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Posts under ‘Canada’

Trump Rolls Back Anti-Corruption Efforts in the Oil Industry

By : 11 August 2017

The rule, which was mandated by a law co-sponsored by former Republican Senator Richard Lugar, of Indiana, and Democratic Senator Ben Cardin, of Maryland, was designed to combat bribery and corruption, especially in poor countries governed by kleptocrats. Thirty other countries, including Canada and the members of the European Union, had already adopted similar requirements. Yet the American Petroleum Institute and companies such as ExxonMobil, at the time when Secretary of State Rex Tillerson was still its C.E.O., had lobbied against the rule. They said that it was costly to implement and gave unfair advantage to overseas competitors to which it did not apply. When Trump took power, the lobbyists got their way. read more

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

LNG possibility lives on, even after death of Pacific NorthWest LNG

And two other large global energy players with regulatory approval from the B.C. and Canadian governments say they are trying to position themselves to be ready to make a decision on building their own billions-of-dollars of mega-projects in northwest B.C. to coincide with increased demand they forecast could kick in by the middle of next decade. Those projects are LNG Canada led by Royal Dutch Shell plc and Kitimat LNG, a 50-50 venture of Chevron and Australian-based Woodside Energy. 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

Malaysia’s Petronas scraps $11.4-billion LNG project in B.C.

Malaysia’s Petronas has cancelled plans for an $11.4-billion liquefied natural gas terminal on the B.C. coast, a major blow to Canada’s efforts to become a global LNG supplier. READ MORE

Shell Sells Irish Corrib Gas Field Stake

Shell sells Corrib stake to Canadian pension fund for €1.08bn: The Irish Times: 12 July 2017

Royal Dutch Shell has sold its 45 per cent interest in the Corrib gas field to a unit of Canada Pension Plan Investment Board (CPPIB) in a deal worth up to $1.23 billion (€1.08 billion), as the group continues to sell off non-core assets. READ MORE

Shell to exit upstream business in Ireland with $1.23 billion stake sale: Reuters: 12 July 2017

The transaction, which is subject to partner and regulatory approval, is expected to complete in the second quarter of 2018, Shell said on Wednesday. READ MORE

Shell Sells Irish Gas Field Stake for $1.2 Billion to Canada Pension Fund: The Wall Street Journal: 12 July 2017

LONDON—Royal Dutch Shell PLC has sold its stake in a controversial Irish gas field for up to $1.23 billion to one of Canada’s biggest pension funds, but the deal will result in a $350 million impairment charge, the company said Wednesday. READ MORE read more

More Shell News 27 June 2017

Shell Signs Agreement for Biofuel Technology: CISION: 27 June 2017

CALGARY, June 27, 2017 /CNW/ – Royal Dutch Shell plc, through its subsidiary Shell International Exploration and Production B.V. (“Shell”), and SBI BioEnergy Inc. have reached an agreement granting Shell exclusive development and licensing rights for SBI’s biofuel technology. Edmonton-based SBI has a patented process that can convert a wide range of waste oils, greases and sustainable vegetable oils into lower carbon drop-ins for diesel, jet fuel and gasoline.

Russia’s Pipeline Play Has Eastern Europe On Edge: OilPrice.com: 27 June 2017

If completed, the pipeline would give Russia more than fifty percent of the Germany gas market and potentially increase its share of markets throughout Central and Western Europe. The pipeline is set to be completed in 2019 and is supported by joint-funding from five European energy companies, including Royal Dutch/Shell, Uniper and ENGIE. read more

Further Shell News Update 27 June 2017

Canada M&A Hits Decade-High as Foreign Owners Flee Oil Sands: Bloomberg: 27 June 2017

Mergers and acquisitions in Canada are set for the strongest start in a decade as foreigners sell their oil sands investments. ConocoPhillips and Royal Dutch Shell Plc are leading the exodus amid a bear market for crude.

Big Oil: Surviving at $40, Thriving at $60: Barron’s: 26 June 2017

The price of oil is rising today, but that hasn’t helped oil stocks like ExxonMobil (XOM), Chevron (CVX), Total (TOT), and Royal Dutch Shell (RDS.A), which remain little changed or under pressure. We expect companies to continue pulling on all operational and financial levers in order to adjust to the oil price reality… read more

ROYAL DUTCH SHELL CORRUPTION

By John Donovan: Monday 19 June 2017

It is interesting, in view of subsequent events, to reflect back on an “Investigations Case Manager” job Shell advertised a decade ago.

Extract

The successful candidate for this role will provide specialist advice, awareness training, information and expert investigative resources to all Group companies worldwide on practices which conflict with Shell Group Business Principles. These include fraud, contract corruption (illegal information brokering), bribery, money-laundering and organised crime. read more

Shell News Update Wednesday 7 June 2017

Shell Must Face ‘Take-Home’ Asbestos Suit, Calif. Court Says: LAW360: 6 June 2017

A California appeals court has reversed itself and revived a lawsuit against Shell Oil Co. filed by a former employee’s wife who alleges she contracted mesothelioma from exposure to asbestos that accumulated on her husband’s work clothing.

Norwegian Union Threatens Strike at Statoil, Shell, Eni Platforms: The New York Times: 6 June 2017

Lederne, the smallest of the three Norwegian unions representing oil industry workers, said the strike would target platforms at Eni’s Goliat, Shell’s Draugen and Statoil’s Kvitebjoern, Oseberg East and Gudrun fields. “We believe it would mean shutting down production on those platforms,” a spokesman for the union said. read more

Shell News Update 31 May 2017

Shell completes sale of Australian aviation business for $250 mln: Reuters: 31 May 2017

Has completed sale of its Australian Aviation Business to Viva Energy Australia for a total transaction value of approximately $250 million.

Shell Downstream CIO Craig Walker – “We should be scared”: 23 May 2017

Walker very frankly admitted that Shell “should be scared” during our discussion, where he said that one of his biggest fears is having to go and tell his director that he’d lost a billion dollar business because he didn’t foresee a new business model for Shell, enabled by new technologies.

Canadian Oil Sands Brace As Oil Majors Dump Shares: OilPrice.com: 30 May 2017

Royal Dutch Shell and ConocoPhillips struck deals in March to sell Canadian oil assets to two Canada-based producers. In both deals, parts of the consideration for the transactions were shares of the Canadian companies that Shell and ConocoPhillips received. read more

Shell News Headlines Updated 26 May 2017

Energy-Generating Kites Backed by Shell Set for Test in Scotland: Bloomberg/Quint: 26 May 2017

Power-generating kites backed by Royal Dutch Shell Plc, Schlumberger Ltd. and EON SE will start tests in the U.K. this summer, with the aim of developing a technology that could eventually replace offshore wind turbines. Kite Power Systems, known as KPS, is working on a 17-meter device that flies on air currents high above the ground and generates power by pulling at a cable. It raised 5 million pounds ($6.4 million) from the three energy giants last December. “The reason we are interested in something like this is that it has potential to reduce the cost of offshore wind in the future,” said Geert van de Wouw, managing director of Shell Technology Ventures BV. read more

Shell News Headlines 23 May 2017

Shell to sell C$4.1 billion stake in Canadian Natural -sources: REUTERS/DAILY MAIL: 23 May 2017

Royal Dutch Shell Plc has decided to offload a roughly C$4.1 billion ($3 billion) stake in Canadian Natural Resources Ltd (CNRL) that it acquired as part of a deal to retreat from Canada’s oil sands earlier this year, people familiar with the situation told Reuters.

Shell defeats activist uprising as it faces down rising climate concerns: THE TELEGRAPH: 23 MAY 2017

Royal Dutch Shell has convincingly defeated a climate activist uprising after facing down one of its most bitter stand-offs with shareholders over its climate goals. Around 94pc of shareholders voted down a special resolution calling for the oil giant to set and publish annual targets to reduce carbon emissions at its AGM in the Hague on Tuesday. The board also survived a vote on executive pay which was backed by 93pc of shareholders. read more

SHELL NEWS UPDATE TUESDAY 4 APRIL 2017

Shell Confirms More Than 200 Workers to be Cut from Norwegian Operations: RIGZONE

Royal Dutch Shell plc has confirmed that more than 200 workers will be cut from its Norwegian operations.

Petronas May Consider Shell Site for Canadian LNG Project: BLOOMBERG

Malaysia’s Petroliam Nasional Bhd may be looking at building a $27 billion liquefied natural gas export terminal in northwestern Canada on the site of an abandoned Royal Dutch Shell Plc energy project, according to the company’s chief executive officer.

Despite cuts to jobs, spending, oil giants fail to cover costs: AUSTRALIAN BUSINESS REVIEW

The world’s biggest oil companies are struggling just to break even. Despite billions of dollars in spending cuts and a modest oil price rebound, ExxonMobil, Royal Dutch Shell, Chevron and BP didn’t make enough money last year to cover costs, according to a Wall Street Journal analysis. read more

Shell oil sands exit, mired in OPL 245 scandal, wary over Iranian Oil

Links below to a selection of news stories posted on
our sister website royaldutchshellgroup.com.

They include, among other developments, news that Shell is rightly wary of buying more Iranian crude oil. This is because of the legal minefield relating to sanctions. 

Also coverage of the latest news about the OPL 245 Nigerian corruption scandal involving Shell and ENI.

Plus Shell’s fire sale of most of its Canadian oil sands operations and the jump in total pay for Shell CEO Ben van Beurden, an issue likely to be raised at the forthcoming AGM.  read more

New Boss of Shell Exploration

Links below to a selection of current news stories posted on our sister website royaldutchshellgroup.com covering, among other developments, news that Shell’s head of exploration Ceri Powell will step down in February and be replaced by Shell upstream strategy VP Marc Gerrits.

There is also coverage of yet further litigation relating to Shell’s activities in Nigeria. This time a claim against Shell for $406.7 million being brought by the Nigerian Federal Government.

The news is no better from Canada. According to the Canadian Press, Shell is suffering setbacks with exploration wells off Nova Scotia. read more

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