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Posts under ‘BP’

Myths about Shell’s Arctic Alaska pullout persist

Yereth Rosen: Alaska Dispatch News: October 3, 2015 When Royal Dutch Shell announced that it had lost its big-money bet in the Chukchi Sea and would end its entire program in the offshore U.S. Arctic, the hyperbole and finger-pointing began in earnest. Rep. Don Young accused President Obama and Interior Secretary Sally Jewell of deliberately sabotaging Alaska’s economy. “I’m […]

Shell and BP make new inroads in Iran

Saeed Kamali Dehghan and Terry Macalister Friday 2 October 2015 20.30 BST The possibility of a major British oil company regaining access to one of the world’s great hydrocarbon markets rose on Friday with officials in Tehran saying Shell would be allowed to build 100 petrol stations in Iran. FULL ARTICLE RELATED TEHRAN, Oct. 3 (MNA) […]

Shell boss confronts environmental, carbon challenges

On Monday, the oil and gas giant gritted its teeth and pulled out of one of the most ambitious, expensive and controversial exploration forays on the planet – Alaska. A project that could have delivered tens of billions of dollars instead delivered a dry well and, on Sunday, van Beurden and his team called it quits. […]

Royal Dutch Shell’s Arctic Bucket Of Ice Has Melted, Yield Is Now North Of 8%

Sep. 29, 2015 Summary * The Burger J well test results were a dud, no major reserves found. * Shell puts Arctic drilling on hold indefinitely, which further reduces future capex. * Dividend yield tops the 8% mark. Royal Dutch Shell (RDS.A / RDS.B) was always upbeat about the prospects of drilling in the Arctic, […]

Shell has made a costly call to abandon Alaska

Kamal Ahmed: Business editor: 28 Sept 2015 It could have been Hillary Clinton’s tweet that did it. Just after the US government had given the go-ahead for Shell to restart its exploration in Alaska, the Democratic presidential candidate took to the social media site. “The Arctic is a unique treasure,” Mrs Clinton said on Twitter. “Given […]

Here’s How Royal Dutch Shell plc And BP plc Will Be Impacted By A Weak Chinese Economy

Bidness Etc discusses how European oil majors are impacted by the slowdown in the Chinese economy By: Micheal Kaufman: Sep 25, 2015 The slowing Chinese economy has impacted the overall world economy and various other sectors. According to a Moody’s Investor service report EMEA (Europe, Middle East, and Africa)’s mining sector is totally exposed to the […]

Shell, Statoil among energy companies forging climate advice group

Green Business | Thu Sep 24, 2015  Representatives from energy companies including oil heavyweights Shell and Statoil have joined forces to advise on making cleaner energy decisions, the latest push by energy firms to become more pro-active on climate issues. Shell Chairman Chad Holliday, Statoil Vice-President Bjorn Otto Sverdrup and RWE Chief Executive Peter Terium […]

EU Said to Ramp Up Oil-Benchmarks Probe With Evidence Request

Regulators may be moving toward sending antitrust complaint Probe began two years ago with raids on BP, Shell and Statoil By Gaspard Sebag and Javier Blas: BLOOMBERG.COM: 17 Sept 2015 Major oil companies including Royal Dutch Shell Plc and price publisher Platts were told by regulators to redact business secrets from documents obtained during antitrust raids in a […]

Iraq Asks Oil Companies to Cut Spending After Drop in Prices

By Khalid Al Ansary: September 15, 2015 Iraq asked oil companies to reduce their 2016 spending plans in the country by Sept. 30, citing lower oil prices and government revenue. The reduced budgets shouldn’t affect 2015 production, Abdul Mahdy Al-Ameedi, director of licensing at Iraq’s oil ministry, said by phone Tuesday, citing a letter that the […]

Shell’s big gamble: Oil wrangling at the far reaches of the Arctic frontier

By Steven Mufson September 11 Shell Oil Co.’s president Marvin Odum made the trip on Sept. 2 from Houston to this northern-most town in the United States, a spot whose traditional name, Ukpeagvik, means “place where snowy owls are hunted.” Odum is here hunting, too, for oil offshore and political support from Alaska Natives living […]

Move Over Exxon, Russian Drillers Are Oil World’s Top Performers

By Stephen Bierman and Rakteem Katakey: Sept 8, 2015 At a time when the collapse in crude prices pushes Russia’s economy into a recession, the nation’s oil producers are managing to beat their western counterparts. On measures including cash flow, profit margins and share prices, OAO Rosneft, Lukoil PJSC — Russia’s two largest oil producers — and OAO […]

Exxon Mobil Corporation, Chevron Corporation, BP And Royal Dutch Shell Face Challenging Dividend Environment

Bidness Etc sheds light on the challenges for companies like Exxon, Chevron, BP, Royal Dutch Shell, and Total SA in sustaining dividend payouts amidst depressed crude oil prices By: MICHEAL KAUFMAN: Sep 1, 2015  Crude prices have dropped more than 50% since the highs of June last year, following weak Chinese demand and a global supply […]

Discussing the costs of disaster for offshore US oil : Regulation and Environment

In this week’s Oilgram News column, Regulation and Environment, Gary Gentile asks if the risks associated with ultra-deepwater oil production endeavors are properly disclosed to shareholders. By Gary Gentile | August 31, 2015 Opponents of offshore drilling in frontier environments, such as the Arctic, have opened up a new front in their effort to curtail such […]

President Obama Defends Shell Arctic Drilling Decision

By: MICHEAL KAUFMAN: Aug 29, 2015  Critics argue that allowing Shell to explore Arctic for oil goes against the country’s stance on climate change President Obama has defended his decision to grant approval for drilling in the Arctic region, ahead of his trip to Alaska. Royal Dutch Shell plc (ADR) (NYSE:RDS.A) had been seeking the […]

Shell offshore drilling application prompts conflict-of-interest charge

By Charles Mandel | August 29th 2015 Shell Canada Limited is applying to bring offshore drilling to Nova Scotia’s waters. But environmentalists are raising alarm bells over potential conflict of interest, as the group reviewing Shell’s application — the Canada-Nova Scotia Offshore Petroleum Board (CNSOPB) — includes a board member who worked at Shell Canada and […]

Why Royal Dutch Shell plc Is Facing Resistance In Canada

By: MICHEAL KAUFMAN: Aug 28, 2015  Royal Dutch Shell plc’s (ADR) (NYSE:RDS.A) drilling in Canada will be coming in for resistance, as reported by the Guardian. The drilling plan in Nova Scotia’s southern shore has been approved by the country’s Environment Minister and is under the Canada-Nova Scotia Offshore Petroleum Board’s review. The Canadian Environment Ministry […]

Market Rout

Oil’s slump has been brutal. More than half a trillion dollars of value has been wiped from the five biggest international oil companies — Exxon, Shell, Chevron, Total and BP — since mid-June last year. Rakteem Katakey: August 26, 2015: BLOOMBERG.COM Shares of the largest oil companies have slumped so low it suggests investors expect […]

Oil at rock bottom: Is your portfolio at risk?

Among individual oil producers, the biggest on the market is Royal Dutch Shell, and its share price has unsurprisingly performed terribly in the last year. The shares have fallen 36 per cent since last August… by Annabelle Williams: 26 August 2015 Shares in energy companies have plummeted – should investors be buying? OIL PRICES have fallen […]

INTERVIEW-Shell eyes Iran, to pay debt when sanctions end

TEHRAN | BY GUY FAULCONBRIDGE: Mon Aug, 2015 Aug 24 Royal Dutch Shell will repay a $2 billion debt to the National Iranian Oil Company (NIOC) when sanctions on Iran are lifted and will consider investing in the country’s vast energy sector, Shell’s boss for new business said. Much would depend on the terms offered […]

Iran to Raise Oil Output ‘at Any Cost’ to Defend Market Share

U.S. benchmark West Texas Intermediate crude fell to less than $40 a barrel for the first time in more than six years in New York trading on Friday. Anthony Dipaola and Hashem Kalantari: BLOOMBERG.COM: 23 AUGUST 2015 Iran plans to raise oil production “at any cost” to defend the country’s market share and joins calls for […]

Oil slump highlights pressure on dividend payouts

Extracts from an article by Garry White: 22 Aug 2015 Some in the City are concerned that distributions to shareholders at some major dividend payers are too high. This is particularly true for the oil sector. • Opec is being eaten alive and needs to meet to heal its wounds • Low oil prices bite as […]

Oil Companies Sit on Hands at Auction for Leases

By CLIFFORD KRAUSS: AUG. 20, 2015 PAGE B1 IN NEW YORK EDITION HOUSTON — With oil prices collapsing and companies in retrenchment, a federal auction in the Gulf of Mexico on Wednesday attracted the lowest interest from producers since 1986. It was the clearest sign yet that the fortunes of oil companies are skidding so fast […]

BVB Personal Journey? Was it to a bank or a casino?

By John Donovan Royal Dutch Shell CEO Ben van Beurden claims that he has been on a personal journey in relation to authorising Shell’s latest Arctic gamble. All due credit for the courage needed to take such a huge risk. The same applies to Shell’s takeover of the BG Group and the alliance with the corrupt […]

Shell Arctic drilling ‘risky’ – ex-BP boss Lord Browne

By Roger Harrabin: BBC environment analyst: 12 August 2015 Drilling for oil in the Arctic may harm Shell’s reputation and cost it dear, the former BP boss Lord Browne has said. Shell has just started preliminary drilling in Alaska’s Chukchi Sea after several setbacks. The firm’s CEO Ben van Beurden said he had gone on […]

BP plc and Royal Dutch Shell Plc Will Have To Survive Without $100 Oil

By Harvey Jones – Tuesday, 11 August, 2015 Low oil prices have sunk share prices at BP (LSE: BP) and Royal Dutch Shell (LSE: RDSB) and there is no sign of immediate respite. There was a flicker of hope as Brent crude climbed to nearly $68 a barrel in May, but it has now slid below $50 again, and […]

To please investors, Big Oil makes deepest cuts in a generation

August 7, 2015 Oil companies are making the largest cost cuts in a generation to reassure investors. They’re risking their own future growth. From Chevron Corp to Royal Dutch Shell, producers are firing thousands of workers and cancelling investments to defend their dividends. Cutbacks across the industry total $US180 billion so far this year, the most […]

Chevron Corporation, Royal Dutch Shell Plc & Other Oil Co.s Have Lost $1.3 Trillion Since Last Year

By: MICHEAL KAUFMAN: Aug 5, 2015 As the global benchmark of crude, Brent currently hovers around $50 per barrel. Meanwhile, the oil and gas industry has lost $1.30 trillion of its value this year, and this eroded value equals the annual gross domestic product (GDP) of Mexico. The combined market capitalization of 157 listed oil and […]

Inside Shell’s Extreme Plan to Drill for Oil in the Arctic

by Paul Barrett and Benjamin Elgin: 5 August 2015: BLOOMBERG.COM Protesters near the Polar Pioneer.: Photographer: Keri Coles/Greenpeace In a windowless conference room in Anchorage, a dozen Royal Dutch Shell employees report on the highest-profile oil project in the multinational’s vast global portfolio. Warmed by mid-July temperatures, Arctic ice in the Chukchi Sea, northwest of the Alaskan mainland, […]

Oil Companies Spending Cuts Unlikely to Be Enough

LONDON–The world’s biggest oil company’s have vowed to bring down the costs of big projects in the face of slumping oil prices, but the unrelenting price weakness–with crude below $50 a barrel–suggests they could have to dig deeper still. In the past year, as oil prices plunged 60% from highs of $114 in 2014, U.K. […]

Oil companies’ grim outlook weigh on investors’ sentiment

By Bloomberg | 4 August 2015 NEW YORK: The world’s biggest oil companies are painting a grim picture of the future and speculators are listening. Hedge funds reduced bullish bets to the lowest level in five years as oil capped the worst month since the financial crisis. The net-long position in West Texas Intermediate contracted 7 […]

August Off To A Shaky Start For Oil Markets

By Evan Kelly: Tue, 04 August 2015 August started off on a dour note for crude oil, with prices tanking by around 5 percent on August 3. A slew of negative news from around the world weighed on prices. The Greek stock market plummeted on the first day of trading after being closed for five weeks. […]

Shell to Strengthen Russian Hand Through Gazprom Asset Swap

by Rakteem Katakey: August 3, 2015: BLOOMBERG.COM Royal Dutch Shell Plc will swap a stake in one of its international energy assets for part of Gazprom PJSC’s Sakhalin-3 project as Europe’s biggest oil company extends ties with Russia. The companies are discussing which asset would be offered to Gazprom, Shell Chief Executive Officer Ben Van Beurden […]

Shell to dispose of its downstream assets and business completely?

A report in The Times today describes the plans for Shell Centre development: London waterfront to take on new look with Italian backing On the face of it it raises the question as to why, given the movement of the centre of gravity in Royal Dutch Shell to The Netherlands, RDS would want to hold […]

Shell to Cut 6,500 Jobs, Reduce Investment by $7 Billion

By Rakteem Katakey: July 30, 2015″ BLOOMBERG.COM Royal Dutch Shell Plc, the oil producer buying BG Group Plc for more than $70 billion, said it plans to cut 6,500 jobs this year and reduce capital investment by $7 billion. Shell is planning for a “prolonged downturn,” the company said Thursday in a statement. Its dividend commitment […]

Shell to move to new shift pattern

Written by Harriet Brace – 28/07/2015 8:06 am A major oil firm has confirmed its offshore workers will be the latest to move over to a new three weeks on shift pattern. Oil giant Shell today confirmed the company will be moving to the new working pattern for offshore employees. Offshore workers at Shell are […]

Big oil to sharpen focus on costs after $200bn of cuts

Europe’s biggest oil companies have to find deeper cuts as oil prices expected to weigh on earnings By Andrew Critchlow, Commodities editor: 27 July 2015 Three of Europe’s biggest oil companies will report weaker earnings this week and the City is looking for guidance on how to mitigate a sustained slump in Brent crude prices […]

British energy giants set to axe costs in a bid to cope with falling gas and oil prices

BG could reveal a 75 per cent fall in profit to £200million By LAURA CHESTERS FOR THE DAILY MAIL: 26 July 2015 The falling price of oil and gas continues to take its toll on energy firms as British Gas-owner Centrica, BP and Royal Dutch Shell are set to reveal increased cost cutting to cope. The […]

Iran releases list of oil money debtors

The oil major Royal Dutch Shell owes Tehran $2.8 billion while it made a net loss of $6 million trading Iranian oil in 2012. TEHRAN, Jul. 26 (MNA) – Iran’s Central Bank and National Oil Company released the list of companies and refineries owing oil dues to Iran. During the period US and European sanctions […]

Shell’s Arctic Drilling Adventure Is a Disaster Waiting to Happen

By Rebecca Leber: 15 July 2015 This month may mark the end of a decade-long saga that’s highlighted the lengths to which oil companies will go to drill in the Arctic—and the huge risks such endeavors entail. If everything goes according to plan, Royal Dutch Shell will soon bury its first drill bit into the […]

Shell to drop ‘Oil’ from its name? Um, no.

By Tony Dokoupil: 15 July 2015 It seemed like a hopeful sign of the times: News that Shell Oil might soon drop the word “oil” from its name. British Petroleum made a similar move not long ago, rechristening itself as BP, a company with a vision “beyond petroleum.” But alas, Shell is not changing its name. […]