Posts from ‘January, 2010’
The Sunday Times// <![CDATA[ // January 31, 2010 By Danny Fortson PETER VOSER, boss of Royal Dutch Shell, will warn of fresh job cuts this week as he reveals sagging profits at the oil giant. Since taking the top job six months ago Voser has cut 5,000 staff. He warned this weekend that the restructuring may need to go further as the company battles falling production and a huge cost base. He added: As part of that, it may also mean that some more people have to go.
Analysts expect the group to report a quarterly profit of $2.9 billion (£1.8 billion) on Thursday, a 40% drop over the same period last year. This would take its annual profit to $13.4 billion, down 57% on the $31.4 billion it made in 2008 when the oil price hit a record of $147 a barrel.The results will come in stark contrast to rival BP. Analysts expect it to post a profit of $4.8 billion for the quarter, about 75% better than the same time a year ago. The jump is largely thanks to the overhaul initiated by Tony Hayward since he took over as chief executive in 2006.
Peter Hitchens, analyst at Panmure Gordon, said: The question is, can Voser turn it round and get Shell going in the right direction? The underlying business is still in decline.
Voser is carrying out a raft of other cost-cutting measures, including the sale of large swathes of its Nigerian oilfields, a plan revealed in The Sunday Times last month.
By Tom Burgis in Lagos
Published: January 30 2010 03:20
Royal Dutch Shell is to sell its stake in three Nigerian oil-producing licenses, underlining its new chief executives cool stance towards what was long a mainstay of the groups operations.
In recent weeks fresh rumours have circulated that Shell was seeking to dispense of Nigerian assets worth billions of dollars.
Peter Voser, Shells new chief executive, said in October that the groups production in Nigeria had fallen to 120,000 barrels a day from 300,000 b/d before the start of a rebellion by militant groups in the Niger delta demanding a greater share of the regions oil wealth.
BP expected to exend gap with Shell in the battle of oil giants
The British oil major, now the biggest in Europe, is currently winning the race against its Anglo-Dutch rival
By Rowena Mason
Published: 8:12PM GMT 30 Jan 2010
Royal Dutch Shell is likely to endure more humiliation at the hands of BP this week, when it posts profits an estimated $1.7bn lower than its rival.
BP, which recently stole Shell’s crown as Europe’s largest oil company by market value, is likely to report profits of $4.6bn (£2.9bn). This 80pc up from $2.6bn in the last quarter of 2008 on a “replacement cost basis a measure used by oil companies to strip out the effect of changing inventories.
Published: Jan. 29, 2010 at 4:46 PM
BAGHDAD, Jan. 29 (UPI) — The chief executives of two of the world’s oil giants have been waxing lyrical about helping Iraq quadruple its oil production over the next decade, but questions linger about whether it can be done.
Some energy industry experts believe that given the plethora of problems that the Iraqi government of Prime Minister Nouri al-Maliki is having to deal with, Baghdad is being way too ambitious.
Others are less sanguine about the prospects of Iraq raising its production level from the current 2 million barrels a day to 12 million bpd by 2020.
First ever criminal case is brought during corruption investigations into British weapons manufacturer, which began more than five years ago after disclosures in the Guardian
One of BAE’s former confidential agents, Count Alfons Mensdorff-Pouilly, was today charged by the Serious Fraud Office with bribery over arms deals. He was remanded in custody in London.
It is the first ever criminal case brought during long-running corruption investigations into the British weapons manufacturer, which began more than five years ago after disclosures in the Guardian.
However, in an unusual turn of events, the attorney general, Lady Scotland, has not yet agreed to let the case proceed. David Huw Williams QC, for the SFO, told Highbury Corner magistrates court that the case should be adjourned for a month while she decided.
BBC NEWS: Mend has carried out many attacks over several years
Saturday, 30 January 2010
A militant group in Nigeria’s oil-rich Niger Delta says it is ending the ceasefire it declared last October.
Jomo Gbomo, who said he was a spokesman for the group Mend, said it did not believe the government would restore control of resources to local people.
Mend has demanded that residents be given a greater share in profits from oil resources and land.
It warned oil companies to prepare for what it called an all-out onslaught against installations and personnel.
Analysts say it is not yet clear if this statement comes from the whole of Mend – the Movement for the Emancipation of the Niger Delta – or just a faction that did not accept the offer of an amnesty from President Umaru Yar Adua.
Shell May Cut More Jobs as Energy Demand Recovery Remains Muted
January 29, 2010, 07:22 AM EST
By Fred Pals and Francine Lacqua
Jan. 29 (Bloomberg) — Royal Dutch Shell Plc, Europes second-largest oil company, may need to cut more jobs this year to control operating costs as a recovery in energy demand waits until the second half.
Its normal in any business that you have to go further and you have to operate your operating expenditure in a very tough way, Chief Executive Officer Peter Voser said in a Bloomberg Television interview in Davos, Switzerland. As part of that, it may also mean that some more people have to go.
Violation of this court order, Shell warned, could result in the families and survivors concerned being ‘subject to bodily imprisonment: Faced with such legal harassment, even case-hardened lawyers involved in the proceedings reeled in disbelief
A book first published in 1996, “PAYING FOR THE PIPER”, provides more evidence of the dark side of Royal Dutch Shell, which also reflects on its current Chief Ethics & Compliance Officer: Mr. Richard Wiseman.
The book reported on the industrial relations crisis which erupted after the world’s worst offshore disaster in which 167 oil workers died on 6 July 1988 in an explosion and fire on the Piper Alpha North Sea oil production platform, operated by Occidental Petroleum.