News and information on Royal Dutch Shell Plc.
Outsider: During the past three years the OPL 245 story was revealed in court hearings in London, was investigated by the Italian police, resulted in the arrest of members of ENI's senior management and in spite of the enormous sums involved, nobody seems to bear any responsibility. The losers in all this are clearly the shareholders of Shell and ENI. What happened to the fiduciary duties of directors, such as those required by the Companies Act (2006)? Or does an internal army of 1000 lawyers mean that Shell and its directors are above the law?
Relieved: My guess is that the acreage set aside in the Arctic Ocean is of little interest for oil and gas companies and will therefore have little impact on Big Oil's exploration plans for that area.
earclosetotheground: So we are within 24 hours of RDS results and only a few more for CVX and XOM. I have not seen any comments about book losses on fields due to low oil prices. Do analysts understand basic book keeping and mark to market? We'll find out on Thursday, I guess
Outsider: It appears that Shell will be alone in operating offshore Alaska. In the absence of the economies of scale that would have been provided by the presence of other operators in the region, Shell will now have to pay 100% of the costs of the required infrastructure. In conjunction with a $45 oil price, and an understanding of the realities of operating in the region, I suspect that the economics of the Alaskan adventure are now looking rather poor. Time for a $6 billion write off?
Relieved: This Nazi fellow whose name graces this largest of all ships fled to S. America to eventually become an immensely wealthy shipping magnate. I am curious. Where did this dude get his investment capital from ?? Pilfered Nazi gold (i.e., Jewish gold) ?? He apparently fled with a bundle of cash. I am certain that an unemployed ex-Waffen SS officer with a bad reputation would not get anywhere without 'friends' and 'contacts' from the old world. Can anyone elucidate ??
Relieved: John, I see that you are up to your old shenanigans again, i.e., embarrassing disclosures. Well done.
Tired of all lies: Outsider: Total probably is not mentioned because they already were severely cash-strapped before the oil price plunched and they are selling asets to fund their Yamal LNG project in Russia. Due to the sanctions that venture can't get exterenal funding anymore so the shareholders (Total 20% besides the Russians and Chinese) will have to largely cough up the 20+ billion USD for it. So I doubt they are in a position to take-over. Besides that, the corporate cultures between BP and Total are totally different, so integration would be hell...
Outsider: Strange that the Economist omits Total (market cap $130bn) from the list of potential buyers for BP
F-150: John, In response to your atricle... Word in the halls of Woodcreek is that Goodfellow was promoted a year ago when the Unconventional business was downsizing. By the way, that picture of him looks downsized by about 100 pounds.
There be dragons: I agree with the comments on Goodfellow. I too worked for him a few years ago. My concern is the fact that he has had fatalities on his watch and now gets a senior role. What sort of message does that send?