Posts on ‘June 14th, 2007’

FRANK URQUHART Friday 15 June 2007   FEARS that Shell is preparing a retreat from its vast North Sea operations were raised yesterday after the oil giant announced plans to sell some of its major offshore assets and to scrap proposals for a £25 million subsea centre of excellence in Aberdeen, Europe’s oil capital. In [...]

Thursday 14 June 2007 John C. Coffee, a Professor of Law at Columbia Law School has speculated that a U.S. global class action trial arising from the Royal Dutch Shell oil and gas reserves fraud in 2004, could put Shell in danger of insolvency. The story is here. In April 2007, Shell announced it would [...]

By SPENCER SWARTZ June 14, 2007 12:59 p.m. LONDON — Royal Dutch Shell PLC is looking to cut at least $100 million in its Nigerian operations in the next few years to offset rising costs and prolonged and substantial oil revenue losses caused by security-related production curtailments, people familiar with the matter said. The move [...]

Scientists challenge major review of global reserves and warn that supplies will start to run out in four years’ time By Daniel Howden Published: 14 June 2007 Scientists have criticised a major review of the world’s remaining oil reserves, warning that the end of oil is coming sooner than governments and oil companies are prepared [...]

Barry FitzGerald Friday June 15, 2007 WOODSIDE shares have raced to an 11-month high in response to speculation that it could merge with London-based BG Group, creating a $90 billion global gas giant. While firmer oil prices and yesterday’s broadly based bounce in equity markets helped, it was the speculation on the possibility of a [...]

14 June 2007  On June 12 a Mr Dave Stroop posted comments relating to the Brent Bravo tragedy and in regard to former Royal Dutch Shell Group Audior, Mr Bill Campbell. Mr Campbell has now provided a response to the comments. The discussion is timely in view of the related comments published today by Dow [...]

(The Murdoch gas platform in the North sea is seen in this file photo on January 11, 2007. Royal Dutch Shell and Exxon Mobil Corp. have put North Sea oil and gas fields with around 74,000 barrels per day of production up for sale, as the oil majors reduce their involvement in the mature oil [...]

June 14, 2007: 08:13 AM EST (This updates an item that ran at 1057 GMT, adding details on asset sale to Fairfield.) LONDON -(Dow Jones)- Royal Dutch Shell PLC (RDSB.LN) and Exxon Mobil Corp. ( XOM) unit Esso Thursday have put up for sale selected assets in the U.K. North Sea and entered exclusive negotiations [...]

By Clif Burns Threats by the United States to impose new sanctions against Iran include threats to take the Iran Sanctions Act out of mothballs and to start imposing sanctions authorized by that act against foreign companies investing in Iran’s petroleum sector. According to this report from the BBC:  Oil firms may face fines and [...]

Port Harcourt, Nigeria 06/14 – Amid rising insecurity in Nigeria`s oil-rich Niger Delta, the Nigerian subsidiary of the Anglo-Dutch oil giant Shell has offered to assist any of its expatriates willing to leave the region. Spokesman for the Shell Petroleum Development Company of Nigeria (SPDC), Precious Okologbo, said at a media forum in the oil [...]

06.14.07, 7:39 AM ET   VIENNA (Thomson Financial) – The US government said that OMV AG could face possible US sanctions in the event that the company’s preliminary dealings with Iran over the development of the South Pars gas field should lead to significant investments. State Department spokesman Sean McCormack told a press briefing that [...]

By Bunny Nooryani June 14 (Bloomberg) — Denmark, Europe’s third-largest oil- producing nation, expects its oil output to drop 15 percent by the end of the decade as supplies dry up at aging North Sea fields. Oil production will decline from an estimated 327,000 barrels a day this year, the Danish Energy Authority said in [...]

By Fred Pals June 14 (Bloomberg) — Royal Dutch Shell Plc and the U.K. unit of Exxon Mobil Corp. said they will sell stakes in North Sea assets because of high operational costs. The assets up for sale include drilling rigs and production licenses and infrastructure, the companies said in a joint statement sent by [...]

June 14, 2007: 07:12 AM EST (This updates an item that ran at 0909 GMT, adding background on Shell, ExxonMobil asset sales and Shell North Sea safety issues.) LONDON -(Dow Jones)- Royal Dutch Shell PLC (RDSB.LN) and Exxon Mobil Corp. ( XOM) unit Esso Thursday said they had put up for sale selected assets in [...]

(Included in the sale are interests in the Tern oilfield)   Shell and Esso have announced they are putting their joint interests in a number of North Sea oilfields up for sale. These include the Cormorant Alpha and Cormorant North, Tern, Eider, Kestrel and Pelican fields. Shell said “many” of its 400 onshore and offshore [...]