April 25th, 2007:

ExxonMobil may revisit familiar ground its Colony site

By BOBBY MAGILL
Wednesday, April 25, 2007

One week before the 25th anniversary of Black Sunday, ExxonMobil is showing renewed interest in oil shale and may begin conducting research on in situ oil shale extraction on private land at its long-defunct Colony Project site near Parachute.

It was on Black Sunday, May 2, 1982, when the former Exxon Corp. shocked the Western Slope with the news it was shutting down the Colony Oil Shale Project, snuffing out the dreams and jobs of thousands of Coloradans. read more

BY IAN MCKINNONBloomberg News

Imperial Oil Ltd.’ s proposed $18-billion pipeline to tap natural-gas reserves in Canada’s Arctic is “uneconomic,” Tristone Capital Inc. said yesterday.

The project may need as much as $2-billion in government financial aid or incentives such as accelerated depreciation to proceed, Calgary analyst Chris Theal says in a report. Failure of Canadian agencies and companies to agree on fiscal terms may delay development by up to 15 years, the report says.

The project’s price tag means it will cost about US$5.78-per million British thermal units to develop 6.1 trillion cubic feet of reserves, Mr. Theal estimates. That’s about 8.4% more expensive than importing supplies of liquefied natural-gas imports, he says. read more

Wednesday, April 25, 2007

Shell has put Corrib project ahead of local people, says Erris priest

Fr Michael Nallen administers in Kilcommon parish, one of the largest parishes in Mayo, if not in Ireland. And it is in the middle of that parish – in Bellanaboy to be precise – where Shell E&P Ireland propose to build a gas refinery. Daniel Hickey reports.

FR Nallen is one of the 13 appellants who submitted an objection to the Environmental Protection Agency (EPA) regarding their preliminary approval of a pollution control licence for the operation of the refinery, and last Monday the EPA’s oral hearing into granting of that licence began in the Broadhaven Bay Hotel in Belmullet. Other appellants include Shell E&P Ireland, An Taisce, the Erris Inshore Fishermen’s Association and several members of the Shell to Sea campaign. read more

(25/04/2007)

The UK’s Trade and Industry Secretary Alistair Darling has called for openness and legal certainty for companies investing in Russia.

“We need legal certainty. Legal certainty is a vital ingredient for ensuring a positive investment climate,” he said at the 10th Annual Russian Economic Forum in London.

The UK is the largest foreign investor in Russia – it invested more than US $5.5 billion last year, and trade has trebled in the last five years – but the comments come at a time of deterioration in relations between the two countries, a topic mentioned throughout the forum. Many Russian government officials pulled out of the forum at the last minute amid speculation the Kremlin had discouraged their attendance. read more

By Tara Patel

April 25 (Bloomberg) — Bourbon SA, owner of the world’s biggest fleet of supply ships for deepwater oil exploration, plans to double the number of its vessels in three years, Chief Executive Officer Jacques de Chateauvieux said.

“We will soon be taking delivery of a new vessel every 15 days,” de Chateauvieux said in an interview at the company’s Paris headquarters. “We have invested massively to build innovative vessels in low-cost countries with the idea of getting them on the market as quickly as possible.” read more

By James Quinn
Last Updated: 1:20am BST 25/04/2007BP

BP Shares: 568½p -9p
Questor says Buy

BP has been full of surprises over the past couple of years but, for once, yesterday’s first quarter results passed largely without excitement.

The numbers were expected to be downbeat, and they certainly lived up to expectations. The question is, has the company passed its nadir, with prospects set to rebound?

BP says that 2007 will be a year of consolidation, which is another way of saying that it hopes to move on from a pretty disastrous couple of years. But yesterday’s fall in profits and production were, if anything, slightly worse than analysts’ forecasts. Some investors decided enough was enough, and BP’s shares fell, bringing a halt to a 13pc rise over the past four weeks. read more

By BENOÎT FAUCON
April 25, 2007; Page A7

LONDON — BP PLC, kicking off the oil majors’ earnings season, offered more proof that the industry’s run of record profits may be over.

The oil giant said first-quarter net profit fell 17% to $4.66 billion, as lower oil prices and a drop in output offset higher refining margins. The profit drop comes as international oil companies are finding it difficult to revive their bottom lines as they face dwindling output and rising costs.

The latest earnings were weighed down by the cost of BP’s $1.1 billion acquisition of Chevron Corp.’s Dutch manufacturing company. read more

Greenhouse-Gas Policy
In Canada Could Make
Tapping the Tar Harder
By ANA CAMPOY
April 25, 2007; Page A8

After several years of breakneck growth in Canada’s oil sands, energy producers now seem to be on an obstacle course.

In the next several days, the Canadian government is expected to spell out its new policy on industrial greenhouse-gas emissions — one that will almost surely hurt the bottom lines of oil companies. While the extra costs alone aren’t expected to be big enough to jeopardize most oil-sands projects, many producers say the new measures could add another layer of difficulty to tapping the vast and valuable petroleum source, which already faces surging costs for equipment and know-how, as well as less-favorable tax treatment. read more

ALASKA’s latest Beaufort Sea exploration licensing round attracted attention from oil majors, but only a fraction of the blocks available were taken up, writes Martyn Wingrove.

Oil majors Shell and Total were by far the most active players in lease sale 202, which attracted $42.3m in high bids for the federal government’s Minerals Management Service.

Of the 1,654 blocks offered in the lease sale, only 92 were selected by oil companies worthy of bids.

Around 502m acres of the Beaufort Sea off Alaska’s northern coast have moved into the hands of the oil companies. read more

Published: Apr 25, 2007

DUBAI, April 18 (DubaiPhotoMedia): Basil Shaabans bid to become the Arab worlds first Formula One racing driver has been given a major boost with the signing today of a sponsorship agreement with Shell. This is the first sponsorship of a comprehensive strategy for developing an Arab towards the pinnacle of motor sport.

The agreement will see Shaaban embark on a two-year assault on the Formula 3 Euro Series, one of the traditional ladder championships leading to Formula One, and the most competitive Formula 3 championship in the world. read more

Fos terminal, to complement European interest, could come into service by 2015, writes Andrew Spurrier, Lloyds List
Published: Apr 25, 2007

The Shell oil group has announced plans to open a new liquid natural gas terminal at the port of Marseilles’ Fos deep water complex.

The group has indicated that the new terminal, which will have an annual capacity of eight billion cubic metres initially, could come into service around 2015.

The Fos terminal will complement the Iono LNG project already under development by Shell in Sicily and a recently-signed capacity rights agreement for four billion cubic metres of throughput annually at Rotterdam’s future Gate Terminal. read more

24th April 2007
By Anne Marie Davis

Shell has entered into a joint venture with Alliance that will see 150 fuel stations rebranded.

Shell has signed a joint venture agreement with Alliance Group in Ukraine that continues the company’s recent strategy of investing in high-growth retail markets through partnerships. This policy allows Shell to capitalize on its brand while minimizing investment; a prudent move should these growth markets experience the same competitive pressures currently affecting Shell in its western markets. read more

Published: Wednesday, 25 April, 2007, 08:43 AM Doha Time
 
LONDON: With Russia’s economy and financial markets booming, deal makers attending the biggest business conference on the calendar this week have every reason to be as bullish as ever.

But, in contrast to recent years, concern pervaded the Russian Economic Forum in London over how long the good times can last. Cancellations by a string of top speakers, apparently on Kremlin orders, dampened the mood and could herald a chillier climate as parliamentary and presidential elections loom. read more