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Dutch Minister Wiebes Says NAM Must Pay for Groningen Earthquake Damage

Wiebes did not want to give a prognosis about amounts. What is certain is that it involves billions.

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

NAM position weakened with new damage protocol 

Carel Grol • Economics & Politics

NAM is completely sidelined in the handling of the earthquake damages. The State will deal with the damage, NAM must pay. In case of doubt, the claimant is to be considered in favor of the claimant, damages are no longer limited by so-called geographical contours.

That is what Eric Wiebes, Minister of Economic Affairs and Climate, said on Wednesday afternoon at the provincial government building in Groningen. Last year it was already clear that the Dutch Petroleum Company (NAM), which extracts the gas from the Groningen field, would be removed from the damage process. Because NAM who took the damage, that was for many people as the butcher who approves his own meat. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell poised to dethrone Exxon in oil titans’ cash clash

Ron Bousso: 1 FEB 2018 LONDON (Reuters) – Royal Dutch Shell could usurp its largest rival Exxon Mobil as the energy sector’s biggest cash generator after higher oil and gas prices combined with an improved performance lifted its 2017 revenue.Chief Executive Ben van Beurden has made no secret of his desire to challenge the dominance of the world’s largest listed oil company after its $54 billion purchase of BG Group in 2016 catapulted Shell into second place in terms of production. The Anglo-Dutch company on Thursday reported a more than doubling of profit in 2017 to $16 billion, the highest since the start of the 2014 downturn as the effect of years of costs cuts and the integration of BG Group filtered through. “We enter 2018 with continued discipline and confidence, committed to the delivery of strong returns and cash,” van Beurden said in a statement. FULL ARTICLE read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell Makes as Much Money at $60 a Barrel as When It Was $100

The oil-price rally worked both ways for Royal Dutch Shell Plc as improved exploration and production lifted profit to a three-year high while refining and trading fell short of expectations as margins shrank. Crude’s surge raised adjusted profit at Europe’s largest energy company to $4.3 billion last quarter, the highest since 2014. While the bottom line was better than expected — and Shell is making as much money with oil at $60 a barrel as when it was $100 — cash flow was the weakest since 2016. FULL ARTICLE read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

GAS FIRM TO WITHHOLD SHELL, EXXON PROFITS; PROMISES CASH TO EARTHQUAKE-PRONE REGION

By Janene Pieters on January 31, 2018 – 13:40

Dutch gas firm NAM will for the time being not pay profits to its two shareholders – Shell and ExxonMobil, Shell announced in a press release. NAM has 18 billion euros available to compensate for damaged caused by gas extraction related earthquakes in Groningen for the next five years, the Dutch gas firm also announced in a press release.

These two press releases were an attempt to calm unrest caused by the revelation that Shell withdrew its so-called 403 declaration from NAM last year, as Trouw reported on Saturday. This 403 declaration held Shell liable for NAM’s debts. The withdrawal of this declaration, which happened in June last year, raised concerns that Shell is trying to escape its liability for damages caused by fracking earthquakes in Groningen. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

MPs angry as Shell distances itself from NAM earthquake claims

There has been furious reaction after energy giant Shell distanced itself from possible claims for earthquake damages in Groningen province made against its subsidiary gas production company NAM.

MPs are calling for an emergency debate to discuss the issue, the Financieele Dagblad reported on Monday.

In addition, farmers in the earthquake-damaged province of Groningen are planning a demonstration Monday evening in Delfzijl, local paper Dagblad van het Noorden said. Farmers claim subsidence harms their crops and threatens their manure stores.

Moreover, many claim NAM does not have the money to settle the escalating claims which are certain to reach billions of euros.

The row was triggered on Saturday when Trouw said Shell was backing away from possible earthquake damages claims made again NAM, an assertion based on Shell Nederland’s annual report published in June 2017. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Oil Boom Gives the U.S. a New Edge in Energy and Diplomacy

A pump jack in a Permian Basin oil field in West Texas. The area has been a focus of the shale drilling boom. Credit Spencer Platt/Getty Images North America

HOUSTON — A substantial rise in oil prices in recent months has led to a resurgence in American oil production, enabling the country to challenge the dominance of Saudi Arabia and dampen price pressures at the pump. The success has come in the face of efforts by Saudi Arabia and its oil allies to undercut the shale drilling spree in the United States. Those strategies backfired and ultimately ended up benefiting the oil industry. Overcoming three years of slumping prices proved the resiliency of the shale boom. Energy companies and their financial backers were able to weather market turmoil — and the maneuvers of the global oil cartel — by adjusting exploration and extraction techniques. FULL ARTICLE read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Alternatives to Groningen gas are expensive, complex and politically sensitive

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

Louis Hoeks Carel Grol • Economics & Politics: 25 JAN 2018

Since the earthquake at Zeerijp earlier this month everyone in politics The Hague agrees that the Netherlands should stop accelerating the use of Groningen gas. But good intentions come up against the unruly reality.

The five biggest obstacles in a row.

1. Gasless homes

Today the House is talking about a bill from Liesbeth van Tongeren (GroenLinks) to remove the obligation to connect new homes to the gas grid. The Cabinet also wants the gas connection obligation to be replaced by a heat law and that in 2021 approximately 50,000 new homes will be delivered by nature without natural gas.

However, those new houses are small beer. The pain is in the existing building: about 96% of the 7.7 million Dutch homes are currently dependent on gas for heating. There are no hard figures about the costs, says a spokesperson for Vereniging Eigen Huis. But it is certain that it will be a billion-dollar job. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Groningen Earthquakes: Uncertainty for NAM is increasing further

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

Shell and ExxonMobil are the shareholders, so the real power lies in The Hague and Texas.

 Carel Grol • Entrepreneurship: 24 JAN 2018

The NAM must pay. Again. The gas extraction company already had to pay for cracks in walls and for psychological distress in people in the earthquake area, and now the company also has to pay for the reduction in the value of houses through gas production. Regardless of whether there is physical damage to these houses and whether they are sold, the court ruled yesterday. According to the Groningen lawyer Pieter Huitema, who represents many of the homeowners, it will cost NAM € 1 billion. “And maybe more.”

For example, the year is less than a month old or the Dutch Petroleum Company has already received some hard taps. Two weeks ago, in Zeerijp, the quake of 3.4 was on the Richter scale, the heaviest earthquake in five years. Immediately, Minister Eric Wiebes of Economic Affairs and Climate judged that gas extraction had to go down. The torchlight procession in Groningen, as a protest against the extraction, attracted some ten thousand people. A record. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell/Exxon NAM Earthquakes: Thousands of people protested in Groningen last week

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

Thousands of people protested in Groningen last week against natural gas drilling. Photo: Joris van Gennip

From our editor • Entrepreneurship

Shell is no longer responsible for debts with the 50% subsidiary NAM. The damage to houses caused by earthquakes in Groningen is therefore not at the expense of the petroleum company. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell buying spree cranks up race for clean energy

People take pictures of a high-efficiency petrol-burning concept car as it is unveiled by Royal Dutch Shell during a ceremony in Beijing, China April 22, 2016. REUTERS/Damir Sagolj

Ron Bousso, Clara Denina: JANUARY 26, 2018

LONDON (Reuters) – Royal Dutch Shell (RDSa.L) has spent over $400 million on a range of acquisitions in recent weeks, from solar power to electric car charging points, cranking up its drive to expand beyond its oil and gas business and reduce its carbon footprint. The scale of the buying spree pales in comparison to the Anglo-Dutch company’s $25 billion annual spending budget. But its first forays into the solar and retail power sectors for many years shows a growing urgency to develop cleaner energy businesses. FULL ARTICLE read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell Is Closing In on Exxon’s Crown

Even in the dynamic world of business, some things always hold true: the Big Mac outsells the Whopper, Google gets more searches than Bing, and Exxon Mobil Corp. is the world’s biggest public oil company. Or perhaps not.

Royal Dutch Shell Plc is the closest it’s ever been to attaining the long-coveted prize of overtaking its American rival. While the Anglo-Dutch oil major still has some work left to snatch Exxon’s crown, Chief Executive Officer Ben van Beurden has made getting to the top his restless mission. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Dutch gas regulator to publish Groningen recommendation on Feb. 1

AMSTERDAM, Jan 24 (Reuters) – The Dutch gas regulator will publish its recommendation for production at the Groningen gas field on Feb. 1, a spokeswoman said on Wednesday.

Regulator SodM was asked to provide advice on a new production cut after the northern Dutch region was hit by the strongest earthquake in years earlier this month.

Both the regulator and gas production company NAM, a joint venture between Royal Dutch Shell and Exxon Mobil , have said that production needs to be cut substantially from the current level of 21.6 billion cubic metres (bcm) per year to limit seismic risks in the region. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Big Oil flush with cash again, but no party yet

Ron Bousso: 24 JAN 2018

LONDON (Reuters) – The world’s top oil companies are expected to generate more cash in 2018 than at any other time this decade after three painful years of cuts, but it isn’t party time yet.

The shift in sentiment has been rapid as crude prices have risen by more than 50 percent over the past six months to reach $70 a barrel, a level not seen since the crash year of 2014, thanks to global supply cuts led by OPEC.

Only a year ago, many investors still fretted over the sustainability of the sector’s lavish dividend payouts in a weak energy market. Now the focus on company boards is gradually switching from slashing jobs and investment to boosting shareholders’ returns and growth. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Gas field earthquakes put Netherlands’ biggest firms on extraction notice

Extraction from the Groningen field, one of Europe’s richest sources of gas, is operated in a joint venture between Royal Dutch Shell and ExxonMobil, but has been capped in recent years by ministers due to seismic activity in the area. Following a quake two weeks ago which registered at 3.4 on the Richter scale – the second-strongest recorded above the gas fields and the biggest in five years – the country’s minister for economic affairs, Eric Wiebes, put major corporations on notice this week. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

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

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

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

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan
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