The complexity naturally means the system is open to abuse. Last year The Sunday Times revealed how SRF, an Indian company that produces refrigeration gases at a sprawling chemical plant in Rajasthan, stood to make £300m from selling certificates to overseas companies including Shell and Barclays.
CAIRO (Reuters) - OPEC on Saturday prepared to defer a decision on a new supply cut amid signs that Saudi Arabia and its Gulf allies are not happy with adherence to restraints agreed in the past two months.
MOSCOW, Nov 28 (Reuters) - Oil major BP will back the long-delayed expansion of the CPC pipeline from Kazakhstan to Russia as early as December if it faces no obstacles in selling its stakes in the pipeline venture, it said on Friday.
European Union plans to tighten carbon trading rules after 2012 risk damaging the global competitiveness of Royal Dutch Shell's (RDSa.L: Quote, Profile, Research,Stock Buzz) Pernis refinery, a Shell executive told a newspaper published on Saturday. Rob Routs, Executive Director of Downstream (oil products and chemicals), said the oil major was concerned about the consequences for Europe's biggest oil refinery if the EU pursued its plans without the United States and China on board.
The residents of two small Dutch towns are to play host to an unconventional neighbour: massive quantities of carbon dioxide (CO2). Royal Dutch Shell and NAM, the Dutch national gas company, intend to conduct a pilot scheme to investigate CO2 storage. Where will they put it? Under the towns.
Oil is, after all, a primary source of man-made global warming, while spillages and drilling have sometimes inflicted lethal environmental damage. Despite the sharp falls of recent months, dramatic price rises have also underwritten every postwar global recession, including the current economic malaise.
With oil prices off more than $90 from this year's historic highs, OPEC has in the past two months announced output reductions totaling about two million barrels a day. Many analysts expect the organization to cut output further, but they're unsure of when.
Some analysts believe that if oil prices fall further from their current levels, then even the dividends of BP and Shell could be vulnerable. If either of these giants cut their pay-out, the market really would be shocked.
Royal Dutch Shell has delayed another Canadian oil sands project, saying it was reviewing its plan to find ways to "improve the project economics by reducing costs and increasing project revenue".
FAIRBANKS, Alaska The head of Shell Alaska says the company may appeal a recent federal court ruling that has delayed its plans to drill exploratory wells in the Beaufort Sea next year.
A security contractor said the man was working for an oil services firm when he was seized by unidentified gunmen in the city of Port Harcourt.
Nov. 28 (Bloomberg) -- Nigeria LNG Ltd. declared force majeure on cargo deliveries after Shell Petroleum Development Co. shut the Soku gas plant in the southern delta to repair damage caused by thieves.
The slump in crude oil prices is putting more development projects on ice. Shell today withdrew its application to build a 100,000 barrels daily oil sands mining project near Peace River in Northern Alberta. Last week Shell delayed expansion of its existing tar sands operation
FAIRBANKS The head of Shell Alaska said the oil giant might appeal a recent court ruling that has indefinitely delayed plans to drill exploratory wells in the Beaufort Sea during 2009.
SINGAPORE (Reuters) - Oil fell below $54 a barrel on Friday, on course to end the month down more than 20 percent, as OPEC ministers prepared to meet in Cairo to discuss potential further supply cuts as the global economic slowdown crimps oil demand.
MOSCOW (Reuters) - Russia's TNK-BP, half-owned by oil major BP is cutting downstream business staff at its head office and expects oil production to suffer if oil prices do not recover in 2009, a company executive said on Thursday.
U.S. oil group Chevron developing Kazakhstan's biggest oil deposit, said on Friday it had received a note from the authorities accusing it of neglecting Kazakh as a language of business communication.
Having failed twice in two months to calm plunging oil markets, OPEC ministers are set to weigh another round of steep production cuts as the world's economic travails continue to drive crude prices to levels unseen in years.
Royal Dutch Shell PLC said yesterday that it has withdrawn an application to build its 100,000-barrel-a-day Carmon Creek oil sands project, near Peace River in northwest Alberta. The company will now seek to reduce the costs of development before it goes back to regulators.
Nov. 28 (Bloomberg) -- Idemitsu Kosan Co., Japans second- largest oil refiner, and Showa Shell Sekiyu K.K. will cut crude oil processing in the quarter ending Dec. 31 as the nations demand for gasoline and other petroleum products declines.
Royal Dutch Shell and BP provided a talking point as the wider market paused for breath after two days of strong rallies. Some traders were asking themselves yesterday whether one of the UK-listed oil majors would be tempted into a bidding war for Canadian oil sands company Nexen Inc. Market sources said French rival Total is set to pounce on Nexen and may be ready to go hostile to acquire the company.
LAGOS, Nov 27 (Reuters) - Nigeria Liquefied Natural Gas Ltd (NLNG), supplier of around 10 percent of the world's LNG, declared force majeure on Thursday after Royal Dutch Shell was forced to shut down one of its feeder plants.
OAO Lukoil, Russias biggest independent oil company, is in talks to buy BP Plcs stake in the Caspian Pipeline Consortium, which may clear the way for expanding the link. Chevron is the largest corporate owner with 15 percent, while Exxon Mobil Corp.and a joint venture between Russias OAO Rosneft and Royal Dutch Shell Plc each hold 7.5 percent.
The Gorgon venture, which includes Exxon Mobil Corp. and Royal Dutch Shell Plc, has yet to get environmental approval for the delayed project and is also working to improve its profitability after a surge in construction costs.
Royal Dutch Shell declared force majeure on gas supplies to Nigeria Liquefied Natural Gas Ltd on Thursday after it shut down its Soku gas plant to repair pipelines damaged by thieves.
Royal Dutch Shell has put on hold another multibillion-dollar Alberta oilsands project, the second in a month, as it struggles with low commodity prices and increasing Alberta construction costs.
An environmental expert told a court in Ecuador that oil company Chevron Corp should pay $27 billion in compensation for environmental damage in the country, the company said on Wednesday.
China's desire to boost natural-gas output and master advanced drilling technology has led it to open up a handful of onshore blocks to foreign partners, including Chevron Corp., Royal Dutch Shell PLC and Total.
A deal for Nexen could spark a wave of mergers and acquisitions, analysts said, pointing out that several US companies, such as Anadarko, Marathon and the UK's BG were being eyed by companies such as Royal Dutch Shell, Eni and other larger rivals.
The plunge in crude oil prices has prompted a renewed push by Shell and private-sector Indian groups into the country's retail fuel market.
ATHENS - Greece's state competition watchdog has fined British energy giant BP and Anglo-Dutch counterpart Royal Dutch Shell the equivalent of almost $80 million Cdn for price-fixing, the body said Tuesday.
Both Shell and AMEC admitted breaching health and safety rules and were each fined £150,000 plus £41,500 in costs at Norwich Crown Court.
Such is fate, however, that being passed over in favour of Sir Philip Watts could well turn out to be the best thing that has ever happened to him. While Watts subsequently became engulfed in the scandal over Shell's misreporting of its reserves, Skinner went on to Rio Tinto.
Anglo-Dutch oil major Shell escaped a potential fine of 96 million euros because it blew the whistle first to the EU competition authorities.
It took awhile, but state environmental regulators and Shell Oil finally came to meeting of the minds about a slew of pollution violations committed at the Deer Park refinery. Upshot: Shell will pay a $345,744 penalty for 35 emissions events and record-keeping violations that occurred from 2004 to 2006.
But if the traditional construction was backward-looking, the client was a man of his time: H W Deterding, director general of Royal Dutch Petroleum, soon to be known as Shell.
Tough choices are looming for the global oil industry as sinking energy prices force companies to reconsider how they spend their money. The new priority: Conserve cash.
Anglo-Dutch oil major Royal Dutch Shell Plc is leading the charge but U.S. rivals Exxon Mobil and Chevron and Australia's Woodside are also eyeing Floating LNG or FLNG.
The Bowoto case was brought against San Ramon, California-based Chevron under the Alien Tort Claims Act, which dates back to 1789 and allows foreigners to sue over human rights abuses committed in their countries. Royal Dutch Shell Plc faces a similar trial in New York early next year on charges of human rights violations and racketeering in Nigeria.
The U.S. Department of Interior's Minerals Management Service (MMS) illegally approved plans by Shell Offshore Inc. to drill for oil in the Beaufort Sea off the north coast of Alaska, according to a Ninth Circuit Court of Appeals' Nov. 20 ruling
...as everyone was being nice, no one made too much of the fact that in recent months action by the regulator has seen Shell fined £18,000 (that was July) for polluting ground waters in Grimsby, despoilment that will cost £5m to clean up; and £10,000 (September) for diesel spills in Hampshire lakes. In terms of etiquette, it was just as well.
Greece's Competition Commission says it has fined the local units of oil giants BP PLC and Royal Dutch Shell PLC a total of nearly euro50 million ($64 million) for allegedly cooperating on pricing practices.
ATHENS: Greece's state competition watchdog has fined British energy giant BP and Anglo-Dutch counterpart Royal Dutch Shell nearly 50 million euros (US$63 million) for price-fixing, the body said on Tuesday.
Iraq's parliamentary oil and gas committee accused the Oil Ministry on Tuesday of handing a monopoly on Iraq's southern gas fields to Royal Dutch Shell, and vowed to challenge a contract signed with the firm.
Royal Dutch Shell Plc, Europes biggest oil company, will become a founding member of Australias A$100 million ($64 million) carbon capture and storage institute aimed at speeding low-emissions power output.
Professor Igor Panarin said in an interview with the respected daily IZVESTIA published on Monday: "The dollar is not secured by anything. The country's foreign debt has grown like an avalanche, even though in the early 1980s there was no debt. By 1998, when I first made my prediction, it had exceeded $2 trillion. Now it is more than 11 trillion. This is a pyramid that can only collapse."
The cost of insuring against the bankruptcy of the British state has broken out - upwards - over the last month.
BAGHDAD (AP) An Iraqi lawmaker has accused the Oil Ministry of a lack of transparency when it signed a preliminary deal with Royal Dutch Shell PLC to tap natural gas in southern Iraq.