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Posts from ‘April, 2007’

Financial Times: Urals Energy sure on reserves report

By Ed Crooks in London and Catherine Belton in Moscow
Published: May 1 2007 03:00 | Last updated: May 1 2007 03:00

Urals Energy, the oil and gas company, has said it is confident it will not run into trouble with the Russian government, in spite of its report yesterday of a 400 per cent increase in its proven and probable reservesto 577m barrels of oilequivalent.

Russia’s environmental watchdog agency said yesterday it was waiting for the results of a probe by the FSB, the security service, into whether several London-listed companies operating in Russia, including Urals Energy, were misreporting their reserves.

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FT REPORT – GRADUATE RECRUITMENT: Industry builds new image

By Miranda Green, Financial Times
Published: May 01, 2007

When it comes to attracting those graduates who want to work in engineering, the traditionally glamorous areas of automobile, aerospace and defence still seem to hold the trump card.

“It’s the boys’ games,” says Oliver Viel of Trendence. “Aeroplanes, rockets and cars still interest them the most.” According to the researchers who conducted the survey, these companies attract potential recruits in their droves because of long-established brands.

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Financial Times: Tigers’ homemade air force delivers new threat to Colombo

By Joe Leahy in Mumbai
Published: May 1 2007 03:00 | Last updated: May 1 2007 03:00

An attack by the fledgling air force of Sri Lanka’s Tamil Tiger separatists has thrown the island’s international airport into disarray, with foreign carriers suspending or altering flights for fear of being caught up in an escalating air war.

In a blow to the island’s tourism industry, Hong Kong’s Cathay Pacific Airways and Emirates Airlines suspended services to Col-ombo, while Singapore Airlines stopped night flights.

read more Europe up on merger activity

POSTED: 1841 GMT (0241 HKT), April 30, 2007

LONDON, England (Reuters) — European shares rose on Monday on a fresh wave of merger activity, including a proposed tie-up between Germany’s Deutsche Boerse and U.S. equity options market International Securities Exchange.

Cable & Wireless Plc — one of the top gainers among UK stocks — rose 4 percent although the British telecoms group played down reports it was considering a break-up, saying talk it was looking to spin off its businesses was premature. Oil stocks, including index heavyweights BP and Royal Dutch Shell, were some of the biggest percentage gainers as crude futures held just shy of $68 a barrel after rising 3.0 percent last week.

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Reuters: FACTBOX-Disputed maritime oil and gas areas in Asia

Monday April 30, 6:17 PM

April 30 (Reuters) – Maritime disputes may hold up prospective energy developments in Asia for years or decades despite high oil and gas prices, but analysts say joint development is still on the cards.

Here is a factbox on some of the disputed areas.

GREATER SUNRISE — East Timor/Australia

The $5 billion development of the Greater Sunrise gas fields in the Timor Sea may begin soon, after East Timor’s parliament ratified a pact with Australia in February to evenly split royalties. The fields are estimated to hold 8 trillion cubic feet (Tcf) of gas and up to 300 million barrels of condensate.

read more Jiffy Lube and Pennzoil Team Up to Give Drivers More Than They Pay For

Jiffy Lube and Pennzoil Offer Drivers Free Oil Change in First-Time Buy-One-Get-One-Free Promotion

HOUSTON, April 30 /PRNewswire/ — As the busy summer driving season approaches, Jiffy Lube(R) and Pennzoil(R) are giving drivers an easier way to make an important change — to their motor oil. Between April 29 and June 4, 2007, drivers who visit any participating Jiffy Lube service center and purchase a Jiffy Lube Signature Service(R) Oil Change with any conventional, specialty or synthetic Pennzoil or Quaker State(R) product can get the next one free.

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Reuters: AmeriGas to buy US propane distribution business of Shell

April 30 (Reuters) – AmeriGas Partners L.P. said its operating partnership has agreed to acquire U.S. propane distribution business of Royal Dutch Shell.

The terms of the deal were not disclosed

The sale is expected to occur during the second quarter. The business, Shell Gas (LPG) USA, sells over 13 million gallons of propane annually to nearly 20,000 customers from twelve locations in Michigan.

(Reporting by Neetha Mahadevan in Bangalore)

© Reuters 2007. All Rights Reserved

Business Times (Malaysia): Petronas, Dutch firm in LNG pact

Kamarul Yunus,
Published: Apr 30, 2007

PETROLIAM Nasional Bhd (Petronas) is interested to participate in the development of infrastructure for liquefied natural gas (LNG) and gas storage projects in the Netherlands.

The national oil company signed a memorandum of understanding (MoU) with N.V. Nederlandse Gasunie (Gasunie) recently that will pave the way for future collaboration between the two companies in LNG and gas storage projects.

The signing was held on the sidelines of the LNG15 Summit in Barcelona, Spain last Wednesday.

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AFX Europe (Focus): Local authority pension funds oppose Shell’s remuneration report

Published: Apr 30, 2007

LONDON (Thomson IM) – The 75 bln stg Local Authority Pension Fund Forum (LAPFF), whose members own over 1 pct of shares in Royal Dutch Shell, has urged its pension fund members to vote against the company’s remuneration report at its annual general meeting on May 15.

The Forum is recommending an opposing vote on grounds that the company has failed to link directors’ management of non-financial issues such as health and safety with long-term pay awards.

The body said that, currently, such a linkage only exists to the annual bonus. It added the sustainable development component of the bonus, which covers a range of non-financial factors including safety, represents a maximum of only 5 pct of a director’s potential package.

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The New York Times: Jazz Festival Gets Support

Monday April 30, 2007

The New Orleans Jazz & Heritage Festival has attracted its first long-term corporate sponsor, The Associated Press reported.

Organizers said the sponsorship of Shell Exploration and Production, an energy development company, would keep the event from being scaled back as New Orleans recovers from the devastation of Hurricane Katrina.

“It changes a lot of things,” Quint Davis, the producer and director of the festival, said. “We’re able to make long-term plans for the festival now.”

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Vanguard (Nigeria): NNPC, Shell dares CBN on Forex transactions

By Babajide Komolafe
Monday, April 30, 2007

The Nigerian National Petroleum Corporation (NNPC) and Shell Development Petroleum Comapny are on a collision path with the Central Bank of Nigeria (CBN) over foreign exchange transactions rules.

The two companies,  it was gathered, have been flouting the directives of the apex bank that firms selling foreign exchange in the interbank foreign exchange market disclose the volume of forex been offered to the market.

Forex dealers had complained that the two firms particularly Shell are found of not disclosing the volume of forex been offered. This practice they say is anti market as it does discourages transparency in foreign exchange transactions.

read more Local authority pension funds oppose Shell’s remuneration report

LONDON (Thomson IM) – The 75 bln stg Local Authority Pension Fund Forum (LAPFF), whose members own over 1 pct of shares in Royal Dutch Shell, has urged its pension fund members to vote against the company’s remuneration report at its annual general meeting on May 15.

The Forum is recommending an opposing vote on grounds that the company has failed to link directors’ management of non-financial issues such as health and safety with long-term pay awards.

The body said that, currently, such a linkage only exists to the annual bonus. It added the sustainable development component of the bonus, which covers a range of non-financial factors including safety, represents a maximum of only 5 pct of a director’s potential package.

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MarkerWatch: UK pension group oppose Shell pay over lack of safety targets

By Benoit Faucon
Last Update: 9:02 PM ET Apr 29, 2007

LONDON (MarketWatch) — The U.K.’s Local Authority Pension Fund Forum Monday urged its members to vote against Royal Dutch Shell PLC’s remuneration report at its May 15 shareholders meeting over what it said was a lack of health and safety targets in executive pay.

The remuneration report contains both the pay awarded to executive and the policies set to decide them.

The LAPFF, whose members own over 1% of Shell shares, said it “believes the company should link management of non-financial issues such as health and safety to its long-term incentive plan.”

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The Daily Sentinel (Colorado): Oil-shale work force challenging for Shell

Monday, April 30, 2007

MEEKER — Finding and housing more than 500 workers to build an oil- shale test project in Rio Blanco County will be a challenge, according to Shell Oil Exploration and Production officials.

The company has three, 160-acre federal leases for oil-shale research, development and demonstration projects and estimates it will need 560 construction workers to build its first test project within the next few years.

Since 1982, Shell has tested a patented underground process that heats shale rock and pumps out the oil on private lands it owns north of De Beque in Rio Blanco County. It plans more tests and research, along with a freezewall to protect groundwater during the heating, until 2016. The company plans to make a decision on a commercial oil-shale project shortly after the next decade.

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The Times: Rebel bombers’ World Cup air raid

EXTRACT: Local officials said that two bombs hit the Kolonnawa facility, destroying an oil storage tank, while the other two hit the Shell terminal, destroying a security hut and starting a fire that lasted 45 minutes.

April 30, 2007
Jeremy Page, South Asia Correspondent

The Tamil Tigers carried out its third air raid in just over a month yesterday, bombing fuel depots in Sri Lankan capital, Colombo, as thousands of people watched the cricket World Cup final on outdoor screens.

Fans watching the game in parks, hotels and bars scrambled for cover as Sri Lankan authorities cut power in the city and antiaircraft fire lit up the sky minutes before the raid at 1.50am local time.

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The Times: Oil explorer may become Kremlin target after upgrading reserves

EXTRACT: Mr Mitvol is best known for forcing Shell to cede a majority stake in the Sakhalin II project to Gazprom.

April 30, 2007
Steve Hawkes

Urals Energy, the oil and gas explorer listed in London, will risk the wrath of Oleg Mitvol, the Russian environmental regulator, today by revealing a spectacular 400 per cent upgrade in its estimated reserves in the country.

A report by the American experts DeGolyer and MacNaughton claims the upgrade means that the company could be worth almost double its present £500 million market capitalisation.

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The Press Association: Shell set to show dip in profits

April 29, 2007

Anglo-Dutch company Royal Dutch Shell is expected to show the impact of falling energy prices when it publishes first-quarter results on Thursday.

Consensus market forecasts for the first three months of the year are for 5.56 billion US dollars ( 2.78bn), nearly 5% lower than last year’s 6.09 billion US dollars ( 3.31bn), despite predicted sales more than 7% higher at 82 billion US dollars.

The company has had to cope with a steep decline in oil prices from last August’s record levels, which saw BP’s first quarter profits decline by 17% last week.

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Lanka Business Online – Sri Lanka: Indian and Dutch partners of Sri Lanka petroleum firms shrug off Tamil Tiger air raids

EXTRACT: Shell Gas Lanka Ltd, whose liquefied petroleum gas (LPG) unloading and storage terminal in Muturajawela, which was hit by bombs within minutes of the first attack, is part of Netherland’s Royal Dutch/Shell Group since 1995.
April 29, 2007 (LBO) – The Indian and Dutch partners of petroleum facilities targeted by Tamil Tigers, which are jointly owned with the government of Sri Lanka, are confident of resuming normal business as the damage is minimal, officials said.

The Tigers first hit a petroleum facility in Kolonnawa, a suburb of Colombo, which is jointly owned by Indian and Sri Lankan governments since 2002.

read more Minister hopes Sakhalin II problems will be resolved


Russian Natural Resource Minister Yury Trutnev hopes that a significant number of Sakhalin II energy problems will be resolved. “We will calculate the damages, submit them and we will hope that a significant number of the problems will be resolved. For the remainder compensation will be paid to the state. It is good that we all had sufficient will, despite political pressure from across the ocean, to bring this to its conclusion and ensure that the company came to its senses and started to work with a proper attitude to Russian nature,” he told journalists in Moscow.

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Scotland On Sunday / The Scotsman: Taverns figures expected to pack profits Punch

THE FTSE 100 briefly breached the 6,500 barrier last Thursday, taking its lead from Wall Street where the Dow Jones Industrial Average broke through the 13,000 mark.

But news that the US economy grew more slowly than expected in the first three months then expected weighed heavily on the FTSE and helped it close on Friday at 6,418.7 – a fall of 68.1 points over the week.

Yell, the Yellow Pages publisher, suffered a disastrous week after a warning over intense competition in the US wiped more than £800m off the value of the business. Shares finished the week more than 20% down at 480p.

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AFX News Limited: Nigerian Oil Production Remains a Wild Card

Nigerian oil production appears to have weathered post election tensions so far, but the tinder box nature of politics in the country suggests that a deterioration, if it comes, will be sudden.

Crude prices added a geopolitical premium in the weeks ahead of the presidential elections held last weekend, but prices have since eased after traders succumbed to the view that a rally was unjustified unless oil output did fall.

Analysts say that the situation could turn, very quickly.

“There are concerns this is the quiet before the storm,” said Peter Luxton, energy analyst at Informa Global Markets.

read more Drilling Demand: Shell Exec Says Curbs Hurting U.S.

By  Jason Womack     
Tulsa World, Okla.     

The president of Shell Oil Co. called for fewer drilling restrictions along the continental shelf and on federally owned lands Wednesday as a means of reducing U.S. dependence on foreign oil.

During a presentation in Tulsa, John Hofmeister told hundreds of energy and other business professionals that increased exploration in these historically protected areas would more than meet the nation’s oil demands.  

But while such drilling could eliminate America’s need to import 65 percent of its oil, it alone would not ensure the country’s energy security, Hofmeister said.

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BBC Monitoring Service: Sakhalin-2

The Supervisory Board has approved the estimate of the second phase of the Sakhalin-2 project, GTRK Sakhalin TV reported on 19 April. The Russian Ministry of Industry and Energy jointly with the shareholders of the Sakhalin-2 project approved all documents needed for the implementation of the project with the participation of a Russian investor.

The Supervisory Board gathered for the first time in its new composition; in line with the decree of the Russian government, the composition of the representatives from the Russian side was renewed. Ivan Materov, deputy head of the Russian Ministry for Industry and Energy, and Sakhalin Region governor Ivan Malakhov, were approved as co-chairmen of the Supervisory Board. Ilya Trunin, head of the department for tax, customs and tariff policy of the Russian Finance Ministry; Sergey Fedorov, head of the department for state policy in the sphere of subsoil use of the Russian Ministry of Natural Resources; Vladimir Kuznetsov, deputy head of the Federal Energy Agency; and Arkadiy Pinchevskiy, Sakhalin Region deputy governor, became members of the Supervisory Board.

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The New York Times: Hydrogen’s Second Coming: On the Road, Hope for a Zero-Pollution Car

New York Times photograph

MEMORIAL Three hydrogen vehicles at the spot where the Hindenburg crashed on May 6, 1937.
Published: April 29, 2007

WHEN the largest aircraft ever built — the pride of Nazi Germany — crashed in flames at the United States Navy’s airship base here, it took 36 lives and smeared the reputation of hydrogen for decades.

In less than a minute, the Hindenburg disaster of 1937 turned hydrogen, which provided the zeppelin’s lift, into a pariah. But 70 years later, a growing number of advocates are promoting hydrogen as a panacea, a promising alternative to petroleum. In the last decade, every large carmaker has jumped on the hydrogen express.

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Fairbanks Daily News-Miner: Anadarko, Shell back gas line plan

By Stefan Milkowski
Staff Writer

JUNEAU — Two oil companies with leases on the North Slope said Friday they were pleased with Gov. Sarah Palin’s natural gas pipeline legislation.

Representatives from Anadarko Petroleum Corp. and Shell Exploration and Production both offered their support for the Alaska Gasline Inducement Act, or AGIA, which sets up a competitive bidding process for companies that want to build a gas pipeline from the North Slope.

Mark Hanley, Anadarko’s public affairs manager, told members of the Senate Finance Committee he thought AGIA addressed the concerns of exploration companies like Anadarko and would provide the competitive process Palin is seeking.

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AME.Infor: Aramco, Shell refinery hitch

Saudi Arabia
Sunday 29 April 2007

Saudi Aramco and Shell have scaled back crude runs at their 305,000 barrels per day refinery in Jubail due to technical glitches, reported Reuters. The refinery, which focuses on the export market, had just resumed production following a month long routine maintenance break. The refinery should be back to normal in around a week’s time but some naphtha cargo loadings have had to be delayed.

The Observer: Green groups act to halt Shell plans

Nick Mathiason
Sunday April 29, 2007

Shell has become the dominant oil major in a controversial Alaskan project at the heart of legal challenges from environmentalists and indigenous peoples against George Bush.

The energy giant has paid the US government millions of dollars for licences in the Beaufort Sea off the northern coast of Alaska, just 10 miles from the protected Arctic National Wildlife Reserve.

Shell plans to drill this summer but campaigners say environmental impact assessments were rushed through without adequate consultation. They have launched a legal challenge to halt work.

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Associated Press: Shell to Sponsor Jazz Fest Through 2010

Sunday, April 29, 2007 1:08:44 AM


An energy development company said Saturday it would sponsor the New Orleans Jazz & Heritage Festival through at least 2010, a decision organizers said would guard against scaling back the popular event in a city slowly recovering from Hurricane Katrina.

Terms of the deal with Shell Exploration & Production Co. were not released, though Jazz Fest producer Quint Davis said it is the first time the event _ traditionally driven by ticket sales _ will have a long-term corporate sponsor.

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AME Info: Shell focus on job creation and managing environmental challenges in the Middle East

Royal Dutch Shell Plc underlined its global commitment to sustainable development (SD) initiatives through using international best practice to achieve local solutions at the 2nd Corporate Social Responsibility (CSR) conference held today at the JW Marriot in Kuwait City, sponsored by Kuwait Shell Limited.

Speaking on ‘Sustainable Development at the Heart of Shell’s Business – Meeting the Energy Challenge’, Mr Alain Lanckbeen, Middle East Business Relations Advisor, Shell Exploration and Production International, said: ‘The energy challenge referred to in the title of this presentation is not only about producing more energy, but how to deal with the consequences of that production.’

read more Aggressive policing at blockade of Shell HQ in Dublin


Blocked main entrance to Shell HQ in Dublin, Ireland (“STOP THE GAS GIVEAWAY”)

Friday April 27, 2007 12:40 by Joe – WSM – Lucy Parsons – personal capacity

This morning at 7.30 Dublin Shell to Sea members brought a taste of Mayo to Corrib House. Over 50 people took part in an ongoing blockade of the three entrances of the Shell HQ. The protest was peaceful with protesters linking arms and standing in front of the cars of employees as they attempted to enter the underground car park.

read more ONGC in talks for stake in Royal Shell’s Egyptian block

28 April 2007

New Delhi: Indian state-run explorer Oil and Natural Gas Corp may be in the process of firming up a proposal to buy up to 33 per cent in an Egyptian deepwater gas block from operator Royal Dutch Shell, reports quoting government sources have said.

According to these reports, talks are at an advanced stage. The deal is for a stake in Shell’s North East Mediterranean Deepwater (NEMED) block. The block, in which Shell holds 84 per cent, has probable reserves of 15-trillion cubic feet, according to a US department of energy website.

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St. Petersburg Times: Florida looks to lead charge on businesses in Iran, Sudan

Published April 28, 2007

TALLAHASSEE – State senators on Friday unanimously voted in favor of a bill that would require divesting pension funds from companies doing business with the petroleum sector in Iran and the government of Sudan, where the Darfur region has been bloodied by violence that by some estimates has left more than 400, 000 people dead and 3-million people homeless.

Sen. Ted Deutch, D-Boca Raton, sponsored the legislation. Deutch said there’s no reason for the state to invest in genocide and terror, and Florida residents “don’t want their money being used this way.”

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Sunday Business: Air of optimism as the marketis big hitters prepare first-quarter results

Published: Apr 28, 2007

THE first-quarter reporting season has been lucrative for spread-betters in previous years, and 2007 is set to be no different. Some of the marketis biggest names publish results in the coming weeks, including Royal Dutch Shell, the oil giant, and Unilever, the Anglo-Dutch consumer goods group. And the hope is that the numbers will beat expectations, just as they already have in the US.

Some of the most keenly awaited results are from blue-chip mining companies, such as Antofagasta, which reports on 3 May, and Kazakhmys, which publishes its numbers on 30 April.

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Sunday Business: Yeltsin dismantled the Soviet Union but Putin is building a new empire

Published: Apr 28, 2007

A free, democratic and prosperous Russia closely associated with the West n that was the vision the country’s former president, Boris Yeltsin, who died this week, so splendidly incarnated when he defiantly stood on that tank in Moscow in August 1991. But Yeltsin’s dream of a liberal Russia died long before him. While he deserves eternal gratitude for ending the Soviet Union with minimal bloodshed and for all his unstinting work in the earlier defeat of communism, Yeltsin’s great tragedy was that he also laid the seeds for the return of authoritarianism. In 1996, in one of the worst political errors committed in any country in recent history, he effectively handed over state assets to a select few businessmen, the so-called oligarchs, in exchange for them funding his re-election campaign. This was the original sin of Russian democracy, the consequences of which the world will have to live with for years to come. The decision tainted both private enterprise and the electoral process.

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Financial Times: Power to the people

Green technology is now a necessity not a pipe dream, Investment Adviser
Apr 28, 2007

Green has never been a more popular colour for today’s savvy investors. Not so many years ago investing in the environment was something for the fringe: the preserve of long-haired, bearded men in woollen jumpers. Today the only long hair, beard and jumper in sight are those of Sir Richard Branson, who in late 2006 announced that Virgin group would be investing GBP1.6bn in renewable energy over the next 10 years.

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Irish Times: Walkout at pipeline hearing

Aine Ryan,
Published: Apr 28, 2007

Brendan Philbin of the so-called Rossport Five yesterday withdrew in protest from the Corrib gas public hearing, saying it was farcical that the project was being discussed with no specific pipeline route being known.

It was argued that without a specific revised route, there must also be doubt about the applicability of the independent safety review commissioned by Minister for the Marine and Natural Resources Noel Dempsey.

Frank Clinton, chairman of the oral hearing organised by the Environmental Protection Agency (EPA), acknowledged that there was a gap in information in this regard.

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Irish Times: Protesters vow to continue picketing Shell HQ

Kitty Holland
Apr 28, 2007

The Dublin branch of the Shell to Sea campaign is determined to continue its protests outside Shell E&P Ireland’s headquarters, despite scuffles with gardaI there yesterday morning, according to one of its spokeswomen.

Caoimhe Kerins said feeling among co-protesters yesterday was that the demonstration, which had begun at about 7.30am yesterday and which had been intended to prevent staff entering the building, “went quite well”.

GardaI were called to the scene by staff at Corrib House when about 25 protesters sat in the way of staff attempting to enter the rear of the building.

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Daily Telegraph: ENERGY DATABASE: Saturday 28 April 2007

• British Energy, the UK’s largest power generator, will probably not be able to start four of its nuclear reactors by the end of this month as planned because it still hasn’t received regulatory approval.

• Royal Dutch Shell has chosen a site in Libya, the holder of Africa’s fourth-largest gas reserves, to build a liquefied natural gas plant, a company official said. Behind the scenes at Shell Oil

Shell Drilling Control Room

(Shell Oil shows off its drilling operations control center.)

07:05 PM CDT on Friday, April 27, 2007
By Dan Lauck / 11 News

Think of it as a mission to the dark side of the moon. A voyage into black, only rather than going up Shell Oil is going down. Six miles down.  

Eight to 10 years ago, their drilling plans were done by hand, on paper in black-and-white.

Now, with computer generated graphics to guide them Shell will drill beneath the Gulf of Mexico to a precise 3-D vision of a rock-encased field of oil.

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Forbes: Slimmer Chevron Beats The Street

Joshua Lipton, 04.27.07, 4:10 PM ET
Breaking up might be hard to do, as the song goes. But it can also boost profits in the short run and allow a company to concentrate on its core business, longer term. Both factors came into play for Chevron in the first quarter.

For the quarter ended March 31, the company told investors that it earned $4.7 billion, or $2.18 per share, up 17.5% from $4.0 billion, or $1.80 per share, for the similar period a year ago.

Revenue for the oil company actually dropped 12%, to $48.2 billion.

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Geelong Advertiser: Labor’s pledge on Shell water cash

Daniel Breen
28 Apr 07

LABOR has committed $20 million to Geelong’s water recycling project as the lead-up to this year’s Federal election intensifies.

The Opposition put its nose in front in the water debate during its national conference in Sydney yesterday.

Opposition Leader Kevin Rudd applied the blowtorch to the Federal Government by promising to fund the final third of the $64 million project’s cost if he won office.

Shell and the State Government have already committed funding for the water recycling project in Geelong’s north.

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Dublin Evening Shell Ireland criticises Shell To Sea’s blockade tactics

27/04/2007 – 7:50:05 PM

Shell Ireland is criticising what it describes as an attempted blockade of its offices in Dublin earlier.

Protesters attached to the Shell to Sea campaign, who are opposed to the Corrib gas terminal and pipeline, allegedly prevented staff from entering and leaving the headquarters this morning.

Gardaí were called to remove them.

Shell E&P says its staff were subjected to physical and verbal abuse and says it deplores the tactics.

Oilweek: Chevron off to another fast start as Q1 profit surges 18 per cent (Chevron)

Apr 27, 2007 1:11:00 PM MST
SAN RAMON, Calif. (AP) _ Coming off three straight years of record profits, Chevron Corp. on Friday reported its earnings surged yet again to start 2007 as the oil company cashed out of a Netherlands venture and cashed in on lucrative refining margins that have contributed to high gasoline prices.

The 18 per cent increase in Chevron‘s first-quarter profit delivered another reminder of the oil industry‘s moneymaking prowess while motorists dig deeper into their pocketbooks to fuel their cars. The economic disparity has renewed calls for a windfall tax on the industry to help raise money for alternative energy.

read more Norway’s Statoil Grabs North American Oil Sands

By Dina O’Meara
27 Apr 2007 at 04:11 PM GMT-04:00

CALGARY (CP) — Norway’s state-owned oil company is spending C$2.2 billion to acquire major oil sands leases in Northern Alberta, giving the company a foothold in one of the world’s hottest energy regions.

Statoil ASA [NYSE:STO] said early Friday it is buying North American Oil Sands Corp., a private Calgary company with oil sands prospects in the Athabasca region around Fort McMurray for C$20 a share, a deal worth C$2.2 billion.
The transaction continues a trend of global expansion into the oil sands region, which contain huge new sources of oil but can be extracted at higher costs than conventional production.

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The Times-Picayune: United Way hits fundraising goal

Friday, April 27, 2007From staff reports

A grant of $2 million from the United Way of America has helped the local United Way chapter exceed its $20 million fundraising goal this year.

In all the agency raised $20.1 million, with $16 million from local donors, and $4 million from national grants, including the donation from the United Way of America.

This year’s local contributions amounted to a 40 percent increase over the 2005-06 campaign, agency officials said. The campaign was boosted by two local corporations, Entergy Corp. and Shell Oil, which each gave at the $1 million level through employee pledges and company matching.
The United Way supports 74 partner agencies and 106 health and human services programs in a six-parish area.

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San Jose Mercury News: Wind-power promise pulls European firms

Wind Farm

A wind turbine looms behind a farm east of Pipestone, Minn., in this May 24, 2006, file photo. New worries about the environment, technology advances and tax breaks extensions are empowering European wind energy companies to try their luck in the United States. The U.S. has led the world in installing new wind turbines for the past two years, but it still ranks behind Germany and Spain in wind power production. (AP Photo/Jim Mone, file) ( JIM MONE )


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Bloomberg: Exxon 1st-Quarter Profit Rises 10% on Refining Gains (Update9)

By Joe Carroll

April 26 (Bloomberg) — Exxon Mobil Corp., the world’s biggest oil company, said earnings climbed 10 percent to a first-quarter record after rising gasoline and diesel prices increased refining profit.

Net income rose to $9.28 billion, or $1.62 a share, from $8.4 billion, or $1.37, a year earlier, the Irving, Texas-based company said today in a statement. Per-share profit was 8 cents higher than the average of seven analyst estimates compiled by Bloomberg. Revenue fell 2 percent to $87.2 billion.

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The Mayo Advertiser: Goldman Prize celebrations continue for Willie Corduff

The Mayo Advertiser

(Willie Corduff, winner of the 2007 Goldman Environmental Prize, with his wife Mary, following his release from prison in September 2005. Mr Corduff spent 94 days with the rest of the Rossport Five on foot of their opposition to the route of the high pressure pipeline serving the proposed Corrib gas terminal. Photo: William Hederman.)

Friday 27/04/2007
by Fiona McGarry

Rossport man Willie Corduff is still attending a series of engagements in the US today (Friday), after being named one of the winners of this year’s prestigious Goldman Environmental Prize.

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Daily Mail (UK): Shell’s secret cash deal on Sakhalin 2

Sam Fleming,
27 April 2007

Royal Dutch Shell’s defeat at the hands of Gazprom is looking ever more comprehensive.

Earlier this month the Anglo-Dutch oil giant announced it had formally signed over a 50% stake in Sakhalin 2 – the world’s biggest oil and gas export project – to the Kremlin controlled giant.

Now it has emerged that it made additional financial concessions to the Russian state that weren’t disclosed at the time.

The company admitted that from next year the project in the north Pacific will have to pay hundreds of millions of pounds to the Russian government, in a thinly-disguised tax.

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Houston Chronicle: Safety plan for refineries brings forth only timidity

April 24, 2007, 11:09PM
Copyright 2007 Houston Chronicle

Sometimes, finding the right words to write is difficult. Inspiration may come with a change of scenery.

In my case, a simple trip to a nearby Starbucks with my laptop often is all I need to get going.

I mention this as a tip to those at the American Petroleum Institute who seem to have writer’s block when it comes to drafting a meaningful policy about the location of temporary trailers in refineries.

Perhaps they should go to the section of the BP refinery in Texas City where 15 people, most of them working in such a trailer, were killed when a nearby unit that was being restarted exploded.

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