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Posts on ‘October 26th, 2006’

The Guardian: Shell beats forecasts

What the analysts say Hans Kundnani, business reporter Thursday October 26, 2006 Guardian Unlimited   Royal Dutch Shell today posted better-than-expected underlying profits. The company yesterday learned it could face prosecution over environmental failures at its massive Sakhalin-2 project in Russia. Today it announced profits on current cost replacement basis for the third quarter fell […]

Houston Chronicle: A first: Shell plans to produce at 8,000 feet in Gulf

Oct. 26, 2006, 1:31PM By BRETT CLANTON Copyright 2006 Houston Chronicle Shell said today it will be the first oil company to begin producing oil and natural gas in water that’s 8,000 feet deep, trumping competitors in the Gulf of Mexico who have made discoveries or announced intentions to drill in the region but not […]

The Moscow Times: Shell Sees Sakhalin-2 in Black by 2013

(Ivan Sekretarev / AP The Shell-run LNG terminal on Sakhalin Island. Shell said it would report on its talks with Gazprom by year’s end.) Friday, October 27, 2006. Issue 3528. Page 7. Bloomberg  Ivan Sekretarev / AP LONDON — Royal Dutch Shell said Thursday that it expected to recover by 2013 the costs incurred under […]

The Moscow Times: Trutnev Grills Sakhalin-2 Chief on Violations

Thursday, October 26, 2006. Issue 3527. Page 1. By Miriam Elder Staff Writer   YUZHNO-SAKHALINSK — Natural Resources Minister Yury Trutnev on Wednesday publicly clashed with the head of Shell-led Sakhalin Energy and called for a criminal case against the company over at least five environmental violations. After touring work sites around Sakhalin Island, Trutnev said […]

The Scotsman: Russian threat to Shell over environmental inspections

By: Martin Flanagan Published: Oct 26, 2006 RUSSIA has prolonged an environmental inspection of Royal Dutch Shell’s dollars 22 billion Sakhalin oil and gas project and may prosecute the scheme, a minister said yesterday. Yuri Trutnev, Russian’s natural resources minister, told a meeting of environmental inspectors and officials from Sakhalin Energy: “The breaches at Sakhalin-2 […]

AFX Europe (Focus): Shell says asset swap talks with Gazprom continue despite Sakhalin woes

Published: Oct 26, 2006 LONDON (AFX) – Royal Dutch Shell PLC and Gazprom are continuing discussions over a possible asset exchange, which includes Sakhalin-2, despite the environmental problems suffered by the controversial 20 bln usd Russian gas project. The pair last year signed a preliminary agreement giving Gazprom, the Russian gas monopoly, a 25 pct […]

AP Worldstream: Villagers agree to vacate seized Shell oil platforms in Nigeria

By: DULUE MBACHU, Published: Oct 26, 2006 Angry villagers in Nigeria who took over three Shell oil platforms in the volatile Niger Delta have agreed to end their siege and allow operations to resume, Nigerian and company officials said Thursday. But they were still at the stations by day’s end. Members of the Kula community […]

AFX News: Shell reaffirms production goals despite Nigerian outage

10.26.2006   LONDON (AFX) – Royal Dutch Shell PLC has reiterated its output targets for 2006 and 2007 despite the production outages in Nigeria after separatist militants launched a series of violent attacks on its facilities in the oil-rich Niger Delta region. Shell also kept its capital spending guidance of 19 bln usd for 2006, […]

International Herald Tribune: Kremlin threatens to criminally prosecute Shell within two weeks

Headline: Russia raises pressure on Sakhalin-2 project  By Andrew E. Kramer The New York Times   MOSCOW The Kremlin ratcheted up pressure Wednesday on Royal Dutch Shell’s $22 billion oil and natural gas project on Sakhalin Island when a minister threatened to criminally prosecute employees of the British-Dutch oil company within two weeks.   The […]

Independent Online (Africa): Villagers to leave seized oil platforms

By Dulue Mbachu Lagos, Nigeria – Angry villagers in Nigeria who took over three Shell oil platforms in the volatile Niger Delta have agreed to end their siege and allow operations to resume, Nigerian and company officials said on Thursday. Members of the Kula community living near Royal Dutch Shell PLC’s Ekulama 1, Ekulama 2 […] Sakhalin Energy ready to indemnify for the damage caused by Sakhalin 2 project but skeptical of the figures

The operator of the Sakhalin 2 project, the Sakhalin Energy company, is ready to indemnify the ecological damage caused by the project but is skeptical of the figures given during the Oct 25 conference on the ecological safety of the Sakhalin 2 project, reports If an objective assessment finds out that the damage caused […]

The Wall Street Journal: Shell’s Net Falls 34% as Unrest In Nigeria Offsets Oil-Price Rise

By BENOIT FAUCON October 26, 2006 3:19 a.m. LONDON — Royal Dutch Shell PLC said Thursday its third-quarter net earnings declined 34% as continued unrest in Nigeria, higher U.K. taxes and cost pressure more than offset a rise in oil prices. Shell said net income fell to $5.94 billion, or 93 cents a share, compared […]

MosNews: Sakhalin Energy Admits to Environmental Violations in Sakhalin-2 Oil Project

Created: 26.10.2006 11:18 MSK (GMT +3), Updated: 11:18 MSK Sakhalin Energy, operator of Sakhalin-2 oil and gas project, admitted to damaging the eco-system of Russia’s Sakhalin Island, while the country’s Natural Resources Minister Yuri Trutnev gave environmental watchdog Rosprirodnadzor another month to complete its inquire into alleged violations at Shell-led project. As MosNews has reported […]

The Times: Russia threatens to prosecute Shell over Sakhalin-2

By Tony Halpin, in Moscow 26 October 2006 RUSSIA sharply raised the temperature of its dispute with Shell over the Sakhalin-2 project by threatening criminal prosecutions for environmental damage. Yuri Trutnev, the Natural Resources Minister, accused the Anglo-Dutch company of breaking at least five Russian laws and warned that it faced the loss of licences […]

The Times: Putin on the line

EXTRACT: His KGB background should also make him realistic in assessing Russia’s strengths and weaknesses in dealing with the outside world. There is a tendency to overestimate Russia as an “energy superpower”: it still needs Western technology. This may lie behind Russia’s cavalier dealings with foreign oil companies such as Shell and BP, which it […]

Daily Telegraph: Russia threatens Shell with criminal inquiry

(Workers at the Sakhalin-2 project’s liquefaction gas plant in Prigorodnoye, south of Yuzhno-Sakhalinsk) By Ambrose Evans-Pritchard Last Updated: 12:34am BST 26/10/2006 Russia has threatened to launch a criminal inquiry into Royal Dutch Shell’s Sakhalin-2 project, alleging breach of ecology laws on the mountainous Pacific island. The heavy-handed approach is widely seen as a ruse to […]

The Independent (UK): Niger Delta bears brunt after 50 years of oil spills

By Jonathan Brown Published: 26 October 2006 Up to 1.5 million tons of oil, 50 times the pollution unleashed in the Exxon Valdez tanker disaster, has been spilt in the ecologically precious Niger Delta over the past 50 years, it was revealed yesterday. A panel of independent experts who travelled to the increasingly tense and […]

The Independent (UK): Shell faces criminal charges over Sakhalin

By Andrew Osborn in Moscow Published: 26 October 2006 The Kremlin has called for managers in a Shell-led consortium developing the Sakhalin-2 oil and gas project in Russia’s far east to face criminal charges for “shamefully” damaging the environment. The threat of managers being handed prison sentences of up to seven years came as the […]

The Guardian (UK): Kremlin warns of charges in Sakhalin gas inquiry

The Guardian – United Kingdom; Oct 26, 2006 MARK MILNER INDUSTRIAL EDITOR The Russian government has extended its investigation into alleged environmental violations at the $22bn (pounds 11.7bn) Sakhalin oil and gas project by another month, and says it could prosecute over the scheme in which Shell is the leading partner. “The breaches at Sakhalin-2 […]

Daily Mail (London): Merger mania “will sweep oil industry”

Oct 25, 2006 Sam Fleming BP boss Lord Browne predicted a wave of acquisitions will dramatically reshape the oil industry in the coming years, amid growing speculation he could seek a merger with Royal Dutch Shell. Unveiling a drop in earnings and disappointing oil output, Browne warned the golden age of sky-high energy prices is […]

MarketWatch: ROYAL DUTCH SHELL – Q3 results presentation

Last Update: 2:33 AM ET Oct 26, 2006 LONDON, UK, Oct 26, 2006 (MARKET WIRE via COMTEX) — Live media presentation at 1100BST followed by analyst and investor presentation at 1315BST on with Jeroen van der Veer, CEO and Peter Voser, CFO.   It’s free to view. All you need to do is register […]

Financial Times: Probe into Shell’s Sakhalin-2 is extended

By Arkady Ostrovskyin Moscow: Published: October 26 2006 03:00 | Last updated: October 26 2006 03:00 The Russian government has extended its environmental probe into Sakhalin-2, the huge oil and gas development project, by another month. At the same time, it increased pressure on the Royal Dutch Shell-led $22bn (£11.7bn) project by threatening to bring […]

The Times: BP and Shell are defined by differences

By James Harding BUSINESS EDITOR’S COMMENTARY The Times October 26, 2006 UNFORTUNATELY for Lord Browne, his final two years at BP — assuming he stays that long — look set to be haunted by a classic species of story: you know that thing you never heard of, well, it’s not happening. During the wrangle over […]

Royal Dutch Shell plc: 3rd Quarter Unaudited Results (*Shell prepared to pay $500 million to settle class action)

Thursday October 26, 2:00 am ET  Delivery and Growth – Leveraging a Strong Portfolio LONDON, October 26 /PRNewswire-FirstCall/ — – Royal Dutch Shell’s third quarter 2006 CCS earnings were $6.9 billion, compared to some $7.2 billion a year ago. CCS earnings per share increased by 1% versus a year ago. Third quarter 2005 earnings included […]

Reuters: Western agrees to Shell Canada oil sands expansion

Wed Oct 25, 2006 10:12 PM EDT   CALGARY. Alberta (Reuters) – Western Oil Sands Inc. (WTO.TO: Quote) said on Wednesday it has formally agreed to participate in Shell Canada Ltd.’s (SHC.TO: Quote) planned expansion of its Athabasca oil sands project at an expected cost to the company of C$2.2 billion ($1.95 billion). Calgary-based Western […]

The Wall Street Journal: Not So Big Oil

October 26, 2006; Page A18 Our favorite headline this week has to be “Big Worries for Big Oil,” reporting that oil company profits are under pressure as oil prices decline. Exxon Mobil, Royal Dutch Shell, BP and other members of the vast energy conspiracy may have a hard time keeping their run of profit growth […]

The Wall Street Journal: Russia Delays Sanctions On Shell’s Energy Project

By GREGORY L. WHITE in Moscow and GREG WALTERS in Yuzhno-Sakhalinsk, Russia October 26, 2006; Page A13 Russian regulators put off imposing sanctions on Royal Dutch Shell PLC’s $20 billion Sakhalin-2 project for what they say are widespread environmental violations, keeping the pressure on as the Kremlin steps up complaints about massive cost overruns at […]