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Shell News Headlines 23 May 2017

Shell to sell C$4.1 billion stake in Canadian Natural -sources: REUTERS/DAILY MAIL: 23 May 2017

Royal Dutch Shell Plc has decided to offload a roughly C$4.1 billion ($3 billion) stake in Canadian Natural Resources Ltd (CNRL) that it acquired as part of a deal to retreat from Canada’s oil sands earlier this year, people familiar with the situation told Reuters.

Shell defeats activist uprising as it faces down rising climate concerns: THE TELEGRAPH: 23 MAY 2017

Royal Dutch Shell has convincingly defeated a climate activist uprising after facing down one of its most bitter stand-offs with shareholders over its climate goals. Around 94pc of shareholders voted down a special resolution calling for the oil giant to set and publish annual targets to reduce carbon emissions at its AGM in the Hague on Tuesday. The board also survived a vote on executive pay which was backed by 93pc of shareholders.

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Shell boss Ben van Beurden under scrutiny

By Shruti Tripathi Chopra: City A.M.’s deputy news editor: Sun 21 May 2017

Royal Dutch Shell chief executive Ben van Beurden has come under scrutiny over his €8.26m (£7.1m) pay ahead of the FTSE-100 giant’s annual general meeting (AGM) tomorrow.

Pensions & Investment Research Consultants (Pirc) have advised shareholders to vote against the oil and gas giant’s remuneration policy.

Pirc branded van Beurden’s total pay, which was 453 per cent of his salary, “excessive”.

Shell revealed in March that van Beurden’s was paid €8.263m last year, up from €5.135m due to deferred bonuses and long-term incentive plans (LTIPs).

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Gas leak shuts Brent Charlie North Sea platform

NE Scotland, Orkney & Shetland: SAT 20 MAY 2017

The oil company Shell has said it shut down a platform in the North Sea after a gas leak.

The leak was detected on Friday on the Brent Charlie platform, 115 miles north-east of Shetland.

Production has been stopped and 31 non-essential personnel are being flown home as a precaution. Shell said the leak had been stopped and an investigation was under way.

The Brent Charlie had 176 people on board at the time.

A Shell spokeswoman said: “Following a gas detection alarm, production was shut down and the platform called to muster. The source of the leak has been safely detected and isolated, and a full investigation into the cause will be completed.

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Gas leak shuts down Shell North Sea oil platform

Emma O’Neill: SATURDAY 20 MAY 2017

The leak happened on the Brent Charlie platform, 115 miles north-east of Shetland.

A gas leak has lead to a North Sea oil platform being shut down.

The gas detection alarm was set off on Friday morning on the Brent Charlie platform, causing all non-essential workers to be evacuated.

There were 176 people platform at the time, with 31 being evacuated. There are no reported injuries.

Production has been ceased while an investigation is underway.

A Shell spokeswoman said: “Following a gas detection alarm, production was shut down and the platform called to muster. The source of the leak has been safely detected and isolated, and a full investigation into the cause will be completed.

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Shell’s Brent C downmanning after gas leak

Written by

It is understood a gas detection alarm was set off yesterday (Fri) morning on the platform.

Platform personnel were brought to muster, as is standard practice. All 176 workers were safely accounted for and no injuries were reported.

Shell said production has been halted and the leak has been “isolated”.

The oil major has not given any information on the volume of gas involved but there is not through to have been any associated environmental issues.

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Investors to press Shell over climate pay policy small print

By Ron Bousso

LONDON, May 17 (Reuters) – Investors are pushing oil giant Royal Dutch Shell to explain the finer details of its plan to link executives’ bonus pay to lowering carbon emissions, urging more transparency as the world shifts away from fossil fuels.

Shell was hailed by investors as a pioneer among the world’s biggest fossil fuel producers when it announced the policy to tie 10 percent of executives bonuses to cutting greenhouse gas emissions, which will be voted on at a May 23 annual general meeting in the Hague.

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EARTHQUAKE WARNING TO SHELL SHAREHOLDERS

The following information is taken directly from Shell’s Annual Report for the year ended December 31, 2016

RISK FACTORS

From page 14

Production from the Groningen field in the Netherlands continues to cause earthquakes that affect local communities.
Shell and ExxonMobil are 50:50 shareholders in Nederlandse Aardolie Maatschappij B.V. (NAM), which Shell operates. An important part of NAM’s gas production comes from the onshore Groningen gas eld, in which EBN, a Dutch government entity, has a 40% interest and NAM a 60% interest. Production from the Groningen eld has caused earthquakes in the past which are expected to continue. The earthquakes have caused damage to houses and other structures in the region and complaints from the local community. Additional earthquakes could have a material adverse effect on our earnings, cash ows and nancial condition. Since 2013, the Minister of Economic Affairs (Minister) has imposed a cap on production from the Groningen eld in order to reduce the impact of the earthquakes on the neighbouring communities. In September 2016, the Minister approved the production of 24 billion cubic metres per annum from the Groningen eld until October 1, 2021. At the request of the Dutch parliament, the Minister will review annually whether new circumstances have arisen that call for a further reduction of the production. The rst such annual review is expected by October 1, 2017.

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How Shell, Eni Got Enmeshed in $1 Billion Scandal

Royal Dutch Shell Plc and Eni SpA have become entangled in a $1.1 billion bribery scandal involving a field in Nigeria that could potentially hold enough crude to meet three months of the world’s demand. At least three countries are probing the companies, and Italian prosecutors have named Eni’s Chief Executive Officer Claudio Descalzi and Shell’s former head of exploration and production, Malcolm Brinded, among people who could be prosecuted. Nigeria’s anti-graft agency also filed charges against the companies in March.

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Shell shale oil gamble?

Shell recently announced a $300 million investment in a shale oil operation in Argentina: Shell opens treatment plant in Argentina shale play. Shell is developing controversial tight and shale oil and gas operations globally despite the significant financial and environmental considerations involved. Is this wise, or a sign of desperation? Shell is already on shaky ground with the NAM/Groningen project. There is a nice summary below of what we in the oilpatch already knew for years. Production from fracced wells (in a shale like in the US) declines very fast. A well in the Middle East in a high permeable reservoir typically declines 3-10% per year.

Shale oil declines 35-50% per year. You need to keep drilling faster and faster until you go bust…..

And when the costs are high and returns are marginal, corners will be cut and other problems start. Polluted aquifers, operators going bust so who will clean up the mess?

US shale oil will keep prices low – will it ??

Give this 5 mins – it’s fun.

Excellent website link below, with great interactive charts on how the shale wells in US are doing.

These were supposed to keep the oil price low remember?

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Inquest on BG Group/Shell merger

Even the remuneration committee’s ethics were questionable as they acted with impunity by awarding obscene annual bonuses to executives, despite multiple fatalities at operational locations.

By John Donovan

Further comments have been posted overnight on our Shell Blog in an ongoing discussion about Shell’s controversial takeover of the BG Group. To my certain knowledge Shell had its eyes set on British Gas back to at least the mid 1990’s. An important meeting I had in July 1995 with the then Chairman and Chief Executive of Shell UK Limited Dr Chris Fay was interrupted by matters relating to British Gas. A takeover bid was being actively considered. It was not until Ben van Beurden became Shell’s CEO that anyone at Shell had the guts to take a gamble. And it is a gamble. Oil prices are on the brink of a possible and even likely collapse. BTW, I very much agree with the comments made by “regular browser” about Shell’s claimed business principles.

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Reflecting on the demise of the BG Group

Printed below are recent intriguing comments posted on our Shell Blog about events and individuals at BG Group after it was infiltrated by Shell years prior to the $70 billion acquisition. The largest oil industry merger for nearly 20 years.

POSTED COMMENTS

BogusGroup: 2017/05/03 at 3:23 pm

BG Group was founded on very little credible geoscience. Frank Chapman’s precious ‘treasures’. Technically inept staff promoted to heady heights as a reward for longevity, loyalty and willingness to play corrupt corporate games. Probity was a word never heard in the corridors of the pavilions of Thames Valley Park. As long as there was production and accompanying revenue stream it didn’t matter if they understood where it came from or not. Life was a continuous garden party on a ‘Knight to be remembered’!

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Steve Phimister, mastermind behind Shell’s takeover of BG Group?

By John Donovan

Yesterday, the sub-headline in a PR article about Steve Phimister published by EnergyVoice.com proclaimed: “The mastermind behind Royal Dutch Shell’s £36billion takeover of BG Group has been appointed to the board of industry trade association Oil and Gas UK”.

I wondered if the very impressive claim, perhaps made in the heat of excitement about his latest appointment, might upset his boss, Shell CEO Ben van Beurden, who might believe that he masterminded the deal, not Phimister. Lo and behold the claim vanished overnight from the online article without explanation.

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