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Posts from ‘July, 2008’

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.