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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

Why the Dutch are Missing Out on the Global Natural Gas Glut

The world may never have produced more natural gas, but that’s little comfort for the Dutch government as it seeks to replace flows from Europe’s biggest field.

Lawmakers in the Netherlands on Tuesday will discuss options to supply their pipeline network, which was built around the relatively poor-quality gas from the Groningen deposit. More than a half century of production there triggered earthquakes, forcing the scaling back of output.

Progressive Decline

Annual gas output from the Groningen gas field under new rules read more

Shell commissions new oil-production vessel in UK North Sea field

Royal Dutch Shell plans to build its first major oil-production vessel in the northern U.K. North Sea in almost three decades, in an effort to redevelop the Penguins oil and gas field, the company said Monday. Shell believes the floating production, storage and offloading vessel will pump 45,000 barrels of oil equivalent a day from the Penguins field at its peak, and that it could break even on its investment even if oil prices slide below $40 a barrel. FULL ARTICLE read more

DUTCH PRIME MINISTER RUTTE BLAMES HIMSELF FOR DELAY IN A DAMAGE PROTOCOL FOR GRONINGEN GAS SEEPAGE VICTIMS  

Printed below is an English translation of an article published today by the Dutch equivalent of the Financial Times, Financieele Dagblad

DUTCH PRIME MINISTER RUTTE BLAMES HIMSELF FOR DELAY IN A DAMAGE PROTOCOL FOR GRONINGEN GAS SEEPAGE VICTIMS

From our editor • Economics & Politics

Dutch Prime Minister Rutte: ‘Time taken to form new cabinet is the cause of delay in new damage protocol for Groningen gas field’

The long time taken for cabinet formation has ensured that there is still no damage protocol for the victims of the gas seepage in Groningen Prime Minister Rutte said in the Buitenhof program on Sunday.

Because Rutte is ultimately responsible as prime minister, he also blames himself for the delay. “As prime minister, I am the first person to speak.” read more

NAM €265 BILLION REVENUE FROM GRONINGEN GAS: THEN THE EARTHQUAKES CAME

Once good for 20% of the government revenue and extra influence in Europe, now a national blight: the natural gas extraction in Groningen. The crane is getting closer and closer. But when the earth stops shaking, nobody knows.

€ 265 billion: Total revenue from Dutch natural gas revenues in the period 1960-2013 amounted to approximately € 265 billion.

The Groningen field was a jewel in the Shell portfolio.

Printed below is an English translation of an article published today by the Dutch equivalent of the Financial Times, Financieele Dagblad under the headline: 

If you produce gas, you do not actually have to do anything

By Carel Grol

Harry Klevering (68) can still remember the arrival of the gas. About eight years old, he was the youngest of a family of thirteen from the Groningen village of Spijk, when the gas bubble was discovered in Slochteren in the late 1950s. Soon after, the Dutch Petroleum Company (NAM) visited his house, the company that still lives a life later on gas. To install free gas pipes. Tightly over the plinth, even though the tubes were plastic.

This Tuesday afternoon Klevering is in the office of Centrum Veilig Wonen in Loppersum. He just reported damage. He has lived in the same house for 24 years. Red bricks with a pointed roof, on the water. It is the second time that he has suffered damage. On Tuesday there were two explosions and then it felt like the house was falling. read more

Earthquake Shaker: Groningen Gas Field is on the highest alert level, code red

Minister Eric Wiebes of Economic Affairs and Climate has arrived in the village of Zeerijp in Groningen, where an earthquake occurred on Monday.

On Thursday, the State Supervision of Mines (SSM) stated that Groningen is in the highest alert level, code red, and that therefore a ‘considerable production reduction’ is necessary.

Printed below is an English translation of an article published today by the Dutch equivalent of the Financial Times, Financieele Dagblad.

Accelerated reduction of Groningen gas production is expensive and time-consuming

Gert van der Have Louis Hoeks Economy & Politics

The politicians want to close the gas tap further, but that is not possible. ‘I’m going to do everything I can to reduce the costs’, Minister Eric Wiebes of Economic Affairs and Climate promised this week during his visit to the province of Groningen. He has to make that happen now.

According to the coalition agreement, Groningen gas production in 2021 must be reduced to 20.1 billion cubic meters. Wiebes wants to continue. The Dutch Petroleum Company (NAM) also indicated this week, without mentioning volumes, that the gas production will be substantially reduced again. On Thursday, the State Supervision of Mines (SSM) stated that Groningen is in the highest alert level, code red, and that therefore a ‘considerable production reduction’ is necessary. read more

Shell/Exxon (NAM) has delivered an urgent report to the Dutch State Supervision of Mines about the Zeerijp earthquake

TRANSLATED INFORMATION PUBLISHED 11 JAN 2018 IN DUTCH BY NAM

The Zeerijp quake

As a result of the recent earthquake at Zeerijp, NAM delivered a report to the State Supervision of Mines Supervisor (SSM) within 48 hours.
 
The report proposes measures for the Minister of Economic Affairs and Climate to ultimately decide on in the context of safety, safety perception and other assessment frameworks. In addition to primary safety, the safety experience of the citizens of Groningen is central to this.

Gerald Schotman emphasized in various interviews to national and regional media that NAM is not concerned about the level of gas production. That is a decision that politics must take. read more

NAM proposes substantial reduction in gas production

…there was another earthquake last Monday, of 3.4 on the Richter scale. That was the second heaviest earthquake in the area above the Groningen field. So the big question is: when is it safe?

Printed below is an English translation of an article published today by the Dutch equivalent of the Financial Times, Financieele Dagblad.

Heavy earthquake Groningen: Earthquake had a force of 3.4 on the Richter scale

Bert van Dijk Carel Grol • Entrepreneurship

The Dutch Petroleum Company (NAM) has advised Minister Eric Wiebes of Economic Affairs and Climate to substantially reduce gas production in the Groningen field. This is the first time that NAM has so explicitly managed a production reduction.

NAM has already significantly reduced production in the past five years. In 2013, production from the Groningen field was still 54 billion cubic meters. This is 21.6 billion cubic meters this year. Gas is now also won more evenly. Yet there was another earthquake last Monday, of 3.4 on the Richter scale. That was the second heaviest earthquake in the area above the Groningen field. 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

Further production cut eyed for Groningen after tremor

|By: , SA News Editor

Dutch gas company NAM says it will propose reducing production at the Groningen gas field following an earthquake on Monday that was the largest in recent years.

NAM, a Royal Dutch Shell (RDS.ARDS.B) and Exxon Mobil (NYSE:XOM) joint venture that operates the Groningen field, says it will propose a shutdown of some production clusters, leading to a lower production volume overall.

The Dutch government has cut gas production several times in recent years from 39.4B cm in 2015-16, as decades of gas extraction have led to dozens of earthquakes every year in the Groningen region; the new government already agreed to cut output to ~20B cm by 2021 from a current 21.6B cm. read more

Dutch gas company NAM proposes cutting production at Groningen

AMSTERDAM, Jan 10 (Reuters) – Dutch gas company NAM will propose reducing production at the Groningen gas field in the wake of Monday’s earthquake, a spokesman for the company said on Wednesday.

Spokesman Ewoud Nysingh said NAM, a Royal Dutch Shell and Exxon Mobil joint venture that operates the Groningen field, will propose a shut-down of some production clusters, leading to a lower production volume overall.

NAM will present details of its proposal to the government around 1400 GMT on Wednesday. read more

‘Heroes of Groningen’ reprimanded by lawyer for lawyers

Printed below is an English translation of an article published today by the Dutch equivalent of the Financial Times, Financieele Dagblad

A house in the Lageland in Groningen has been seriously damaged by the earthquakes and will soon be demolished.Photo: Kees van de Veen / HH

‘Heroes of Groningen’ reprimanded by lawyer for lawyers

Bas Knoop • Entrepreneurship

Law firm De Haan has made ‘inadmissible agreements’ about remuneration with thousands of duped homeowners in the earthquake area in Groningen.

The so-called success fees that the Groningen office requires from clients with residential damage, in case they receive compensation from NAM, are a violation of the prohibition of no cure, no pay in the legal profession. 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

Dutch Court Upholds $5.2 Billion Asset Freeze On Kazakhstan Oil Field

Frozen Assets Securing a $520 Million Award Against Republic of Kazakhstan 

NEW YORK, Jan. 8, 2018 /PRNewswire/ — On January 5, 2018, Amsterdam District Court issued a judgment (the “Judgment”) in which it upheld an earlier ex parte attachment granted by the same court on September 8, 2017 to Anatolie Stati, Gabriel Stati, Ascom Group S.A. and Terra Raf Trans Traiding Ltd (together, the “Stati Parties”) with respect to the Republic of Kazakhstan’sshareholding in the Dutch entity KMG Kashagan B.V. (“Kashagan”) which shareholding is held via the Kazakh sovereign wealth fund Samruk-Kazyna (“Samruk”).  Through its stake in Kashagan, which has a nominal value of approximately US$5.2 billion, the Kazakh State participates in the international consortium relating to the Kashagan oilfield, one of the largest offshore oilfields in the Caspian Sea. Other members of the consortium include Eni, Royal Dutch Shell, Total, ExxonMobil, China National Petroleum Corporation and Inpex. FULL ARTICLE read more

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