That attack ended with the sale of Shell’s interests on Sakhalin Island — at what appeared to be a considerably below-market price — to mammoth Russian gas producer Gazprom.
Posts on ‘June 13th, 2008’
“a situation where British oil giants, SHELL has continued to be the largest investor, explorer and owner in the oil industry in Nigeria with more than 50 per cent holdings, and yet they show little interest in the resolution of the crises there is unacceptable”.
Gas is getting so expensive that they have to conserve it or else cut into their budget somewhere else, like with food,”…
If water is the new oil, T. Boone Pickens is a modern-day John D. Rockefeller. Pickens owns more water than any other individual in the U.S. and is looking to control even more.
The nation’s largest oil company, which earned nearly $41 billion last year, says it will sell more than 2,000 stations over the next few years.
Nigeria’s state-owned oil company will take over operations in the southern Ogoni district from a Royal Dutch Shell Plc joint venture.
Exxon Mobil Corp., purveyor of one of the most recognizable gasoline brands in the world, is getting out of the domestic retail gasoline business.
The recent rise in prices of oil and other commodities isn’t being driven by speculation, but rather by supplies not keeping up with rising demand, the British government said.
The Commodity Futures Trading Commission has been under increasing pressure by Congress to rein in speculation in the markets, which many believe has contributed to record-high oil and gasoline prices.
Reserves reporting, used as a key measure by investors for assessing a companys long-term financial prospects, has been hugely sensitive in the past. The 2004 revelation of misreporting of reserves by the Royal Dutch Shell group triggered official investigations and lawsuits. It cost executives their jobs and prompted a shake-up of the companys management structure.
The deals to oust Royal Dutch Shell as the majority shareholder in the Sakhalin 2 project, and to displace TNK-BP from the Kovykta gas field, both favoured Gazprom. Signs of the changing attitude were apparent at the St Petersburg Economic Forum last weekend. One Russian government official said: “For BP, it is it the best scenario if Alfa sells out to Gazprom.
The new chairman is more likely to be someone with an oil industry background. One highly eligible candidate would be Paul Skinner , chairman of Rio Tinto. He knows the oil business inside out, having had a 40-year career at Shell, and is widely admired for his record at Rio.
Mr McCluskey said: Shells failure to intervene in this dispute means that Shells drivers have no alternative other than to go ahead with strike action, beginning on Friday June 13th 2008. This dispute could have been resolved if Shell had advanced a fraction of the billions of pounds in profit they make every month.
Tensions have increased in parts of the Niger Delta in the past few weeks following a series of attacks on pipelines belonging to Royal Dutch Shell conducted by a militant group known as the Movement for the Emancipation of the Niger Delta.
The treatment of BP is seen as a bellwether of Kremlin attitudes to foreign investors, following the effective seizure of assets from Shell at Sakhalin after a long period of destabilisation.