Posts under ‘Exxon Mobil’
Royal Dutch Shell plc has confirmed that more than 200 workers will be cut from its Norwegian operations.
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.
- The myth of a secure price range for OPEC in its battle against shale.
- Why OPEC has painted itself into a corner, forcing it to extend lower output.
- What’s far more important than OPEC and others’ cuts.
- Cuts or not – low-cost shale producers like Shell will produce at a profit.
From a regular contributor
NAM has been found responsible for immaterial damage to the inhabitants of Groningen in court 2 days ago. NAM is appealing. Individuals can now claim damages to their health, due to stress caused by the earthquakes. I don’t know the exact English translation of this jargon but you get the point, NAM not only has to pay for the physical damage but also for spoiling the lives of people.
Be prepared for many years of legal battles. The damages are very low compared to the USA but there are many people who can claim. Potential costs can be very high. Obviously, it is the shysters who will get the bulk of the money! And all the time there is pressure to reduce output from the Groningen field.
Casey Hoerth: Dec. 14, 2016 11:09 AM ET
Shell plans on between $25 billion and $30 billion in capex next year, with flexibility to the downside.
I do not expect Shell to achieve cash flow balance in 2016, even with asset sales.
I continue to recommend other energy companies over Royal Dutch Shell, until either oil prices recover more or until Shell does something else to achieve balance.
Over the course of 2016 I haven’t recommended much when it comes buying to upstream or integrated oil companies. The reason was that I felt many still weren’t doing enough to balance their money coming in versus money going out. The CEO of one of my favorite companies, in their latest analyst day, recently quipped that energy companies couldn’t afford to wait to be ‘bailed out’ by higher oil prices.
Printed below are extracts from a communication received from a Shell Civil Engineer who, until recently, worked on the construction of the ill-fated Kashagan oil field.
He says his dire warnings in regard to construction issues were escalated to Shell top management, including Andy Brown, but were ignored.
He has also raised the subject of Shell depriving sacked workers tax breaks on redundancy pay. A policy he describes as theft.
The same source supplied related, apparently authentic, Shell emails.
By Ed Crooks, December 2, 2016
In 451 CE, the great Roman general Flavius Aetius rallied a motley army of imperial troops and barbarian allies, and halted the advance of Attila’s Huns at the Catalaunian Plains in Gaul, buying the empire some time and temporarily interrupting its long-term decline. This week’s Opec meeting in Vienna had something of the same feel about it.
Opec’s power peaked in the 1970s, and the US shale oil revolution of the past half-decade has threatened to consign the cartel’s influence to history. But by agreeing a deal to cut production on Wednesday, the Opec ministers showed that if they all acted together they could still bend the oil markets to their will, at least for a while.
Written by Reporter – 30/11/2016 2:02 pm
Shell said it is studying acquisitions in the green energy sector.
It comes amid shareholder pressure to look at a strategy beyond fossil fuels.
The oil major currently has a market value of $200billion and produces 2% of the world’s oil and gas.
Chief executive Ben Van Beurden said: “The idea you can just be a very clever observer and step in when the moment is right, forget about it.
“I am convinced that in this space we will play an active role, a leafing role and we will plan acquisitions in it.”
By Mikael Holter: November 30, 2016
Norway expects Royal Dutch Shell Plc to go forward with a shelved project to boost recovery of natural gas at the Ormen Lange field and warned it will start pushing the company for progress from next year.
“A clear message to Shell is that we expect that it seizes the opportunities that exist at Ormen Lange and comes to a decision to take this forward,” Bente Nyland, the head of the Norwegian Petroleum Directorate, said in an interview in Oslo on Wednesday. “There are a lot of resources at Ormen and we have to get them out.”
By Felix Onuah
Nov 17 Nigeria has reached a deal to pay $5.1 billion in unpaid bills to oil majors including Royal Dutch Shell and Exxon Mobil, the minister of state for oil said on Thursday.
The Nigerian National Petroleum Corporation (NNPC), the OPEC member’s state oil firm, has amassed a total of $6.8 billion in unpaid bills up to December 2015, so-called cash calls, that it was obliged to pay under joint ventures with Western oil firms, with which it explores for and produces oil.
A top Dutch court has received 25 appeals against the government’s decision to cap production at the Groningen gas field at an annual figure of 24 billion cubic metres from protesters who think it does not go far enough.
Several groups in the region had asked for a steeper reduction to prevent earthquakes, which have damaged thousands of structures in the northern province.
Output from Groningen, which once supplied 10 percent of demand in the European Union, has halved over the past two years after the Dutch Safety Board said the government was failing to protect citizens from earthquakes triggered by gas exploitation.
Nigeria reached a $5.1 billion settlement to reimburse foreign oil companies including Exxon Mobil Corp. and Royal Dutch Shell Plc for past operating costs.
The amount, less than the $6.8 billion previously discussed, will be settled through crude-oil sales over five years and will be interest free, Petroleum Minister Emmanuel Kachikwu told reporters in the capital, Abuja, Thursday.
“What we have been able to put together has enabled us to shave about $1.7 billion in savings for the federal government from the $6.8 billion that was owed,” he said. “The barrels to pay those will come from incremental barrels generated by the oil companies, not from the current 2.2 million-barrel-a-day production.