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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. read more

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. read more

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. read more

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 read more

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. read more

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. read more

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. read more

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. read more

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. read more

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. read more

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. read more

In Canada’s north Atlantic, new oil frontier shows life beyond shale

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Fri Sep 27, 2013 3:06pm EDT

* Statoil find opens up new basin for offshore Canada

* Oil majors Chevron and Shell also exploring new fields

* Scarcity of specialised rigs could hamper progress

By Nia Williams

CALGARY, Alberta, Sept 27 (Reuters) – Statoil’s announcement this week of a major oil find off Canada’s Atlantic coast offers a refreshing reminder that new technology and high prices are helping uncover new oil supplies far beyond U.S. shale and the Alberta oil sands.

Statoil says its discovery in the deep-sea Bay du Nord may contain up to 600 million barrels of recoverable oil, making it the third-largest find in Atlantic Canada and rejuvenating hope for an offshore region that was forecast to be in decline for the next several decades. read more

Shell drops vexing Colorado oil shale effort

Shell is abandoning its decades-long quest to extract shale oil commercially from Colorado…; Shell Oil Co., the Houston-based North American arm of Royal Dutch Shell, this week confirmed it was giving up its Mahogany project in Colorado after investing tens of millions of dollars and 31 years on the endeavor.

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By Jennifer A. Dlouhy, Washington Bureau : September 27, 2013

WASHINGTON — Shell is abandoning its decades-long quest to extract shale oil commercially from Colorado, leaving just one major company betting big on the future of that unconventional crude in the United States. read more

INFORMATION SUPPLIED TO SHELL AND THE SCOTTISH POLICE

Screen Shot 2013-09-27 at 15.59.45ROYAL DUTCH SHELL PLC (COMPANY SEC MICHIEL BRANDJES) AND THE SCOTTISH POLICE (CHIEF SUPT. BILLY GORDON) HAVE HAD ADVANCE SIGHT OF THIS EMAIL AND ATTACHED INFORMATION FROM BILL CAMPBELL, RETIRED HSE GROUP AUDITOR, SHELL INTERNATIONAL

From: Cambell
Subject: Articles
Date: 25 September 2013 12:33:02 GMT+01:00
To: [email protected]
Cc: [email protected], [email protected]

John
 
I want to keep up the pressure on Shell by the publication of these two additional articles that cover the hardware faults taken from Shell’s own data.
 
The Chairman wrote to me some time ago saying he agreed with the 2006 press releases, I understand his defence now is that he was misled at the time by Malcolm Brinded and his legal counsel Keith Ruddock.
 
I want to use the fact that the Chairman has not raised, and will not raise, any legal objection to these articles in this correspondence copied to the police, and the previous article re behaviours, in future correspondence with the HSE and the judiciary.
 
I will pass to all the bundles of evidence supporting these articles in due course
 
Bill read more

U.S. govt gauges interest in new Chukchi Sea offshore oil leasing

Screen Shot 2013-01-11 at 20.09.51(Reuters) – The U.S. government on Thursday started to formally gauge energy companies’ interest in future oil and gas leasing in the Chukchi Sea near Alaska, site of a trouble-plagued 2012 exploration season for Royal Dutch Shell Plc. Shell did preliminary drilling on one Chukchi well in 2012. After experiencing equipment failures and accidents, it declined to drill again this year. The company has announced no decision about returning to complete that well or drill others in 2014.

ANCHORAGE, Alaska, Sept 26 | Thu Sep 26, 2013 8:07pm EDT

(Reuters) – The U.S. government on Thursday started to formally gauge energy companies’ interest in future oil and gas leasing in the Chukchi Sea near Alaska, site of a trouble-plagued 2012 exploration season for Royal Dutch Shell Plc.

The “Call for Information and Nominations” issued by the U.S. Bureau of Ocean Energy Management (BOEM) is the first step in a potential Chukchi Sea lease sale under consideration for 2016, officials said. read more

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