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Posts from ‘April, 2010’

SEC Announces $113.5 Million Distribution For Shell Investors

NASDAQ By Fawn Johnson, Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- The U.S. Securities and Exchange Commission will begin distributing about $113.5 million to some 84,000 investors Friday stemming from a 2004 settlement with Royal Dutch/Shell Group after it was accused of overstating its oil reserves. A federal court approved the distribution plan earlier this […]

Oil spill sparks new drilling ban

BBC News Homeland Security Secretary Napolitano: This is a spill of national significance Friday, 30 April 2010 13:15 UK The US administration has banned oil drilling in new areas of the US coast pending investigations into the cause of the oil spill off Louisiana. “No additional drilling has been authorised and none will until we […]

Shell to proceed with Arctic offshore plans despite spill

The Associated Press Published: April 29th, 2010 11:39 AM Last Modified: April 29th, 2010 11:40 AM FAIRBANKS — A large oil spill in the Gulf of Mexico has come at a tricky time for two companies seeking to increase Arctic exploration. The Gulf spill occurred weeks after Shell and Conoco Phillips said they would boost […]

Shell not planning oil sands expansion – paper

REUTERS * Shell plans no expansions in oil sands * Expects to boost output from existing ops (In U.S. dollars unless noted) CALGARY, Alberta, April 29 (Reuters) – Royal Dutch Shell Plc (RDSa.L) has no plans to quickly expand its oil sands operations, focusing instead on tweaking output from its existing investments, the head of […]

Shell, PetroChina Bid for Arrow Energy Wins Approval

April 30 (Bloomberg) — Royal Dutch Shell Plc and PetroChina Co. received approval from Australia’s Foreign Investment Review Board to acquire gas producer Arrow Energy Ltd. in a A$3.5 billion ($3.3 billion) transaction.

U.S. Gulf States Mobilize for Oil Spill Reminiscent of Valdez

April 30 (Bloomberg) — U.S. Interior Department inspectors began boarding deep-water platforms in the Gulf of Mexico, and Louisiana asked for help from the National Guard as an oil sheen reportedly washed ashore in the worst rig spill in four decades.

The U.S. will “use every single available resource at our disposal,” in response to the spill, President Barack Obama said yesterday. BP Plc, which owns the leaking well, is “ultimately responsible” for paying for the cleanup, the president said. A faint sheen washed ashore on the Louisiana coastline last night, the Associated Press reported. Oil may hit Mississippi tomorrow, Alabama in two days and Florida in three, according to a government forecast.

Oil is escaping from the well at a rate of about 5,000 barrels a day, five times faster than previously estimated, according to the U.S. Coast Guard. At that rate, the volume of the leak will exceed Alaska’s 1989 Exxon Valdez accident by the third week of June, making it the worst U.S. oil spill.

“This has a danger of becoming an utter ecological disaster,” said Ken Medlock, a fellow in energy and resource economics at Rice University’s Baker Institute for Public Policy in Houston. “This is going to result in remediation costs, and is going to be burdensome, to say the least.”

Louisiana Governor Bobby Jindal declared a state of emergency and demanded extra oil barriers from BP and the U.S. Coast Guard to protect wildlife preserves that nurture a $1.8 billion seafood industry, the richest in the U.S. behind Alaska.

Shell refuses to comment on Oklahoma oil royalties fraud

“As you surmise, we will not be commenting.  As always, you cannot take our silence to mean that we agree with any of your conclusions.”: Richard Wiseman, Chief Ethics & Compliance Officer, Royal Dutch Shell Plc 29 April 2010 NANCY FULLER HEBBLE AND OTHERS vs SHELL OIL CO. On 13 April 2010, Shell filed an […]

Royal Dutch Shell Delays Oil Sands Expansion, Globe Reports

April 29 (Bloomberg) — Royal Dutch Shell Plc has put plans to expand operations in Alberta’s oil sands on hold for at least five years, the Globe and Mail reported, citing Marvin Odum, the company’s Americas head. Costs to build in the oil sands have increased, prompting the company to delay any decisions to expand […]

Shell’s profit gusher not as productive as it looks

ft.com By Andrwe Hill Published: April 28 2010 22:54 Profits are like oil: great resources to have, but greater still when converted into hard cash. Royal Dutch Shell pumped out more oil and gas and made a decent fist of improving profits in the first quarter. Its cash conversion rate, however, was horrid. The Anglo-Dutch […]

Big banks, Shell blast CFTC position limit plan

“Royal Dutch Shell is the only major oil company objecting to the plan by the U.S. Commodity Futures Trading Commission to limit speculative positions in U.S. oil and gas futures. In view of its track record of market manipulation, including false reporting, fictitious sales, fictitious trades and manipulation of natural gas prices, the attempt to […]

SHELL JOINS CLEAN-UP EFFORT FOR BP SPILL

Financial Times Multinational petroleum company Royal Dutch Shell (RDSa.L) has dispatched six boats to assist in cleaning up the oil spill caused by last week’s fatal accident aboard the Deepwater Horizon oil rig. The rig had been drilling a well for BP (BP.L) in the Gulf of Mexico — an area Shell deems “very important”, […]

FIRE AND ICE: Shell and BP’s hunt for offshore oil in Alaska

“An ugly and growing oil leak associated with the explosion and sinking of the Deepwater Horizon oil drilling rig in the Gulf of Mexico last week has raised questions… providing new leverage to environmentalists and North Slope residents…” Alaska Dispatch Craig Medred and Jill Burke Apr 28, 2010 Since the Arctic whaling days of the […]

‘Controlled Burn’ Considered for Gulf Oil Spill

NEW YORK TIMES A version of this article appeared in print on April 28, 2010, on page A1 of the New York edition. By LESLIE KAUFMAN With a vast oil slick now within only 20 miles of the ecologically fragile Louisiana coastline, Coast Guard officials said they were considering a “controlled burn” of the petroleum […]

Higher oil prices lift Royal Dutch Shell’s profits by 60 per cent

April 28, 2010 Robin Pagnamenta, Energy Editor Royal Dutch Shell announced a 60 per cent increase in profits this morning, propelled by higher oil and gas prices and growth in production. Shell, Europe’s biggest oil company, said that the current cost of supply profits, a key industry measure which strips out fluctuations in the price […]