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Posts from ‘December, 2006’

The Guardian: Booms, bonuses and bankruptcy

David Teather and Angela Balakrishnan Saturday December 30, 2006 Behind many of the year’s stories was the shifting world order: the emerging power of Russia, India and China. The year began with Russia cutting gas supplies to Ukraine, raising fears of shortages and soaring prices across Europe. At the end of the year Shell was [...]

The Guardian: Market forces

Nick Fletcher Saturday December 30, 2006 Oil prices eased below $60 in the US for the first time for a month leaving BP, 4p lower at 567.5p, and Royal Dutch Shell down 7p to £17.85. Shell was also hit by reports the company and its partners would have to stump up a third of the [...]

Daily Telegraph: Market report

By Josephine Moulds Last Updated: 12:58am GMT 30/12/2006 FTSE falls on a quiet day ahead of break City trader Oil stocks were down on a weaker crude price as traders disregarded a sharp drop in US crude stockpiles on Thursday night. BP slid 4 to 567½p. Royal Dutch Shell was hit by news that it [...]

Daily Telegraph: Database: Energy: Saturday 30 December 2006

• Shares of Exxon Mobil, the world’s biggest corporation, had their largest annual increase since 1980 as the company boosted oil production and crude prices rose to an all- time high. • Royal Dutch Shell will cut its proven oil and gas reserves by more than 4pc when it gives up half its stake in [...]

Bloomberg: Shell May Cut Reserves at Least 4 Percent on Sakhalin (Update1)

By Stephen Voss and Torrey Clark Dec. 29 (Bloomberg) — Royal Dutch Shell Plc, Europe’s largest oil company by market value, will cut its proven oil and gas reserves by more than 4 percent when it gives up half its stake in Russia’s Sakhalin-2 venture, analysts said. The equity transfer to state-run Russian energy company [...]

Bloomberg: Centurion, Shell End Egyptian Gas Development Accord (Update4)

By Jim Polson Dec. 29 (Bloomberg) — Centurion Energy International Inc., the Canadian oil and gas producer that’s being acquired by a United Arab Emirates-based energy company, announced the termination of plans by Royal Dutch Shell Plc to help it explore for natural gas in Egypt’s Nile Delta. The two companies mutually agreed to end [...]

‘Five Worst CEOs of 2006′ Announced by FreeEnterpriser.com

WASHINGTON, Dec. 27 /PRNewswire-USNewswire/ — FreeEnterpriser.com today announced the “Five Worst CEOs of 2006″ — a review of the worst CEOs of the year. “Despite this year’s bull market, 2006 was a banner year for CEOs who are undermining free enterprise, free markets and capitalism,” said Tom Borelli, editor of FreeEnterpriser.com. “Instead of relying on [...]

BBC Monitoring Service: Russian economist backs Belarus in gas row

Published: Dec 28, 2006 SAKHALIN II PSA: EXTRACT: ‘Delyagin alleged that the deal was murky and could discredit Shell if investigated properly. ‘ The director of the Moscow-based Institute of Problems of Globalization, Mikhail Delyagin, has sharply criticized Gazprom’s decision to raise the price for Russian gas exported to Belarus 4.3-fold from 1 January 2007. [...]

AP Worldstream: Shell says Brazilian oil field commercially viable

Published: Dec 28, 2006 Royal Dutch Shell PLC announced Thursday that one of its Brazilian offshore oil fields is commercially viable and that two deep-water areas of the block have been identified for development. Europe’s second-largest oil company did not say when production would begin in the BS-4 block or offer yield estimates, but the [...]

AP Worldstream: State Department official cites Niger Delta threats as tops to U.S. businesses for 2007

By: DAN CATERINICCHIA, Published: Dec 28, 2006 The kidnappings and armed attacks plaguing oil companies operating in Nigeria’s oil-rich Niger delta are among the top security challenges U.S. businesses are likely to face in 2007, a State Department official said Thursday. “We’re keeping our eye on Nigeria right now,” Doug Allison, a special agent with [...]

Irish Times: Warming our feet at Russia’s gas reserves

EXTRACT: After the recent tensions over the Sakhalin development between Shell and Gazprom, there were doubts about whether Russia would be willing to develop stable relationships with foreign investors, a fear that was dismissed by Stephen O’Sullivan of Deutsche Bank in Moscow, who has followed the battle closely. The scale of pressure on Shell developed [...]

The Independent (UK): Gale Norton joins Shell

Published: Dec 29, 2006 Shell has hired the former US interior secretary Gale Norton as general counsel for its “unconventional resources” division. Ms Norton will provide and co-ordinate legal services for the division, which develops technology to get oil from sources such as oil shale.

Financial Times: Average size of FSA fine declines in 2006: ‘In 2004 Royal Dutch Shell paid £17m in the wake of its oil and gas reserves misstatement.’

By Barney Jopson Published: December 29 2006 02:00 | Last updated: December 29 2006 02:00 The average size of fines doled out by the City watchdog dropped in 2006, but the total number of penalties edged up from the previous year. The Financial Services Authority collected just over £13m in fines from 25 cases this [...]

Financial Times: There are times when you cannot be sure of Shell

By Chris Hughes Published: December 29 2006 02:00 | Last updated: December 29 2006 02:00 Sakhalin throws up a fresh disappointment Shell suffered a blow when it was forced to surrender control of Russia’s Sakhalin-2 oil field to state-backed Gazprom last week. Now the Anglo-Dutch oil group faces fresh embarrassment in defeat. To re-cap, Shell [...]

Financial Times: Sakhalin partners hit by $3.6bn costs

By Arkady Ostrovsky in Moscow and Ed Crooks in London Published: December 28 2006 18:44 | Last updated: December 28 2006 18:44 Royal Dutch Shell and its two Japanese partners are to be made to share the burden of the huge cost overruns of Sakhalin-2, it emerged on Thursday, in news that cast a less [...]