions against employees of Royal Dutch Shell, ratcheting up pressure […]

BBC News: Sakhalin operator ‘breaking law’

Russia’s environmental agency has asked for an extra month to probe the Sakhalin-2 oil and gas project and has warned it may prosecute its operator. Natural resources minister Yuri Trutnev said that environmental breaches at the project, led by Anglo-Dutch energy giant Shell, broke five criminal codes. Earlier this week Russia reiterated that it could […]

Oil & Gas Journal: Several Sakhalin-2 pipeline work sections halted

Eric Watkins Senior Correspondent LOS ANGELES, Oct. 25 — Construction on several sections of the Sakhalin-2 onshore pipeline system has to be halted, according to Russian Natural Resource Minister Yury Trutnev, who said the project continues to violate environmental legislation. “Here we need to consider halting construction on several parts of the pipeline. I do […]

Financial Post – Canada: Russia’s focus on environment seen as attempt at control: Energy

Published: Oct 25, 2006 MOSCOW – Russian environmental prosecutors are considering cancelling licences for 17 oil companies, including a subsidiary of state oil firm Rosneft, a top environmental official said yesterday. “Cases have been forwarded to the environmental prosecutor for review regarding 17 companies,” including Rosneft-Purneftegaz and shattered oil major Yukos, news agency ITAR-TASS quoted […]

Associated Press: Russian President Won’t Seek 3rd Term

EXTRACT: Several Western oil companies that control energy projects in Russia have come under intense environmental scrutiny in recent months, which analysts say reflects a Kremlin drive to increase the state role in the strategic oil and gas sector. Foreign projects facing pressure include Sakhalin-2, a multi-billion-dollar liquefied natural gas development led by Royal Dutch […]

RIA Novosti: Operator, govt. to draw joint plan to undo Sakhalin II eco-damage

15:30 | 25/ 10/ 2006      YUZHNO-SAKHALINSK, October 25 (RIA Novosti) – Russia’s natural resources minister and the company operating the vast Sakhalin II energy project in the country’s Far East agreed Wednesday to draw up a joint action plan to repair the environmental damage it has caused. Sakhalin Energy CEO Ian Craig, who has […]

Calgary Sun, Canada: Shell Canada Q3 profit jumps

Wed, October 25, 2006 CALGARY (CP) – Shell Canada Ltd. (TSX:SHC) powered its way to a third-quarter profit of $581 million, up from a year-earlier $457 million, as higher crude oil prices and refining income more than compensated for a slump in natural gas prices. The Canadian oil and gas major, which received a $7.7-billion […]

BBC News: Attack on Nigeria oil facilities

A group of protesters have invaded three Shell oil stations in the Niger Delta, forcing the facilities to be shut down, the company said. The demonstrators are accusing the oil giant of failing to fulfil an agreement to provide them with aid. Shell refused to say how much oil had been cut off following the […]

Associated Press: Nigeria villagers seize 3 oil platforms

By DULUE MBACHU, Associated Press Writer 12 minutes ago  LAGOS, Nigeria – Angry villagers in Nigeria stormed and seized three Shell oil platforms Wednesday in the volatile Niger Delta, forcing oil production to be shut down at each one, a spokesman for the oil company said. Royal Dutch Shell PLC officials declined to say how […]

International Herald Tribune: Russia raises pressure on Sakhalin-2

Bloomberg News, Reuters Published: October 25, 2006   YUZHNO-SAKHALINSK, Russia Russia has prolonged the environmental inspection of the $22 billion Sakhalin-2 project by Royal Dutch Shell, the Russian natural resources minister said Wednesday, adding that the oil and natural gas enterprise could face prosecution for transgressions.   “The breaches at Sakhalin-2 fall under five articles […]

RIA Novosti: Russian govt. orders full report on Sakhalin II damage

YUZHNO-SAKHALINSK, October 25 (RIA Novosti) – Russia’s natural resources minister said Wednesday he has ordered that a comprehensive review of damage caused by the Sakhalin II oil and gas project in Russia’s Far East must be completed in a month, and for a full report to be drawn up within four months. Yury Trutnev also […]

Bloomberg: Shell’s Sakhalin-2 May Face Russian Criminal Charges

By Lucian Kim and Torrey Clark Oct. 25 (Bloomberg) — Royal Dutch Shell Plc’s $22 billion Sakhalin-2 venture, Russia’s biggest foreign investment, may face criminal charges as President Vladimir Putin’s government seeks a stake in the oil and gas development. The Natural Resources Ministry will ask the Prosecutor General’s Office to open a criminal investigation […]

The Wall Street Journal: Japan Hits Big Setbacks In Push to Expand Its Access to Energy Projects in Russia and Iran

  October 25, 2006  Japan Hits Big Setbacks In Push to Expand Its Access to Energy Projects in Russia and Iran Fall Through, Suggesting Stable Supplies Are Elusive By YUKA HAYASHI October 25, 2006; Page A6 Tokyo — Just five months after its unveiling, Japan’s ambitious 25-year plan to sharply increase oil and gas development […]

The Wall Street Journal: Oil News Roundup: October 24, 2006 5:23 p.m.

THE WALL STREET JOURNAL ONLINE Crude-oil futures rose to more than $59 a barrel on the New York Mercantile Exchange as traders moved their focus from OPEC’s planned cuts to the weekly U.S. inventory report, which is expected to show a fall in distillate stockpiles heading into winter. Here’s Tuesday’s roundup of oil and energy […]

The Wall Street Journal: Big Worries for Big Oil As Crude Prices Slip, Profits May Follow; More Mergers Ahead?

By CHIP CUMMINS October 24, 2006; Page A2 With crude prices falling and oil-field costs on the rise, major oil companies have a big problem: sustaining their phenomenal profit growth. Exxon Mobil Corp., Royal Dutch Shell PLC and BP PLC have all relied on big oil-price jumps to fuel a streak of handsome earnings gains […]

The Independent: BP: not drowning, only waving: ‘Would he ever be allowed to merge with Shell?’

Jeremy Warner’s Outlook WEdnesday 25 October 2006 We have become so used to the spectacle of ever-more eye popping profits from the oil majors that it comes as quite a shock to see BP report that in underlying terms they actually fell in the third quarter, the first time this has happened in ages. This […]

The Guardian: ‘Lord Browne did nothing to dampen speculation that he could engineer a mega-merger with Shell’

Guardian Headline: High taxes and low crude prices push down BP profits · Hurricanes, fire and leaks contribute to poor results · Industry faces bleaker outlook, says Lord Browne Terry Macalister Wednesday October 25, 2006 The Guardian BP signalled an end to record oil company profits yesterday with lower underlying third-quarter results and warnings about […]

The Guardian: : So did Browne choose to quash market chat about a mega-merger between BP and Shell? No he did not.

Headline: Macho ado about Anglo’s choice of a woman CEO Extract headline: Oil and airspace Published: Oct 25, 2006 Nils Pratley So, did Lord Browne choose to quash the market chat, written up here yesterday, about a mega-merger between BP and Shell? No he did not. “Looking at it from 50,000 feet, there are an awful […]

The Independent: BP warns boom times over for oil: BP Shell mega-merger?

By: Saeed Shah,  Published: Oct 25, 2006 BP warned that the boom times for the oil industry were over yesterday as it revealed profits and production growth had stalled in the past three months. The oil giant also reported that the impact of an explosion at its Texas refinery last year had cost the company […]

Irish Times: Protest over Shell pipeline

Oct 25, 2006 Madam, – The Irish Times is the only national newspaper providing a detailed chronicle of the unfolding and complex Corrib gas controversy. This is an indictment of Irish print media. It is also a reflection of the fourth estate’s lazy response to corporate spin. Moreover, it clearly exposes the damning depoliticisation of […]

Irish Times: Decision to locate gas terminal at Bellanaboy a mistake

Oct 25, 2006 Consultants should be appointed to re-examine the location of the controversial Corrib gas terminal, argue Leo Corcoran and Brian Coyle Sometime before October 2000, Enterpise Energy Ireland (EEI) and the minister for the Marine and Natural Resources agreed to locate the gas processing terminal for the Corrib gas project in Bellanaboy. It […]

MarketWatch: Russian minister calls for clear deadlines in oil licenses

Last Update: 12:42 AM ET Oct 25, 2006 SURGUT, Russia (MarketWatch) — Russia’s Minister for Natural Resources Tuesday called for amendments to existing oil and gas field development licenses that would bring clear development terms and timeframes for exploration and production. In a meeting with state environmental regulators and prosecutors, Yuri Trutnev called for more […]

Irish Times: Greens approve call for new report on Corrib terminal site

Oct 25, 2006 Lorna Siggins, Marine Correspondent A compromise solution to the Corrib gas dispute which might involve relocating the gas terminal has been endorsed by Green Party leader Trevor Sargent and Fianna Fail Mayo councillor Frank Chambers. Both public representatives have criticised last week’s comments by Minister for the Marine Noel Dempsey about the […]

BBC Monitoring Service: Summary of Russian press for Wednesday 25 Oct 06

EXTRACTS RELEVANT TO ROYAL DUTCH SHELL Nezavisimaya Gazeta 5. Sergey Kulikov article says that Royal Dutch Shell has agreed to take part in the development of the Shtokman gas field as a contractor. Experts believe that Gazprom will sign a contract with Royal Dutch Shell in return for its concessions in the Sakhalin-2 project, p […]

RosBusinessConsulting: Minister to hold Sakhalin-2 ecological safety meeting

RBC, 25.10.2006, Moscow 09:27:52.Russian Natural Resources Minister Yury Trutnev will hold a meeting in Yuzhno-Sakhalinsk on ecological and environmental safety issues during the implementation of the Sakhalin-2 project. As expected, the meeting will be attended by representatives of federal agencies for environmental, subsurface resources and technical regulation, and the General Prosecutor’s Office. It is also […]

Financial Times: Oil price drop ‘will force consolidation’: ‘Browne refused to comment on speculation about a merger between BP and Royal Dutch Shell’

By Ed Crooks, Energy Editor: Published: October 25 2006 03:00 | Last updated: October 25 2006 03:00 A falling oil price is likely to set off further consolidation of the oil and gas industry, Lord Browne, BP’s chief executive, said yesterday, as he warned of a “more difficult trading environment” ahead. He was speaking asBP […]

Financial Times: Women are rising to the top of heavy industry

By Alison Maitland: Published: October 25 2006 03:00 | Last updated: October 25 2006 03:00 It is just like the proverbial London bus. You wait ages for the next female FTSE chief executive to come along and then suddenly there are three of them. For nine long years, Dame Marjorie Scardino of Pearson, owner of […]

IrelandOn-Line: Greens: Trust needed between Shell and Corrib protestors

24/10/2006 – 18:27:04 Trust needs to be built between giant oil company Shell and protestors in Co Mayo, Green Party leader Trevor Sargent said tonight. Calling for fresh talks to try to resolve the ongoing controversy over the Corrib gas terminal, he said a lot of issues had to be discussed. Over the last two […]

Indymedia: Shell Oil slams Irish People

by James A. Leach Shell Oil is trying to steal local peoples land. Shell dumping Toxic Waste into ocean. Other unsafe and dangerous practices. Shell Oil and Statoil are planning to: Take land from local residents and build a high pressure gas pipeline that will go past their houses: The pressure inside the pipeline will […]

Sydney Morning Herald: Shell one step closer to $570b BP merger

October 25, 2006 SHELL is at the centre of buyout moves and merger speculation after unveiling plans to spend $C7.7 billion ($9 billion) simplifying its North American business. This was seen by some as a step towards a £230 billion ($570 billion) mega-merger with BP. The Anglo-Dutch oil group has also had its name linked […]