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Posts from ‘July, 2008’

Oil caps biggest monthly loss since ’04

Tempering some of oil’s losses Thursday was news that rebel attacks in Nigeria this week shut 40,000 barrels per day of output by Royal Dutch Shell adding to a string of bombings that has disrupted the OPEC nation’s production.

Shell still waiting on Iraqi oil deals

“We hope that we can sign something before not too long, but I admit that I have said that three weeks ago, and in the meantime we haven’t signed anything,” Chief Executive Jeroen van der Veer told reporters on a conference call on Thursday.

Shell Loses Its Shine

Royal Dutch Shell found BP too much of a tough act to follow on Thursday, after failing to match its rival with a solid, but uninspiring set of quarterly results.

Surging oil price boosts Shell

Jeroen van der Veer, Shell chief executive, reiterated comments made earlier this year that the oil major would make significant investments to grow the group, and to ensure that energy markets remained well supplied.

BRIEF-Shell CEO less sure speculation causing volatile oil

BRIEF-Shell CEO less sure speculation causing volatile oil Thu Jul 31, 2008 5:26am EDT July 31 (Reuters) – Royal Dutch Shell Plc Shell CEO says less sure that speculation is to blame for oil price volatility after study (Reporting by Alex Lawler) MORE ENERGY BP CEO meets TNK-BP shareholder Fridman-sources Neste Oil diesel line down […]

Shell: record 2Q net profit of $11.6 billion

  Shell: record 2Q net profit of $11.6 billion The Associated Press Published: July 31, 2008 AMSTERDAM, Netherlands read more

Shell’s Second-Quarter Net Gains on Record Crude

July 31 (Bloomberg) — Royal Dutch Shell Plc, Europe’s biggest oil company, said second-quarter profit climbed 33 percent, boosted by record crude prices and higher natural gas.

Shell Q2 profits up 5 pct on high oil prices: net income to $7.9 billion on the back of high oil prices

  Shell Q2 profits up 5 pct on high oil prices Thu Jul 31, 2008 7:15am BST LONDON, July 31 (Reuters) – Royal Dutch Shell Plc (RDSa.L: Quote,Profile, Research) reported a 5 percent rise in second-quarter current cost of supply (CCS) net income to $7.9 billion on the back of high oil prices. The world’s second-largest non-government […]

Kremlin’s heavy hand triggers foreign exodus

“The market is panicking and foreign investors are pulling out of equities,” said Michael Ganske, a Russia expert at Commerzbank. “People fear that the rule of law is breaking down…

TNK-BP board to review venture’s spending plans

The board of BP’s Russian oil joint venture, TNK-BP, will review the operation’s capital spending plans, one of the key points of dispute in the bitter power struggle between the UK company and its billionaire partners.

Royal Dutch Shell: Bet of the day

The Times July 31, 2008 In the know: Hikma Pharmaceuticals, CSR, Royal Dutch Shell Bet of the day Royal Dutch Shell reports second-quarter earnings this morning. This week BP, its great rival, reported better than expected profits buoyed by record oil prices. How will Shell’s numbers compare? Odds of 2-1 are being offered by […]

UPDATE 2-Shell SF Bay refinery shut Alky unit Monday-sources

Shell Oil Co’s 165,000 barrel per day San Francisco Bay-area refinery in Martinez, California, shut an alkylation unit on Monday for unplanned work, sources familiar with refinery operations said on Wednesday.

Shell employees in Africa protest against being ‘sold’ by Shell

Shell employees in Africa protest against being “sold” by Shell By John Donovan 29 July 2008 Shell has confirmed the sale of its downstream businesses in Ethiopia, Sudan and Djibouti to Oil Libya. Completion of the transfer is expected before the end of 2008. Until then, Shell continues to manage the business.   Details were confirmed […]

BP to Fight for Control of Venture

BP PLC will use “all legal means” at its disposal to fight its partners in TNK-BP Ltd., the U.K.-based company’s chief executive said Tuesday, ratcheting up the tension in a dispute for control of the Anglo-Russian joint venture.

Attacks Limit Shell’s Output Of Nigeria Oil

Royal Dutch Shell PLC said it won’t be able to meet a significant chunk of its Nigerian oil-export obligations with customers for the next two months after militant attacks on its facilities early Monday.

BP hits a record but warns of Russia risk

Colin Smith, analyst at Dresdner Kleinwort, said BP had a superior short-term growth outlook than Shell.

Speculation about Sir David Varney, former Managing Director of Shell UK Limited

Sir David then left with part of his contract still to run. (Was he hoping to go to the Lords? Was he expecting another job offer? Speculation continues.)

Nationals’ champion

For the likes of ExxonMobil, BP and Royal Dutch Shell, that means losing the most lucrative part of their business – the part they have relied on to achieve growth in production, revenue and reserves for much of their existence.

Oil: Soaring BP profit of £6.7bn draws fire from unions and motoring lobby

BP was under fire at home and abroad yesterday after reporting a 23% jump in first half profits to $13.4bn (£6.7bn) on the back of soaring oil prices and a strong performance from its endangered Russian joint venture, TNK-BP.

Australia faces worse crisis than America

The world’s financial storm has swept through Australia and New Zealand this week amid mounting signs of contagion across the Pacific region.

Exercise caution in Russia, Tony Hayward warns investors

Speaking yesterday, during a press conference to announce BP’s profit figures, Mr Hayward said: “Russia is quite a challenging place to do business.”

Where next for TNK-BP?

Gazprom seems the most obvious buyer. However, the state-controlled gas giant has huge investment ahead. Its willingness to spend on acquiring a stake in TNK-BP is uncertain – unless it could be tempted at a bargain price

Shell Corrib Gas Pipeline Controversy Continues

For the Henry family in Erris, there seems to be no escaping Shell’s security and monitoring despite never having been involved with the protesters opposed to the development

Shell Employees in Africa Protest Against Being ‘Sold’ by Shell

Shell Employees in Africa Protest Against Being ‘Sold’ by Shell By John Donovan 29 July 2008 Shell has confirmed the sale of its downstream businesses in Ethiopia, Sudan and Djibouti to Oil Libya. Completion of the transfer is expected before the end of 2008. Until then, Shell continues to manage the business. Details were confirmed […]

‘Blood oil’ dripping from Nigeria

BBC News ‘Blood oil’ dripping from Nigeria   By Andrew Walker  BBC News, Abuja   Oil company employees are suspected of selling their skills to oil bunkerers Under cover of night dozens of barges queue up to dock at a jetty in a creek somewhere in Nigeria’s oil-rich Niger Delta.Their holds are filled with stolen […]

Shell Ethiopia Employees Demonstrate

This is not the first time the company has been involved in a conflict with its employees. The two had a disagreement which took them to court a couple of months ago, in connection with the amendment of a retirement policy. According to the Labor Union, the revision was made without the consent of the employees and the litigation is still pending.

Shell declares force majeure after Nigeria attack

Royal Dutch Shell declared force majeure on Tuesday on its Nigerian Bonny Light crude oil exports for July to September following an attack by militants on an oil trunk pipeline in the Niger Delta on Monday.

Nigerian Militants Bomb Two Shell-Operated Pipelines

Nigeria’s main militant group said it bombed two Royal Dutch Shell PLC-operated oil pipelines early Monday and warned more attacks were planned over the next month, helping push up oil prices by more than $1 a barrel.

Pipeline Attack in Nigeria Pushes Crude Oil Higher

Shell has yet to clarify the extent of the damage to Nembe Creek, but oil traders see Nigerian production problems as the key element keeping prices buoyant.

Pricey Crude Can Be Trouble for Big Oil

Yet Exxon Mobil also has lost some $64 billion in market value this year, as its stock price has sunk 14%.

Shell leads as big oil raises R&D by 16%

Royal Dutch Shell, already the top spender in 2006, raised its budget the fastest with a 36 per cent increase to $1.2bn for 2007. Last year, it spent more than twice as much as BP on R&D.

Oil innovation after years of caution

Royal Dutch Shell, which has the biggest commitment of any oil company, came a mere 104th in a global ranking of companies by R&D spending in 2006-07 compiled by Britain’s Department for Business and Enterprise.

Exxon and Shell drop sale of Infineum joint venture

Exxon Mobil and Royal Dutch Shell have abandoned the planned £1.5bn-£2bn sale of Infineum, their oil additives joint venture, after private equity bids came in below their target price.

Shell still assessing damage from Nigerian attacks

“A helicopter overfly confirmed that parts of SPDC’s Nembe Creek trunk line were damaged in attacks,” Shell spokeswoman in Nigeria Caroline Wittgen said.

Crude Oil Rises a Second Day After Attack on Nigerian Pipeline

Crude oil rose for a second day after Royal Dutch Shell Plc reduced Nigerian production because of an attack on a pipeline by militants.

BP will ‘work to resolve’ Russian dispute as profits jump

BP said this morning that it would continue to try and resolve a dispute with the billionaire shareholders of the company’s Russian oil joint venture, as it reported an almost 30pc rise in second-quarter profits.

Shell and ExxonMobil drop plans for Infineum sale

Shell and ExxonMobil have pulled the proposed $3bn (£1.5bn) sale of Infineum, one of the world’s largest manufacturers and marketers of lubricant additives that are used in automotive, heavy-duty diesel and marine engines.

BP profits hit record $13.4bn on soaring oil price

Times Online July 29, 2008 BP profits hit record $13.4bn on soaring oil price Robin Pagnamenta BP, the British oil giant, unveiled a 23 per cent rise in profits this morning, boosted by record global crude prices. Replacement cost profit, which strips out exceptional items, hit a record $13.44 billion during the first half of […]

Oil: Campaigners seek an end to production of CO2-intensive ‘unconventional fuels’

Shell said: “The global demand for energy is growing. This will mean greater demand for oil and gas, too. Supplies of accessible, conventional oil and gas cannot keep up with the demand growth. As a result, society has little choice but to add other sources of energy including ‘unconventional’ fuels like oil sands.”

Shell Keen’ on Stake in Australian LNG, Partner Says

Royal Dutch Shell Plc, Europe’s biggest oil company, is “keen” to acquire a stake and purchase the output from a coal-seam gas based fuel export project in Australia’s northeast, said Arrow Energy Ltd., a venture partner.

Oil Trades Near 7-Week Low as OPEC, China Boost Crude Output

The main militant group in Nigeria’s oil-rich Niger Delta region said it sabotaged two pipelines today in Rivers state. The Movement for the Emancipation of the Niger Delta said today in an e-mailed statement that the pipelines are located in Kula and Rumuekpe and that it believes they are operated by a unit of Royal Dutch Shell Plc.

Shell Results: expect continued weakness in its refining and marketing business..

The week in business: July 28-Aug 1  Last Updated: 7:33am BST 28/07/2008 A guide to company results and meetings, and economic statistics Tuesday July 29 • Oil giant BP is expected to report bumper second-quarter profits buoyed by soaring oil prices. However, investors are getting worried over the future of its Russian TNK-BP joint venture where an […]

Reasons Not to Invest In Russia Are Growing

Russia’s failure to cool the gloves-off battle for control over oil company TNK-BP, coupled with Prime Minister Vladimir Putin’s outburst toward miner Mechel, slammed the Russian stock markets Friday.

Russia’s Crony Statism

By now, the jilted investor in Russia is a bear-bites-man story. No one who puts serious cash in Vladimir Putin’s realm, not least in its flush gas and oil fields, can be surprised to find himself fleeced, run out of town, jailed in a Siberian gulag or worse.

Nigerian militants say 2 more pipelines sabotaged

The Movement for the Emancipation of the Niger Delta leader says Monday’s attack on two pipelines owned by a unit of Royal Dutch Shell PLC took place in Nigeria’s southern Rivers State.

Mechel and TNK-BP Finish Off Save Haven

In a note to investors Friday, Roland Nash, head of research at Renaissance Capital, said the TNK-BP and Mechel events, combined with the falling oil price, had “finished” Russian equities’ “reputation as a safe haven.”

TNK-BP Risk Pushing Markets Downward

With its chief executive scuttling off to a secret location, dozens of foreign employees flooding out of the country and the threat of impending court battles, TNK-BP’s messy shareholder dispute has helped push Russia’s indexes into a downward spin.

Ogoni author, Ben Wuloo Ikari, registers objection to any U.S. or UK military role in Niger Delta

We were forced out by Nigeria for protesting injustice orchestrated by its government and Shell. These injustices have not been corrected or redressed to date. There are as well scores of Niger Deltans, and other Nigerians in the West looking for a brighter future, whereas we are rich in oil and gas back at home.

Battle for TNK-BP turns into all-out war

Fast forward almost five years, and the two sides are at war, one which is both highly public and personal.

Russians claim control of TNK-BP as court battle looms

The Russian shareholders at war with BP claim to have seized majority control of the core board of joint venture TNK-BP.