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Posts under ‘Iraq’

Iraq may offer Total, Chevron terms different from Shell for Majnoon field development

OCTOBER 21, 2017

BAGHDAD (Reuters) – Iraq may offer Chevron (CVX.N) and Total (TOTF.PA) terms to develop the Majnoon oilfield different from those it had given to Royal Dutch Shell (RDSa.L), Iraqi Oil Minister Jabar al-Luaibi said on Saturday. Iraq will develop the Majnoon oil field in southern Iraqi by its own means until it can find a foreign partner, Luaibi told reporters, adding that no company has been selected yet. Luaibi said on Oct. 9 that Chevron and Total are among the companies that have expressed interest in developing Majnoon that Shell has said it wants to leave because of unfavourable changes to fiscal terms. Reporting by Ahmed Rasheed, writing by Maher Chmaytelli; Editing by Angus MacSwan. SOURCE read more

Shell CEO van Beurden says oil prices will be around $60 by the end of the decade

 | : 27 Sept 2017

It’s “not unreasonable” to expect oil prices at $60 a barrel by the end of the decade, Royal Dutch Shell CEO Ben van Beurden told CNBC’s “Managing Asia.”

To be sure, that’s not a large rise from current levels.

Brent crude rose 0.38 percent to trade at $58.66 a barrel in Wednesday Asia trade, after hitting a 26-month high on Tuesday, while U.S. crudewas higher by 0.5 percent at $52.14 at 12:00 p.m. HK/SIN.

Van Beurden said forecasting oil prices in the short term was “very difficult,” but he still expected gains. read more

Iran Says OPEC Action on Output Cuts Must Address Libya, Nigeria

OPEC’s commitment to cutting production to clear a global glut is working, but the group needs to address rising output from Libya and Nigeria, Iran’s Oil Minister Bijan Namdar Zanganeh said. 

Compliance with the output cuts is “acceptable,” Zanganeh told reporters in Tehran. The Organization of Petroleum Exporting Countries should focus on “the situation with Libya and Nigeria,” he said, referring to the two countries exempted from capping production due to their internal strife. read more

Talks continuing with Shell about Iraq’s Majnoon oil field, oil minister says

SUNDAY SEPTEMBER 24, 2017 / 11:54 AM

BAGHDAD (Reuters) – Iraqi oil minister Jabar al-Luaibi said on Sunday talks are continuing with Royal Dutch Shell (RDSa.L) on the Majnoon oil field that the company is said to be seeking to quit.

“There are still negotiations, things are not clear,” Luaibi told a news conference in Baghdad. “We haven’t initiated talks with other companies.”

A letter signed by Luaibi, dated Aug. 23 and seen by Reuters, gave approval for Shell to quit Majnoon, a major oilfield near Basra which started production in 2014. read more

Is Eni even more corrupt than Shell?

It seems unlikely, given Shell’s appalling track record, but in view of the latest news that a corruption probe of Eni now includes its dealings in several countries around the globe, it may be the case that Eni is indeed even more corrupt than its OPL 245 partner-in-crime, Royal Dutch Shell. 

Malcolm Brinded, who played a key role for Shell in the OPL 245 skullduggery, remains at large and a director of the Shell Foundation. I suppose they have to keep him on a payroll to make sure he does not turn on his colleagues, including former MI6 spooks employed by Shell, John Copleston and Guy Colgate.  read more

Will Shell’s Gas Gamble Pay Off?

By Cyril Widdershoven – Sep 16, 2017, 6:00 PM CDT

Supermajor Royal Dutch Shell has decided to divest its Iraqi oil assets in a move to focus on its future in natural gas. The industry giant is seemingly breaking from its oil heritage to head full speed into the “Golden Age of Gas.” Shell’s decision to leave Iraq’s upstream oil assets is not without risk, however, as the market for natural gas is even more oversupplied than it is for crude oil.

Reuters reported the move first, based on a letter from the Iraqi ministry of oil, followed by a confirmation from Shell. The Dutch heavyweight indicated to the press that its oil asset divestment in Iraq is in line with its strategy to focus more on natural gas and downstream activities. read more

Shell set to draw line under a century of Iraqi oil

Ron Bousso: SEPTEMBER 13, 2017

LONDON (Reuters) – Royal Dutch Shell is set to end a century of oil production in Iraq by withdrawing from two of the Arab state’s flagship fields to focus on more profitable gas development.

Shell’s retreat highlights the challenges foreign operators face with low-margin oil contracts in Iraq, an OPEC member that sits on some of the world’s biggest oil reserves and wants to boost production after years of conflict hindered development.

The Anglo-Dutch firm said on Wednesday it had agreed with Iraq’s oil ministry to relinquish operations at Majnoon field to the government after unfavorable changes to fiscal terms. The announcement confirmed an earlier Reuters report. read more

Shell Presents Plan for Iran’s Kish Gas Field

Wednesday, September 13, 2017

Royal Dutch Shell on Tuesday presented its development proposal to Iran’s Petroleum Engineering and Development Company for Kish Gas Field in the Persian Gulf.

Hans Nijkamp, vice president of Shell, elaborated on development plans in a meeting with Noureddine Shahnazi-Zadeh, chief executive of PEDEC, and Gholamreza Manouchehri, the deputy for development and engineering at the National Iranian Oil Company, Shana reported.

A memorandum of understanding was signed between NIOC and Shell in December to conduct technical studies on the field. read more

Shell says to focus on Basra gas in Iraq after Majnoon exit

SEPTEMBER 13, 2017 / 7:52 AM

LONDON (Reuters) – Oil major Royal Dutch/Shell said on Wednesday it would focus its efforts on the development and growth of the Basra Gas Company in Iraq after handing over operations of the Majnoon oil venture back to the Iraqi government.

On Tuesday, Reuters reported that Shell Iraq has started preparations to finalize the exit of Shell from Majnoon, one of the largest fields in the country.

“In May 2017, the ministry of oil in Iraq applied the performance penalty and remuneration factor on the Shell operated venture, the Majnoon oil field, which had a significant impact on its commerciality,” a Shell spokesman said. read more

Is it game over for BP plc and Royal Dutch Shell plc?

It’s for this reason that I don’t believe the end is nigh for fossil fuels. That really matters to companies like  and Royal Dutch Shell. In fact I’ve been listening to experts harping on about the end of our reliance on fossil fuels ever since I was a child. And believe me, that was a very long time ago.

Think again

So for those of you who think that the big oil firms are doomed, I would say, think again. Oil has been described as the lifeblood of the global economy on many occasions, with the invasion of Iraq and bombing of Libya possibly serving as proof that we are willing to do just about anything to keep it flowing. Indeed, government documents have revealed that plans to exploit Iraq’s oil reserves were discussed by ministers a whole year before the invasion and subsequent destruction of the country. FULL ARTICLE read more

Shell’s 88 page global transformation plans leaked to John Donovan

Embarrassingly for Shell, as the New York Times has reported this morning, I have a leaked copy of an 88 page Shell internal document setting out proposals for Shell’s global plans generally and in particular for the Netherlands, where several hundred more jobs are going to disappear. Part of a world-wide jobs upheaval at Shell. 

A few days ago, CEO Ben van Beurden, mindful of the prospect of a falling oil price, claimed that Shell “is getting fit for the $40s.” Now we have a detailed insight about the scope of proposed transformational change at Shell deemed essential to achieving that objective. Embarrassingly for Shell, as the New York Times has reported this morning, I have a leaked copy of an 88 page Shell internal document setting out proposals for Shell’s global plans generally and in particular for the Netherlands, where several hundred more jobs are going to disappear. read more

Shell Considering Dumping Its Iraqi Oil Fields

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By Julianne Geiger – Nov 28, 2016, 2:24 PM CST

Royal Dutch Shell is considering exiting its positions in Iraqi oil fields, according to industry sources cited by Reuters.

Shell, which declined to comment, is the world’s top liquefied natural gas producer, and is only exiting its oil field assets in Iraq, not its gas field assets. Iraq accounted for 4.4 percent of Shell’s total oil and gas production in 2015.

The fields in question are the Majnoon field, in which Shell holds a 45 percent interest, and the West Qurna field. Majnoon produces an average of 200,000 barrels per day, according to Shell’s website. read more

OPEC makes last-ditch bid to save oil deal as tensions grow

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By Rania El Gamal and Alex Lawler | VIENNA

OPEC was trying on Monday to rescue a deal to limit oil output as tensions grew among the producer group and non-OPEC member Russia, with top exporter Saudi Arabia saying markets would rebalance even without an agreement.

OPEC experts started a meeting in Vienna at 0900 GMT and were due to make recommendations to their ministers on how exactly the Organization of the Petroleum Exporting Countries should reduce production when it meets on Nov. 30. read more

Exclusive: Saudis threaten to raise oil output again as sparring with Iran returns

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By Rania El Gamal and Alex Lawler | DUBAI/LONDON

Old disputes between Saudi Arabia and rival Iran resurfaced at a meeting of OPEC experts last week, with Riyadh threatening to raise oil output steeply to bring prices down if Tehran refuses to limit its supply, OPEC sources say.

Clashes between the two OPEC heavyweights, which are fighting proxy wars in Syria and Yemen, have become frequent in recent years.

Tensions subsided, however, in recent months after Saudi Arabia agreed to support a global oil supply limiting pact, thus raising the prospect that OPEC would take steps to boost oil prices. read more

Shell, Vitol boost UAE storage to handle Iraqi crude-sources

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By REUTERSPUBLISHED: 14:40, 31 October 2016

By Rania El Gamal

DUBAI, Oct 31 (Reuters) – Royal Dutch Shell and trading house Vitol are stepping up their operations in the port of Fujairah to store Iraqi crude as production from the OPEC member rises, industry sources said.

Iraq is OPEC’s second largest producer after Saudi Arabia and its output has almost doubled since the start of the decade at 4.7 million barrels per day (bpd).

With a target of 5.5-6 million bpd by 2020, Iraq wants to be exempt from the cartel’s bid to boost oil prices with production cuts to reduce a global surplus. read more

Now could be the perfect time to sell Royal Dutch Shell plc

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By Royston Wild – Friday, 7 October, 2016

Stakeholders in fossil fuel goliath Royal Dutch Shell (LSE: RDSB) could be forgiven for breaking out the bubbly following the company’s recent share price detonation.

Shell saw its value gallop 28% higher during the third quarter, and the firm’s meteoric ascent may not be finished yet — indeed, the stock is within striking distance of July’s quarterly peak of £21.48 per share, the loftiest level since May 2015.

But while many momentum investors may be tempted to plough in, I reckon now could provide a terrific opportunity for investors to cash out. read more

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