When Tony Hayward took over BP in 2007 - after the oil giant had experienced a series of calamitous accidents - he vowed that safety would be his top priority. So how did he come to preside over one of the worst industrial disasters in history? A Fortune investigation reveals a saga of hubris, ambition, and a safety philosophy that focused too much on spilled coffee and not enough on drilling disasters.
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Revision as of 19:16, 24 December 2007
Essar, which plans to have a refining capacity of one million barrels a day, is in talks to buy three European refineries from Royal Dutch Shell PLC. In July, Essar acquired a 50% stake in 80,000-barrel-a-day Mombasa- based Kenya Petroleum Refineries Ltd. from Shell, Chevron Corp. and BP PLC.
BEIJING -(Dow Jones)- Royal Dutch Shell (RDSA.LN) is no longer involved in talks on joining China Petroleum and Chemical Corp. (SNP), known as Sinopec, and Kuwait Petroleum Corp. in a major refinery project in China, opening the way to other international oil companies to join the venture.
Oil shot past $70 a barrel last week, meaning the cost per barrel has doubled since hitting a low in mid-February. And the swiftness of that move has plenty of observers wondering if we're headed toward another period of even more dramatic price gains. Among the oil insiders worried about such a scenario is Royal Dutch Shell CEO Jeroen van der Veer, a 38-year veteran of the energy giant, who is scheduled to retire June 30...
Separately, Shell in a 20-F filing said Van Der Veer's total pay, including salary and bonus, was $8.34 million in 2008. Brinded earned $4.14 million, Cook earned $3.87 million, the retiring Rob Routs earned $5.16 million and CFO Peter Voser earned $3.59 million.
LONDON -(Dow Jones)- Royal Dutch Shell PLC (RDSA) Monday said a recent militant attack on a Nigeria oil pipeline had forced it to halt deliveries to many customers, in an indication of the worsening security situation in one of Shell's most important markets.
OTTAWA -(Dow Jones)- Project costs for a 100,000-barrel-a-day expansion at Royal Dutch Shell PLC's (RDSA) Athabasca Oil Sands Project have climbed to $13.7 billion, partner Chevron Corp.(CVX) said in a filing with the SEC.
"Nearly all of our projects will be profitable at present energy prices," Chief Executive Jeroen van der Veer told an audience at the Cambridge Energy Research Associates' annual energy conference.
The military tone of articles published 90 years ago in the New York Times provide insight into the depth of intense rivalry between the oil giants which sometimes descended into open warfare. The opening salvo was fired in an article published on 16 January 1928 under the dramatic headline: N.Y. STANDARD OIL DECLARES WAR UPON DUTCH SHELL GROUP.
Is Shell in Exxon's sights? A deal with Shell might be particularly sweet for Exxon's ego. The two firms have been archrivals since the early days of the oil barons, with the Anglo-Dutch Shell and John D. Rockefeller's Standard Oil, which spawned Exxon, going head to head in markets around the globe.
On the non-guaranteed side of the market, Shell International Finance, the financing arm of energy giant Royal Dutch Shell PLC (RDSA), sold the largest deal of the day. Its 30-year issue was sold at a risk premium of 325 basis points over Treasurys, according to an investor. Shell is raising funds for general corporate purposes.
Jim Sewell, staff environmental engineer with Shell, said he knows of no other field in the United States where the emissions control systems are being used on land drilling rigs.
"Exxon got criticized for underinvesting over the last four years," said Fadel Gheit, a senior energy analyst at Oppenheimer. "It's not that they were stupid, it's just that they thought it was too expensive. Now Exxon is going to laugh all the way to the bank."
Norway's giant Ormen Lange gas field is now producing gas from six wells, after three new wells were brought online earlier this month, a spokeswoman for operator Royal Dutch Shell PLC (RDSA.LN) said Friday.
Just before he lost his job, he said, one of his superiors in Washington ordered him not to investigate why Shell Oil had raised its oil transportation costs.
The Movement for the Emancipation of the Niger Delta said in an e-mail that it had destroyed the pipeline. If confirmed, it would be the group's second attack in a 24-hour period.
The Movement for the Emancipation of the Niger Delta said its militant forces "stormed" the Alakiri flow station complex, operated by the Shell Petroleum Development Company, set fire to the facility and "razed it to the ground."
LONDON -(Dow Jones)- Chevron Corp. (CVX) and Royal Dutch Shell PLC (RDSB.LN) Sunday said they were looking into reports of attacks at or near their Nigerian facilities following claims by Nigerian militants.