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CAN BIG OIL BE SUED FOR CAUSING GLOBAL WARMING?

BY

New York City and a number of California municipalities, including San Francisco and Oakland, have filed lawsuits against five major oil companies—BP, Chevron, ConocoPhillips, Exxon Mobil, and Royal Dutch Shell—for contributing to the increased risk of global warming.

These complaints cite recent scientific reports that project that sea levels will rise from 0.2 meters to 2.0 meters (or 0.66 to 6.6 feet) by 2100, with a major loss of land surface area and serious climate disruptions. read more

Shell Takes a Last Exit From Mideast Oil — WSJ

By Sarah Kent and Benoit Faucon

LONDON — Royal Dutch Shell PLC is giving up on its last oil fields in Iraq, leaving the world’s second-biggest oil company with a dwindling footprint in the Middle East — a region it helped build into a petroleum powerhouse. Shell said Monday it is selling for an undisclosed amount a stake in the West Qurna 1 oil field in Iraq to Japan’s Itochu Corp., the latest step in a gradual retreat from the region. The company is also expected to give up its holding in Iraq’s Majnoon oil field later this year, though it will retain its natural-gas interests in the country. FULL ARTICLE read more

New York City sues Shell, ExxonMobil, and other oil majors over climate change

Each of the first six months of 2016 set a record as the warmest respective month globally. Credit: NASA/GISS

 January 10 2018

The New York City government is suing the world’s five largest publicly traded oil companies, seeking to hold them responsible for present and future damages to the city from climate change. The suit, filed Tuesday against BP, Chevron, Conoco-Phillips, ExxonMobil and Royal Dutch Shell, claims the companies together produced 11 percent of all of global warming gases through the oil and gas products they have sold over the years. It also charges that the companies and the industry of which they are part have known for some time about the consequences but sought to obscure them. FULL ARTICLE read more

Big Oil Finds Hurdles Buried in Trump’s ‘America-First’ Tax Plan

For Big Oil, the U.S. tax overhaul is turning out to be a mixed bag, especially for companies that drill overseas. Two weeks after President Donald Trump and congressional Republicans passed a sweeping rewrite of the tax code that cuts corporate rates, drillers are finding other changes that are less of a boon. BP Plc and Royal Dutch Shell Plc offered a preview recently, saying they may write off as much as $4 billion in tax assets as a result.

Caps on debt-interest payments and cuts to deductions from previous years’ losses may hurt companies building capital-intensive projects with borrowed money. And other provisions, including time limits on expensing exploration, could hem in drillers with long-term projects, including Exxon Mobil Corp. and Chevron Corp. That may also give an edge to domestic shale production. FULL ARTICLE read more

U.S. offers drillers nearly all offshore waters, but focus is on eastern Gulf

Ernest Sheyder and Valerie Volcovici

HOUSTON/WASHINGTON (Reuters) – President Donald Trump’s administration has proposed opening up nearly all of America’s offshore waters to oil and gas drilling, but the industry says it is mainly interested in one part of it, now cordoned off by the Pentagon: the eastern Gulf of Mexico. “The eastern Gulf of Mexico could be very attractive to industry because of the proximity to existing infrastructure in the central and western Gulf of Mexico,” the National Ocean Industries Association, which represents the offshore oil and gas industry, said in a statement. FULL ARTICLE read more

All That New Shale Oil May Not Be Enough as Big Discoveries Drop

Companies like Royal Dutch Shell Plc and Exxon Mobil Corp.historically invested tens of billions of dollars over many years to develop huge reserves in isolated areas like northern Alberta, Kazakhstan or in the middle of the ocean. Shale is different. A tight-oil well could be drilled within a year for a few million dollars. As prices fell, more companies jumped in with more investment. Now, shale regions that were barely a blip on world markets a decade ago are expected to pump 7.5 million barrels a day in four years, and output probably won’t peak until after 2025… FULL ARTICLE read more

Oil stable on tighter market, but rising US output looms for 2018

BY HENNING GLOYSTEIN: DECEMBER 15, 2017

* OPEC-led supply cuts, Forties pipeline outage support crude

* But rising U.S. output, driven by shale, weighs on market

SINGAPORE, Dec 15 (Reuters) – Oil markets were stable on Friday as the Forties pipeline outage in the North Sea and the ongoing OPEC-led production cuts supported prices, while rising output from the United States kept crude from rising further. U.S. West Texas Intermediate (WTI) crude futures were at $57.13 a barrel at 0119 GMT, up 9 cents from their last settlement. read more

Norway parties inclined to back fund’s plan to slash oil exposure -report

REUTERS STAFF: DECEMBER 12, 2017

OSLO, Dec 12 (Reuters) – Norway’s $1 trillion sovereign wealth fund, the world’s largest, will probably win backing from parliament for its proposal to cut most oil and gas stocks from its portfolio, business daily Dagens Naeringsliv reported on Tuesday. If adopted by parliament, the fund would over time divest billions of dollars from oil and gas stocks, which now represent 6 percent – or around $37 billion – of its benchmark equity index. The fund is among the top investors in a wide range of oil companies. At the end of 2016 it held 2.3 percent of Royal Dutch Shell, 1.7 percent of BP, 0.9 percent of Chevron and 0.8 percent of Exxon Mobil. FULL ARTICLE read more

ExxonMobil, Chevron, Shell paid no tax in Australia for 2016

Chevron reported A$2.1 billion in income for 2016 and paid no tax, while Shell Energy Holdings Australia – a unit of Royal Dutch Shell (RDSa.L) – reported A$4.2 billion in income and A$97 million in taxable income, but paid no tax. FULL ARTICLE

Norway Idea to Exit Oil Stocks Is ‘Shot Heard Around the World’

Norway’s proposal to sell off $35 billion in oil and natural gas stocks brings sudden and unparalleled heft to a once-grassroots movement to enlist investors in the fight against climate change. read more

Big Oil is under pressure, unloved and on sale

  • Norway wants to dump its stakes in oil and gas companies
  • Proposal adds to doubts over industry’s long-term outlook

Big Oil is under pressure, unloved and on sale.

Energy giants from Exxon Mobil Corp. to Royal Dutch Shell Plc are struggling back to their feet after a three-year oil slump, while also fighting to prove they can survive for decades to come amid an accelerating shift to clean energy. So getting dumped by the world’s biggest investment fund wouldn’t be welcome news.

Norway’s $1 trillion sovereign wealth fund said on Thursday that it wants to sell about $35 billion of shares in oil and gas companies to make the nation “less vulnerable” to a drop in crude prices. Global energy giants favored by long-term investors including Italy’s Eni SpA, PetroChina Ltd. and Russia’s Gazprom PJSC account for more than $20 billion of that total. read more

World’s Biggest Wealth Fund Wants Out of Oil and Gas

The $1 trillion fund that Norway has amassed pumping oil and gas over the past two decades wants out of petroleum stocks.  

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks. The plan would entail the fund, which controls about 1.5 percent of global stocks, dumping as much as $40 billion of shares in international giants such as Exxon Mobil Corp. and Royal Dutch Shell Plc. The Finance Ministry said it will study the proposal and decide what to do in “fall of 2018” at the earliest. FULL ARTICLE read more

Norway shakes oil world by dumping investments

Norway is western Europe’s biggest oil producer and its giant sovereign wealth fund wants to reduce its exposure to oil which hit shares in BP and Royal Dutch Shell. Oil platforms in the Cromarty Firth, ScotlandANDREW MILLIGAN/PA

Norway’s giant sovereign wealth fund has unveiled plans to dump its entire holding in oil and gas companies in a $37 billion sell-off that was welcomed by campaign groups but put downward pressure on share prices. The $1 trillion fund, which manages the assets of the oil-rich nation, signalled its intent to prune its exposure to companies including BP and Royal Dutch Shell in a move aimed at making it less vulnerable to a permanent drop in the price of crude. SOURCE read more

Leaked 19 page Shell ICO Quarterly Competitive Review

By John Donovan

Shell has had an opportunity to object to the publication of this 19 page Shell ICO Quarterly Competitive Review, published internally by Shell yesterday, 12 November 2017.

We were concerned over the warning printed in red on the cover page stating:

RESTRICTED: Not to be distributed outside Shell

Shell has not raised any objection to its publication. 

The content is all a bit boring to me, but I am sure Shell’s rivals featured therein – including BP, Chevron, Exxon, Total and Statoil – will be more than interested to read Shell’s free expert assessment of how they are doing. read more

Shell’s LNG Strategy A Great Complement To Overall Operations

Zoltan Ban: Nov 13, 2017

Summary

  • LNG is set to see robust growth on the back of growing global dependence on natural gas. The LNG industry will provide more supply security, which will be increasingly desired.
  • Shell has become a global leader in LNG, after the BG merger.
  • The advantage of investing in Shell as a way to play the LNG growth story is the fact that its downstream segment will act as a hedge in bad times.
 FULL ARTICLE

SHELL NEWS STORIES POSTED 10 NOVEMBER 2017

FIVE SHELL NEWS STORIES POSTED FRIDAY 10 NOVEMBER 2017

Shell confirmed to Reuters it had sought the change… Shell spokesman Frank van Hoorn said there was nothing secret or nefarious about Shell’s lobbying for the change…

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Written by

Oil majors BP and Shell are closing in on realising key objectives for production and fundraising, an analyst has said.

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Shell has no timeline for restarting normal operations on a platform which was shut down in the US Gulf of Mexico due to a fire, a news report said.

FULL ARTICLE read more

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