You may be surprised to learn that, by at least one key measure, the biggest of the world’s energy companies isn’t ExxonMobil or Royal Dutch Shell or Chevron. Indeed, the big enchilada (or maybe big borscht) of public oil and gas is Russia’s massive natural gas producer and distributor, Gazprom.
Posts on ‘June 10th, 2008’
Movement for the Survival of Ogoni People (MOSOP), yesterday marched through the streets of Port-Harcourt, to support the Federal Government’s move to pull Shell Petroleum Development Company out of Ogoniland.
Shell Petroleum Development Company of Nigeria (SPDC), has debunked allegation that it is importing arms and ammunition into the country, and also denied any involvement in the proliferation of arms and ammunition in the Niger Delta region.
Also supporting prices was a Tuesday attack on oil-industry security vessel, the second this week, in southern Nigeria. At least one person was killed. Nigeria is a major U.S. oil supplier. Militant attacks have cut into that nation’s oil output.
Shell Oil’s flagship $1.5 million Hawera fuel station is being ripped apart and rebuilt, less than five months after the official opening in January.
OAO Gazprom, Russia’s state-owned natural gas monopoly, plans to double project investment to $30 billion (Canadian) this year, which would allow the company to overtake a target set by Royal Dutch Shell PLC that the Anglo-Dutch company said was the largest in the oil and gas industry.
LONDON — The latest rise in oil prices is doing little to persuade the Organization of Petroleum Exporting Countries to boost output, as it repeats its mantra that the slumping global economy will push demand lower this year.
Malaysia’s state-owned Petroliam Nasional, or Petronas, did a deal with Santos, while Royal Dutch Shellcompleted one with Arrow Energy.
Robert Dudley, the BP-backed chief executive of TNK-BP, the Russian oil venture, will go to Russia’s Interior Ministry today for questioning as part of a criminal investigation into corporate tax evasion, people close to the company said yesterday.
Shell was forced to sell part of its stake in a $20bn (13bn, £10bn) energy project in Sakhalin to state-owned Gazprom – after months of pressure and investigations by the Russian environmental regulatory agency. A senior Shell executive likened the experience to eating “a polonium sandwich”.
Ministers have activated emergency procedures with the oil industry ahead of a threatened four-day strike by tanker drivers, amid fears that filling stations across Britain could start running out of fuel from this -weekend.
ST. PETERSBURG, Russia The lineup told it all about Russias importance today. There, on one stage, sat the leaders of BP, Royal Dutch Shell, Chevron, Exxon Mobil, ConocoPhillips, Total, Schlumberger and Dow Chemical, as well as the chairman of the Russian energy giant Gazprom and the president of the Russian oil company Lukoil.
Jeremy Warner’s Outlook: Britain has squandered its North Sea inheritance. Now we are paying the price
Too late now, but Britain has squandered the blessing of North Sea oil and gas by allowing the stuff to be bought up at relatively cheap prices during the years of plenty. With prices now sky-high, there’s virtually nothing left to see us through the famine. At no point was any serious thought given to a more strategic use of our oil and gas reserves. We are now paying the price.
Although it is widely assumed that the world has reached a point where oil production has peaked and proven reserves have sunk to roughly half of original amounts, this idea is based on flawed thinking, said Richard Pike, a former oil industry man who is now chief executive of the Royal Society of Chemistry.
BP claimed yesterday that soaring prices and instability were being caused by a lack of supply. It blamed high taxes in producer countries but made no reference to the $50bn the company had spent buying back its own shares over recent years – money which could have been invested in boosting output.