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Posts under ‘India’

Mike Watts, who found oil in Thar desert, to quit Cairn Energy

Screen Shot 2014-02-10 at 16.29.29Extract from an article published 10 April 2014 by ZeeNews.India.com

New Delhi: Dr Mike Watts, the man credited with discovering India’s largest onland oil field in Rajasthan, will step down from the board of Cairn Energy plc in mid-May.  He saw oil in the Thar desert when Royal Dutch Shell could not and bought out the supermajor in block RJ-ON-90-1 for USD 7.25 million. read more

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

Brazil’s Petrobras Completes $1.6 Billion Oil-Field Sale

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December 30, 2013

RIO DE JANEIRO–Brazilian state-run energy giant Petroleo Brasileiro SA, or Petrobras, said late Monday that it had completed the sale of a 35% stake in an offshore oil field to partners Royal Dutch Shell PLC and India’s ONGC Videsh.

With completion of the deal, Shell raises its stake to 73%…

FULL ARTICLE

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Shell Completes Acquisition of Additional 23% Interest in BC-10 Project

Tuesday, December 31, 2013

Royal Dutch Shell plc announced Monday that it has completed the acquisition of an additional 23 percent interest in the Parque das Conchas (BC-10) project offshore Brazil for $1 billion.

Regulatory approvals have been obtained and Shell will now hold a 73 percent operating interest. The purchase is effective Jan. 1. Partner ONGC, previously holding a 15 percent working interest, will now hold a 27 percent working interest. This purchase is the result of pre-empting a third party’s bid for Petrobras’ 35 percent interest in BC-10. read more

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

Wake-up call to Shell India from a disgruntled retailer

Screen Shot 2013-12-30 at 10.44.02This is to get it to your notice what’s happening in Shell India. One of the worst management I have seen. Shell please wake-up and do save our retailer community in India. Some one please do exit-interviews of the retailers who have left and do justice to people who serve you. In India bribes are being taken and are being paid by the management in name of consultancy fees and incidental charges.

Introduction by John Donovan

Printed below is a comment received.  Given the length and content it seems appropriate to publish it as an article. Full contact information and related email correspondence with Shell has been supplied. The allegations suggest that Shell is continuing to ruthlessly exploit Shell petrol retailers/franchisees as it has done in other countries.

*Many years ago we conducted a series of ethical surveys involving up to 1500 Shell UK retailers and published the findings in whole page announcements in trade magazines such as “Forecourt News”. All of the sealed responses were opened and authenticated by an independent solicitor who supplied an affidavit testifying to the findings. If the allegations below have foundation, it appears that not much has changed. read more

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

Shell chief Peter Voser warns of oil crunch without investment

Screen Shot 2013-10-01 at 00.26.05Some analysts have questioned whether a change in management at Shell, with Ben van Beurden due to take over in three months, could see a change in strategy to focus the company on greater returns. JP Morgan asked in a recent investor note: “Does he want to run a lowly-rated, large company or create a smaller, but premium-rated company?” 

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Royal Dutch Shell chief executive Peter Voser is to call on the global energy industry to continue investing heavily in costly new production projects in order to avoid a return to the days of record high oil prices weighing on global growth.

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Demand for energy will double over the next 50 years, Peter Voser will say Photo: Reuters

By , and Andrew Critchlow: 01 October 2013

“Supplying the world’s energy needs will be extremely tough,” Mr Voser will say in Tuesday’s speech, seen in advance by the Daily Telegraph. “Our first priority must be to invest heavily in new supplies, and to maintain it through economic and political turbulence. Failing to do so would be a sure path to another crunch and major price volatility.”

Mr Voser’s comments come amid concern that a pullback in investment by some resource and energy companies following the global financial crisis could result in future shortfalls in supply if economic activity should pick up quicker than was previously expected. read more

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

Vodafone, Shell asked to file replies in tax case by 10 October

Both firms have challenged tax demands through writ petitions in high court in an alleged transfer pricing case: Shell India is fighting a tax order accusing it of underpricing an intra-group share transfer by Rs.15,000 crore and consequently evading taxes.

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=&0=& The Bombay high court on Monday asked the Indian units of Vodafone Group Plc and Royal Dutch Shell Plc to file rejoinders by 10 October to the replies filed by the income tax department in an alleged transfer pricing case.

Shell India is fighting a tax order accusing it of underpricing an intra-group share transfer by Rs.15,000 crore and consequently evading taxes.

FULL ARTICLE

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

China Fracking Quake-Prone Province Shows Zeal for Gas

China won’t let earthquakes hinder its quest for energy.

Companies such as Royal Dutch Shell Plc (RDSA) and China National Petroleum Corp. are starting to drill for gas and oil in shale rock in Sichuan, the nation’s most seismically active province, a process geologists say raises the risk of triggering quakes.

“For the Sichuan basin, earthquakes are a problem for shale gas and shale oil production because of the tectonic conditions,” said Shu Jiang, a professor at the University of Utah’s Energy & Geoscience Institute in Salt Lake City. “The siting of the wells could cause some artificial earthquakes.” read more

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

Shell proposes LNG project in AP, seeks Govt support

Screen Shot 2013-06-13 at 16.42.28 Hyderabad, June 13:  

A high powered team from Shell and Richard Hyde, British Deputy High Commissioner, Hyderabad on Thursday called on State Infrastructure Minister to discuss their plans to set up a LNG project in Andhra Pradesh.

The delegation including Roger Bounds, Shell Vice President Global LNG and Sander Stegenga, Shell Chief Executive Officer, Andhra LNG and other met with Ganta Srinivasa Rao, State Minister for Infrastructure and investment, port, airport and natural gas.

They were here to discuss plans for an LNG project proposed to be taken up at Kakinada deep water port. read more

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

ONGC, Shell set to split $6bn gas buy

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MUMBAI: Oil and Natural Gas Corporation (ONGC) and Royal Dutch Shell will equally split the prized 20% stake acquisition in Rovuma basin gas block in Mozambique, after the sellers decided to court individual buyers due to difference in priorities.

The stake on offer is valued between $5-6 billion. Indian conglomerate Videocon Industries, which is selling 10% shares, wants to maximize the value. US based Anadarko Petroleum, the operator of the block, is offloading an equal stake but wants a pedigree global partner with better track record and execution skills.

ONGC is the frontrunner to pick up the Videocon stake while Royal Dutch Shell might end up buying Anadarko shares. The Videocon stake sale to ONGC may be announced next month. Anadarko sale to Shell is likely to take more time. read more

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

Shell challenges $1 billion tax demand in Bombay HC

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Thursday, April 25, 2013

Mumbai: Global oil major Royal Dutch Shell Thursday said it has moved the Bombay High Court here, challenging the USD 1 billion demand made by the tax authorities on a four-year-old equity infusion.

“Shell confirms that it has filed a writ petition in the Bombay High Court challenging the draft tax order,” the Anglo- Dutch oil major said in a statement. The company “will continue to evaluate all options for redress available to resolve this tax dispute”, it said. read more

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

Indian arm of Royal Dutch Shell accused of tax evasion

The Indian arm of Royal Dutch Shell Plc, which has been accused by the income tax authorities of underpricing an intra-group share transfer by Rs15,000 crore and consequently evading taxes, has filed a writ petition in the Bombay high court challenging the income tax order.

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Thu, Apr 25 2013. 05 57 PM IST

Mumbai/ New Delhi: The Indian arm of Royal Dutch Shell Plc, which has been accused by the income tax authorities of underpricing an intra-group share transfer by Rs15,000 crore and consequently evading taxes, has filed a writ petition in the Bombay high court challenging the income tax order.

The petition filed on Wednesday will come up for hearing on 3 May.

Mint reported on 3 February that following the notice, which is one of the biggest transfer pricing orders by the income tax department, Shell India Pvt. Ltd plans to challenge the assessment.
“Shell confirms that it has filed a writ petition in the Bombay high court challenging the draft tax order. Shell has always maintained that it will continue to evaluate all options for redress available to resolve this tax dispute,” the company in an emailed statement. read more

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

Shell misses out on £1.4bn French deal

Royal Dutch Shell is poised to miss out on a £1.4bn acquisition of French oil explorer Maurel & Prom.

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Royal Dutch Shell was reported last June to have been interested in buying the Paris-listed business, which has assets in Africa and Latin America. Photo: BLOOMBERG NEWS

Ben Harrington By   Sunday 17 Feb 2013

State-backed Indonesian company Pertamina has made an indicative offer for Maurel & Prom and is in talks to buy the business, City sources claimed.

Royal Dutch Shell was reported last June to have been interested in buying the Paris-listed business, which has assets in Africa and Latin America.

However, sources said Pertamina is working with bankers from Societe Generale on a takeover and could be willing to offer up to €19 (£16) a share for the company. The Indonesian group is said to be hungry for fresh oil and gas reserves because Indonesia became a net importer in 2004 following declining production from its maturing fields and growing consumption from its own economic growth. read more

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

Selection of links to Shell related articles: 17 February 2013

Screen Shot 2013-01-31 at 17.38.03Selection of links to current Shell related articles kindly provided by a regular contributor

Heat on Nigeria oil industry as sector chiefs meet: Daily Nation-Major oil industry executives gather in Nigeria’s capital for an annual … by government ministers and top officials from oil majors Shell, Exxon, …

Oil and Gas Feeding Off Each Other While They are Fueling …: Forbes-Oil and natural gas are often found alongside one another, making it … Royal Dutch Shell, meantime, acquired East Resources for $4.7 billion in …

Turkish TPAO and Shell sign agreement on oil exploration in Black …: SteelGuru-Trend reported that Turkish Petroleum Corporation TPAO and the company Shell signed an agreement worth USD 150 million on oil … read more

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

Cameron may fly in to Shell India tax row

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By Andrew Callus: LONDON | Fri Feb 15, 2013 3:18pm GMT

(Reuters) – Oil company Royal Dutch/Shell has asked the British government to raise the subject of a tax dispute with India during Prime Minister David Cameron’s visit there next week, according to a source familiar with the request.

The dispute blew up earlier this month when tax authorities revalued by $2.7 billion a 2009 transaction by Shell with a wholly-owned subsidiary, and claimed a tax payment was due.

It comes as India seeks to balance its need to shore up its finances by raising tax receipts with its desire to encourage foreign investment. read more

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

Shell Denies Tax Evasion in India

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By NEHA THIRANI BAGRI: February 4, 2013

The Indian unit of the Anglo-Dutch oil company Royal Dutch Shell said Monday that it would challenge a notice by the Indian tax authorities alleging tax evasion through the transfer of shares.

Deepak Mukarji, a Shell India spokesman, said that the company had received an order on Friday from the income tax department of India that accused Shell India of evading taxes by underpricing a share transfer within the group by approximately $2.8 billion.

At the center of the controversy is a share sale by Shell India to Shell Gas BV, its overseas parent , in March 2009. Shell India issued shares worth 870 million rupees ($160 million) to Shell Gas BV, or 87 million shares at a value of 10 rupees per share, but the Indian tax authorities now contend that each share was actually worth 183 rupees. read more

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

Shell India In Talks With Tax Men Over Alleged Tax Evasion

Published February 02, 2013 by Dow Jones Newswires

The Indian unit of Royal Dutch Shell PLC (RDSA) Saturday said it is in talks with tax authorities in India over alleged tax evasion.

Earlier in the day, Mint newspaper, citing a person familiar with the matter, said that the Indian income tax department charged Shell India of under pricing a share transfer within the group by 150 billion rupees ($2.8 billion) and consequently evading taxes.

Citing television channel ET Now, the report also said that the income-tax order relates to the issue of 870 million shares by Shell India to an overseas company Shell Gas BV in March 2009. read more

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

Shell accused of unethical conduct against Shell retailers in India

By John Donovan

We have received a copy of an email from an irate Shell retailer in India, Sabir Mohammed, accusing Shell management in India of being cheats and liars. He also makes allegations about corruption. He claims many other Shell retailers in India share his concerns. He sent his email to Royal Dutch Shell Plc Chief Executive Peter Voser and company secretary, Michiel Brandjes. The email and associated correspondence can be viewed here.

Seems Shell may be up to it old tricks again, reminiscent in some regards to dire concerns expressed in the past by Shell retailers in the UK and the USA. Including the alleged failure of Shell senior management to honour pledges to uphold Shell’s statement of general business principles promising honesty, integrity, transparency and respect for people, in all of Shell’s dealings. In our experience, all a complete sham.
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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