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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.

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