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Shell CEO Ben Van Beurden says his next car will be an electric Mercedes S500e

Jul 28 2017 at 9:03 AM

When the boss of Europe’s biggest listed oil company says his next car will be electric, it says a lot about the future of fossil fuels. Royal Dutch Shell responded to the worst oil-price crash in a generation with its $US54 billion ($68 billion) takeover of BG Group, betting that demand for natural gas will rise as the world shifts to cleaner-burning fuels. Now chief executive officer Ben Van Beurden says the next thing he’ll buy is a car that doesn’t depend on either oil or gas to run. Van Beurden will switch from a diesel car to a plug-in Mercedes-Benz S500e in September, a company spokesman said. Chief financial officer Jessica Uhl already drives a BMW i3 electric car. FULL ARTICLE read more

Shell eyes possible North Sea target – Penguins

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Chief executive Ben van Beurden said a number of final investment decisions are due to be made in the next 18 months. And among the eight upstream projects is Shell’s Penguins developments in the northern North Sea comprising of several oil and gas fields in the northern end of the East Shetland Basin. Although discovered in the 1970s, the cluster field has never been fully developed due to variety of factors including poor reservoir performance, lack of subsea technology, tricky geology involving faults and the large area involved. But speaking to investors following Shell’s Q2 results yesterday Mr van Beurden said it had made the possible shortlist for sanction. FULL ARTICLE read more

Shell backs gas export limits

: Resources reporter, Melbourne: 28 July 2017

Royal Dutch Shell chief executive Ben van Beurden has said he is very supportive of Malcolm Turnbull’s moves to impose export restrictions to increase domestic supply on the east coast, where Shell runs the Queensland Curtis LNG project. But the oil major has revealed there have been some unspecified operational problems at QCLNG, which exports coal-seam gas from Gladstone. Speaking on a second-quarter earnings call in London last night, Mr Van Beurden backed the Prime Minister’s intervention in the markets, which gives the government the power to restrict exports from any LNG project that is not a “net contributor” to domestic markets. FULL ARTICLE read more

Shell preparing for world economy that shifts away from oil

By DANICA KIRKA Associated Press

Royal Dutch Shell is planning for the day when demand for oil starts fading as major economies move away from oil and increasingly turn to electric-powered cars, Chief Executive Ben van Beurden said Thursday. Van Beurden welcomed recent proposals to phase out passenger vehicles powered by fossil fuels in Britain and France, saying they are needed to combat global warming. Shell is looking at “very aggressive scenarios” as it makes plans to remain competitive in a world that gets more of its energy from renewable sources and less from crude oil, or “liquids,” he said. “The most aggressive scenario – much more aggressive than what we are seeing at the moment, by the way – with maximum policy effect, with maximum innovation effect, can see us peaking in liquids consumption somewhere in the early thirties,” he said as Shell reported second-quarter earnings. FULL ARTICLE read more

Shell Still Thinks Canadian LNG Project Could Be a Go

Royal Dutch Shell Plc said it hasn’t written off its Canadian liquefied natural gas project in Kitimat, British Columbia, yet as a global supply glut killed off a competing project earlier this week. LNG Canada, which is also backed by Mitsubishi Corp., PetroChina Co. and Korea Gas Corp., is still weighing an investment decision that’s expected by early 2019, Shell’s Chief Executive Officer Ben Van Beurden said on a conference call Thursday. “We need to get the timing properly right — we think we can,” he said. “If we look at an investment decision in the next 18 months or so, this is going to be a project that could start producing right at the moment when the spot market, the short-term market is getting very tight again.” FULL ARTICLE read more

Shell Wakes Up and Smells the Coffee (and Burgers)

July 27, 2017 12:23 PM EDT

The image of a driver slurping an iced latte while pulling a Mustang up to the drive-in window of a fast-food joint is either your idea of a capitalist apotheosis or civilization’s decadent demise.

Or … it’s what flashed through your mind as you listened to Royal Dutch Shell Plc’s earnings call on Thursday.

Jessica Uhl, Shell’s chief financial officer, at one point talked up the oil major’s marketing business:

We’re the world’s largest fuel retailer. Every day, Shell serves more than 30 million customers across our 43,000 sites in close to 80 countries. That is more sites than Starbucks; it is more than McDonald’s. read more

Shell sees oil demand peaking by late 2020s as electric car sales grow

The prospect of a decline in oil consumption after more than a century of growth as the world switches to burning cleaner fuels is gathering pace. On Wednesday Britain announced plans to ban diesel and gasoline vehicles by 2040, following a similar move by France. “I think they are very welcome announcements, they are also very needed announcements,” van Beurden told reporters after Europe’s biggest oil company reported a sharp rise in quarterly profits. Under the Anglo-Dutch company’s most aggressive scenario of battery-powered vehicles replacing traditional internal combustion engines, consumption of oil will peak in the early 2030s, he said. FULL ARTICLE read more

Shell profits surge as Van Beurden puts focus on ‘discipline’

By Press Association: 

Royal Dutch Shell has reported a large rise in second quarter profits after the energy giant was boosted by higher oil and gas prices. The firm said adjusted earnings rose from $1.05bn (£800m) to $3.6bn, an increase of 245pc, as chief executive Ben van Beurden said he was making progress on “reshaping the company”. “Cash generation has been resilient over four consecutive quarters, at an average oil price of just under $50 per barrel,” Mr Van Beurden said. “The external price environment and energy sector developments mean we will remain very disciplined, with an absolute focus on the four levers within our control, namely capital efficiency, costs, new project delivery, and divestments. “I am confident that we are on track to deliver a world-class investment to our shareholders.” The figures were flattered by a disastrous second quarter in 2016, when it was stung by depressed crude prices and costs linked to its takeover of BG Group. FULL ARTICLE read more

Shell Profits Triple on Stronger Refining, Oil Prices

Shell CEO Ben van Beurden

LONDON — Royal Dutch Shell more than tripled its profits in the second quarter to beat forecasts boosted by strong refining operations and a rise in oil prices. The Anglo-Dutch oil and gas company also reported a huge recovery in cash flow to $12.2 billion and a drop in debt as its cost reduction efforts in recent years paid off. It has sold some $25 billion of assets since acquiring BG Group last year. The strong results came despite a dip in oil and gas production versus the previous quarter as a result of reduced output from a facility in Qatar. “The external price environment and energy sector developments mean we will remain very disciplined, with an absolute focus on the four levers within our control,” Chief Executive Ben van Beurden said. READ MORE read more

Royal Dutch Shell’s earnings more than triple in 2Q

By Associated Press July 27 at 2:53 AM

LONDON — Royal Dutch Shell says second-quarter earnings more than tripled as it benefited from a cost-cutting drive and recovering oil prices.The Anglo-Dutch energy giant said Thursday that profit adjusted for changes in the value of inventories and excluding one-time items rose to $3.60 billion from $1.05 billion in the same period last year. Net income rose 31 percent to $1.55 billion.CEO Ben van Beurden says the earnings reflect Shell’s restructuring to cope with lower oil prices and the purchase of natural gas producer BG Group. Shell’s oil price averaged $45.62 a barrel for the quarter, up 16 percent from a year earlier. Prices were above $100 a barrel as recently as 2014. Van Beurden says the “external price environment and energy sector developments mean we will remain very disciplined.” read more

Shell nears finishing line with $30billion divestment programme

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The supermajor announced this morning that it had shed assets worth $25billion as part of the reshaping of its portfolio. This included the landmark North Sea deal with Chrysaor earlier this year, worth around $3.8billion. It also comes following the $68.2billion merger with BG Group. The supermajor also recently agreed to sell its stake in Irish gas project Corrib in a deal worth up to 1.23 billion US dollars (£956 million). The firm said adjusted earnings rose from 1.05 billion US dollars (£800 million) to 3.6 billion US dollars (£2.7 billion), an increase of 245%. read more

Shell shifts focus to chemicals and refining

Anglo-Dutch energy giant Royal Dutch/Shell is shifting its focus toward downstream operations like refining and chemicals and away from traditional upstream activities like exploring for oil and gas, the Financieele Dagblad said on Wednesday.

This shift is likely to become even clearer when the company publishes its second quarter figures on Thursday, the paper said.

Shell’s investment in exploration slumped to $157m in the first quarter of 2017 from an annual quarterly average of between $500m to $600m in recent years, the paper points out.  This is partly due to the group’s recent acquisition of the BG Group which has large deep-sea reserves off the coast of Brazil. read more

Shell News 11 July 2017

Energy transition chatter should go beyond Western viewpoints, says Shell CEO: International Business Times: 11 July 2017

Discussions over the global energy mix and the transition to a low carbon global economy should not only focus on Western perspectives, according to Royal Dutch Shell’s chief executive officer Ben van Beurden. READ MORE

Shell Mulls LNG-Hub Network as Use by Ships and Trucks Expands: Bloomberg: 11 July 2017

Shell is studying developing a global network of liquefied natural gas supply hubs for vehicles including ships, Steve Hill, executive vice president for gas and energy marketing and trading, said Monday at the World Petroleum Congress in Istanbul. READ MORE

Oil majors among top contributors to greenhouse emissions, report says: EnergyVoice.com: 11 July 2017

More than half of global industrial emissions can be traced back to just 25 corporate and state producing entities, the report says. China, India and Russia’s coal industries and major oil and gas players like Saudi Aramco, Gazprom, ExxonMobil, BP and Shell are among those named in the paper from CDP, formerly the Carbon Disclosure Project. READ MORE read more

More Shell News 10 July 2017

Shell Plans to Spend $1 Billion a Year on Clean Energy by 2020: Bloomberg: 10 July 2017

Royal Dutch Shell Plc plans to spend as much as $1 billion a year on its New Energies division as the transition toward renewable power and electric cars accelerates. READ MORE

Shell No.9 in Top 100 greenhouse gas emitters since 1988 read more

Shell News Update 5 July 2017

Qatar signals LNG price war for market share in Asia: Reuters: 5 July 2017

U.S. and European oil majors such as Royal Dutch Shell and Chevron have invested huge sums over the last decade – often more than they have spent on oil – in an attempt to dominate the LNG market, especially through mega-projects in Australia such as Chevron’s Gorgon or Shell’s Prelude.

Oil majors lost $115 billion in market value since April: OilPrice.com: 5 July 2017

ExxonMobil, Chevron, Total, Royal Dutch Shell, and British Petroleum are the five biggest players on the index, which includes 85 other majors. Together, they have lost $115 billion in market value since the beginning of April, Bloomberg reports, according to World Oil. read more

Shell News 30 June 2017

Ogoni 9 widow Esther Kiobel lands day in court against oil giant Shell: CNN: 30 June 2017

Shell Welcomes Final Recommendations in Climate Report: Rigzone: 30 June 2017

“I agree that companies should be clear about how they plan to be resilient in the face of climate change and energy transition,” Shell CEO Ben van Beurden said in a company statement.

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