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Posts under ‘Gulf of Mexico’

Shell’s $30bn divestment programme: What we know so far




Written by Mark Lammey – 22/10/2016 5:30 am

Oil and gas giant Shell plans to sell $30billion worth of assets from 2016 to 2018 to offset the cost of its $50billion takeover of BG Group, which was completed in February.

By the end of June, 2016, Shell had completed deals worth $1.5billion, according to its half-year results update.

Of that sum, $820million was generated by offloading interests in Shell Midstream Partners, while $560million came from the sale of property, plant and equipment and businesses.

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Royal Dutch Shell – Additional Divestments In Order To Sustain The Dividend


Oct. 21, 2016 10:17 AM ET


  • Shell is announcing further divestments, this time selling part of its shale operations in Canada.
  • These moves do little to address the giant debt load, although they allow for cash flow neutrality this year.
  • Asset sales, resulting in smaller operations, combined with shareholder dilution hurt the long term potential as management stubbornly tries to preserve the dividend.

Royal Dutch Shell (RDS.A) announced another round of divestments in order to keep leverage under control, even as oil prices have rebounded a bit in recent times. These modest divestments are countercyclical and hurt production quite a bit in relation to the proceeds. At best cash outflows come to a standstill this year following these moves, although they result in a smaller business going forward, while investors see dilution of the shareholder base in order to sustain the unsustainable dividend.

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Opec’s unclear resolve

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Opec’s unclear resolve

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By Ed Crooks, September 30, 2016

After two years of inaction as a strategy, Opec this week decided to do… something. Exactly what it will end up doing has yet to be determined.

When Opec ministers met at a beach resort in Algiers, they agreed a statement setting a target for their oil production that is roughly 250,000-750,000 barrels per day lower than the cartel’s current output. The big missing piece from the deal, though, was how the cartel’s members would share out the cuts needed to reach that target. A “high-level committee” of representatives from member states, supported by the Opec secretariat, will work on recommendations for individual countries’ cuts, which could be confirmed at the next ministerial meeting, in Vienna on November 30.

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Shell’s Growth Priority Over The Next Five Years — Deepwater

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Trefis Team SEP 29, 2016 @ 08:42 AM

With the ever-growing energy needs worldwide, the conventional sources of energy are likely to exhaust soon. Having explored the majority of the onshore reserves, oil and gas producers around the globe are now moving to offshore reserves, that are primarily formations in deep waters, containing thick layers of oil and gas in permeable rock. Consequently, Deepwater drilling, often used to categorize drilling in water depths of greater than around 400 meters, has become an attractive alternative to onshore drilling. In line with this growing trend, Royal Dutch Shell (NYSE:RDS.A) has categorized Deepwater as one of its growth priorities for the next five years. (Also Read: Shell’s Growth Priority Over The Next Five Years – Chemicals) In this note, we discuss the growth potential of the deepwater market, Shell’s positioning in this market, and its strategy going forward.

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Shell leaves refinery business in Denmark


By Daniel J. Graeber     |   Sept. 15, 2016 at 8:36 AM

COPENHAGEN, Denmark, Sept. 15 (UPI) — For about $80 million in capital, Royal Dutch Shell said Thursday it was keeping its upstream Danish interests in check, but unloading a refinery operation.

Shell said it reached an agreement with a Danish company to sell its refinery operations, which includes the Fredericia refinery that has the capacity to handle 70,000 barrels of product per day. The Dutch supermajor said its exploration and production interests in Denmark would not be impacted by the transaction.

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Shell begins production at world’s deepest underwater oilfield


Simon BowersSunday 11 September 2016 17.15 BST

Royal Dutch Shell has started production at the world’s deepest underwater oil and gas field, 1.8 miles beneath the sea surface in the Gulf of Mexico.

The latest costly addition to Shell’s production capacity comes despite Van Beurden’s repeated pledges on climate change. In May, he said: “We know our long-term success … depends on our ability to anticipate the types of energy that people will need in the future in a way that is both commercially competitive and environmentally sound.”

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Shell starts production at Stones in the Gulf of Mexico

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“Stones is the latest example of our leadership, capability, and knowledge which are key to profitably developing our global deep-water resources,” said Andy Brown, Upstream Director, Royal Dutch Shell.  “Our growing expertise in using such technologies in innovative ways will help us unlock more deep-water resources around the world.”

Stones, which is 100% owned and operated by Shell, is the company’s second producing field from the Lower Tertiary geologic frontier in the Gulf of Mexico, following the start-up of Perdido in 2010.

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Speculation rises over Opec output freeze

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By Ed Crooks: September 2, 2016

Over the past month, the big stories in the oil market have been speculation about a possible production freeze from Opec, and the reality of rising activity in the US shale industry.

The rumours of Opec action have followed the pattern that has become wearingly familiar over the past couple of years, since the landmark meeting in November 2014 confirming that Saudi Arabia was not prepared to cut production to try to stabilise prices.

As the meeting – in this case, a gathering on the sidelines of the International Energy Forum in Algiers on September 26-28 – grows nearer, suggestions that a freeze will be discussed grow louder. Venezuela, which has the most urgent need for a higher oil price, sounds the most enthusiastic about curbing production. Other countries make supportive statements and agree to meet, without promising any action themselves.

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Shell Sells Gulf Of Mexico Asset, But Faces A Tough Road Ahead

Screen Shot 2016-08-31 at 23.13.17Sarfaraz A. Khan: Aug. 31, 2016 3:20 PM ET


  • Royal Dutch Shell has agreed to sell its Brutus/Glider assets in the U.S. GoM to EnVen Energy for $425 million in cash.
  • The asset sale is a small step in the right direction which will improve Shell’s cash reserves.
  • The company, however, has made little progress toward achieving its target of selling $6Bn to $8Bn assets this year and $30Bn by 2018.

Royal Dutch Shell (RDS.A, RDS.B) has recently agreed to sell its Brutus/Glider assets in the U.S. Gulf of Mexico to Houston-based EnVen Energy for $425 million in cash. Shell was pumping 25,000 barrels of oil per day from these offshore properties, which was equivalent to 5.8% of the oil giant’s Gulf of Mexico production or less than 1% of its total production.

The asset sale is a small step in the right direction which will improve Shell’s cash reserves which stood at $15.2 billion at the end of June. Shell intends to sell $6 billion to $8 billion of assets this year. Overall, the company aims to dispose $30 billion of assets, spread in 5 to 10 countries and representing 10% of its production, by 2018. That will allow the company to reduce its debt which has ballooned following the $53 billion takeover of BG Group.

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Shell’s U.S deal to unlock global oil asset disposals

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* Shell lines up large North Sea asset sale

* In talks to sell out of Gabon, NZealand, Thailand, Tunisia

* Gulf of Mexico deal sets deal value at $60/bbl

* Shell seeks to sell $6-$8 bln of assets in 2016

By Ron Bousso: Wed Aug 31, 2016

LONDON, Royal Dutch Shell’s first oil field sale after its $54 billion BG Group acquisition bodes well for its disposal talks in the North Sea, Gabon and New Zealand, according to sources, signalling buyers will meet its expectations on value.

The $425 million deal in the Gulf of Mexico is welcome news for the Anglo-Dutch oil and gas giant which has struggled to kick off its plan to dispose of $30 billion of assets by 2018 or so in order to pay for the February deal and maintain a generous dividend policy amid soaring debt.

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Shell’s U.S. oilfield sale may bode well for disposal program

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…analysts also say further deals may prove harder to clinch

Aug 30 2016, 11:47 ET | By: Carl Surran, SA News Editor

Analysts say Royal Dutch Shell’s (RDS.A, RDS.B) first oilfield sale after its BG Group acquisition bodes well for its sale talks in the North Sea, Gabon and New Zealand, signaling that buyers will meet the company’s expectations on value.

The $425M sale of the Brutus/Glider fields has an implied oil price of ~$60/bbl, more than $10/bbl above current prices, according to UBS analysts who say “we may now be entering a period where both buyer and seller can see acceptable relative value, unlocking the A&D [acquisition and divestiture] market.”

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Shell share price: Private equity-backed firms eye group’s North Sea assets

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Screen Shot 2016-08-29 at 22.18.50Anglo-Dutch oil major agrees to offload certain assets in Gulf of Mexico

by Tsveta ZikolovaTuesday, 30 Aug 2016, 09:00 BST

Investment companies backed by some of the world’s biggest private equity groups have expressed interest in Royal Dutch Shell’s (LON:RDSA) North Sea assets, the Financial Times has reported. The Anglo-Dutch oil major has unveiled plans to sell some $30 billion worth of assets across its global portfolio over the next three years or so is it looks to shore up its balance sheet in the wake of its acquisition of BG Group which completed earlier this year.

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Shell takes cash offer for Gulf of Mexico assets

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By Daniel J. Graeber: Aug 30, 2016

HOUSTON, Aug. 30 (UPI) — In a deal that included $425 million in cash, Royal Dutch Shell said it sold off its entire stake in assets held in the U.S. waters of the Gulf of Mexico.

Shell said the sale of the 100 percent stake of three blocks known collectively as the Brutus/Glider assets to EnVen Energy Corp. was in line with the company’s divestment strategy. In July, the company’s chief executive officer, Ben van Buerden, said “significant and lasting changes” were underway as lower crude oil prices continued to present problems for the industry.

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Shell Divests Gulf Of Mexico Assets For $425 Million Plus Royalty Interests

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Screen Shot 2016-08-29 at 22.18.50AUG 29, 2016, 15:27 ET

HOUSTON, Aug. 29, 2016 /PRNewswire/ — Royal Dutch Shell plc, through its affiliate Shell Offshore Inc. (Shell), today announces it has an agreement to sell 100 percent of its record title interest in Gulf of Mexico Green Canyon Blocks 114, 158, 202 and 248, referred to as the Brutus/Glider assets, to EnVen Energy Corporation, through its affiliate EnVen Energy Ventures, LLC.  In line with Shell’s global divestment plans, this transaction includes $425 million in cash. 

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Can OPEC save BP plc and Royal Dutch Shell plc?

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By Ian Pierce – Thursday, 25 August, 2016

Oil majors must long for the halcyon days when a sustained period of low crude prices could be expected to send OPEC riding to the rescue with sweeping production cuts and a promise to boost global prices. Now, two years into a global supply glut that shows few signs of lifting, do oil majors need an OPEC to finally take action?

BP (LSE: BP) wouldn’t say no to the help. Interim results released last month saw underlying replacement cost profits, its preferred metric of profitability, slump 67% year-on-year. Add in a $2bn statutory loss for the period and net debt leaping to $30.9bn and worries have rightly begun to proliferate that dividends will be slashed sooner rather than later.

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Oil major debt climbs to record high as crude prices continue to wallow

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Billy Bambrough is City A.M.’s deputy news editor. Wednesday 24 August 2016

Some of the biggest global oil majors are being weighed down by record levels of debt.

Exxon Mobil, Royal Dutch Shell, BP and Chevron hold a combined net debt of $184bn (£138bn) — more than double their debt levels in 2014, according to analysis by the Wall Street Journal.

The drop in the oil price has been blamed for the soaring debt levels. The price of a barrel of oil remains less than half of what it was in the summer of 2014.

The enduring low oil price and soaring debt levels have caused some investors to question whether the majors will be able to fork out for new investments and dividends in coming quarters.

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Shell Announces Fort Sumter Discovery In Gulf Of Mexico

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JUL 28, 2016, 08:00 ET

HOUSTON, July 28, 2016 /PRNewswire/ — Shell today announced a new exploration discovery in the deep water U.S. Gulf of Mexico. The initial estimated recoverable resources for the Fort Sumter well are more than 125 million barrels of oil equivalent (boe). Further appraisal drilling and planned wells in adjacent structures could considerably increase recoverable potential in the vicinity of the Fort Sumter well.

“The Fort Sumter discovery builds upon Shell’s global deep-water leadership. Its proximity to our nearby discoveries in the area, and to highly prospective acreage to the southeast, makes Fort Sumter particularly significant,” said Ceri Powell, Executive Vice President Exploration. “These successes demonstrate there is still running room in the producing basins of our heartlands where large, high-value discoveries have the potential to further strengthen our deep-water competitiveness.”

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Shell focusing on ‘lasting changes’

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THE HAGUE, Netherlands, July 28 (UPI) — Lower crude oil prices continue to present problems for the industry and Shell is now focused on retooling efforts, the chief executive officer said.

“We are making significant and lasting changes to Shell’s working practices and cost structure,” CEO Ben van Buerden said in a statement.

Shell, moving through the year after a merger with British energy company BG Group, said net income during the second quarter fell more than 70 percent to $1.18 billion. The company attributed the decline in part to some of the fiscal pressures from its $7 billion tie-up with BG Group, weak industry conditions and tougher tax regimes.

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Shell to Lay Off 200 Gulf of Mexico Rig Workers

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Shell to Lay Off 200 Gulf of Mexico Rig Workers

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A Shell platform in the Gulf of Mexico (courtesy RDS)

By MarEx 2016-07-25 

Shell has announced plans to trim about 200 jobs from its Gulf of Mexico deepwater operations.

“We are making these changes in order to remain competitive and better position Shell’s Gulf of Mexico projects for future growth,” spokeswoman Kimberly Windon told the AP.

The cuts will affect personnel on nine facilities, and will reduce the oil major’s workforce in the region by about one quarter. Some will be transferred to other operations where openings are available.

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Shell to cut jobs in the Gulf of Mexico amid weak oil prices

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By Jennifer Larino, | The Times-Picayuneon July 21, 2016 at 3:55 PM, updated July 21, 2016 at 4:00 PM

Shell plans to cut, consolidate or relocate more than 150 offshore jobs in the Gulf of Mexico as part of an effort to shave 2,200 positions across its global operations this year. The restructure offshore follows job cuts at the company’s New Orleans office amid weak oil prices.

Shell has decided to move forward with “structural changes and personnel reductions” after reviewing its deepwater Gulf of Mexico operations, spokeswoman Kimberly Windon said in a statement emailed to | The Times-Picayune. Shell informed employees of its decision Thursday afternoon (July 21).

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American Gas Will Be First to Pass Through Expanded Panama Canal

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Naureen Malik: July 19, 2016

Shell set to send tanker carrying U.S. LNG through canal

BP scheduled to send second tanker through the following day

The first cargo of liquefied natural gas set to pass through the newly expanded Panama Canal locks will be American.

Royal Dutch Shell Plc’s Maran Gas Apollonia vessel is scheduled to pass through the canal linking the Atlantic and Pacific oceans on July 25 after loading LNG from the U.S. Gulf Coast, according to the Panama Canal Authority, which oversees the locks’ operations. BP Plc’s British Merchant LNG tanker is expected to become the second to pass through the canal the following day and a third tanker is slated for early August, the agency said in a statement late Monday.

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Royal Dutch Shell Vs BP plc: Who’s Better Equipped to Tackle the Downturn?

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By Muhammad Ali Khawar on Jul 15, 2016 at 10:04 am EST

Royal Dutch Shell plc. (ADR) (NYSE:RDS.A) finally closed its $52 billion merger with BG group in February. The deal is considered as one of the largest mergers in the oil and gas sector and is expected to help Shell diversify its operations and benefit from cost synergies.

The Shell-BG merger comes at a time when oil prices have plummeted significantly. Oil prices that once traded over $110 per barrel have now tumbled to as low as $50 per barrel. Last year, when Shell approached BG for the first time, many criticized the deal especially because of the 50% premium Shell was willing to pay in a depressed crude environment.

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Uncertainty in the oil price war

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By Ed Crooks: JULY 15. 2016

“War is the realm of uncertainty,” wrote the great Prussian military theorist Carl von Clausewitz. “Three quarters of the factors on which action in war is based are wrapped in a fog of greater or lesser uncertainty.”

That applies to price wars every much as it does to the real kind. Almost from the moment crude began falling in 2014, news outlets started running confident-sounding claims that one side or another was winning the battle often depicted as a struggle between Saudi Arabia on one side and US shale producers on the other.

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BP’s big bill for the world’s largest oil spill reaches $61.6 billion

Screen Shot 2016-07-15 at 15.57.32By Steven Mufson July 14 at 7:15 PM

What’s bigger than the value of Ford, Honda or General Motors? As big as the biggest U.S. electric utility? Eight times the size of Staples and Office Depot combined — if a judge hadn’t blocked their merger?

The answer: the $61.6 billion cost to BP of the 2010 oil spill in the Gulf of Mexico.

On Thursday, BP issued its final estimate of the cost of the spill, the largest in U.S. history. The company said that it would take a pre-tax charge of $5.2 billion in the second quarter of this year and added that would be enough to cover anything that hasn’t been resolved.

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Shell’s Ambitious Plan To Topple Exxon

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By Rakesh Upadhyay – Jun 22, 2016, 5:17 PM CDT

Ben Van Beurden, Chief Executive Officer of Royal Dutch Shell has laid out an ambitious plan to overtake ExxonMobil as the number one oil company in the world.

Prior to the 1990s, Shell was the leader in total shareholder returns, however, its rivals went on a deal-making spree to gain the lead, while Shell shied away from making any acquisitions. Now, Mr. Beurden believes that Shell will be able to regain its lost glory post the acquisition of the BG group.

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Shell ‘fracked’ well in field that spilled oil into Gulf

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NEW ORLEANS — Fracking chemicals were used on at least one of the four Shell oil wells in an offshore field that leaked nearly 90,000 gallons of oil into the Gulf of Mexico last month, but those chemicals were likely long gone before the spill, federal regulators tell WWL-TV.

The government approved the use of a “frac pack” on Well No. 8 in Shell’s Glider Field, about 95 miles south of Port Fourchon, La., on Feb. 12, 2015, according to summaries of drilling permits archived on the federal Bureau of Safety and Environmental Enforcement website.

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Shell Pipeline Leaks 20,000 Gallons of Oil in California’s Central Valley

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Ryan Schleeter, Greenpeace | May 27, 2016

For the second time in two weeks, Shell has spilled thousands of gallons of oil, this time in California’s Central Valley.

Less than two weeks after dumping nearly 90,000 gallons of oil into the Gulf of Mexico, Shell Oil is at it again. The company’s San Pablo Bay Pipeline, which transports crude oil from California’s Central Valley to the San Francisco Bay Area, leaked an estimated 21,000 gallons into the soil near in San Joaquin County this week.

Responders are on the scene to clear oil that’s reached the surface, which county officials say covered roughly 10,000 square feet of land. As of today, Shell representatives claim the pipeline has been repaired, but have not resumed operations.

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Shell AGM sees US Gulf drilling protest

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Eoin O’Cinneide  24 May 2016 13:15 GMT

Shell came under fire at its annual general meeting on Tuesday as a delegate led a photographic demonstration against the Anglo-Dutch supermajor’s deep-water drilling plans in the US Gulf of Mexico.

Gulf Coast resident Monique Verdin turned up at the meeting at The Hague headquarters to display 10-foot prints of her photographs depicting what she says is the environmental and community impact of US Gulf drilling.



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May 21, 2016 (San Diego) — Mark Manning, director of The Road to Fallujah, has been covering the BP Oil Spill for six years. Being immersed in the communities suffering severe health circumstances following that spill and the risky ‘clean-up’ operations using chemical dispersants prompted him to act on the current response to the Shell spill off the Louisiana coast last Thursday.


Manning released a short outtake from his documentary film on and his Facebook page highlighting the risks that all spill workers face and the risks that current Shell clean-up contractors are unknowingly facing today.

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Houma woman to stage protest at Shell AGM

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Screen Shot 2016-04-20 at 13.50.03Written by Keith Findlay – 18/05/2016 6:32 am

A representative of the native American Houma Nation Council will attend Shell’s annual general meeting next week to call on the board and investors to put an end to new offshore leases in the Gulf of Mexico.

Monique Verdin, who lives on the Louisiana coast, is travelling to Tuesday’s gathering in the Netherlands with the support of both the Indigenous Environmental Network (IEN) and UK Tar Sands Network (UKTSN).

IEN and UKTSN are pressure groups opposed to new drilling in the Gulf, claiming fossil fuel exploitation is causing major environmental damage in the region.

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Shell working on repairs after Gulf of Mexico spill

Screen Shot 2016-05-17 at 15.34.57By Daniel J. GraeberMay 17, 2016

NEW ORLEANS, May 17 (UPI) — A fleet of vessels was deployed in the U.S. Gulf of Mexico and repair work is underway in response to the spill of 2,100 barrels of oil, Shell said.

Shell reported the release from its Glider field about 100 miles south of the coast of Louisiana last week. The company said about 2,100 barrels of oil spilled and crews so far have recovered about 2,000 barrels of an oil-water mixture from the water’s surface.

In its latest update, Shell said there are five vessels on site working with Shell and the U.S. Coast Guard to recover oil from the surface. One vessel is designated specifically to asses any potential environmental impact from the release.

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Scientists head out to study Shell spill in the Gulf

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Researchers are heading out to study the effects of a Shell leak of about 88,200 gallons of oil off the Louisiana coast in the Gulf of Mexico, a scientist said on Monday.

Last Thursday, a leak from a pipeline at the Shell oil production field was spotted and cleanup vessels began to skim oil off the Gulf on Friday.

The cleanup ended Monday evening. The leak was contained after wells flowing into the pipeline were shut in.

Ian MacDonald, an oceanographer at Florida State University, said the scientists should reach the oil slick by Wednesday.

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Protestors to march following Shell oil spill in Gulf of Mexico

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AAPWorldSaturday, 14 May 2016

US environmental activists are preparing to march against offshore drilling as the clean-up of another Gulf of Mexico oil spill gets under way.

Five vessels are working on the spill off the coast of Louisiana after about 334-thousand litres of oil poured out of a Shell flow line.

Green groups say the disaster is another example of why offshore drilling should be banned, and will demand an end to the practice at a protest in Washington, DC, tomorrow.


Shell moving some jobs from New Orleans to Houston

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By Jennifer Larino, | The Times-Picayune: 18 APRIL 2016

Shell will relocate some jobs from New Orleans to Houston as it moves forward with plans to cut its global workforce by 10,000 employees and contractors. The company started cutting jobs last year in response to low oil prices.

Details are sparse on how the global cuts affect the roughly 1,900 workers based in One Shell Square in downtown New Orleans. Shell says it does not provide layoff counts by region. Workers close to the situation have reported that jobs may be moving to Houston in addition to cuts. They asked not to be named to protect their jobs.

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Lower oil without higher growth

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Screen Shot 2016-03-28 at 11.17.16By Ed Crooks: April 8, 2016

The failure of falling oil prices to give much of a boost to global growth has been one of the big issues in the world economy this year. The FT’s Chris Giles gave a magisterial overview of why oil has been the shot in the arm that missed its target, although he raised the more cheerful possibility that the stimulus may simply be deferred until next year.

The correlation between oil prices and share prices has remained in full effect, even though an unexpected drop in US crude inventories boosted oil for a while. Brent crude began Friday at about $40 per barrel, up 48 per cent from its low point in January, but still down 65 per cent from its peak in June 2014.

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The downside of cheap oil

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By Ed Crooks: 25 March 2016

Probably the greatest puzzle of the oil crash is why it hasn’t done more to strengthen global growth. The shift in purchasing power from companies and governments of oil-producing countries to consumers puts money in the pockets of people who are more likely to spend it, and that should act as a stimulus. It hasn’t quite worked out like that.

This week the FT launched a series titled ‘Lower for Longer’ exploring some of the reasons why. Number One on the list of likely explanations is the mountain of debts the industry built up during the boom times. Oil and gas company debt almost tripled from $1.1tn to $3tn between 2006 and 2014, according to the Bank for International Settlements, which has done some important research on the issue.  The oil industry, energy markets and the world economy are all struggling with the burden of that debt: the hangover after the oil investment boom of the past decade. Investors have lost at least $150bn in oil and gas company bonds, and over $2tn in equity values.

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Largest U.S. refinery now belongs to Saudi Arabia

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Reuters reported that the relationship started to fray after Motiva announced a $10 billion expansion of the Port Arthur refinery, doubling its capacity to 603,000 barrels per day, making it America’s largest refinery. It produced gasoline, diesel and jet fuel. A leak shortly after the expansion was completed in 2012 led to ballooning costs, exacerbating tension between Shell and Aramco. A 2015 workers strike also sparked anger between the two companies.

The two companies signed a nonbinding letter of intent, a plan that would divide up Motiva’s refineries between them. The refineries have a combined capacity of 1.1 million barrels per day and are all located close to each other. The breakup will allow Saudi Aramco to take over the Port Arthur refinery and 26 distribution terminals, and Aramco will also hold onto the Motiva brand name. Shell will take over the other two refineries, Convent and Norco, both located in Louisiana. Shell said that it would operate the two refineries as one plant with a combined throughput of 500,000 barrels per day.

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Time to End ‘Blood Oil’ Disaster in the Niger Delta

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By Richard SteinerProfessor and conservation biologist, Oasis Earth ( 10 MARCH 2016

The Niger Delta’s legendary “blood oil” disaster has persisted for decades, and is now deepening. Oil in the Delta fuels a dangerous mix of environmental devastation, a violent militancy that has killed thousands, human rights abuses, corporate greed and exploitation, epidemic corruption, massive oil theft, sabotage, repression, poverty, anger and despair. It is time to put an end to this ongoing atrocity, once and for all.

The 30,000 square mile Niger Delta — including rich coastal waters, islands, mangroves swamps, and rainforests — was once one of the most productive and diverse ecological habitats on Earth. But today, after 60 years of oil extraction, the region’s environment and society are devastated — a textbook example of the “oil curse.

The Delta is arguably the most severely oil-damaged environment anywhere in the world. A decade ago, our team of scientists conducting an oil damage assessment in the Delta estimated that each year, some 250,000 barrels (10 million gallons) of oil spill there, an amount comparable to that of the 1989 Exxon Valdez spill in Alaska — each year for 50 years. Oil operations have also caused extensive habitat degradation from road building, forest clearing, dredging and filling, thousands miles of pipelines, and chronic pollution from gas flaring and drilling wastes.

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An oilman’s $7 billion refresher course in the economics of drilling and climate change

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To many analysts, it looked like Odum was pushed into leaving.

Steven Mufson March 11, 2016

Marvin Odum, president of Shell Oil, was attending a meeting of the parent company’s executive committee in Singapore when word trickled in that an exploration well drilled in Alaska’s Chukchi Sea — the crowning step in a multi-year $7 billion quest — was a dry hole.

Maybe not bone dry. In a recent interview, Odum wouldn’t say. But in the oil business glossary, a dry hole is one that can’t pay off commercially, and Shell’s hole definitely qualified. The parent company, Royal Dutch Shell, abruptly dropped any further drilling — a setback for the industry, though a relief for environmentalists.

For years, they had fought a vigorous, litigious and politically intense battle over the Chukchi. Meanwhile Shell, lured by potentially rich rewards, had overcome a couple of embarrassing rig mishaps at sea and patiently navigated the courts and the Obama administration’s permitting process. Now, geology had rendered its verdict.

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Alaska failure not behind exit – Shell’s outgoing U.S. chief

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Royal Dutch Shell’s (RDSa.L) costly flameout in Alaska last year was “a huge disappointment,” but did not push top North American executive Marvin Odum to exit the company, he said.

Odum made the comments hours after the company announced he would leave next month after 34 years.

“This should not be interpreted as, ‘Alaska didn’t work, so Marvin’s leaving,” Odum, 57, said in an interview.

Instead, he said he decided it was time to move on after heading Shell Oil Co, the Anglo-Dutch company’s U.S arm, since 2008. He later became head of exploration and production operations in the Americas as well.

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Shell replaces U.S. chief, splits unconventionals unit

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Royal Dutch Shell’s U.S. head Marvin Odum will step down after the company abandoned a troubled drilling project offshore Alaska, and the global oil company said on Wednesday it will split up its U.S. shale and Canadian oil sands unit.

Stung by a 70 percent slide in crude prices since mid-2014, Shell this month reported its lowest annual income in more than a decade and pledged further cost saving measures.

The Anglo-Dutch company said on Wednesday its shale resources unit would become part of the global upstream business led by Andy Brown, and its Athabasca Oil Sands Project and Scotford Upgrader in Canada would be folded into the global downstream unit, headed by John Abbott.

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Shell Shareholders Approve Acquisition of BG Group

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Screen Shot 2016-01-26 at 08.12.50Shell Shareholders Approve Acquisition of BG Group


LONDON — In one of the first major deals struck as oil prices plummeted, Royal Dutch Shell shareholders on Wednesday approved the acquisition of the BG Group, the Britain-based oil and gas producer, for about $50 billion.

Analysts had expected major oil companies like Shell and ExxonMobil to take advantage of low prices to acquire rivals or smaller companies to strengthen their position, but there have been few big moves so far, perhaps because of the steepness of the drop in oil prices, which have fallen since the summer of 2014 to around $30 a barrel from more than $100 dollar a barrel.

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US Gulf oil spill nearly ruined BP, says chief Bob Dudley

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Screen Shot 2015-12-07 at 20.08.32Saturday 2 Jan 2016

The giant oil spill from a BP rig off the US coast in 2010 nearly ruined the company, its chief executive has said.

Bob Dudley described the fire on the Deepwater Horizon and its aftermath as “a near death experience” for the firm.

It was one of the worst environmental disasters in the US and saw BP pay fines and compensation and sell off more than £30bn ($45bn) in assets.

Mr Dudley told ex-BP boss Lord Browne – a guest editor on BBC Radio 4’s Today programme – it was a “tragic accident”.

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OPEC Won’t Cut Drilling, and Prices Plunge 5%

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By CLIFFORD KRAUSSA version of this article appears in print on December 8, 2015, on page B1 of the New York edition

HOUSTON — Crude oil prices slid a further 5 percent on Monday to fall to their lowest levels since the 2009 global recession, pummeled by the fading chance that Saudi Arabia would cut production to halt the commodity’s yearlong slide.

In only 16 months global oil prices have collapsed from over $110 a barrel to less than half that, and the oil industry in the United States and around the world is reeling from its worst crisis since the late 1990s. On Monday, the American benchmark broke the $38-a-barrel mark, a price that makes drilling and completing wells a losing proposition in almost all oil fields around the country.

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Shell Forced to Scale Back Ambitions

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Screen Shot 2015-11-20 at 08.55.47By James StaffordThu, 26 November 2015

As with most oil companies, 2015 has been a rough year for Royal Dutch Shell. The Anglo-Dutch company reported a third quarter loss of $6 billion, which included $7.9 billion in impairment charges.

During its third quarter earnings call, Shell’s CEO Ben van Beurden summed up the company’s strategy, emphasizing restraint. “Grow to simplify” is how he put it. What that means in practice is scrapping the Arctic campaign; pulling out of the expensive Carmon Creek oil sands project in Canada; shedding assets in the less desirable parts of North American shale; selling assets elsewhere around the world, including Nigeria; and focusing on its merger with BG, which is a big bet on LNG.

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Shell’s £22,500 fine for North Sea oil spill slammed as ‘paltry’ by campaigners

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Screen Shot 2015-11-21 at 00.19.03The World Wildlife Fund warned the size of the fine would ‘do little to deter future poor behaviour’

Shell apologised for the lack of information and said it was not a deliberate attempt to cover up the spill. 

Adam Barnett: 24 November 2015

A £22,500 fine imposed on the energy giant Shell as punishment for the worst North Sea oil spill in a decade has been dismissed as “paltry” by environmental campaigners.

The World Wildlife Fund (WWF) warned the size of the fine, for a company that earns billions, would “do little to deter future poor behaviour” by oil and gas companies to avoid more damage to the environment.

The leak from the Gannet Alpha platform in August 2011 was the worst in the region in 10 years and saw more than 200 tons of oil – about 1,300 barrels – flood into the sea. 

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Shell finds 100 million oil barrels in deep-water Gulf discovery

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Posted on November 18, 2015 | By Collin Eaton

HOUSTON — Probing one of its recent discoveries in deep waters of the Gulf of Mexico, Royal Dutch Shell found 100 million barrels of oil equivalent buried at its Kaikias field, nearby three of its massive production facilities and a network of subsea pipes, the company said Wednesday.

The one-year-old Kaikias discovery, about 60 miles south of the Louisiana coast in the Mars-Ursa basin, is nowhere near the size of the big-ticket deep-water oil fields that Shell uncovered in that region two decades ago.

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An Oil-Soaked Globe as Production Keeps Climbing and Demand Falls

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A version of this article appears in print on November 14, 2015, on page B1 of the New York edition

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HOUSTON — Such is the state of the oil industry these days that there is sometimes nowhere to put the oil. Off the coast of Texas, a line of roughly 40 tankers has formed, waiting to unload their crude or, in some cases, for a willing buyer to come along. Similar scenes are playing out off the coasts of Singapore and China and in the Persian Gulf.

There is little sign that the logjam will ease, as the price of oil continued its yearlong plunge this week, declining by nearly $10 a barrel.

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Shell vessel heads to deep Gulf waters amid region’s uncertainty

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Screen Shot 2015-09-17 at 07.55.40Posted on November 13, 2015 | By Collin Eaton

HOUSTON — Royal Dutch Shell’s newest oil-production vessel began a 15,000-mile journey this week from a Singapore shipyard to the world’s deepest underwater oil field, tasked with adding more crude to a worldwide oil glut that could upend industry plans to venture deeper offshore.

The $1 billion globe-trotting ship is bearing toward the Gulf of Mexico, and is set to become the fourth ultra deep-water production facility to extract hydrocarbons from a region called the Lower Tertiary, which for oil companies is at the edge of charted U.S. waters. Shell plans to begin filling barrels next year with oil from two wells drilled in about 9,500 feet of water — the deepest-ever depth.

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Shell affiliates are buyers, sellers in $390 million midstream transaction

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Screen Shot 2015-11-12 at 09.52.10Posted on November 11, 2015 | By Joshua Cain

A pipeline subsidiary of Royal Dutch Shell has sold a crude terminal in Illinois and a pipeline system in the Gulf of Mexico for $390 million to a master limited partnership affiliated with Shell.

Shell Midstream Partners, the Houston-based MLP that Shell formed in 2014, said on Wednesday that it will buy Pecten Midstream from another Shell subsidiary, Shell Pipeline Co.

Pecten Midstream operates the Lockport Crude Terminal about 50 miles from Chicago and the Auger Pipeline System, which transports crude oil from parts of the Garden Banks and Keathley Canyon offshore blocks in the Gulf.

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