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Posts from ‘January, 2009’

Refiners, Workers Resume Contract Talks; Strike Looms

Shell and Exxon Mobil Corp. are preparing to keep their U.S. plants running in a walkout, using managers and other non-union employees to keep sites operating


Shell hopes there might be new opportunities in countries such as Iran because US president Barack Obama’s election is pursuing a less hard line with the country than George Bush. “Iran has some of the largest reserves of gas in the world,” said van der Veer.

RNLI station and Belmullet GAA first recipients of Shell’s local investment

SHELL E&P Ireland has initiated a new €5 million investment fund over three years in north Mayo as part of its commitment to the Corrib gas project. The Royal National Lifeboat Institution (RNLI) and Belmullet GAA are to be recipients of the first tranche of funding of €400,000 in total.

IRELAND: SITTING ON A FORTUNE; EXCLUSIVE EUR5trillion Oil Field Could Defeat Recession but Gloom Grows

Further north lies Corrib, Co Mayo, which has an estimated value of anywhere between EUR6billion to EUR50billion. The field – which has been the scene of much controversy – is being developed by Shell, Marathon and Statoil.

Rumours about Motiva Plant Expansion in Port Arthur Texas

On 19 January disturbing rumours over the Motiva Plant expansion in Port Arthur Texas were brought to our attention. Motiva Enterprises LLC is jointly owned by Saudi Refining and Shell.

CNBC: Shell gets tough on costs as oil prices bite

Brinded said Shell had a “dreadful start” to this year after 10 contractors and one third party were killed in three incidents…

Exxon Roars To Record In Oil Slump

Exxon Mobil’s strong financial position has fueled speculation that it might bid to acquire another sizable company. “They don’t need a line of credit,” Gheit said. “Exxon can theoretically acquire any of its rivals with 35 percent premium, and they can boost earnings per share, cash flow per share and stock valuation because of their ability to squeeze out costs.”

Shell Grounds Fleet of Helicopters Amid Probe

Oil industry officials and air safety experts said Shell’s decision is one of the rare instances when a major user or operator has temporarily halted flights of such a large number of the popular, 12-person choppers. The Sikorsky spokesman said Shell continues to use the models in other parts of the world.

ANALYSIS-Oil majors to keep investing to avoid past mistakes

Shell’s decision to double its capex in recent years was largely forced on it to counter falling production and reserves which were the result of earlier underinvestment.

Shell employee safety: Shell EP Boss Malcolm Brinded says Shell has had a “dreadful start” to 2009

Shell gets tough on costs as oil prices bite  Tom Bergin Royal Dutch Shell has intensified its cost-cutting efforts in response to the collapse in oil prices and also plans to step up efforts to improve what it said was a “mixed” safety record. Shell’s head of Exploration and Production Malcolm Brinded told employees in an email seen […]

Shell gets tough on costs as oil prices bite

Fri Jan 30, 2009 7:36pm GMT By Tom Bergin LONDON (Reuters) – Royal Dutch Shell (RDSa.L) has intensified its cost-cutting efforts in response to the collapse in oil prices and also plans to step up efforts to improve what it said was a “mixed” safety record. Shell’s head of Exploration and Production Malcolm Brinded told […]


The following leaked Shell internal emails contain candid admissions from Shell senior management not provided to shareholders in the Q4 financial results published on the same day. I have highlighted in bold examples of the candid admissions meant for Shell employees only. I supplied the leaked emails to Reuters who published an article after confirming the authenticity of both emails with Shell.

Shell’s Jeroen van der Veer on climate change

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Shell tries to stay on an even keel

Credit Suisse analyst James Neale, in a note to investors, voiced concern that “the company’s return to growth will be short-lived in view of efforts by the company to slow final investment decisions on future growth projects due to current economic weakness, and in order to await lower future service costs.”

Shell to Raise Capital Spending, Dividend Despite Quarterly Loss

Although Shell said it would spend more this year than last, it has also postponed some decisions on major investments in the hope that costs may come down. These include Carmon Creek in Canada; Mars B, an oil project in the Gulf of Mexico; and the Pierce field in the U.K. Last year, it also announced it was putting off a decision to expand its Athabasca oil-sands development in northern Canada.

Shell’s Van der Veer unable to predict upturn

At last year’s World Economic Forum, he was among those who saw no reason to panic about economic downturn. In the event, the onset of recession eroded oil demand, helping to pull the oil market down from a record of nearly $150 a barrel last July to around $40 now.

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