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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

OPL 245: WHY IS REPROBATE MALCOLM BRINDED STILL PRESIDENT OF THE ENERGY INSTITUTE?

EMAIL FROM BILL CAMPBELL RETIRED HSE GROUP AUDITOR SHELL INTERNATIONAL SENT TO SUE BEARD, HEAD OF PROFESSIONAL AFFAIRS, ENERGY INSTITUTE. PUBLISHED HERE BY JOHN DONOVAN  WITHOUT BILL’S PERMISSION. NO REPLY THUS FAR.

From: William Campbell
Subject: Brinded steps down from role as Chairman of Shell Foundation
Date: 2 November 2017 at 21:02:51 GMT
To: sbeard@energyinst.org
Cc: John Donovan <john@shellnews.net>

Dear Suzanne

Note that in relative terms the EI is recently formed.  Understand in your role as Head of Professional affairs you are interested in ethics, compliance with the law etc so it surprises me that you would appoint a serial lawbreaker Brinded as your President – but for the present could I simply ask in the public interest for clarification: read more

A new revelation about Shell in Nigeria shows that oil trade always makes dirty hands

Google translation of an extensive OPL 245 article published in Dutch. Cannot guarantee that all the links work. Listen here to the unprincipled notorious BvB/Simon Henry wiretapped phone call. Instruction given to withhold information from the police and Shell shareholders. (Currently conversation 9 down from the top)

Jelmer Mommer, Correspondent Climate & Energy

27 October 2017

In 2011, Shell concluded a deal to win oil for the Nigerian coast. Of that, a condemned money launderer benefited – with the knowledge of Shell. Free Netherlands publishes a new reconstruction about the case this week, based on a file of thousands of pages, internal emails, reports and listened calls.

In the amazing documentary Here was the unforgettable film about oil, corruption and capitalism. Here was the unforgettable film about oil, corruption and capitalism. Big Men, says a member of a small American oil company doing business in Ghana: “The oil business is a team sport.” read more

Milan judge expected to decide on Eni, Shell indictment over Nigeria on December 20 – source

OCTOBER 31, 2017 / 3.40 PM

MILAN, Oct 31 (Reuters) – An Italian judge is expected to decide on December 20 whether to send oil majors Eni and Shell to trial over alleged corruption in Nigeria, two legal sources said on Tuesday.

Milan prosecutors have asked for the two companies and some past and present managers, including current Eni CEO Claudio Descalzi, to be indicted in a case revolving around the purchase of a Nigerian oilfield in 2011.

A judge must now rule whether to press charges or dismiss the case. read more

Unexplainable ascent of ethically flawed Malcolm Brinded

Malcolm Brinded – ethically challenged President of the Energy Institute and Chairman of the Shell Foundation. 

By John Donovan

I recently received an email asking how it is possible that the Energy Institute could have a crook as its president. A reference to Malcolm Brinded, alleged in the email to have a “history of quasi psychopathic behaviour towards hundreds of offshore workers put at risk for years to protect Brinded’s personal ambitions.”

Brinded was elected as President of the Energy Institute on 4 July 2017. Equally astonishing is the fact that Brinded also remains Chairman of the Shell Foundation. read more

Shell Nigerian Corruption Case Approaches Climax

FD Ochtendnieuws 

Non-professional translation (Google Translation plus) of an article published today 30 Oct 2017 by the Dutch equivalent of the Financial Times.

Will Shell be formally charged in a major corruption case concerning an oil field in Nigeria, or does the oil and gas multinational know how to duck the dance?

On Tuesday, the last of a series of hearings takes place in a Milan court where prosecutor Fabio de Pasquale argues that Shell and four former Shell executives should be prosecuted together with the Italian multinational Eni. “The decision [of the judge] will follow on the 31st or a few days later,” so De Pasquale informs the FD. He does not want to go further on the matter. read more

OPL 245 was a tipping point

Comment by Bill Campbell (retired HSE Group Auditor of Shell International) on the article “Corruption charge looms for outgoing BHP director Malcolm Brinded” 

It was good news for those who care for Shell and it’s reputation when Brinded and his guard dog Ruddock were shown the door in 2012. Brinded had contaminated the boardrooms of Shell UK and RDS for 15 years with his toxic behaviour. Corruption of external parties also in the shape of the North Sea safety reguluator using his special relationship with the then Secretary of State for Scotland. Still wary of the demise of reputation during the reserves debacle it seems the Chairman and his counsel with the support of the non executives called time on Brinded sensing Shell was heading yet again into the scandal zone. read more

Nigeria recovers $85 mln deposited in Britain in oil licence deal funds – attorney general

Shell has said it was aware that some of the payments it made to Nigeria for rights to the oilfield would go to Malabu, a company associated with former Nigerian oil minister and convicted money launderer Dan Etete.

ABUJA, Oct 27 (Reuters) – Nigeria has recovered $85 million in funds from an oil licence deal that had been deposited in Britain, the West African country’s attorney general said.

President Muhammadu Buhari has, since taking office in 2015, sought help from several nations to recover money he said was taken from public coffers. 

It is not immediately clear who deposited the money in Britain. The money was frozen at the request of prosecutors as a result of an Italian investigation. There is no suggestion of wrongdoing by British authorities. read more

Malabu Scandal: Despite Prosecution Of Shell, Top Officials, Nigeria Allows Continued Operation Of Oil Block

Barnaby Pace of the UK-based Global Witness told PREMIUM TIMES that Mr. Brinded and at least three other Shell executives would be arraigned alongside others that have been identified by Italian prosecutors as co-conspirators in the Malabu fraud.

PREMIUM TIMES: 23 Oct 2017

When Vice President Yemi Osinbajo addressed attendees at a two-day conference on ‘Beneficial Ownership’ in Jakarta, Indonesia, on Monday, he made reference to the Malabu scandal. Mr. Osinbajo said Nigeria was still grappling with the negative consequences of the use of secrecy by senior government officials and their cronies between 1993 and 1998 to award themselves juicy contracts in the extractive industry.

In the Malabu oil scandal, then Minister of Petroleum Resources under the Sani Abacha administration, Dan Etete, used his official position to secretly allocate a lucrative oil prospecting license, OPL 245, to a company he had interest. read more

Corruption charge looms for outgoing BHP director Malcolm Brinded

  • The Times

One of Royal Dutch Shell’s most senior former executives is due to learn within weeks whether he will face trial in Italy on corruption charges.

Investigating magistrates requested over the northern summer that Malcolm Brinded and three other former Shell employees be tried for alleged international corruption relating to Shell and Eni’s dollars 1.3 billion acquisition of a big oil exploration block offshore Nigeria.

They are understood also to be seeking trials of Shell itself, as well as Eni, the Italian oil major, and Claudio Descalzi, its chief executive. read more

EI ‘aware’ of court case said to involve president, a former Shell executive

Written by

The Energy Institute is “aware” of a corruption probe said to implicate president Malcolm Brinded, a former high ranking Shell executive.

The case is being brought forward by prosecutors in Italy and centres around a long-standing dispute over the $1.3billion purchase of an oilfield in Nigerian waters in 2011.

Mr Brinded, who used to be Shell’s head of international exploration and production and also headed up offices in Aberdeen, is among those prosecutors may wish to bring charges against.

Claudio Descalzi, chief executive of Italian oil and gas group Eni, is also understood to have been named by prosecutors. read more

Did Malcolm Brinded fail to wipe the crime scene free of fingerprints?

COMMENT BY RETIRED SHELL INTERNATIONAL HSE GROUP AUDITOR BILL CAMPBELL ON THE ARTICLE: 

Shell executives charged in lead up to landmark trial over billion dollar Nigerian bribery scheme

Malcolm Brinded Charged

Bill Campbell asks: Did Malcolm fail to wipe the crime scene free of fingerprints?

We have all seen the movies where the bad guy covers up his deadly deed by wiping clear any sign of his presence at the crime scene. Malcolm was good at this, taking care on the 11th September 2003 to have destroyed the HSE files in The Hague and the audit files in the phase 3 building of Tullos removing forever the incriminating evidence re his involvement and contribution to the deaths on Brent Bravo that day.

Surprising therefore, that when the Dutch police searched the offices in The Hague on 17 February 2016 approx 3 years after Malcolm’s surprise and unexplained departure from RDS they found a whole stack of what I understand was incriminating stuff in a file cabinet in Malcolm’s old office now occupied by the new Shell Chairman who had taken over from Ollila. read more

OPL 245: SHELL SPY TALK

By John Donovan

Fascinating to read email correspondence between former MI6 officers John Copleston and Guy Colegate hired by Shell to assist in dodgy oil deals involving sinister players.

Common-sense suggests that their expensive specialist skills would not be needed for any straightforward honest business activity.

John Copleston was identified as a Strategic Investment Advisor for Shell Exploration & Production Africa Limited. One of the individuals described by Ben van Beurden as former MI6 people hired by Shell.  read more

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