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Posts on ‘August 16th, 2007’

The New York Times: Tropical Storm Erin Heads for Texas

By THE ASSOCIATED PRESS
Published: August 16, 2007
Filed at 1:58 a.m. ET

CORPUS CHRISTI, Texas (AP) — Some vacationers packed up while others vowed to wait out Tropical Storm Erin and its torrential rainfall as it headed for flood-weary Texas early Thursday.

Erin was not expected to gain hurricane strength before making landfall Thursday morning, which was why some said they wouldn’t abandon long-planned trips to the coast.

”It’s not a hurricane. I ain’t worried. If they say don’t evacuate, I’m not going to worry about it,” said Matt Sandlin of Amarillo, who was on a beach near Corpus Christi with his family on Wednesday as the wind whipped up and the horizon darkened with clouds. ”Unless I see a shark or whale go flying by, I’m good.” read more

The New York Times: Alaska: Shell Must Postpone Drilling Plans

By THE ASSOCIATED PRESS
Published: August 16, 2007

A federal appeals court ruled that Royal Dutch Shell must further postpone plans for exploratory drilling off the northern coast of Alaska. The United States Court of Appeals for the Ninth Circuit, in San Francisco, also indicated that environmental and Alaska Native groups have a good chance of prevailing in their effort to keep Shell out of the Beaufort Sea.

Petitioners, including the Alaska Eskimo Whaling Commission and the Center for Biological Diversity, have “raised serious questions and demonstrated that the balance of hardships tips sharply in their favor,” the ruling said. The decision bans Shell from exploration activities pending a review of antidrilling petitions. read more

AP Worldstream: Appeals court further postpones exploratory drilling off Alaska

JEANNETTE J. LEE
Published: Aug 16, 2007

A U.S. appeals court ruled Wednesday that Royal Dutch Shell PLC must further postpone plans for exploratory drilling off the northern coast of Alaska.

Shell has high hopes for oil resources in the area, which is not far from Prudhoe Bay, the United States’ most productive oil field.

The 9th U.S. Circuit Court of Appeals also indicated that environmental and Alaska Native groups have a good chance of prevailing in their effort to keep the energy giant out of the Beaufort Sea. read more

AFX Europe (Focus): Shell Alaska drilling project blocked by US appeals court

Published: Aug 16, 2007

ANCHORAGE, Alaska Thomson Financial – A federal appeals court ruled Wednesday that Royal Dutch Shell PLC must further postpone plans for exploratory drilling off the northern coast of Alaska.

The 9th U.S. Circuit Court of Appeals also indicated that environmental and Alaska Native groups have a good chance of prevailing in their effort to keep the energy giant out of the Beaufort Sea.

Petitioners, including the Alaska Eskimo Whaling Commission and the Center for Biological Diversity, have “raised serious questions and demonstrated that the balance of hardships tips sharply in their favor,” the ruling said. read more

Financial Times: WWF pursues Sakhalin judicial review

By Ed Crooksand Michael Peel
Published: August 16 2007 03:00 | Last updated: August 16 2007 03:00

Environmental groups have applied for a judicial review of official support for Royal Dutch Shell’s Sakhalin 2 oil-and-gas project off the far eastern coast of Russia, arguing that it in effect gave the backing of the UK government to serious environmental damage.

The focus of the criticism by the WWF and The Corner House is a conditional decision by the Export Credit Guarantee Department in March 2004 to offer roughly $1bn (£499m) in guarantees to the Sakhalin 2 project to cover work being done by two British sub-contractors. read more

Financial Times: A light touch or perhaps a soft one

By Chris Hughes
Published: August 16 2007 03:00 | Last updated: August 16 2007 03:00

The Financial Services Authority likes to be seen as a light-touch regulator, but its record on bringing miscreants to book leaves it vulnerable to being labelled a soft-touch one as well.

The City regulator regularly fines companies and individuals for misdemeanours and sloppy standards, such as misleading financial adverts.

Some fines are large. In 2005, it fined Citi £14m for the “Dr Evil” trade, which caused turmoil in the European bond market to the bank’s gain. It fined Shell £17m in 2004 for mis-stating its oil reserves. read more

THISDAY ONLINE: N’Delta Crisis: Shell Loses $10.6bn

From Kingsley Nwezeh in Asaba, 08.16.2007

Following the escalating crisis in the Niger Delta region in the past few months, Shell Petroleum Development Company of Nigeria (SPDC) disclosed yesterday that it lost about $10.6 billion to the protracted kidnappings, killings and vandalisation of oil facilities which led  to the closure of its western oil production since February 2006.

The closure is also said to have accounted for Delta State’s  slip from the highest oil producing state status and share of the 13 per cent derivation fund from the Federation Account to an all time low and fourth position. read more

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