The big international companies such as BP and ExxonMobil are struggling to find enough new oil to replace their exploited reserves year-on-year and Shell found itself on the end of a major fine for exaggerating its reserves report to the Securities & Exchange Commission in the US.
AMSTERDAM, Nov 27 (Reuters) - Anglo-Dutch oil giant Royal Dutch Shell (RDSa.L) (RDSb.L) expects next year to be difficult in terms of consumer demand though the worst may be past, its chief executive said at an investor conference.
SHANGHAI (Dow Jones)--China has started its first joint development project in shale gas, in a bid to find alternative resources for the cleaner-burning fuel to meet the nation's rising demand.
Shell is in exclusive talks to sell the Stanlow refinery in the UK, as well as the Hamburg and Heide refineries in Germany, to Essar Oil Ltd. ''These are ongoing negotiations and I think I can say I am pleased with the progress,'' Voser said. ''Let us continue to finish those discussions.'' The exclusivity of the negotiations ends Nov. 30, though Voser declined to say whether a deal would be agreed by then.
Todd was apparently trying to extract evidence of collusion between Shell, which has 48% of the Pohokura field, and OMV, which has 26%, the same share as Todd.
Shell said last month that a quick recovery in energy demand and prices was unlikely and that it would cut 5,000 jobs. Even so, Chadwick said Australia is a growth area for us. The headcount in Perth has more than quadrupled to about 260 people in the past four years, he said. Operating Prelude will have implications we need to staff up for. Shell employs about 2,500 people in Australia, according to its Web site.
It is one thing to own the right to mine the gas, but it is a different issue to actually get it to the market and, as far as Arrows gas, it would seem Shell is in the ideal position to dictate terms, given it is the logical party to commercialise the project.
BHP, the worlds largest mining company, may be interested in buying Woodside with the approval of 34 percent shareholder Royal Dutch Shell Plc, the Australian Financial Reviews Street Talk column said yesterday.
Royal Dutch Shell is hopeful that it will gain an equity stake in a giant Russian gas field that could supply all of the worlds needs for a decade. Peter Voser, Shells chief executive, said that talks with the Russian government about the Yamal project in the Siberian Arctic were progressing well.
However, Shell also said it was delaying the launch of Qatargas 4 by as much as 10 months, from the start of 2010 until the end of the year. Mr. Voser said the timetable had been disrupted by delays at other LNG projects in Qatar involving other big oil companies, such as Exxon Mobil Corp, Total SA and ConocoPhillips.
Supermajor Shell is planning to expand exploration in the US Gulf of Mexico and Kazakhstan as Europes largest oil company seeks to maintain output.
The company is designing a development plan for its West Boreas discovery in the Gulf of Mexico, which may hold 100 million barrels of resources, said Malcolm Brinded, Shells executive director for international production and exploration.
Plans for a second platform at the deepwater Mars field in the Gulf, which may add 100,000 barrels of oil equivalent per day of output, are also being evaluated, Brinded said in a Bloomberg report.