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Posts from ‘April, 2010’

SEC Announces $113.5 Million Distribution For Shell Investors



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 week. The “Fair Fund” made interim distributions of about $4.2 million last year.

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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 find out what happened,” White House adviser David Axelrod told ABC television.

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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 oil exploration in the Chukchi and Beaufort seas. Shell, which paid $2 billion for offshore leases, recently secured key air-quality permits from the U.S. Environmental Protection Agency.

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Shell not planning oil sands expansion – paper


* 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’s U.S. arm told a Canadian newspaper.

In an interview with the Globe and Mail’s editorial board, Marvin Odum, president of Shell Oil Co, said the company was unlikely to launch a major expansion of its 60 percent-owned Athabasca oil sands project because new projects in the region, which contains the largest crude reserves outside the Middle East, are too expensive.

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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


On 13 April 2010, Shell filed an “APPELLANTS’ MOTION TO SUSPEND EFFECTIVENESS OF MANDATE“. It relates to the 18 December, 2009 decision by the Oklahoma Court of Civil Appeals affirming a judgment on a jury verdict in the Hebble v Shell royalties fraud case.

The jury awarded the Plaintiffs/Appellees $750,708 in principal, $12,455,208 in pre-judgment interest, and $53,625,000 in punitive damages.

The mandate is the instrument used by the Oklahoma Supreme Court to signal that they are finished with the case.  Shell asked the Oklahoma Supreme Court to suspend the effectiveness of the mandate so that the plaintiffs would not collect on the judgment pending a ruling by the United States Supreme Court.

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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 its Athabasca Oil Sands project until at least the second half of the decade, the newspaper said.

Royal Dutch will instead focus on increasing production at existing facilities, planning to produce a further 30,000 to 80,000 barrels a day, Odum told the Globe.

To contact the reporter on this story: Sean B. Pasternak in Toronto at [email protected].

Last Updated: April 29, 2010 07:10 EDT Article

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Shell’s profit gusher not as productive as it looks

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 oil major burnt through $1.3bn (£847m); that followed a $4.5bn cash burn the previous quarter.

Drilling for oil is clearly a licence to sink money.

BP’s pay safety catch

BP executive directors are rightly focusing on the immediate human and environmental aftermath of the explosion on the Deepwater Horizon drilling rig in the Gulf of Mexico. But they have an added spur to deal with the incident as efficiently, cleanly and safely as possible. Two weeks ago, BP shareholders voted to tighten the conditions on executive directors’ annual bonuses. From this year, one-third will be paid in deferred shares, which could be clawed back if there has been “a material deterioration” in safety and environmental measures, or “major incidents [reveal] underlying weaknesses in safety and environmental management” in the following three years. How much BP’s top team expect to be paid will not affect how they handle the tragedy of Deepwater Horizon. But how they handle it may yet affect how much they are paid.

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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 block regulation is predicable by the predatory oil giant which has no shame.”


Roberta Rampton and Ayesha Rascoe WASHINGTON

Wed Apr 28, 2010 3:43pm ED

(Reuters) – The biggest Wall Street energy traders and top producers filed fierce last-minute objections to a proposed plan to limit speculative positions in U.S. oil and gas futures, hoping to halt a crackdown that has been lauded by consumers but decried by market participants.

In letters to the Commodity Futures Trading Commission released on Wednesday, Morgan Stanley, Barclays Capital and BlackRock Inc joined others in saying the proposal to set a hard cap on the number of contracts any single party can hold would hurt hedgers and lead to a loss of liquidity.

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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”, with three new exploration wells identifying reserves that could amount to 350 million barrels. News of Shell’s assistance came as the group reported a 60 percent rise in underlying post-tax profits, with earnings per share up 48 percent at 80 cents.

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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 1850s, profits on oil from Alaska’s north have fattened the wallets of the global merchant class. The source of the oil changed with the times, but it has continued to flow to the benefit of both commerce and government.

arctic-drill-intro-2 Photos by U.S. Coast Guard and Stephen Nowers Wednesday: Will the Gulf oil spill slow offshore plans in Alaska’s Arctic? Coming Friday: How do you clean up oil in sea ice?

The crude that replaced whale oil set the stage for a boom that ran, with some ups and downs, from the mid-1970s into the 21st century. Oil production on the North Slope peaked in 1988, with about 2 million barrels a day. That boom is fading now, the volume of oil running through the trans-Alaska oil pipeline falling to about 675,000 per day. And yet many believe there are vast new oil riches waiting just offshore beneath the waters once roamed by the Nantucket whalers — if companies are allowed access, and if they can find a way to get the oil out without harming the environment.

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‘Controlled Burn’ Considered for Gulf Oil Spill


A version of this article appeared in print on April 28, 2010, on page A1 of the New York edition.


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 on the surface of the Gulf of Mexico.

Rear Adm. Mary E. Landry, the federal on-scene coordinator for the spill, said such a burn might be conducted as soon as Wednesday.

A joint government and industry task force has been unable to stop crude oil from streaming out of a broken pipe attached to a well 5,000 feet below sea level. The leaks were found Saturday, days after an oil rig to which the pipe was attached exploded and sank in the gulf about 50 miles southeast of Venice, La. An estimated 42,000 gallons a day are now spilling into the Gulf of Mexico.

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

Times Online

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 of energy, reached $4.8 billion in the three months to March 31, up from $3 billion a year ago.

The performance was boosted by a 6 per cent increase in the Anglo-Dutch company’s oil and gas production, which hit 3.59 million barrels per day after the ramp-up of the Sakhalin II project in Russia and Parque das Conchas in Brazil.

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Shell Widens Talks On Sale Of European Refineries

Shell Stanlow Refiney


APRIL 28, 2010

LONDON (Dow Jones)–Royal Dutch Shell PLC (RDSB.LN) is still in talks with Essar Oil Ltd. (500134.BY) over the sale of three of its European refineries, but the company has also initiated talks with other parties, Chief Financial Officer Simon Henry said Wednesday.

Other potential buyers include private equity groups and state-controlled oil companies from outside Europe, he said.

Shell entered exclusive talks with Essar over the sale of the three refineries–Stanlow in the U.K. and the Heide and Harburg refineries in Germany–late last year, but talks between the companies have failed to reach a conclusion.

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Shell sees profits surge on oil price rise

By Daily Mail Reporter
Last updated at 8:43 AM on 28th April 2010

Oil giant Royal Dutch Shell today revealed that profits rose almost 50 per cent during the first three months of the year as it joined rival BP in benefiting from higher oil prices.

The Anglo-Dutch firm reported earnings of $4.9bn (£3.2bn) for the first three months of the year – just one day after BP posted profits of $5.6bn (£3.6bn) for the same period.

The profit surge has been fuelled by a marked increase in the price of crude oil. At the height of the recession in 2009, the average price of oil was just above $41 a barrel. In contrast, the average price for the first quarter of 2010 stands at $76 a barrel.

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Shell 1Q Beats Consensus On Improved Oil, Gas Output


28 APRIL 20010 By James Herron Of DOW JONES NEWSWIRES

LONDON (Dow Jones)–Royal Dutch Shell PLC (RDSB.LN) Wednesday posted a consensus-beating 60% rise in adjusted profit for the first quarter due to higher oil prices and output that grew much faster than expected.

“We are making good progress in improving our near-term performance, delivering a new wave of production growth,” said Chief Executive Officer Peter Voser. “Our results reflected the successful ramp-up of our new upstream projects in Russia and Brazil, supporting a 6% increase in our production.”

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Security firm for Shell at Corrib site rejects ‘conclusion on alleged assault’

The Irish Times – Wednesday, April 28, 2010

LORNA SIGGINS Western Correspondent

THE COMPANY providing security to Shell at the Corrib gas project in north Mayo for the past two years has said it rejects outright a “central conclusion” of a report on the dispute at the site by a human rights organisation.

The security company I-RMS said yesterday that Rossport farmer Willie Corduff was “not assaulted” last April at the Corrib gas pipeline landfall at Glengad.

It is seeking a “retraction of any insinuations in the Front Line human rights report that I-RMS was involved in any assault on Mr Corduff” and says the report must be amended to include recent findings by the Director of Public Prosecutions (DPP).

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Shell’s last throw of the dice on the Corrib Gas Project.

Shell planning large tunnel off the coast of Mayo

25 April 2010 By Nicola Cooke

Shell will apply to An Bord Pleanála next month for permission to build a large tunnel under the seabed off the Mayo coast as part of the latest plan to get gas from the Corrib field.

The move, designed to avoid running the pipeline across land owned by local farmers, could delay the gas project by at least two more years and cost up to €100 million. Informed sources said it could be Shell’s ‘‘last throw of the dice’’ on the project.

The firm is proposing to build a five-kilometre-long pipeline with a diameter of 3.5 metres, five metres below the seabed at Scruwaddacon Bay. An option for an open trench pipeline through the bay, which is a special conservation area, will also be submitted to An Bord Pleanála. Shell has advertised for tenders for specialist contractors to bore the tunnel.

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Focus on sinister events surrounding Shell Corrib Gas project

“He examines issues relating to Shell security firm, I-RMS, including surveillance of residents, and licensing and vetting of staff, such as the former staff member who travelled to Bolivia with late Irishman Michael Dwyer in late 2008.”

The analysis in the report of a number of incidents relating to the Corrib gas dispute is critical of Shell, the Garda, I-RMS security, which is employed by Shell, the Department of Energy and a minority of protesters. Photograph: Niall Carson/PA Wire

The Irish Times – Tuesday, April 27, 2010

Frontline report: Main points

Gardaí from outside Mayo should investigate the alleged assault on Rossport farmer Willie Corduff.

Gardaí should employ a trained lawyer as human rights observer.

The Garda Síochána Ombudsman Commission should again seek permission to conduct a policies and practices investigation into policing of the Corrib gas dispute.

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US evacuates oil rig after Gulf of Mexico leak

US authorities have evacuated an oil platform in the Gulf of Mexico near where another oil rig sank after an explosion last week. Workers on the Ocean Endeavour were evacuated as an oil slick from the wrecked platform was coming dangerously close, officials say

Earnings Preview: Shell to post strong Q1

In addition to cutting personnel costs, Shell has been investing heavily in new capacity to reverse a decade-long slide in production. Most analysts are upbeat about future prospects, but it may underperform peers until production comes on line. Shell has frozen its quarterly dividend at the 2009 level of $0.42 per share for 2010 to protect its balance sheet.

Shell drafted letter Tony Blair sent to Gaddafi while Prime Minister

Screen Shot 2014-05-12 at 10.59.27

“In the draft, Shell tells Mr Blair to discuss positive progress on weapons of mass destruction as well as the investigation into the murder of WPC Yvonne Fletcher outside the Libyan Embassy in London in 1984.”

David Robertson, Business Correspondent

Tony Blair lobbied Colonel Muammar Gaddafi on behalf of Shell in a letter written for him in draft form by the oil company, documents obtained by The Times reveal.

The correspondence, written while Mr Blair was Prime Minister, bears a striking resemblance to a briefing note by Royal Dutch Shell weeks earlier promoting a $500 million (£325 million) deal it was trying to clinch in Libya.

While it is common for government ministers to champion British interests abroad, Shell’s draft reveals an unusual assurance in its ability to dictate Mr Blair’s conversation with the Libyan leader. It also raises questions about the motives behind Britain’s improved relations with Libya and the subsequent release of Abdul Baset Ali al-Megrahi, the Lockerbie bomber. Lockerbie victims have claimed that the Government paved the way for al-Megrahi’s release as part of a deal with Libya to give British companies access to Libya’s lucrative oil and gas industry.

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Toxic soil lurks beneath Carson neighborhood

“Shell was slow to cooperate with the investigation, Egoscue said. “Initially they were dragging their feet,” she added. The agency sent the company a notice of violation in April 2009.”

“Most residents have joined a lawsuit against Shell and others…”

“It’s the most despicable situation I’ve seen in 40 years of doing this…”

Rosemary Noval walks up her driveway on Panama Avenue in Carson. She and her husband, Rudy, are living in one of the 285 homes found to be sitting atop dangerous levels of toxic substances. (Mark Boster / Los Angeles Times)

The discovery of methane gas and benzene has transformed a 50-acre neighborhood into an environmental case study — a reminder of Southern California’s history as a center of the oil industry.

By Jeff Gottlieb, Los Angeles Times April 27, 2010When Ron and Belinda Oglesby moved into Carson’s Carousel neighborhood in 2003, they saw a solid, middle-class area where homeowners set down roots and lived for decades, where Santa Claus paraded through the streets on a firetruck and children returned to buy their own homes.

This, they told themselves, was the perfect place to raise their three kids.

Six years later, they noticed workmen drilling holes and leaving cryptic white marks on the streets.

By last summer, they had discovered what the sudden activity meant: Preliminary tests under the direction of the Los Angeles Regional Water Quality Control Board had found dangerous levels of potentially explosive methane gas and benzene under the 285 homes of the Carousel tract. In some spots, tests found benzene at concentrations seldom seen, levels that could significantly increase cancer risks for residents.

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Shell Expects ‘Seamless’ Transition as Geelong Contract Ends

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By Ben Sharples

April 27 (Bloomberg) — Royal Dutch Shell Plc said it expects a “seamless transition” when a cleaning contract ends at its Geelong oil refinery in Australia’s Victoria State at the end of the month.

Shell anticipates no impact on production, spokesman Paul Zennaro said by phone in Melbourne today. Fuel supplies could run out by the end of the week if 20 specialist decontamination cleaners at the refinery strike, the Australian Associated Press reported, citing Jess Walsh, a Liquor Hospitality and Miscellaneous Workers Union Victorian secretary.

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1,000 barrels of oil a day spilling in the Gulf of Mexico


26 April 2010

BP plc ( BP ) is now leading the charge in containing the oil spill in the Gulf of Mexico following the explosion of one of its contracted offshore rigs. The company, together with Swiss drilling contractor Transocean Ltd. ( RIG ), is currently drilling a well to activate a blowout valve in order to stop oil spilling at a rate of 1,000 barrels a day. If that effort fails, the company will have to drill a second well and inject heavy fluid to stop oil from leaking out. BP said that the operation could take as long as three months

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NASDAQ 26 April 2010

BP as well as Royal Dutch Shell plc, Exxon Mobil Corp. and Chevron Corp. are being investigated by the U.S. Federal Trade Commission regarding compensation of their employees, according to the Wall Street Journal over the weekend. The probe is over whether the human resources departments of the various companies have shared salary information to fix pay.

FTC Investigates Oil Firms Over Hiring, Wages



26 APRIL 2010

WASHINGTON—The Federal Trade Commission is investigating whether the world’s biggest oil companies colluded to suppress managerial, professional and technical employees’ wages in ways that violated U.S. antitrust laws, according to people familiar with the matter.

The previously undisclosed probe has been open for several years and involves as many as a dozen oil companies, including Exxon Mobil Corp., Royal Dutch Shell PLC, BP PLC and Chevron Corp, these people said. The probe remains active, they added, but the five FTC commissioners have yet to vote on the matter, and it is possible a suit will never be brought.

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Iran issues ultimatum to Royal Dutch Shell

Reuters India

Iran gives Shell, Repsol a week to decide on Pars

TEHRAN, April 26 (Reuters) – Iran has given Royal Dutch Shell (RDSa.L: Quote, Profile, Research) and Repsol (REP.MC: Quote, Profile, Research) one week to decide on their involvement in the offshore South Pars natural gas field, the semi-official Mehr news agency reported on Monday.

Iran says both Anglo-Dutch Shell and Spain’s Repsol have procrastinated on finalising their involvement in the field, the world’s largest reservoir of gas. It has set similar deadlines in the past as a way of pressuring foreign investors.

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Oklahoma Appeals Court Rules Shell Guilty of Royalties Fraud

“In the present case, the reprehensibility of Shell’s conduct is heightened by its intentional deceit of the interest owners whose oil proceeds it held for their benefit…”


In May 2008,  an Oklahoma jury ordered Shell Oil Co. to pay a whopping $66 million to five royalty owners  for their share of the proceeds from a highly lucrative oil well dug in the early-1970s. The payments were awarded to two families who owned the land where Shell drilled for oil, but were never informed when Shell struck a huge reserve and built a well on the land in 1973.

Shell had threatened to drag the case out and in line with this policy, appealed against the jury verdict on various grounds. As Richard Wiseman, the Chief Ethics & Compliance Officer of Royal Dutch Shell plc is aware, the same threat to make litigation “drawn out and difficult” was once made to us in writing by Nigel Rowley of Mackrell Turner Garrett, the London law firm representing Shell, where Mr Wiseman begun his career as a lawyer. Shell had not realised that we too can also be difficult.

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Shell says Middle East needs to solve “gas puzzle”

Reuters) - The Middle East needs to solve the conundrum which sees it sitting on 40 percent of the world's gas reserves and yet suffering from a supply shortage, a senior executive from Royal Dutch Shell (RDSa.L) said on Monday.

Shell, Total Step Up Reliance on Gas as Access to Oil Declines

April 26 (Bloomberg) -- Royal Dutch Shell Plc and Total SA are among energy producers shifting the balance of their production toward natural gas as oil-rich countries clamp down on access and deposits become easier to tap.

Oil: A tale of two cartels

Tony Hayward, group chief executive of British Petroleum, made heads turn at the World Economic Forum in Davos, forecasting a “supply challenge” for the energy industry, which would have to increase output to 100mbd — a new peak for oil from the current capacities of 83-84 mbd. He was strongly backed by Mr Peter Voser, CEO of Royal Dutch Shell, who added to the scare stating that the industry would have to find up to $27 trillion to fund the investment in oil over the next 20 years.

Oil groups turn focus back to traditional fields

Europe's largest oil company by market value, Royal Dutch Shell Plc (RDSa.L) has said it plans to direct 60-70 percent of its investments into the industrialised countries of the Organisation for Economic Co-operation and Development (OECD).

Oil rig spill off Louisiana could threaten coastline

The slick has now grown to about 1,500 sq km


There are fears of an environmental disaster in the Gulf of Mexico, as efforts to clear up an oil spill have been suspended because of bad weather.

A drilling rig leased by the oil company BP exploded and sank off the Louisiana coast last week.

Some 1,000 barrels of oil a day are leaking into the sea from the damaged well, officials say.

They say the oil leak has the potential to damage beaches, barrier islands and wetlands across the coastline.

Eleven workers are still missing and presumed to have been killed in the accident. The search for them has been called off.

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Shell saved Hitler and the Nazi Party

How Royal Dutch Shell saved Hitler and the Nazi Party. Same motive then, as for Shell dealing with the terrorist Gaddafi, the corrupt Saudi regime and the fanatical Iranian mullahs now: access to oil. We have gathered much more evidence of Shell’s evil relationship with the Nazi.

Rig blast shadows rise in BP profits

The Sunday Telegraph: BP is expected to say this week that profits almost doubled in the first quarter, as it investigates the circumstances surrounding the explosion of a drilling rig it had hired in the Gulf of Mexico.

‘Serious spill’ from sunken US oil rig

Oil leaks from a sunken drill pipe 5,000 ft beneath the ocean surface


Oil is leaking from a damaged well feeding a rig that sank off Louisiana on Thursday, in what US officials are calling “a very serious spill”.

The well is estimated to be leaking at a rate of about 1,000 barrels (42,000 gallons) of oil per day.

Although the US coastguard said on Friday that no leak was detected, the latest evidence suggests a spill. Bad weather has hampered efforts to fix it.

Eleven workers are still missing after an explosion and fire on Tuesday.

The Deepwater Horizon had been burning for 36 hours when it sank on Thursday in 5,000 ft (1,500m) of water, despite efforts to control the flames.

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Heysham Shell Oil Refinery – Witness Appeal

Monday, 5 April 2010 Paralegals Field Fisher Waterhouse are looking for people who worked at the Shell Oil Refinery in Heysham, Morecambe, from around 1945 to 1960.“We are investigating a possible claim relating to asbestos exposure for a family,” they tell us. “Any help or information would be very much appreciated.“Please contact Rose on 020 78 614 624 or [email protected]”.

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Short-termism at Royal Dutch Shell


“In an obsessively cost conscious environment such as the one that rules in Shell at the moment all labour-intensive sectors are at risk –irrespective of their intrinsic value or their competence – or even the likely long-term demand for their products and services.”

Posting on Shell Blog by Wilt Staph on Apr 24th, 2010 at 12:14 pm

A couple of decades ago Shell had five refineries in the United Kingdom – when the sale of Stanlow is completed soon they will have none. Is this because refining is a sunset industry with no growth potential and no chance of earning returns? Not if you take note of reliable global demand forecasts it isn’t. The “US Joint Forces Command” – the top of the American armed forces pyramid – has recently said that globally a “severe energy crunch is inevitable without massive expansion of production and refining capacity”. Most other forecasters agree that the planet will need substantially more not less refining capability in the years ahead. So why has Shell retreated so dramatically from refining and what are the implications for the “new Shell” which will emerge from the radical reviews underway under Peter Voser?

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Fears ease over BP oil well disaster

By Ed Crooks and Sheila McNulty
Published: April 23 2010 20:06 | Last updated: April 24 2010 02:48

The BP oil well in the Gulf of Mexico that suffered a catastrophic accident on Tuesday night appeared to have stopped leaking on Friday, easing fears that it could cause serious environmental damage.

The incident nevertheless ranks as one of the US offshore industry’s worst disasters. On Friday night the search was called off for the 11 workers missing from the Deepwater Horizon rig that had been working on the well.

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BP’s reputation at risk after oil rig explosion

Daily Telegraph

Tony Hayward is at the centre of his first major crisis as chief executive of BP, after a drilling rig the company hired exploded in the Gulf of Mexico.

By Garry White
Published: 6:19PM BST 23 Apr 2010

The rig, called Deepwater Horizon, was owned and operated by Transocean. Eleven of the Swiss-based company’s staff are still missing.

BP has sent a flotilla of 32 ships to help to clean up the resulting oil slick. The US Coast Guard says about 200 barrels of oil were spilled and there was no oil escaping from the well the rig had tapped.

“We are determined to do everything in our power to contain this oil spill and resolve the situation as rapidly, safely and effectively as possible,” Mr Hayward said. “We have assembled and are now deploying world-class facilities, resources and expertise, and can call on more if needed.”

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EARNINGS FORECAST TABLE: Royal Dutch Shell 1Q 2010


APRIL 23, 2010

FRANKFURT (Dow Jones)–The following is a summary of analysts’ forecasts for Royal Dutch Shell PLC’s (RDSB) first-quarter results, based on a poll of 12 analysts by Dow Jones Newswires (in million USD, target price in pence, production in kboe/d, according to IFRS). Earnings figures are scheduled to be released April 28.

               CCS Earnings   Production  Target
1st Quarter     adjusted(a)    (kboe/d)   Price   Rating 

AVERAGE            3,976        3,401     2,128
Prev. Year         3,010        3,395      n.a.
+/- in %             +32         +0.2      n.a. 

MEDIAN             3,956        3,413     2,100
Maximum            4,210        3,480     2,350
Minimum            3,716        3,228     2,000
Amount                12           12         9 

Barclays           4,182        3,480     2,350   Equalweight
Benchmark Cap.     3,809        3,228        --   Sell
Citigroup          3,957        3,396     2,200   Buy
DnB NOR            3,941        3,375        --   Buy
Exane BNP Par.     4,156        3,446     2,150   Outperform
ING                3,954        3,419     2,020   Hold
Keijser Capital    4,210        3,477     2,100   Hold
Morgan Stanley     4,015        3,428     2,000   Underweight
Oddo               3,716        3,406     2,050   Add
Oppenheimer        3,947        3,274        --   Perform
Societe Generale   3,800        3,399     2,230   Buy
UniCredit          4,030        3,480     2,050   Hold

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Shell Said to Join Exelon in Backing Senate Climate Measure

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By Kim Chipman and Jim Efstathiou Jr.

April 24 (Bloomberg) — Royal Dutch Shell Plc and ConocoPhillips are among oil companies intending to back climate-change legislation in the U.S. Senate, according to people familiar with their plans.

Exelon Corp., the biggest U.S. utility owner by market value, also supports the measure, and Chief Executive Officer John Rowe will be on hand when the bill is presented at a news conference on April 26, said Howard Riefs, a spokesman for the Chicago-based company.

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Oil firms benefit from crude prices

24 April 2010

Oil majors BP and Royal Dutch Shell are set to benefit from improving crude prices when the rivals present their first-quarter figures.

Consensus forecasts put underlying profits from BP on Tuesday at around 4.8 billion dollars (£3.1 billion) – almost double its earnings for the first quarter of 2009.

Similarly Anglo-Dutch rival Shell is likely to make gains on last year’s 3.3 billion dollars (£2.2 billion) in first quarter figures on Wednesday.

In its recent strategy update, BP said it would begin production on 42 major projects worldwide over the next five years as existing fields decline, and boost profits by taking more costs out of the business.

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Deepwater Horizon oil rig sinks, sparking pollution fears

• Crude oil could be spilling into waters off Louisiana coast
• Hopes fade for 11 workers missing after explosion and fire


Eleven US workers who are missing after a fire on the Deepwater Horizon oil rig off Louisiana are feared dead Link to this video

A deepwater oil platform that burned for more than a day after an explosion has sunk in the Gulf of Mexico as hopes faded of finding 11 missing workers.

The sinking of the Deepwater Horizon could release more than 1,135,600 litres of crude oil a day into the water. The environmental hazards would be greatest if the spill were to reach the Louisiana coast, about 50 miles (80km) away.

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Tackling oil rig disaster ‘number one priority’ – Obama

BBC News

US President Barack Obama has said that dealing with Tuesday’s oil rig disaster in the Gulf of Mexico is a “number one priority”.

The government was providing “all assistance needed” in the rescue effort off Louisiana, and in mitigating any environmental impact, he said.

The Deepwater Horizon sank after a blast, leaving 11 workers missing.

There are fears of a major spill, with the coastguards saying the rig may be leaking 8,000 barrels of oil per day.

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Oil Rig Explodes Off Louisiana Coast; 11 Missing


Shell calls for Europe to act on gas

Published: April 23, 2010 at 10:32 AM

ARIS, April 23 (UPI) — Natural gas has a central role to play in the energy and environmental future for the European community, Shell officials said in France.

European geopolitics are influenced by regional natural gas supplies. The region, meanwhile, has adopted measures to reduce greenhouse gas emissions substantially by 2020.

Malcolm Brinded, executive director for upstream business at Royal Dutch Shell, told an audience at an international oil summit in Paris summit that Europe, however, “faces a natural gas puzzle.”

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Investigators name companies doing business with Iran


By Laurie Bennett April 23, 2010 at 9:43am

Federal investigators have identified 41 foreign companies helping Iran to develop its energy capacity. Although no U.S. companies were named, some of the companies doing business with Iran also have contracts with the U.S. government. Two examples, as shown in our Muckety map, are Royal Dutch Shell and Daelim Industrial.


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