LONDON (Dow Jones)--The Norwegian Petroleum Directorate Friday said a new well drilled at Ormen Lange indicates the gas field's resources could be lower than previously hoped.
BP was dealt a bitter blow last night when American regulators fined the oil group a record $87 million (£53 million) for more than 700 safety violations at the Texas refinery where an explosion killed 15 people and injured 170 in 2005.
"A broader reorganization is now underway, and we expect a 10% headcount reduction in the redesigned divisions and functions, mostly in management and non-operational positions," Simon Henry, Shell's chief financial officer, said during a conference call yesterday. Henry said he cannot rule out further staff cuts in other divisions of the company.
About 20 civilians and two gardaí were hurt in the incident. The GSOC decision was referred to the Garda Commissioner last July. An ombudsman spokesman said yesterday it had not had notification on the outcome.
WASHINGTON -- Staff at the Securities and Exchange Commission Friday issued new guidance on how the agency interprets oil and natural gas companies' reserves accounting rules. The guidance, sought by industry for years, allows companies such as Royal Dutch Shell, ConocoPhillips and Chesapeake Energy Corp. to officially book major reserves that previously haven't been permitted by the SEC.
As part of the plan, 15,000 Shell employees have to re-apply for a smaller pool of jobs, leaving many in limbo until selections are made.
OSLO, Oct 30 (Reuters) - Royal Dutch Shell (RDSa.L) and its partners may be forced to cut their reserve estimates for Norway's giant Ormen Lange gas field, the Norwegian Oil Directorate said on Friday.
HOUSTON An American whose secret recordings have placed him at the center of a $27 billion lawsuit against Chevron in Ecuador is a convicted drug trafficker, records show, throwing another complication into a case already tainted by accusations of bribery and espionage.
Morale is at an all time low, managers and supervisors are more focused on the fear of job stability than effective leadership. Many who have not been affected by the current staff reduction exercises are scared, and some are looking for a way out of Shell.
FAIRFAX, Va. -- As part of the ongoing transition of Shell and Motiva gas stations from direct- to wholesaler-supplied operations, Shell subsidiary Motiva Enterprises LLC sold 52 Shell-branded sites to PMG Northern Virginia LLC, a newly formed entity created by Fairfax, Va.-based Petroleum Marketing Group Inc.
LONDON, Oct 29 (Reuters) - Royal Dutch Shell Plc (RDSa.L) will fight any possible efforts by the Nigerian government to hand control of its Nigerian fields to Chinese oil companies, the Anglo-Dutch oil major's chief financial officer said on Thursday.
Royal Dutch Shell Plc said it will comply with international rulings on gasoline supplies to Iran as part of United Nations sanctions against the country over its nuclear program.
LONDON (Dow Jones)--Royal Dutch Shell PLC (RDSB.LN) will only have to top up its pension fund by around $5 billion, compared with previous expectations of $6-8 billion, because of the recovery in global equity markets, said Chief Financial Officer Simon Henry Thursday.
LONDON (Dow Jones)--Royal Dutch Shell PLC (RDSB.LN) shares fell 3.4% Thursday after the company posted a 67.6% fall in adjusted third-quarter profit on lower oil and gas prices, disappointing analysts by failing to beat modest expectations.
Royal Dutch Shell is not expecting a quick recovery after shedding 5,000 jobs in a global restructuring and seeing profits drop 73pc on lower oil and gas prices.
By Rowena Mason
Published: 7:59AM GMT 29 Oct 2009
Royal Dutch Shell B
Europes biggest energy company made $2.99bn in profits on a cost of supplies basis a measure that strips out the effect of changing inventories slightly beating analyst expectations. Revenue fell 43pc to $76bn.
Peter Voser, the chief executive who took over in July, said 10pc of the oil giants staff would be leaving, after profitability in both upstream and downstream divisions was sharply affected by the recession.