RBC, 28.02.2007, Tokyo 10:14:02.Gazprom will pay in cash for a stake in the Sakhalin-2 project, Russian Industry and Energy Minister Viktor Khristenko told a press conference in Tokyo today. He pointed out that a decision to this effect had already been made. Khristenko added that the process of Gazprom buying into Sakhalin-2 would be completed by the end of March, 2007. The minister also said that all participants of the project were interested in completing the construction of the liquefied natural gas plant and supplying the necessary resources within the deadlines, specified in contracts.
MOSCOW, February 28 (RIA Novosti) – Russia’s Gazprom Export and Turkey’s Shell Enerji A.S. have signed a contract to supply Turkey with 250 million cubic meters of gas annually until 2021, a joint news release said.
The contract was struck between Gazprom Export, which handles the energy exports of Russian energy giant Gazprom [RTS: GAZP], and Shell Enerji, a subsidiary of Royal Dutch Shell, responsible for gas imports on the Turkish market.
“Under the contract, Gazprom will supply 250 million cu m of gas annually to Shell Enerji A.S. in the period up to 2021,” the news release said.
February 28, 2007
by KWR: Scott MacDonald
NEW YORK (KWR) — February 27, 2007 — Russia has come a long distance from the bad old days of the 1990s when it was forced to default on its domestic debt, the economy almost slipped into free-fall, and the country’s politics were unsteady. Over the last few years the oil and commodities boom has translated into rapid economic growth, a substantial rise in foreign exchange reserves (over $311 billion as of February 16, 2007), budget surpluses, and the rise of strong national champion companies, such as energy giant Gazprom. Russia’s political life is more stable as well — but at the cost of its democratic politics. President Vladimir Putin and his intelligence network allies have broken the power of the oligarchs and many now live in London. This has diminished the liberal and Communist wings of national politics, and implemented a quasi-authoritarian system.
February 28, 2007
TOKYO — Japanese ministers urged Russia yesterday to push ahead with a proposed trans-Siberian pipeline that will carry oil and gas to the Pacific coast to feed Japan, saying Tokyo is prepared to pay part of the construction cost.
Finance Minister Koji Omi also urged a visiting Russian delegation including Prime Minister Mikhail Fradkov to supply energy from a major project in Siberia recently taken over by Russia’s state-controlled natural-gas monopoly.
Feb. 28, 2007
Russian Prime Minister Showers Japan with Investment Projects
Yesterday was the first day of Russian Prime Minister Mikhail Fradkov’s official visit to Tokyo. Although the prime minister, in his own words, “was not trying to surprise the Japanese,” the sheer volume of offers soliciting participation in Russian investment projects brought the table by Mr. Fradkov and his entourage of government officials left the Japanese with their mouths hanging open. The Russian proposals are due to be discussed today, but all that the Japanese appear to want from the visit is a guarantee of gas supplies from Sakhalin and a conversation about the disputed Kuril Islands.
The arrival of BP (BP.L: Quote, Profile , Research) Chief Executive Lord Brown in Moscow has been met with the news that Oleg Mitvol, the official who led the recent campaign against Royal Dutch Shell’s (RDSa.L: Quote, Profile , Research) Sakhalin 2 project, will not budge on threats to revoke the licence which BP’s Russian joint venture company BP-TNK has with the government to develop the vast Kovykta oil and gas field in Siberia, the Financial Times said.
Wednesday 28 February 2007: By a Shell Insider
There is currently a severe shortage of good people in the oil business.
An ambitious individual (to spare his blushes I won’t mention his name) recently left Shell’s HR department and has set himself up as a recruitment consultant.
In order to get set up, it seems that he took copies of the personnel files of a number of people currently employed by Shell, whom he is now offering to “recruit” for his clients.
Anyone with a high CEP can expect a call soon…
EXTRACT: The Edinburgh company, whose chief executive counts US president George Bush and Tony Blair among his friends, bought the exploration block from Shell for little more than GBP 10m.
Martin Flanagan City Editor, The Scotsman – United Kingdom
Published: Feb 28, 2007
EDINBURGH-based oil explorer Cairn Energy is to return GBP 481 million to investors following the flotation on the Indian Stock Exchange of Cairn India Ltd.
Cairn, which raised dollars 1.18 billion from what was India’s biggest IPO in 2006, said shareholders would receive GBP 3 for each share held and the remainder of the proceeds would be retained by the business.
Published: Feb 28, 2007
HOUSTON, Feb. 27 /PRNewswire/ — Almost all crude oil sold by the US federal government under its latest Royalty in Kind program is linked to prices published by Argus Media.
Companies buying oil from the government’s Minerals Management Service (MMS) specified Argus as the pricing reference in 98pc of all volumes offered at the US Gulf coast in an award announced February 27.
Six companies won crude oil volumes totaling 7.16mn bl, equivalent to roughly 41,750 b/d, which also included some US west coast oil. Winners were Chevron, ExxonMobil, Shell, Marathon, Plains Marketing and Citadel Investment Group. Deliveries will start on 1 April, and most will run over the ensuing three months.
NEW DELHI, Feb 28 Asia Pulse – Petronet LNG Ltd (BSE:532522) is in advanced discussions for import of 2.5 million tons of liquefied natural gas (LNG) from the Gorgon Project in Australia, Minister of State for Petroleum and Natural Gas Dinsha Patel said on Tuesday.
“Pricing of LNG would be indicated by the suppliers at the time of conclusion of the agreement, which is linked with financial closure of the project,” he said in a written reply to a question in Rajya Sabha here.
The liquefaction and loading port facilities are planned by the suppliers at Barrow Island in the North West offshore region of Australia, while in India it will be unloaded at Kochi Port.
By Catherine Belton in Moscow
Published: February 28 2007 02:00 | Last updated: February 28 2007 02:00
Russia stepped up pressure on a key asset held by TNK-BP, BP’s Russia venture, yesterday as Lord Browne, BP chief executive, arrived in Moscow for talks and the end-game neared for a possible transfer of part of a key asset to the state.
Oleg Mitvol, the official who led the state campaign against Shell’s oil and gas venture in Sakhalin2, said yesterday that Russia’s Natural Resources Ministry would not budge on threats to revoke TNK-BP’s licence to develop its vast east Siberian Kovykta gas field in three months time.
By Peter Smith and Angela Maier in Frankfurt
Published: February 28 2007 02:00 | Last updated: February 28 2007 02:00
David Bonderman, founder of Texas Pacific Group, kicked off the private equity industry’s Super Return conference yesterday with adeclaration that the sector had now reached the scale to target the largest global companies.
“There have been more public to private [deals] in the last 18 months than in the previous 18 years,”Mr Bonderman told delegates at the event in Frankfurt.
By Stephen Voss
Feb. 27 (Bloomberg) — Repsol YPF SA, Europe’s fifth-biggest oil company, joined BP Plc and Royal Dutch Shell Plc in cutting production forecasts after their output dropped in 2006 amid rising energy nationalism and supply disruptions.
Repsol’s production this year will slide about 12 percent, following a 3.3 percent decline in 2006, the Madrid-based company said today. Output at Total SA, Europe’s third-biggest oil company, also fell last year.
European producers pumped less oil and gas because governments in Venezuela and Russia took greater control of their energy industries and disruptions and delays curbed supply in Nigeria and the U.S. Total was the only company among the top five, which includes Eni SpA of Italy, to increase its forecast for production growth this decade.
By Shigeru Sato and Yuji Okada
Feb. 28 (Bloomberg) — OAO Gazprom plans to complete the acquisition of shares in Royal Dutch Shell Plc’s Sakhalin-2 oil and gas project by March 31, giving the Russian company control over the country’s first liquefied natural gas project.
“We’re targeting the end of March,” Igor Bakhtin, deputy head of Gazprom’s eastern projects department, told Bloomberg News in Tokyo when asked for the company’s timetable for the share transaction.
Equity firms seen making bigger deals
By Edward Evans
Published: February 28, 2007
FRANKFURT: A day after he helped set a $45 billion record for the biggest buyout in the world, David Bonderman, co-founder of Texas Pacific Group, said Tuesday that he expected buyout firms to maintain their acquisition spree.
Speaking at a conference here, Bonderman said, “2006 was a record year, and I predict we’ll have another record year in 2007.” He added, “I see no reason why private equity won’t be a substantial part of the capital markets — a much more substantial part than it is today.”
Last Update: 7:46 PM ET Feb 27, 2007
The Russian government has increased pressure on TNK-BP over one of its assets as BP PLC (BP) Chief Executive John Browne arrived in Moscow for talks, the Financial Times reported on its Web site Tuesday.
Russian environmental regulatory official Oleg Mitvol said the Natural Resources Ministry wouldn’t back off from threats to revoke the license of TNK-BP, BP’s Russian venture, to develop its Kovykta gas field in eastern Siberia in three months, FT reported.
Plastics Information Europe: Shell Chemicals (London / UK; www.shell.com) lifted ‘force majeure’ on C2 and C3 at Moerdijk / The Netherlands
Headline: Shell: FM for C2/C3 at Moerdijk lifted
Shell Chemicals (London / UK; www.shell.com) lifted “force majeure” on C2 and C3 at Moerdijk / The Netherlands on 19 February 2007, the company has confirmed. Shell declared force majeure on output from the site´s 900,000 t/y cracker on 11 December 2006, citing technical problems resulting from a lightning strike on 7 December. Shell Chemicals (London / UK; www.shell.com) lifted “force majeure” on C2 and C3 at Moerdijk / The Netherlands on 19 February 2007, the company has confirmed. Shell declared force majeure on output from the site´s 900,000 t/y cracker on 11 December 2006, citing technical problems resulting from a lightning strike on 7 December.
© Plastics Information Europe, Bad Homburg
Published: Wednesday, 28 February, 2007, 10:13 AM Doha Time
SINGAPORE: Royal Dutch Shell, the world’s biggest non-state liquefied natural gas producer, may double imports through a $600mn LNG terminal in India this year, after customers agreed to pay international prices for the fuel.
Shell and partner Total aim to import about 24 cargoes this year, equivalent to about 56% of the terminal’s capacity, Marc den Hartog, director of gas and power at Shell India Ltd, said by phone from New Delhi on Monday.
By Gavin Evans
Feb. 28 (Bloomberg) — Royal Dutch Shell Plc, the world’s second-biggest oil company by market value, is studying alternative technology to extend the life of New Zealand’s oldest gas field.
Kapuni, discovered in 1959, has pumped more than three times its original reserves estimate and Shell plans to keep it flowing by loosening “tight” rock formations, said Gaurdie Banister, Shell’s technical vice president for exploration in Southeast Asia. Shell and Todd Energy Ltd. each own half of the field, supplier of a fifth of the nation’s gas.
February 28, 2007
There is no rush by engineering graduates to work in the sector, but those who do enjoy high job satisfaction
When Sir John Rose, chief executive of Rolls-Royce, was said to have voiced concerns last year about the lack of experienced engineers in Britain’s industrial sector, he wasn’t highlighting a new problem. For much of the past two decades, the proportion of students who study engineering at university but then embark on an entirely different career has been increasing.
February 28, 2007
Making sure that you beat the application cut-off dates
By Mike Barnard (Is this the Mike Barnard who used to work for Shell?)
Taking a placement or sandwich year can be an invaluable career step, allowing you to acquire work experience, add to your CV and often earn a wage at the same time, and there’s an abundance of placements on offer in the engineering and manufacturing industries.
Buro Happold (www.burohappold.com), the international multi-disciplinary engineering consultancy, has a world-class reputation for delivering challenging projects in the public and private sectors. Registered with the engineering institutions for approved training towards chartered status, it takes on 50 engineering graduates to work worldwide every year.
Wednesday 28 Feb 07
HUNDREDS of dead fish washed up at a Shell Corio Bay outfall after being caught up at a seawater intake supplying water for refinery cooling.
Victoria’s Environment Protection Authority yesterday said Shell had no case to answer over the deaths of hundreds of fish on Monday as they had not been killed “by result of a pollution incident or discharge of any substance”.
The fish were found by two passers-by late on Monday night at a refinery outfall.
EPA senior manager of rural services John Williamson said the two people quickly alerted his organisation of the incident.
Because of the high traffic – the site now has over 2 millions hits every month, it is having to be upgraded to cope with the demand.
This will hopefully prevent the notice “This Account Has Exceeded Its CPU Quota” from appearing. As our long term regulars will be aware, we had already outgrown the capability of our previous website.
We have a Right to the Truth – Officials have a Duty to Act
“Very Little Hope for the World” – Ron Oxburgh, recent Chairman of Shell Oil
This is a scary thought coming from an ex-Chairman of Shell. It shows that there are voices within Shell Oil Company that care about the planet even if accounting fraud, the same as Enron, is deemed OK. This link takes you to an interview with Ron Oxburgh, recent Chairman of Shell Oil. “I think that in corporate organisations like Shell you can develop an insensitivity to some of the factors that weigh with people outside” – Ron Oxburgh
Go here: http://news.bbc.co.uk/1/hi/uk/3815151.stm
For an uncensored look at Shell Oil go here: www.royaldutchshellplc.com This website received nearly 1.7 million hits and over a million page views in October, 2006. It is one of two recommended by Fortune Magazine for information about Royal Dutch Shell. If you want more info on this site go here http://en.wikipedia.org/wiki/Royaldutchshellplc.com
For the full webpage…
Posted on Feb 27th, 2007 with stocks: RDS.A
Kurt Wulff (McDep Associates) submits: Buy the common shares of Royal Dutch Shell plc (RDS.A) for appreciation potential of 23% to estimated net present value of $84 a share, that depends first on crude oil production (40%), second on refined products (39%), and third on natural gas (21%).
Fourth quarter 2006 results reported on February 1 exceeded our estimates of cash flow and earnings that reflected recent company and industry trends. Reserves added in 2006, including oil sands, exceeded production by more than the amount reserves will be reduced in 2007 for a revised agreement with Russia on the Sakhalin Island project.
Tuesday, February 27, 2007
There it was again last Friday — the old refrain that has been heard around these parts off and on for decades: A regional commercial oil-shale industry is just around the corner.
Right. And ocean-front property will soon be available in Cisco, Utah.
And this commercial oil-shale industry is destined to be even bigger than the 1-million-barrel-a-day moondrift ballyhooed a quarter century ago by the Exxon Corp., much to the energy giant’s great embarrassment and northwestern Colorado’s lasting regret.
By Dinakar Sethuraman
Feb. 27 (Bloomberg) — Royal Dutch Shell Plc, the world’s biggest non-state liquefied natural gas producer, may double imports through a $600 million LNG terminal in India this year, after customers agreed to pay international prices for the fuel.
Shell and partner Total SA aim to import about 24 cargoes this year, equivalent to about 56 percent of the terminal’s capacity, Marc den Hartog, director of gas and power at Shell India Ltd., said by phone from New Delhi on Feb. 26.
Published: Feb 27, 2007
FMC to supply Alve: FMC Technologies has gained a $55m contract from Statoil to supply the subsea system for the Alve project in the Norwegian Sea.
FMC will build a four-slot subsea template with manifold, one subsea production tree, related control systems, umbilicals and an overtralable protection structure for Statoil’s project.
Alve is being tied back to the Norne floating production storage and offloading vessel. The first FMC deliveries are due in the third quarter of this year.
Published: Feb 27, 2007
THE BRITISH government has made a good start on its offshore energy plans for this year, sanctioning one onshore and four offshore projects, writes Martyn Wingrove .
The Department of Trade and Industry has approved Shell’s plans to develop the Starling gas-condensate field in the North Sea as a satellite to its Shearwater production platform.
Shell will use subsea facilities to develop Starling in block 29’3. It will also be able to use subsea equipment to develop the B and D sections of the Curlew field in block 29’7 after getting government sanction in January.
EXTRACT: Last December, oil giant Royal Dutch Shell PLC was forced to cede control of the massive Sakhalin-2 oil and gas project to Gazprom. The Russian state achieved its goal with a campaign of constant environmental and safety inspections and lawsuits.
By Polya Lesova
NEW YORK (MarketWatch) — Italian oil giant Eni SpA said that development of the gargantuan Kashagan oil field in Kazakhstan will be delayed by three years and that the project would cost billions of dollars more than previously expected as it struggles with major technical and logistical challenges.
EXTRACT: Large resources companies such as BP, Royal Dutch/Shell and RWE are also providing competition by tapping into their first-hand knowledge of the market to offer hedging services to their customers and third parties. “The competition is intense,” says Mr Bryce.
By Kevin Morrison
Published: February 27 2007 01:39 | Last updated: February 27 2007 01:39
Envy the commodities experts for they are almost masters of the universe. The rise in price and volatility of raw materials has moved the subject near the top of the corporate agenda.
By EDWARD WONG
February 27, 2007
BAGHDAD, Feb. 26 — The Iraqi cabinet approved a draft of a law on Monday that would set guidelines for nationwide distribution of oil revenues and foreign investment in the immense oil industry. The endorsement reflected a major agreement among the country’s ethnic and sectarian political blocs on one of Iraq’s most divisive issues.
The draft law approved by the cabinet allows the central government to distribute oil revenues to the provinces or regions based on population, which could lessen the economic concerns of the rebellious Sunni Arabs, who fear being cut out of Iraq’s vast potential oil wealth by the dominant Shiites and Kurds. Most of Iraq’s crude oil reserves lie in the Shiite south and Kurdish north.
LONDON (Reuters) – Wind is filling the sails of the alternative energy industry after repeated past false starts, bringing big business and the green movement into an uneasy partnership — as investors smell money.
Fears of hype and even a dotcom-style bubble cannot cloud their view that renewable energy’s day may have come, as the world’s most pressing concerns combine: climate change, breakneck economic growth in China and energy security.
In the past — the 1970s for example — it was high oil prices that spurred the hunt for alternatives like wind and solar, usually the domain of academic professors, environmentalists and rural communes.
February 27, 2007
Oil explorer transformed into a FTSE 100 stock by blockbuster Indian discovery, which could have been Shell’s, hands out £481 million Steve Hawkes
Soaraway oil explorer Cairn Energy is handing nearly £500 million back to shareholders in its first ‘dividend’ payout.
The group, transformed into a FTSE 100 blue-chip by a blockbuster discovery in India, will pay investors £3.00 per share – a total of £481 million.
The money comes from the proceeds of the £3.5 billion flotation of the Indian business on the Bombay Stock Exchange earlier this year.
Shell Petroleum Development Company (SPDC) has earmarked an annual N445 million for the development of its host communities in DAA3 Cluster of Degema, Akuku-Toru and Asari-Toru Local Government areas of Rivers State.
The amount is expected to be paid annually for a period of five years with effect from this year and in three installments of N148.3 million per installment, payable in every February, June and November. But signatories to the account should be the respective host communities’ CDB, Rivers State Government representative and SPDC representative.
UPDATED: 2007-02-26 15:22:22 MST
By DOUG McINTYRE, SUN MEDIA
Alberta’s three-year plan to spend almost $400 million to build up the booming oilsands region drew praise today from the president and CEO of petroleum giant Shell Canada.
During a stop at the University of Calgary, Clive Mather said new infrastructure in rapidly-growing Fort McMurray is critical to develop a resource which could potentially be the world’s biggest reserve of oil.
“The eyes of the world are upon us and we have to do it right,” he said.
By Rey E. Requejo
The Court of Appeals has authorized the Court of Tax Appeals to proceed with the litigation of the case filed by Pilipinas Shell Petroleum Corp. seeking to stop the Bureau of Customs from collecting P1 billion in custom duties from the importation of crude oil in 1996.
In an eight-page decision written by Associate Justice Arcangelita Romilla-Lontok, the CA’s First Division dismissed the petition filed by the Customs seeking to nullify the Jan. 17, 2003 resolution of the court denying the motion to dismiss the case filed by Pilipinas Shell.
A website not owned by Shell Petroleum, but one which closely tracks the activities of that company, has issued a document detailing what it believes to be Shell’s plans in Alaska this year under the title “Alaska 2007 program takes shape; environment, communities high priorities”, and within the details on Wildlife Monitoring, we found it includes UAV use:-
During the 2007 open water season Shell will be mounting a major program to monitor marine mammals and mitigate any impacts of the industrial activities. Of particular concern is the potential for impacts on the migration routes of bowhead whales and the consequent impact on subsistence hunting.
By MIKE McKIBBIN
Tuesday, February 27, 2007
RIFLE — Community leaders and residents heard the latest about Shell Oil Exploration and Production’s oil shale test project in Rio Blanco County last week, but Rifle Mayor Keith Lambert wants to know what two other companies have planned as well.
Those companies, Chevron and EGL Resources, are not as far along as Shell, so do not have the same information to share with the public, according to EGL Operations Manager Roger Day.
Chevron and EGL Resources received 160-acre federal leases for oil shale research, development and demonstration projects last year, while Shell received three such leases. Shell has also been working at its own Shell Mahogany Project site in Rio Blanco County for the last several years and said last week they hope to decide to pursue a commercial oil shale project shortly after the next decade.
Created: 26.02.2007 15:39 MSK
Japan and Russia pledged to strengthen reciprocal relations in oil and natural gas development and boost trade at a ministerial meeting, which took place in Tokyo on Monday, Feb. 26.
Russian Energy Minister Viktor Khristenko and Japanese Foreign Minister Taro Aso discussed two oil and gas projects in Russia’s Sakhalin Island and an East Siberian oil pipeline project, a Japanese Foreign Ministry official told Bloomberg agency, speaking on condition of anonymity. The two ministers met for two hours.
13:58 | 26/ 02/ 2007
TOKYO, February 26 (RIA Novosti) – Sakhalin II shareholders should work to restore financing from the European Bank for Reconstruction and Development for the hydrocarbon project off Russia’s Pacific coast, a Russian minister said Monday.
The EBRD delayed its decision on a second loan to the oil and gas project, when the then Shell-controlled operator came under intense pressure from regulators last year, and a controlling stake was sold to Russian energy giant Gazprom [RTS: GAZP]. Experts say the bank’s participation could allay foreign investors’ fears in the wake of the environmental scandal surrounding the project.
Mon Feb 26, 2007 1:01am ET
TOKYO, Feb 26 (Reuters) – Russia’s state gas monopoly Gazprom (GAZP.MM: Quote, Profile , Research) is expected to meet with executives of Japanese firms to discuss technical partnerships and fund-raising this week, sources familiar with the situation said on Monday.
The talks coincide with a visit by Russia’s Energy Minister Viktor Khristenko, who arrived on Monday trailed by an entourage of Russian bankers and businessmen to kick off a week of negotiations across the energy, banking, auto and telecom sectors. Russian Prime Minister Mikhail Fradkov arrives on Tuesday.
By Wani Abdul Gapar
Kuala Belait – Seria a dynamic oil town with sleepy coastal community. Nowhere one finds these two contradictions co-existing side by side for such a long period of time. The Brunei Times talked to some of the Seria residents and tried to find the reasons behind these contradictions.
A Brunei Shell Petroleum (BSP) employee who has been with the company for more than 25 years said that, “Because of the oil’ industry, we have the local population and foreigners to support the market-the oil price influences the economy.
International Herald Tribune: Roughnecks get resort-style housing as oil producers battle labor shortage
By Joe Carroll
Monday, February 26, 2007
INUVIK, Northwest Territories: Donnie Lewis said he would quit the coldest, dirtiest job he had ever known — drilling in the oil-rich bogs of Canada for Suncor Energy — if it were not for the free private room, maid service and five-course meals.
“I wouldn’t do it if I had to share a room with six other fellows, all snoring and making a racket when you’re trying to get a few winks,” said Lewis, who doubled his wages from his last job. “The oil companies really take care of you and do everything they can to make your time here easy.”
By Mark Rodden
Published: Feb 26, 2007
Over 600 people took part in a Shell to Sea national demonstration in Dublin at the weekend to highlight continued opposition to the construction of the Corrib gas pipeline and terminal in Co Mayo.
There was a strong Garda presence as protesters gathered at the Garden of Remembrance on Parnell Square at 2pm on Saturday before making their way up O’Connell Street.
The march finished at the GPO, where a number of politicians and trade union leaders addressed the crowd.
The ludicrous claim that Shell is the world’s best oil company in sustainability, CSR, governance, ethics and transparency
By Alfred and John Donovan: 26 February 2007
Article and Open Letter To Dr William Cox
The following is an extract from a PRNewswire press release published on 21 February 2007.
“For the fourth consecutive year, Shell is the world’s best oil company in sustainability, social responsibility (CSR), corporate governance, ethics and transparency, according to the 4th annual oil/gas ranking by the sustainability research and rating firm Management & Excellence (M&E), Madrid.”
We published the PRNewswire release together with a headline insert (*absolute BS) and a related explanation at the foot of the article:
Published: Sunday, 25 February, 2007, 10:51 AM Doha Time
ROME: Eni SpA, Europe’s fourth-largest oil company, cut its growth target for oil production through 2010 after delaying the startup of the Kashagan field in Kazakhstan by two years and losing production in Venezuela and Nigeria.
Output will increase by an average of 3% a year from 2006 through 2010, Rome-based Eni said yesterday. This year’s production won’t rise from last year’s level. A year ago, Eni said it would achieve average annual growth of 4% from 2005 through 2009.
Consulting firm estimates Alberta resource will account for 25 percent of world’s unconventional supplies by 2025
By Gary Park
Week of February 25, 2007 Vol. 12, No. 8
More than three decades of research and development in the once-scorned oil sands of Alberta may now be headed for a major payoff.
According to United Kingdom-based Wood Mackenzie, the 175 billion barrel deposit will be a “big driver” as unconventional oil resources surge to 25 percent of total worldwide oil supply by 2025.
A report by the consulting firm said unconventional output, including heavy oil, oil sands and shale oil, will increase over the next 18 years from 8 million barrels per day to 20 million bpd, of which Alberta is forecast to contribute 4 million bpd.
Vol. 12, No. 8 Week of February 25, 2007
The regulatory process for Shell’s Beaufort Sea drilling plans passed a major milestone Feb. 15 when the U.S. Minerals Management Service approved the company’s eastern Beaufort Sea exploration plan and the accompanying oil discharge prevention and contingency plan. MMS said its analysis found that Shell’s plans would not cause “undue or serious harm or damage to the human, marine or coastal environment.”
The exploration plan approval only relates to Shell’s drilling-related activities in the Beaufort Sea. On Feb. 6 MMS issued a separate permit for Shell’s proposed 2007 3-D seismic operations in the Beaufort Sea; the agency is still reviewing a Shell permit application for acquiring 3-D seismic in the Chukchi Sea.
Alaska 2007 program takes shape; environment, communities high priorities
By Alan Bailey
Week of February 25, 2007: Vol. 12, No. 8
A flurry of government regulatory filings and announcements in February provides the most visible sign that the clock is ticking towards 2007 field activity in Shell’s exploration program for offshore northern Alaska. And on Feb. 21 Petroleum News asked Rick Fox, Shell’s asset manager for Alaska, about the company’s exploration plans and its vision for its Alaska operations.