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Posts from ‘January, 2014’

New Shell chief vows to stop the rot

FINANCIAL TIMES Ben van Beurden’s message was clear: Royal Dutch Shell has to change. In his first public outing as chief executive of the Anglo-Dutch oil major, he did not stint on the self-criticism. Shell, he said, had “lost momentum”. It had “not always made the right capital choices”. It had got “ahead of [itself]” […]

Shell official says issue in Chukchi Sea court ruling can be fixed

Juneau (Platts)–31Jan2014/1257 pm EST/1757 GMT Shell’s decision not to proceed with 2014 drilling in the Chukchi Sea was a tough one for the company, but the silver lining in the US Circuit Court of Appeals decision that scuttled Shell’s plan was the fact that the court only agreed with the plaintiffs on one narrow issue, […]

Royal Dutch Shell Alaska timeline

Anchorage Daily News January 30, 2014 Royal Dutch Shell’s announcement that it wouldn’t drill in 2014 is the latest twist in the oil giant’s long history in Alaska. Here are some recent developments: • March 2005: Shell dominates a federal offshore oil lease sale for the Beaufort Sea with $44 million in winning bids. • […]

Shell petrol stations a potential goldmine

January 31, 2014 – 2:41PM Self-managed super funds and global oil giants are just some of the potential investors licking their lips at the prospect of Shell’s high-profile petrol station properties being put on the market, a move that could also bring back more independent, family run petrol businesses. Shell gave the clearest sign yet […]

Shareholders have grounds to bring lawsuits against Royal Dutch Shell Plc?

According to an informed source, there is significant potential for shareholder lawsuits against the directors of Shell on the basis of their failure to control spending, possibly in breach of both their fiduciary obligations and internal corporate procedures. The expenditure of $26 billion on “unconventionals” suggests that in North America spending was completely out of […]

You cannot escape history: Royal Dutch Shell and Allseas

INTRODUCTION BY JOHN DONOVAN: Royal Dutch Shell Plc (Company Secretary Michiel Brandjes) and Allseas were given advance sight of the article below on Tuesday and notified of my intention to publish today. They were offered the opportunity to point out any factual inaccuracies plus an invitation to supply comment for publication on an unedited basis […]

Shell keeps Woodside sale in play

Matt Chambers The Australian January 31, 2014 12:00AM OIL giant Royal Dutch Shell has confirmed it is considering the sale of its Australian fuel retailing and marketing assets, along with its Geelong refinery, as part of an accelerated campaign to raise $US15 billion ($17.1bn) from sales of its portfolio across the globe. The admission, made […]

Shell Says EU Energy Regulation Diverts $1 Billion From Trading

Royal Dutch Shell Plc, Europe’s largest oil company, said the European Union’s planned regulation to curb speculation in commodity derivatives may endanger security of energy supply. EU lawmakers have been reviewing the Markets in Financial Instruments Directive, or Mifid, which is “targeted” at financial commodity speculators, said Shell Chief Financial Officer Simon Henry. (right) By […]

Oil drilling on US Arctic coast put on ice

Oil companies’ rush to find reserves off Alaska’s Arctic shores suffered a setback on Thursday after Shell said it would suspend its operations in the region — and possibly withdraw for good. “We will not drill in Alaska in 2014, and we are reviewing our options there,” Shell CEO Ben van Beurden told reporters in […]

Shell shelves plan to drill in Alaskan Arctic this summer

“The company has spent huge amounts of time and money on a project that has delivered nothing apart from bad publicity and a reputation for incompetence. The only wise decision at this point is for Mr. Van Beurden to cut his company’s losses and scrap any future plans to drill in the remote Arctic ocean.” […]

Should have bought his fuel somewhere else?

PHOTO AND CAPTION COURTESY OF THE BBC: Ferrari driver Fernando Alonso stands next to the new F14T car after it stopped during Formula 1 Testing at the Ciruito de Jerez, Spain Like this:Like Loading…

Shell Puts Its Arctic Plans on Ice

SHELL GETS COLD FEET Royal Dutch Shell won’t drill in the U.S. Arctic this year. A combination of a federal appeals court ruling and a need to get a handle on booming costs appear to have been the straws that broke the camel’s back. FULL ARTICLE SUBJECT TO SUBSCRIPTION Like this:Like Loading…

Shell profit warning – the shock that wasn’t

In a mix and mingle of rational and strange explanations, while distancing himself as the ‘New Man’ from what happened under previous CEO Peter Voser, the new CEO firstly blamed lower oil and gas prices, which for oil is a strange claim. Shell’s supposedly ‘shocking’ admission its profits will be low for several years – […]

Shell Profit Drops 48% as Oil and Gas Production Declines

Shell will need to slash investments and boost cash flow to meet its $130 billion net capital-expenditure target for 2012-2015. By Eduard Gismatullin Jan 30, 2014 7:14 AM GMT Royal Dutch Shell Plc (RDSA), Europe’s largest oil company, said profit plunged 48 percent on exploration expenses and lower production. Profit excluding one-time items and inventory […]

Nigeria: Bonga Oil Spill – FG Fines Shell $11.5 billion

Shell Nigeria Exploration and Production Company, SNEPCO, was, yesterday, ordered by Nigerian Maritime Administration and Safety Agency, NIMASA, and the National Oil Spill Response and Emergency Agency, NOSREA, to pay a total of $11.5 billion, about N1.84 trillion, as fines and compensation for the 2011 Bonga oil spill incident. “The kind of impunity Shell and […]

Argentina tumbling currency under attack by Shell?

By Jonathan Gilbert | 01/28/14 The peso tumbled by 15 percent against the dollar in just three days last week, according to Bloomberg, including a drop of 9.5 percent on Thursday, the biggest since 2002, when Argentina’s previous dollar peg collapsed.  Axel Kicillof, the economy minister… claimed a “speculative attack” by Shell, the oil company, […]

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