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Posts under ‘Business Week’

The dramatic consequences of plunging oil prices

“Brent futures are set to fall to as low as $31 a barrel by the end of the first quarter from about $48 now.”; “People know these prices are unsustainable,” he said, and they will lead to large-scale layoffs and cuts in maintenance spending, which will eventually sharply reduce overall output. BP’s announcement of layoffs was […]

Shell, Total Lead Energy Shares Lower – $45 a barrel

From an article by Alan Soughley published by BloombergBusinessweek 13 Jan 2015 under the headline:  “European Stocks Decline; Shell, Total Lead Energy Shares Lower” Extracts Royal Dutch Shell Plc and Total SA led energy-related companies lower… A gauge of energy stocks slid 1 percent today, for the worst performance of the 19 industry groups on […]

Market Collapse: 5 percent of Shell’s capital invested in money-losing projects?

From an article by Joe Carroll and Tara Patel published 6 Jan 2015 by BloombergBusinessweek under the headline: “Oilfield Writedowns Loom as Market Collapse Guts Drilling Values”  Shell, Europe’s largest energy producer, may have as much as 5 percent of its capital tied up in money-losing projects. Extracts Tumbling crude prices will trigger a flood […]

Shell hypocrisy on climate issues

“I didn’t know Shell was sponsoring this conference when I agreed to do it, but I’m glad for the chance to say in public that Shell is among the most irresponsible companies on earth. When they write the history of our time, the fact that Shell executives watched the Arctic melt and then led the […]

Earthquakes shake NAM, the Shell/Exxon joint venture 

Earthquakes linked to extraction in the area have led to a public backlash and a new production plan for the field will be presented by July 1, 2016. The venture has set aside 100 million euros for claims and has paid out about 50 million euros so far. Extracts from a BloombergBusinessweek article The Slochteren […]

Royal Dutch Shell News Thursday 11 Sept 2014

By John Donovan The US and EU are ready to impose new sanctions on Russia arising from events in Ukraine. See extract from a article published under the headline: “Sanctions threaten Putin’s oil deals with Exxon Mobil, Shell” Other vulnerable international operators include Royal Dutch Shell, the world’s second-largest energy company by market value. Multiple investments […]

Royal Dutch Shell Shareholders Beware

The news that BP may be fined up to $18bn for the oil spill in the Gulf-of-Mexico as a result of a ruling by a US federal court that BP acted with “conscious disregard of known risks” and that BP’s “conduct was reckless,” may have very serious implications for other oil companies. By John Donovan […]

Royal Dutch Shell Plc News Roundup Sat 4 Sept 2014

Royal Dutch Shell Plc CEO Ben van Beurden says he can’t deny returns are too low By John Donovan Mixed fortunes for Shell in the last few days.  Ben van Beurden says he can’t deny returns are too low Royal Dutch Shell CEO Ben van Beurden has admitted to the Wall Street Journal that he […]

Woodside Chairman Defends $2.7 Billion Buyback Deal With Shell

Extracts from a BloombergBusinessweek article by James Paton and Rebecca Keenan published 23 July 2014 Woodside Petroleum Ltd. (WPL), Australia’s second-largest oil and gas producer, defended a plan to buyback about $2.7 billion of stock from Royal Dutch Shell Plc (RDSA) amid concern investors may reject the deal. Woodside’s buyback is part of last month’s […]

Death of 193 Dutch Strains Russian Relations for Shell, Heineken

At one point the largest foreign investor in Russia, Shell declined to comment on whether its business would be affected after the downing of the plane. The company lost four employees in the incident, it said yesterday. BloombergBusinessweek article by Celeste Perri, Maud van Gaal and Fred Pals published 22 July 2014 For centuries, the fortunes […]

A Horrified Netherlands May Rethink Its Economic Ties With Russia

Extract from a BloombergBusinessweek article by Carol Matlack published 21 July 2014 The Netherlands, a nation of traders, generally doesn’t like to let politics interfere with business. The death of 193 Dutch nationals in the Malaysia Airlines  jet crash could change that. Major Dutch companies with business interests in Russia also are drawing fire for […]

Shell Says Wins U.K. Court Ruling in Nigerian Oil Spills Case

BloombergBusinessweek article by Jeremy Hodge published Friday 20 June 2014 A Royal Dutch Shell Plc (RDSA) subsidiary said it won a preliminary ruling in a U.K. court against thousands of Nigerians who say their land, rivers and wetlands were spoiled by two oil spills in the Niger River delta in 2008. Judge Robert Akenhead ruled […]

Ukraine Crisis Forces Shell to Halt Shale Wells in Restive East

Extract from a Bloomberg/Businessweek article by Ladka Bauerova and Will Kennedy published 3 June 2014 Royal Dutch Shell Plc (RDSA) has halted drilling for shale gas in eastern Ukraine to protect its personnel from clashes between pro-Russian separatists and the Ukrainian army. Shell is taking a “time-out” on exploration work after drilling two wells since […]

Woodside Scraps $2.6 Billion Israeli Gas Deal as Talks Fail

Extract from a BloombergBusinessweek article by James Paton published 20 May 2014 Woodside Petroleum Ltd. (WPL), Australia’s second-biggest oil and gas producer, scrapped an agreement to buy a quarter of Israel’s largest natural gas field for as much as $2.6 billion after talks to complete the deal collapsed. FULL ARTICLE

Shell Considers Martinez Refinery Cutback Amid Shale-Oil Boom

Extracts from a BloombergBusinessweek article by Lynn Doan published 19 May 2014 under the headline: “Shell Considers Permanent Coker Shutdown Amid Shale-Oil Boom” Royal Dutch Shell Plc (RDSA), Europe’s biggest oil company, is considering retiring one of two coking units at its only refinery in California as the company seeks to run lighter crude at […]

International outcry as Brunei introduces sharia law and takes country back to the dark ages

Royal Dutch Shell, an Anglo-Dutch multinational, runs two major operations in Brunei as a joint venture with the Brunei government. A spokesman, Jonathan French, said the company would not comment on the possible impact on its employees. Extracts from an article by Andrew Buncombe published 30 April 2014 by The Independent The Sultan of Brunei, […]

Putin, Ukraine and Royal Dutch Shell

Sir Henri was fanatically anti-Soviet as a result of the confiscation of Shell oil fields in Russia. Might be best if Ben does not mention this past history to his new chum, Vlad the Bad, who is rather keen to restore the Soviet empire. “Had Putin asked ‘and now you kiss my ass’, I am sure van Beurden […]

Phillips 66, Shell Purchase Majority of U.S. Reserve Oil Sale

Extracts from an article by Dan Murtaugh published 17 March 2014 by BloombergBusinessweek Phillips 66 and Royal Dutch Shell Plc walked away with about 3.3 million barrels of the 5 million that the Energy Department sold in what will be the first release from the U.S. Strategic Petroleum Reserve since 2012. Phillips 66 purchased 2.04 […]

Seplat Sees No Oil Theft in Nigeria, Where Shell Lost $1 Billion

Extracts from a Bloomberg article by Eduard Gismatullin published on 14 March 2014 Seplat Petroleum Development Co., the Nigerian oil producer raising $500 million from investors, said it had “absolutely no” theft in Nigeria, where Royal Dutch Shell Plc lost almost $1 billion due to sabotage in 2013. Seplat in July 2010 bought three licenses […]

Glencore-Macquarie Said to Exit Race for Shell Australia Assets

By Brett Foley, Andy Hoffman and Jesse Riseborough: February 12, 2014 Macquarie Group Ltd. (MQG) and Glencore Xstrata Plc (GLEN) dropped out of bidding for Royal Dutch Shell Plc (RDSA)’s Australian oil refinery and filling stations, according to four people with knowledge of the matter. The assets Shell is selling include storage terminals, filling stations […]

BP Fourth-Quarter Profit Drops

By Brian Swint February 04, 2014 BP follows Royal Dutch Shell Plc (RDSA) and Exxon Mobil Corp., the two biggest oil companies by market value, in reporting lower earnings as the cost of drilling rises, refining profits slump and oil prices stagnate. Shell and BG Group Plc (BG/) both issued profit warnings for the fourth […]

Shell Said to Seek Buyers for $1 Billion Stake in Ho-Ho Pipeline

Royal Dutch Shell Plc (RDSA) is seeking to sell a stake in its Houston-to-Houma crude oil pipeline, which Europe’s largest oil company recently reversed and renamed, people familiar with the matter said. Shell is working with Barclays Plc (BARC) to solicit offers for a stake of as much as $1 billion…  Shell on Jan. 17 […]

Alaska Coastal Oil Drilling Challenge Revived by U.S. Court

Alaskan coastal drilling by oil companies including ConocoPhillips (COP:US) and Royal Dutch Shell Plc (RDSA) may be further delayed after a U.S. court revived conservation group claims that the government acted illegally in opening almost 30 million acres on the continental shelf to energy exploration. By Karen Gullo January 22, 2014 Alaskan coastal drilling by […]

Shell Profit Slumps

By Brian Swint and Eduard Gismatullin Friday January 17, 2014 Royal Dutch Shell Plc (RDSA) said profit plunged because of deteriorating refining markets and mounting losses in the Americas, surprising investors with an early earnings report that wiped out $10 billion in shareholder value. “It’s a shock,” Jason Kenney, an analyst at Banco Santander SA […]

Highlights of Marcellus Shale news in 2013

The biggest question mark for 2014 is whether Shell Oil Co. will continue to explore the possibility of building a huge natural gas processing plant in western Pennsylvania. In March 2012, Shell chose a possible site about 35 miles north of Pittsburgh for the so-called ethane cracking, or cracker, plant. Shell’s option to buy the […]

Oil Probe Document Disclosure Won’t Be Delayed

Crude oil traders including Morgan Stanley and Royal Dutch Shell Plc lost a bid to temporarily block disclosure of millions of trading records and other documents from a six-year U.S. probe while an appeals court hears the case. The files include e-mails, depositions, trading records and audio files. By Bob Van Voris: December 10, 2013 […]

Raizen Energia Ethanol Sales Hurt by U.S. Cuts: Corporate Brazil

By Stephan Nielsen and Lucia Kassai December 04, 2013 Raizen Energia SA, Brazil’s biggest ethanol exporter, is the sugar-cane processor most at risk from a U.S. plan to cut biofuel mandates, threatening the South American country’s $6.4 billion export market. The joint venture between oil producer Royal Dutch Shell Plc (RDSA) and Cosan SA Industria […]

Canada’s Tar Sands Oil Boom Yields Toxic Wastewater Lakes

Companies including Syncrude Canada, Royal Dutch Shell and ExxonMobil affiliate Imperial Oil are running out of room to store the contaminated water that is a byproduct of the process used to turn bitumen—a highly viscous form of petroleum—into diesel and other fuels. By 2022 they will be producing so much of the stuff that a […]

Shell’s LNG-Producing Monster Ship, Prelude

By Jacob Adelman and Eduard Gismatullin November 14, 2013 On Geoje Island, off the coast of South Korea, as many as 5,000 workers have been building the largest vessel ever constructed. With a deck the size of seven football fields and containing three times as much steel as the Golden Gate Bridge, the Prelude will […]

Platts System Could Be ‘Prone’ to Collusion, EU Official Says

Platts’s oil-price reporting system “could be prone to collusion or distortion,” according to the European Union official in charge of the benchmark probe that led to raids on the premises of BP Plc, Royal Dutch Shell Plc and Statoil ASA. The EU probe is still examining two areas of concern — abuse of dominance and unlawful […]

Shell Said to Seek $6 Billion Credit Line Amid Lower Loan Costs

Jonathan French, a London-based spokesman for Shell, confirmed the company’s existing credit line expires in 2015. He declined to comment on the new debt facility. By Stephen Morris November 14, 2013 Royal Dutch Shell Plc (RDSA) is seeking a $6 billion credit line to replace an existing loan as banks cut borrowing costs for Europe’s […]

Voser Says Shell to Quicken Disposals to Offset Spending: Energy

Royal Dutch Shell Plc is gearing up to sell about $15 billion of assets as Europe’s largest oil company accelerates disposals to offset the cost of projects from Australia to Canada. While Voser didn’t put a figure on disposals, Shell needs to raise at least $15 billion over the next two years to meet its […]

Shell to Suspend French Guiana Drilling Until 2015, Partner Says

Royal Dutch Shell Plc (RDSA) will suspend exploration drilling off French Guiana until 2015 after three unsuccessful wells…; Kirsten Smart, a spokeswoman in London at Shell, declined to comment… By Eduard Gismatullin September 25, 2013 Royal Dutch Shell Plc (RDSA) will suspend exploration drilling off French Guiana until 2015 after three unsuccessful wells, according to […]

Montepeque of Platts Caught in Battle Over Oil Assessments

The oil-market investigation became public in May when European Competition Commissioner Joaquin Almunia, who is also pursuing price-fixing allegations related to the London interbank offered rate, or Libor, sent investigators to seize computer records and documents from Platts offices, and raided BP Plc (BP/), Statoil ASA and Royal Dutch Shell Plc (RDSA), three of Europe’s […]

Wildcatter Hunch Unlocks $1.5 Trillion Oil Offshore U.S.

By Edward Klump: September 12, 2013 Texaco Inc. geologist Robert Ryan didn’t suspect he was helping change the energy future of the Gulf of Mexico when he gave the go-ahead for a well that would break the world record for deep-water drilling. The project known as BAHA, undertaken in 1996 by Texaco and its partners, […]

Critics say fines show Shell not ready for Arctic

Critics of offshore Arctic drilling say $1.1 million in fines levied against Royal Dutch Shell for air pollution violations show that the petroleum giant is not ready to safely drill off Alaska’s northern coast. A Shell spokesman says the fines are part of learning how to operate complex equipment in a harsh environment. By Dan […]

Woodside’s Partners Back Plan for Browse Gas Project With Shell

By James Paton: September 02, 2013 Woodside Petroleum Ltd. (WPL), Australia’s second-largest oil producer, said its partners in the Browse project support a plan to use Royal Dutch Shell Plc (RDSA)’s floating liquefied natural gas technology. Woodside expects to consider starting engineering and design work on the LNG venture in 2014, the Perth-based company said […]

Woodside Awaits Israel Court Decision Before Completing Gas Deal

By James Paton: August 21, 2013 Woodside Petroleum Ltd. (WPL), Australia’s second-biggest oil producer, is waiting for an Israeli court decision later this year before completing a deal to invest in the Leviathan natural gas project. Israeli’s high court is expected Sept. 17 to consider whether the cabinet’s gas export plan, which affects the Leviathan […]

EU Plans to Wrap Up Oil-Benchmarks Probe as Quickly as Possible

European Union regulators aim to finish their antitrust probe into alleged manipulation of oil prices by companies from BP Plc (BP/) to Royal Dutch Shell Plc (RDSA) “as quickly as possible,” the bloc’s antitrust chief said. By Stephanie Bodoni: August 06, 2013 European Union regulators aim to finish their antitrust probe into alleged manipulation of […]

Shell Defeats Challenge to Drilling in Beaufort and Chukchi Seas

Royal Dutch Shell Plc (RDSA)’s oil spill plans for drilling in Alaska’s Beaufort and Chukchi seas don’t violate environmental laws, a federal judge in Anchorage ruled in rejecting a challenge by conservation groups. By Karen Gullo: August 06, 2013 Royal Dutch Shell Plc (RDSA)’s oil spill plans for drilling in Alaska’s Beaufort and Chukchi seas […]

China Fracking Quake-Prone Province Shows Zeal for Gas

By Benjamin Haas – Aug 1, 2013 12:01 AM GMT+0100 China won’t let earthquakes hinder its quest for energy. Companies such as Royal Dutch Shell Plc (RDSA) and China National Petroleum Corp. are starting to drill for gas and oil in shale rock in Sichuan, the nation’s most seismically active province, a process geologists say […]

Platts Says Commodity-Price Transparency at Risk From Regulation

European antitrust authorities raided Platts’ offices, along with those of Statoil ASA, BP Plc (BP/) and Royal Dutch Shell Plc, in May as part of an investigation into alleged manipulation of oil prices. Regulatory probes are expanding after banks rigged the London interbank offered rate, a benchmark for $300 trillion of global interest-rate contracts. By […]

Shell to Chevron Move Offshore as Nigerian Risks Mount: Energy

At Royal Dutch Shell Plc’s (RDSA) compound in the Nigerian city of Warri, the gate is locked, the grounds are empty and grass has overgrown since Europe’s biggest oil company closed its operations in March after more than 40 years. At Royal Dutch Shell Plc’s (RDSA) compound in the Nigerian city of Warri, the gate […]

The smell of corruption surrounding Shell

Nigeria should revoke oil rights for which Royal Dutch Shell Plc and Eni SpA paid $1.1 billion, a parliamentary committee said, alleging that the acquisition process was “highly flawed.” Shell and Eni jointly bought Oil Prospecting License 245 from Malabu Oil & Gas Ltd., controlled by Dan Etete, a former oil minister, in 2011. Located […]

U.K. Regulators Reviewing Criminal Probe Over Oil Benchmarks

July 15, 2013: The U.K. antitrust regulator said it was reviewing whether there is enough evidence to start a criminal probe into manipulation of oil benchmarks while European Union officials conduct a civil investigation. The U.K. Office of Fair Trading said it was working with prosecutors and regulators to determine which agency should take a […]

How BP Got Screwed on Gulf Oil Spill Claims


Oil Benchmarks Go From Trusted to Tainted as EU Missed Warning

The European Union’s top energy official ignored a warning delivered in 2009 about potential manipulation of Platts oil benchmarks “because markets trusted” them. The warning went unheeded until May, when EU antitrust officials raided Platts, Royal Dutch Shell Plc, BP Plc, and Statoil ASA as part of an investigation into the possible rigging of benchmark […]

Shell to spend $3.9 billion in Nigeria

June 21, 2013 AMSTERDAM (AP) — Royal Dutch Shell PLC says it will spend $3.9 billion on investments in Nigeria, including an effort to strengthen the Trans-Niger Pipeline that was shut down this week after it was damaged in a theft attack. In a statement Friday, the company said it plans to spend $1.5 billion […]

Carbon Capture ‘Vital’ to Meet Climate Goals, Shell Adviser Says

By Sally Bakewell June 18, 2013 Carbon capture and storage, a way of cutting emissions from industry by burying them underground, needs more state support for the European Union to meet clean-energy goals, a Royal Dutch Shell Plc (RDSA) adviser said. “We’ve got to be clear that the EU’s climate goals in the long run […]

Pena Nieto Confident 75-Year Pemex Oil Monopoly to End This Year

By Eric Martin, Carlos Manuel Rodriguez and Helder Marinho: June 18, 2013 Mexican President Enrique Pena Nieto said he’s confident Congress will end the state oil monopoly this year, opening the way for companies such as Exxon Mobil Corp. and Royal Dutch Shell Plc (RDSA) to tap the nation’s reserves. In the model envisioned by […]