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Posts from ‘September, 2013’

Shell Begins Sale of U.S. Shale Assets Following Charge

Royal Dutch Shell Plc, Europe’s biggest oil company, began a sale of U.S. shale assets after booking a $2.1 billion impairment in the second quarter. The company will sell its interest in the Eagle Ford project in Texas and plans to open a data room to potential buyers next month, The Hague-based Shell said today in an e-mailed statement. The company also will divest its holding in the Mississippi Lime area in Kansas, it said last week.

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Royal Dutch Shell Plc (RDSA), Europe’s biggest oil company, began a sale of U.S. shale assets after booking a $2.1 billion impairment in the second quarter.

The company will sell its interest in the Eagle Ford project in Texas and plans to open a data room to potential buyers next month, The Hague-based Shell said today in an e-mailed statement. The company also will divest its holding in the Mississippi Lime area in Kansas, it said last week.

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Shell warns Gazprom of price risks as LNG expansion delayed

YUZHNO-SAKHALINSK, Russia | Mon Sep 30, 2013 8:34am EDT

(Reuters) – Shell (RDSa.L), the global leader in liquefied natural gas, urged Gazprom (GAZP.MM) to expand a plant they jointly own or risk missing out during a peak in gas prices, an executive of Shell’s operations in Russia told Reuters.

Shell and Gazprom have been in talks for years about expanding their plant on the Pacific island of Sakhalin, where Japan’s Mitsui (8031.T) and Mitsubishi (8058.T) are also shareholders. The plant, known as Sakhalin-2, is Russia’s only existing LNG project.

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Oil giant Shell could face charges over North Sea spill

More than 200 tonnes of oil spilled from Gannet Alpha. Prosecutors will now decide whether Shell should face criminal proceedings.

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Aberdeen Evening Express

Published: 30/09/2013

AN OIL giant could face criminal charges over the worst spill in the North Sea for more than a decade.

A leak in a pipeline saw more than 200 tonnes of light crude oil spew from the Gannet Alpha, 112 miles east of Aberdeen.

Shell was accused of playing down the spill after it estimated 120 barrels had been spilled.

The firm later revised its figure to 1,300 barrels.

The UK Government’s Department for Energy and Climate Change has now completed its probe into the incident and handed its report to the Crown Office and Procurator Fiscal Service.

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Shell to Sell Stake in Eagle Ford Shale in Texas

Royal Dutch Shell PLC plans to sell its stake in the Eagle Ford Shale in South Texas, following a $2 billion write-down of North American assets that the company announced in August.

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Royal Dutch Shell PLC plans to sell its stake in the Eagle Ford Shale in South Texas, following a $2 billion write-down of North American assets that the company announced in August.

Shell’s sale of leases on 106,000 acres in the oil-and-gas-rich region illustrates the struggles major oil companies have had in places where smaller energy firms have thrived.

Shell said the Eagle Ford holdings didn’t meet the company’s targets for size and profitability.

POTENTIAL ACCESS TO FULL ARTICLE

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Shell abandons Western Slope oil shale project

DENVER — Royal Dutch Shell PLC became the latest company to abandon efforts to turn Western Slope oil shale into oil, joining a long line of companies in a boom and bust cycle in the region… the company no longer wants to continue efforts to turn oily shale rock into liquid by heating the rock and pumping out the oil.

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ASSOCIATED PRESS: 30 SEPTEMBER 2013

DENVER — Royal Dutch Shell PLC became the latest company to abandon efforts to turn Western Slope oil shale into oil, joining a long line of companies in a boom and bust cycle in the region.

The company said energy markets have changed since the project started in 1982, and the company no longer wants to continue efforts to turn oily shale rock into liquid by heating the rock and pumping out the oil.

Chevron stopped its oil shale research in Rio Blanco County in February 2012.

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U.S Government Opens Leasing of Chukchi Sea to Other Drillers after Shell Backed Out

The U.S government announced Thursday that they will be welcoming other oil and energy companies interested in leasing Chukchi Sea near Alaska after Shell backed out..

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By Julie S: Sept 29, 2013

The U.S government announced Thursday that they will be welcoming other oil and energy companies interested in leasing Chukchi Sea near Alaska after Shell backed out, Reuters reports.

Chukchi Sea is located at the northwest side of Alaska and believed to hold more than 15 billion barrels of oil, according to the U.S. Bureau of Ocean Energy Management (BOEM) calculation.

Shell was the first company to lease in 2008 for $2.1 billion. The company started its preliminary drilling in 2012 but experienced challenges in their equipment. It also reported accidents happening on-site. Finally, the company announced that it will no longer drill in Chukchi Sea for 2013. It also did not say if there will be drilling for 2014.

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Vodafone, Shell asked to file replies in tax case by 10 October

Both firms have challenged tax demands through writ petitions in high court in an alleged transfer pricing case: Shell India is fighting a tax order accusing it of underpricing an intra-group share transfer by Rs.15,000 crore and consequently evading taxes.

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=&0=& The Bombay high court on Monday asked the Indian units of Vodafone Group Plc and Royal Dutch Shell Plc to file rejoinders by 10 October to the replies filed by the income tax department in an alleged transfer pricing case.

Shell India is fighting a tax order accusing it of underpricing an intra-group share transfer by Rs.15,000 crore and consequently evading taxes.

FULL ARTICLE

Shell’s decision to shut down its oil shale operations in Colorado

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Printed letters, September 29, 2013

Shell’s decision to shut down its oil shale operations in Colorado and move it to friendlier places like Canada and Jordan was based on artificial economic factors created by the government’s punitive regulatory approach, not normal free-market determinants.

Most people knew this was bound to happen as soon as former Interior Secretary Ken Salazar signed the oil shale leasing plan that reduced the availability of land for the industry to a paltry few acres scattered here and there. No business could be expected to operate under the conditions imposed on the oil shale industry by the BLM, which was reacting favorably to an irresponsible lawsuit brought by a coalition of anti-economic development organizations.

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Investing in Tanzania: Region is one of the hottest for energy industry

FINANCIAL TIMES

September 30, 2013

When BP and Shell explored for hydrocarbons along the coast of Tanzania between 1952 and 1964, they found little natural gas and even less oil.

But their geologists did discover that the 100 stratigraphic shallow boreholes they drilled showed the presence of sealing, reservoir and source rock combinations common in other hydrocarbon-rich regions. In short, they were sure oil and gas were nearby – but beyond the technology of half a century ago.

Fast-forward the last 60 years and new technology – including deepwater drilling and 3D seismic mapping techniques – has allowed geologists to find the elusive hydrocarbons they missed in the 1950s and 1960s.

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Voser’s on the way out…. let’s book the losses!

Screen Shot 2013-09-30 at 08.37.38The people who will really be laughing are those who sold the US prospects to Shell over the past few years. These assets were acquired by Shell at a cost of several billion dollars right at the top of the market.

FROM A SHELL RELATED SOURCE

Looks like Ben van Beurden is going to be starting with a clean sheet – wholesale disposals (and huge write-offs) in Voser’s last quarter as chairman of the CMD…which of course starts tomorrow.
 
Today’s press mentions disposals of the Eagle Ford shale interests in Texas, shale prospects in Colorado and Kansas, the Chukchi sea prospects off Alaska (interests acquired at enormous cost), and onshore assets in Nigeria – essentially everything that Marvin Odum and Dave Lawrence built up over the past few years plus the Niger delta… And these are just the ones we know about.
 
The people who will really be laughing are those who sold the US prospects to Shell over the past few years. These assets were acquired by Shell at a cost of several billion dollars right at the top of the market.

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Defiant Shell unwilling to quit crime-hit Niger Delta

Screen Shot 2013-09-29 at 23.38.41Oil giant Shell has denied running away from its problems in Nigeria. Shell employs 600 contractor companies, who Janzen says “in principle” survey the lines around the clock;  Campaigners suggest some contractors may be implicated in theft, arguably putting Shell indirectly in the frame.

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30 September 2013

The tanker sailed into the Niger Delta, right under the eyes of Nigeria’s armed forces. Crewed by men working for an international criminal gang, it headed inland, hooked up to “bunkering” points illegally installed on Shell’s Trans-Niger pipeline, and began to steal oil.

“Something went dramatically wrong,” says Jurgen Janzen, Shell’s pipeline asset manager. A year ago today, in the early hours of the morning, Shell discovered both the tanker and the pipeline ablaze, a raging inferno billowing black smoke hundreds of feet above the Delta.

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Why I Hate Royal Dutch Shell plc

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Harvey Jones hates the fact that Royal Dutch Shell plc is failing to fulfil its massive potential.

There is something to love and hate in almost every stock. But today, I’m in a fratchy mood, so here are five things I hate about Royal Dutch Shell (LSE: RDSB) (NYSE: RDS-B.US).

Wasn’t it a certain Warren Buffett who said you should never invest in things you don’t understand? I clearly don’t understand Royal Dutch Shell, because it hasn’t performed as I expected since I bought it in 2011. In fact, its probably the most disappointing FTSE 100 stock in my portfolio. Its share price is up less than 5% over the past two years, against a whopping 30% for the FTSE 100. That kind of mismatch makes me question my judgement.

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