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Oil Majors Face Lawsuits on Climate Change Issues

The companies have been accused of causing an adverse impact on the climate, resulting in global warming. The plaintiffs hold these fossil fuel companies accountable for rising sea levels, changing landscapes, higher global temperatures and increased risk of storms and droughts. The cities are located on the opposite sides of San Francisco Bay, and the lawsuit claims that the region’s water level is already on the rise. If the companies lose the case, they will be liable to pay billions of dollars in fines. Though the lawsuits do not specify the compensation amount, updating San Francisco’s seawall alone could cost up to $5 billion. FULL ARTICLE read more

California cities sue big oil firms over climate change

Gary McWilliams: SEPTEMBER 21, 2017 / 2:34 AM

(Reuters) – California cities San Francisco and Oakland filed separate lawsuits against five oil companies on Wednesday seeking billions of dollars to protect against rising sea levels they blamed on climate change, according to public documents. The lawsuits, filed in state courts in San Francisco and Alameda Counties, alleged Chevron Corp, ConocoPhillips, Exxon Mobil Corp, BP Plc, and Royal Dutch Shell Plc, created a public nuisance and asked for funds to finance infrastructure to deal with rising sea levels. According to a news release from San Francisco city officials, the lawsuits mirror 1980s-era lawsuits against tobacco companies. They allege the oil giants “knowingly and recklessly created an ongoing public nuisance that is causing harm now and in the future risks catastrophic harm to human life and property.” FULL ARTICLE read more

San Francisco sues Big Oil for billions over climate change claiming they knew the dangers for decades

The US cities of San Francisco and Oakland are suing five of the world’s largest oil companies for the coasts of walls and other defences against rising sea levels, saying the industry made vast profits from fossil fuels while knowing they were causing “an existential threat to humankind”.

Drawing a direct comparison to the tobacco industry’s sale of cigarettes despite knowledge of the health risks, the city attorneys announced they had filed separate lawsuits against BP, Royal Dutch Shell, Exxon Mobil, Chevron and ConocoPhillips. read more

Shell to Expand Presence in Asia and Alternative Fuel Market

September 20, 2017, 01:35:00 PM EDT By Zacks Equity Research,

Per Reuters, integrated oil and gas company, Royal Dutch Shell plc RDS.Aintends to increase its marketing operations in Asia region. The company’s effort to de-carbonize the energy system was reconfirmed as it targets to attain 20% of its global fuel station sales from electric vehicles recharging and fuels with a lower level of carbon by 2025.

Expanding Asia Operations

The oil major has 43,000 fuel stations in 80 countries and is now trying to reach the fuel markets of China and India, the two most populous countries in the world with high demand for energy. Shell is also eyeing the Indonesian fuel market. The company believes there will be continued growth in the Asian market over the next decade. read more

Big Oil Becomes Greener With Cuts to Greenhouse Gas Pollution

The five biggest oil companies — Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp., BP Plc and Total SA — collectively curbed their pollution by an average of 13 percent between 2010 and 2015, the report said. BP cut the most at 25.5 percent. Exxon, the largest emitter among listed companies, pushed it down by 14 percent. FULL ARTICLE

Shell/Petrobras: a partnership of corrupt oil giants

The Brazilian Petrobras Scandal: The Brazilian oil giant Petrobras is the largest company in the Southern Hemisphere. On November 14, 2014, a series of police raids netted politicians and Petrobras bigwigs who had paid $2 billion in bribes… Now we have news that Petrobras is linking up with Royal Dutch Shell, which is currently mired in a billion dollar scandal: OPL 245…

Shell and Petrobras sign technical cooperation agreement to strengthen deep water partnership

Posting on Shell Blog by Bogus Group

Shell MoU with Petrobras and their partnership to share experience on cost efficiency and use of technology.

Déjà vu springs to mind (Daily Telegraph 01 March 2012) on BG Group finance of $1.8bn from Brazilian Development Bank to fund interests offshore Brazil (was this the same interests that Chapman demanded his cohorts in Brazil disclose over estimated reserves?).

Daily Telegraph 14 May 2013 also noted Chris Finlayson rhetoric to “keep up the pace with huge discoveries” and focusing on “value over volume”, leaving the company “lean and agile”. read more

Shell Retail Looks to the Future With Car Charging, Clean Fuels

Rakteem Katakey, Javier Blas: BloombergSeptember 11, 2017

Royal Dutch Shell Plc wants 20 percent of income from its retail forecourts to come from vehicles that don’t burn diesel or gasoline, as the company anticipates an accelerating transition to clean energy over the coming decade. Shell set up its first hydrogen refueling station in the U.K. earlier this year and will install its first electric car charging point later this month, said John Abbott, the top executive of its downstream business, which includes refining, marketing, retail, trading and chemicals. By 2025, he expects these new operations supplying cleaner fuels, including natural gas, to make up a fifth of retail earnings. FULL ARTICLE read more

The North Sea Oil Recovery Is Dead In The Water

At an oil industry conference in the North Sea’s oil capital, Aberdeen, the chief executives of BP and Royal Dutch Shell both offered bullish assessments for the turnaround underway off the coast of Scotland. BP’s Bob Dudley said the North Sea is “back to growth,” according to the FT. So, far from a boon for the country, the North Sea is in danger of becoming “a significant annual expenditure for government, rather than a provider of income” in the decades to come, according to a Wood Mackenzie assessment from earlier this year. FULL ARTICLE read more

BP, Shell tie future to North Sea despite broad retreat

Both companies plan to explore this year for new resources in the North Sea, one of the oldest deepwater hubs faced with harsh weather conditions, executives told Reuters.

The two oil giants have sold billions worth of North Sea fields, many of them nearing the end of their life, in recent years. But still they see golden opportunities there as new technologies open up resources that can be profitable with oil trading at around $50 a barrel and in some cases lower. FULL ARTICLE

The North Sea must ‘earn its right to grow’, says Shell boss

Jillian Ambrose: 

The North Sea still has the support of supermajors BP and Royal Dutch Shell but the basin will need to earn its right to grow within a rapidly changing energy landscape, oil bosses have warned. Oil industry heavyweights have converged on Aberdeen this week for a conference focused on the future of the North Sea as oil majors shift their portfolios towards low cost oil, petroleum products, gas and even renewables. Ben Van Beurden, Shell’s chief executive, said the Anglo-Dutch group is still committed to the basin after its $3bn sell-off to private equity backed Chrysaor, but added that the North Sea needs to “earn its right to grow” amid “challenging times” for the oil and gas sector. FULL ARTICLE read more

Big Oil to be usurped by gas in little more than a decade, experts warn

Jillian Ambrose: 

THE dominance of Big Oil will be usurped in less than two decades by the dawn of a golden age for natural gas lasting at least until the middle of the century. One of the world’s biggest risk assurance experts in the global energy ­industry has predicted that gas will emerge as the world’s most important source of energy by the mid 2030s ­after a slow descent for oil which will peak within ten years and the ongoing decline of coal. The fresh findings are reassuring for investors in oil supermajors BP and Royal Dutch Shell which have both ­begun to shift their portfolios towards gas exploration and production in the wake of the global oil price crash. FULL ARTICLE read more

Pensions Deficits: Royal Dutch Shell alone has a shortfall of £73bn

3 SEPTEMBER 2017 • 7:53AM

Dividends at some of Britain’s largest companies – many of them likely to be a staple of your portfolio – could be at risk from ballooning pension deficits.

Huge final salary pension obligations have the potential to limit your investment returns, with tighter regulation and negative publicity surrounding the demise of BHS, the defunct retailer once owned by Sir Philip Green, already taking their toll.

Analysis by Telegraph Money shows that, of the 10 companies paying the highest dividends in Britain, seven have a pension deficit of more than £10bn, prompting concerns for the sustainability of paymentsto shareholders. Many of us will be investing in these companies through company pension schemes and other savings plans. read more

Is it game over for BP plc and Royal Dutch Shell plc?

It’s for this reason that I don’t believe the end is nigh for fossil fuels. That really matters to companies like  and Royal Dutch Shell. In fact I’ve been listening to experts harping on about the end of our reliance on fossil fuels ever since I was a child. And believe me, that was a very long time ago.

Think again

So for those of you who think that the big oil firms are doomed, I would say, think again. Oil has been described as the lifeblood of the global economy on many occasions, with the invasion of Iraq and bombing of Libya possibly serving as proof that we are willing to do just about anything to keep it flowing. Indeed, government documents have revealed that plans to exploit Iraq’s oil reserves were discussed by ministers a whole year before the invasion and subsequent destruction of the country. FULL ARTICLE read more

Royal Dutch Shell In The Clear

Back on May 24th I “sounded the all clear” on Royal Dutch Shell (RDS.A) (NYSE:RDS.B). Shell, I felt, would henceforth be able to pay its dividends and capital expenditure from operational cash flow. Shell’s latest quarter was another continuation of that, with ongoing synergies from the huge BG Group acquisition two years ago and also continued opex savings. Shell’s pro-forma workforce is about 30% smaller than it was in the beginning of 2016, and while that may not be good for employees who were laid off, it is a reflection of impressive modernization and productivity gains from the company itself. This article takes a look at Shell’s ongoing cost-saving measures. This article also looks at the company’s updated cash flow situation, its dividend safety, and finally its valuation. FULL ARTICLE read more

The Oil Price Tug Of War

By Tom Kool – Aug 15, 2017, 3:00 PM CDT

Oil prices remain in a game of tug of war as conflicting news sends both the bears and the bulls to the sidelines.

• In 2015, the U.S. spent the least on energy in over a decade, largely due to the collapse of oil prices.

• In real terms, the U.S. spent $1.27 trillion on energy in 2015, down 20 percent from a year earlier.

• In inflation-adjusted terms, as well as in terms of percentage of GDP, the expenditures were the lowest since 2004.

SOURCE

Big Oil Follows Silicon Valley Into Backing Green Energy Firms

Major oil companies are joining Silicon Valley in backing energy-technology start-ups, a signal that that those with the deepest pockets in the industry are casting around for a new strategy. From Royal Dutch Shell Plc to Total SA and Exxon Mobil Corp., the biggest investor-owned oil companies are dribbling money into ventures probing the edge of energy technologies. The investments go beyond wind and solar power into projects that improve electricity grids and brew new fuels from renewable resources. read more

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