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Posts under ‘Ben van Beurden’

Oil giants donate $23 million for Harvey victims

Harvey has soaked Texas with the heaviest rainfall in US history. Texas officials said more than 185,000 homes were damaged and 9,000 destroyed as 42,000 people remain in shelters amid overflowing rivers and reservoirs.

“In the community, Shell staff have helped out so many in need that people are flagging down anybody wearing the company pecten symbol to say thank you,” Shell CEO Ben van Beurden wrote in a LinkedIn article on the storm. FULL ARTICLE

What You Missed in Royal Dutch Shell plc’s Quarterly Report

What Shell looks like now

There’s no question about how Royal Dutch Shell makes money. It is one of the world’s largest oil and natural gas drillers, with a large footprint in liquified natural gas. Oil and gas have been the driving force, broadly speaking, throughout all of the company’s over 100-years of existence. Investor questions generally focus on what management is doing to support and grow its core operations. FULL ARTICLE

Storm Harvey: Shell boss takes stock of disruption

Shell Prepares For A Different Energy Reality

: 14 August 2017

Summary

  • This summer has seen the governments of several of the world’s major economies propose to eliminate internal combustion engine vehicles over the next 10-30 years.
  • At the same time, Royal Dutch Shell announced several major clean energy investments over the summer in anticipation of a drop-off in petroleum demand.
  • This article looks at how Shell’s clean energy investments fit into its energy profile forecasts compared to its peers. MAIN ARTICLE
  • read more

    Is Shell’s Lower Oil Forever Really So Unrealistic?

    “Royal Dutch Shell PLC’s chief executive drew a collective gasp with his “lower forever” comment as one recent story put it.”  Funny, in 2012 when I said at an OPEC conference that the price was likely to return to the $50-60 range, it was not even taken seriously enough for gasps:  the moderator actually thought I was joking, and an oil company CEO replied, ‘Well, you hate to call someone an idiot’ apparently unaware I’ve been called much, much worse. FULL ARTICLE WITH CHARTS read more

    Rise of electric cars challenges the world’s thirst for oil

    by: , Energy Editor: 8 Aug 2017

    Ben van Beurden, chief executive of Royal Dutch Shell, made no attempt to disguise the challenge facing “Big Oil”. Companies must become more discriminating about which oilfields to develop, he said, with only the most low-cost and productive likely to remain competitive. “We have to have projects that are resilient in a world where demand has peaked and will be declining,” he said. “When will this happen? We do not know. But will it happen? We are certain.” FULL FT ARTICLE read more

    $45m claim against Shell Brunei involving another leak

    By John Donovan

    Amrtur Corporation, a supplier of drill pipes and other oil industry services, has sent a letter before action making a $45m claim against Shell’s Brunei business. The move is said to be triggered by cuts resulting from the fall in oil prices. According to a report in the FT: “Amrtur asserts it suffered lost revenues of B$61.2m ($45m) between 2012 and 2016 due to alleged breaches of its contracts with Brunei Shell Petroleum Company, the 50-50 partnership between the government and Royal Dutch Shell.” read more

    Retired Shell official accuses company of ‘more leaks than the White House’

    Bill Campbell, retired HSE GROUP AUDITOR, Shell International, comments on Paddy Briggs damning conclusion about Shell FAT CATS

    The Lonely Elephant

    Prelude may or may not turn out to be a white elephant but certainly from the leaked transformation documents it would appear it will be in any case a lonely elephant. 20 some years in gestation it appears that mega FLNG projects are out. As for the fat cats Paddy if Shell continues to leak (Pernis et al), more leaks than the White House, the fat cats may not be around. Are they taking their eye of the ball – who is running the business, with all this transformation stuff and reported loss of common sense and experience I read about on this website from current employees, it makes you think. read more

    Shell and BP’s commitment to North Sea oil ‘rock solid’

    Ben van Beurden, chief executive of Shell, has signalled that he too is once again viewing the North Sea as an investment opportunity, despite selling more than half of the group’s UK production to Chrysaor, a small UK company backed by US private equity funds, for up to $3.8bn in January. Last month, Mr van Beurden identified the Penguins field in the northern North Sea as among a handful of projects around the world that Shell would consider giving the green light to in the next 18 months. FULL FT ARTICLE read more

    Warning of US sanctions ‘disaster’ for Russia energy projects

    By: Henry Foy in Moscow and Andrew Ward in London

    International energy investments in Russia will suffer from new US sanctions imposed on Moscow, executives have warned… A senior executive at a western oil group with a large presence in Russia told the Financial Times that the new sanctions “could be a disaster” given its current business in the country. Mr van Beurden said Shell had authorisation from Dutch authorities to press ahead with financing of Nord Stream 2, but was waiting to see how the US situation “evolves.” FULL FT ARTICLE read more

    SHELL JOBS UPHEAVAL

    By John Donovan

    Today we publish the opening pages of Shell’s internal consultative document which, although directed at Shell’s Dutch employees, includes a detailed description of Shell’s proposed global organisation changes.

    With regards to the Shell VP musical chairs analogy, a Shell Blog contributor has pointed out “50% of VPs would have to leave, and GM level even more.”

    The content of the Shell document is all valuable, commercially sensitive insider information, most definitely not meant for consumption by the public, Shell shareholders, or Shell’s competitors.  read more

    Shell plans 400 job cuts at Dutch projects and technology department

    Royal Dutch Shell Plc plans to cut more than 400 jobs in the Netherlands, mainly at its major projects and energy technology operations, as the oil giant shifts its business model in response to lower oil prices, according to an internal document seen by Reuters.

    The world’s second-largest oil company by market capitalization said in a statement responding to questions from Reuters that “approximately 400 (staff) are potentially at risk of redundancy during the last quarter of 2017/first half of 2018”. read more

    Shell to cut 400 jobs in the Netherlands

    Shell’s 88 page global transformation plans leaked to John Donovan

    Embarrassingly for Shell, as the New York Times has reported this morning, I have a leaked copy of an 88 page Shell internal document setting out proposals for Shell’s global plans generally and in particular for the Netherlands, where several hundred more jobs are going to disappear. Part of a world-wide jobs upheaval at Shell. 

    A few days ago, CEO Ben van Beurden, mindful of the prospect of a falling oil price, claimed that Shell “is getting fit for the $40s.” Now we have a detailed insight about the scope of proposed transformational change at Shell deemed essential to achieving that objective. Embarrassingly for Shell, as the New York Times has reported this morning, I have a leaked copy of an 88 page Shell internal document setting out proposals for Shell’s global plans generally and in particular for the Netherlands, where several hundred more jobs are going to disappear. read more

    BP and Shell face huge challenge from switch to electric cars

    Emily Gosden, Energy Editor: 31 July 2017

    Oil investors are getting worried. Electric cars have accelerated on to the front pages. Sales are surging, carmakers are unveiling plans for all-electric models and this week Britain vowed to ban sales of petrol and diesel cars by 2040. Yet if Big Oil believes that death is about to pull up in a Tesla, it’s doing a good job of hiding it. On Thursday, Ben van Beurden, the boss of Royal Dutch Shell, welcomed Britain’s plans and declared that his next car would be electric. And earlier in the year Spencer Dale, BP’s chief economist, bluntly described the arrival of electric vehicles on the oil majors’ lawn as “not a game-changer”, adding that not even “enormous” growth in sales of such vehicles would make a big dent in global oil demand. As Big Oil evolves into Big Energy, the sight of Mr van Beurden behind the wheel of an electric vehicle might not seem so crazy, so long as he’s charging it up on a Shell forecourt. read more

    OPEC’s Existential Sucker Punch

    Julian Lee: July 30, 2017 3:00 AM EDT

    You wait decades for an existential crisis, then two come along at once. At least that’s how it must feel for OPEC’s beleaguered ministers. In the short term the market for their oil is being eroded by rising production outside their control. Looking further ahead, oil demand itself is under threat from the electrification of road transport. OPEC may not yet be dead, but its days are surely numbered. The most obvious short-term threat to the group comes from the rapid rise in U.S. shale oil, but the risks have expanded to include other areas like Brazil’s prolific sub-salt discoveries and more recent finds further north along the east coast of South America. FULL ARTICLE read more

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