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Posts from ‘November, 2008’

The fool’s gold of carbon trading

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.

OPEC to defer new oil cut as divisions emerge

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.

BP will back CPC pipeline expansion if allowed to sell stake

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.

Shell says EU carbon plan may harm refinery

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.

Royal Dutch Shell CO2 storage scheme

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.

An Ode to Oil

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.

Oil: Up 9% on the Week, Down for Month

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.

Investors are left to chase increasingly rare dividends

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.

Shell delays oil sands decision

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”.

Shell considers appealing federal court ruling

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.

Gunmen abduct Scottish oil worker in Nigeria

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.

Nigeria LNG Declares Force Majeure as Soku Plant Shut

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.

Oil slump hamstrings Shell, Irving projects

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

Shell Alaska debates appeal to Beaufort Sea drilling delay

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.

Oil falls below $54 ahead of OPEC meeting

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.

TNK-BP cuts staff, sees risks at $50 oil

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.

Want to do business in Kazakhstan? Learn Kazakh

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.

OPEC to Discuss Another Round of Production Cuts

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.

Shell stall plans amid slump in prices

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.

Shell delays Carmon Creek oil-sands development in Canada

    By Howard Mustoe Nov. 28 (Bloomberg) — Dutch Shell Plc (RDSA LN): Europe’s largest oil producer delayed seeking regulatory approval for its Carmon Creek oil-sands development in Canada, the second project the company has slowed as crude prices slide. Shell rose 55 pence, or 3.3 percent, to 1,733 pence. BLOOMBERG ARTICLE

Idemitsu, Showa Shell to Cut Oil Refining on Demand (Update2)

Nov. 28 (Bloomberg) — Idemitsu Kosan Co., Japan’s second- largest oil refiner, and Showa Shell Sekiyu K.K. will cut crude oil processing in the quarter ending Dec. 31 as the nation’s demand for gasoline and other petroleum products declines.

Shell and BP fall amid talk of bidding war

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.

Nigeria LNG declares force majeure on Shell shut-down

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.

Lukoil in Talks to Buy BP Stake in Caspian Pipeline

OAO Lukoil, Russia’s biggest independent oil company, is in talks to buy BP Plc’s 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 Russia’s OAO Rosneft and Royal Dutch Shell Plc each hold 7.5 percent.

Chevron’s Gorgon LNG Plant Cost May Fall, Barclays Capital Says

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.

Shell warns on gas supplies to Nigeria LNG

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.

Peace River project shelved by Shell

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.

Expert asks Ecuador court to fine Chevron $27 billion

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 natural gas opportunity for Chevron, Total and Royal Dutch Shell

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 by companies such as Royal Dutch Shell

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.

Renewed push by Royal Dutch Shell into India’s fuel market

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.

Shell fined £150,000 after admitting HSE breaches on North Sea rig which cost life of employee

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.

BP free to move for former Shell Executive Paul Skinner

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.

Shell escapes 96 million euros fine after grassing on other members of “paraffin mafia”

Anglo-Dutch oil major Shell escaped a potential fine of 96 million euros because it blew the whistle first to the EU competition authorities.

Shell Oil Finally Fined $345,744 For Deer Park Refinery Pollution

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.

Email received from Caroline Tan disgruntled former employee of Shell Malaysia

Hi John, I was recently dismissed from Shell Malaysia on medical grounds.  I am a sufferer of major depression which was caused by Shell and its unfair practices.  You may read about my story in my website stated below.  I would like to know if there are successful cases of former Shell employees who were “medically boarded out”. Thank […]

The former Country home of Shell oil baron Henri Deterding

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.

As Prices Slide, Exxon, Shell, BP, Chevron and ConocoPhillips Make Tough Calls and Conserve Cash

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.

Oil majors eye $5 billion ships to cut LNG cost

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.