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Posts under ‘Oil’

Shell Is Reeling After Pulling Out of the Arctic

BY ANTONIA JUHASZ / OCTOBER 13, 2015 Earlier this month, Shell’s tumultuous Arctic drilling campaign came to an abrupt and costly end. In a written statement, the company announced the cessation of its offshore Alaska activities “for the foreseeable future”—at a loss of billions of dollars. This both stunned and thrilled critics, many of whom […]

Is Cameron’s campaign against corrupt cash starting to bite?

The arrest of Nigeria’s glamorous former oil minister suggests it is, says Clementine Wallop 13 October 2015 Like many others, I was sceptical when in July, Prime Minister David Cameron said in a speech in Singapore he was planning to crack down on corrupt foreigners who own luxury properties in London and use the capital […]

Nigeria’s President Enlists the West to Help Recover Stolen Money

Benoît Faucon in London: Oct. 12, 2015  U.S., U.K. act quickly at behest of Muhammadu Buhari, who took office in May on a pledge to stamp out corruption; ex-oil minister detained in London London police this month briefly detained Nigeria’s former oil minister, Diezani Alison-Madueke.  Following a summer meeting in Washington between British and American investigators, […]

Oil Sands Boom Dries Up in Alberta, Taking Thousands of Jobs With it

By IAN AUSTEN: OCT. 12, 2015 FORT McMURRAY, Alberta — At a camp for oil workers here, a collection of 16 three-story buildings that once housed 2,000 workers sits empty. A parking lot at a neighboring camp is now dotted with abandoned cars. With oil prices falling precipitously, capital-intensive projects rooted in the heavy crude mined […]

Shell offloads North Sea assets as price slump bites

Published at 12:01AM, October 13 2015 Royal Dutch Shell is selling two assets in the North Sea as the big energy companies respond to high production costs and a slump in crude prices by turning their backs on the basin. Shell’s stake in the Gannet field, a complex of ageing oil production platforms and pipelines […]

Western oil groups warn Nigeria against overhaul of contracts

Western oil executives are warning Nigeria against major changes to commercial contracts that could lead to the government taking a bigger share of revenues from the country’s deepwater fields, FT reports. The decision – which the government says will affect Royal Dutch Shell (RDS.A, RDS.B), Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM), Eni (NYSE:E) and others “in […]

Militants attack Shell Nigeria flow station, kill guard, company says

Published October 11, 2015: Associated Press WARRI, Nigeria –  Shell Nigeria says armed militants attacked an oil flow station in the southern Delta and killed a guard, amid fears of a renewed crisis as the country grapples with halved petroleum prices. Militant demands have been increasing and range from regional autonomy to a bigger share of […]

Gunmen Kill Oil Worker On Royal Dutch Shell Facility In Bayelsa

BY PM NEWS, LAGOS: OCT 09, 2015 Unidentified gunmen on Friday killed an oil worker at the Kolo Creek Oilfields operated by Shell Petroleum Development Company (SPDC) in Ogbia local government area of Bayelsa. It was gathered that the sound of the gunshots fired by the gunmen alerted armed security team stationed to guard the oil […]

Alison-Madueke family reacts, says Diezani was never arrested

October 09, 2015 * Says she completed months of cancer chemotherapy in London, to undergo surgery next week * Urges Nigerians to pray for her recovery to face allegations, give stewardship account Following the ongoing travails of Nigeria’s former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, over allegations of money laundering and bribery brought against her […]

Shell asks shippers exporting Nigerian oil to sign NNPC guarantee

Fri Oct 9, 2015 LONDON Oct 9 (Reuters) – Royal Dutch Shell has asked ship owners exporting its Nigerian oil to sign a “letter of comfort” (LoC) to guarantee that its oil is not stolen, an email from the company seen by Reuters showed. “Please be informed we expect LPG & Products ship owners to […]

Diezani Alison-Madueke: Behind the ‘reformer’ of the Nigerian oil industry’s arrest

Mrs Alison-Madueke, 54, part of a prominent Nigerian family and a former Shell executive, was appointed as Honourable Minister of Petroleum Resources in March 2010 by now former president Goodluck Jonathan Cahal Milmo§ @cahalmilmo Wednesday 7 October 2015 18:29 Until last Friday, Diezani Alison-Madueke’s position as one of the most prominent women on the global stage […]

Diezani In London By Michael Egbejumi-David

…just last Friday, the ex-minister was collared in London along with four other people.  They were all charged with bribery, corruption and money laundering.  Already, money is being taken off her. BY MICHAEL EGBEJUMI-DAVID: OCT 06, 2015 I have met the former Minister of Petroleum, Mrs Diezani Alison-Madueke before.  It was about three years ago in […]

Sanctions do not exclude investment opportunities in Russia – Shell

Neil Hall / Reuters: 6 Oct 2015 Royal Dutch Shell’s business ties remain strong in Russia and there’s no lack of investment opportunities in the country despite sanctions, said Shell CEO Ben Van Beurden. “Our interests in Russia stay significant… Sanctions do not mean absence of investment opportunities. We have a very effective and strategic […]

Wishful Thinking

Christopher Adams, Anjli Raval and David Sheppard: Oct 6, 2015 Royal Dutch Shell on Tuesday warned of the risk of a “spike” in oil prices should Opec keep pumping flat out in the face of an expected decline in output after spending cuts by energy groups outside the producers’ cartel. Ben van Beurden, Shell’s chief […]

Shell CEO Doing All to Safeguard Dividends Amid Low Oil Prices

by  Bloomberg: Rakteem Katakey: Tuesday, October 06, 2015 (Bloomberg) — Royal Dutch Shell Plc is “pulling out all the stops to safeguard” its dividend in a world where oil prices remain “lower for longer,” Chief Executive Officer Ben Van Beurden said.  Europe’s biggest oil company is also protecting its plan to buy back shares, Van Beurden said […]

Shell CEO sees first signs of oil price recovery

Business News | Tue Oct 6, 2015 Oil markets are beginning to recover but the scale of global oversupply means prices may rise only slowly, the chief executive of Royal Dutch Shell Plc (RDSa.L) said on Tuesday. “I see the first mixed signs for recovery of oil prices,” Ben van Beurden told an oil industry […]

How Nigeria’s Ex-Minister Of Petroleum Madueke Laundered Looted Money, Her Accomplices Revealed

…another avenue of money laundering by the former minister was the controversial Malabu deal in which she, former Attorney General, Mohammed Adoke, and President Goodluck Jonathan may have pocketed close to $2 billion between them. Charing Cross Police Station in London where former Shell Executive Director and subsequently Nigerian Minister of Petroleum Resources, Mrs. Diezani […]

Premium Times: Former Shell Executive Director Arrested in London on Corruption Allegations Involving Over $20bn

  …former board member of Shell Petroleum Development Company of Nigeria… By Bassey Udo: 4 Oct 2015 The Nigerian presidency has confirmed the arrest of a former Petroleum Minister, Diezani Alison-Madueke, in London, over allegations of corruption and money laundering. “The government is aware of the arrest and all the government investigative agencies are working very […]

Aggressive bidding after reserves scandal put Shell on path to Arctic disappointment

$7 billion bust in the Arctic Ocean By Jennifer A. Dlouhy: 5 Oct 2015 WASHINGTON — Shell’s dreams of an Arctic oil bonanza were dashed with disappointing results from a critical exploratory well this summer, but they were in full force seven years ago, when the company aggressively outbid competitors to nab drilling rights in […]

Shell Starts Nigeria Offshore Expansion of Up to 50,000 Barrels

Rakteem Katakey: 5 Oct 2015 Bonga phase 3 oil passes through floating production facility Shell has 55% of Bonga, Exxon 20%, Total, Agip 12.5% each Royal Dutch Shell Plc expanded oil production off Nigeria’s coast by starting the third phase of its Bonga field.  That phase has a peak production capacity of about 50,000 […]

Myths about Shell’s Arctic Alaska pullout persist

Yereth Rosen: Alaska Dispatch News: October 3, 2015 When Royal Dutch Shell announced that it had lost its big-money bet in the Chukchi Sea and would end its entire program in the offshore U.S. Arctic, the hyperbole and finger-pointing began in earnest. Rep. Don Young accused President Obama and Interior Secretary Sally Jewell of deliberately sabotaging Alaska’s economy. “I’m […]

What Shell’s latest move says about Arctic drilling myths

By  Scott L. Montgomery OCTOBER 1, 2015 The company’s departure is certainly a pause in a new era of Arctic exploration, but it’s not the end. After seven years of preparation and several billion dollars spent, Shell has decided to abandon its exploration program in the U.S. Arctic “for the foreseeable future.” This follows barely […]

Shell and BP make new inroads in Iran

Saeed Kamali Dehghan and Terry Macalister Friday 2 October 2015 20.30 BST The possibility of a major British oil company regaining access to one of the world’s great hydrocarbon markets rose on Friday with officials in Tehran saying Shell would be allowed to build 100 petrol stations in Iran. FULL ARTICLE RELATED TEHRAN, Oct. 3 (MNA) […]

Work to begin on Motiva’s $500M Maurepas Pipeline by end of this year

Anna Thibodeaux: October 3, 2015 Construction will begin on Motiva’s $500 million Maurepas Pipeline in the fourth quarter of this year. “The Maurepas Pipeline is the initial step for Motiva to interconnect and optimize its Gulf Coast refinery operations,” said Kiley Roberson, company spokesman for Tulsa, Okla.-based SemGroup Corp., which will build and own the […]

Nigeria’s ex-oil minister ‘arrested in London’

…one of five people as part of an investigation into suspected bribery and money laundering. $20bn of oil money had gone missing… 2 Oct 2015 Nigeria’s former oil minister Diezani Alison-Madueke has been arrested in London, her family has said. She is believed to be one of five people the UK National Crime Agency said […]

Shell boss confronts environmental, carbon challenges

On Monday, the oil and gas giant gritted its teeth and pulled out of one of the most ambitious, expensive and controversial exploration forays on the planet – Alaska. A project that could have delivered tens of billions of dollars instead delivered a dry well and, on Sunday, van Beurden and his team called it quits. […]

A rig too far

Ben van Beurden, installed as Shell’s chief executive in 2014, could have halted the ill-fated project. But after a “personal journey”, he decided to go ahead. Shell’s retreat from the frozen north shows the new realities of “big oil”: Reputation was another factor in Shell’s retreat Oct 3rd 2015 | HOUSTON | From the print […]

Emma Thompson joins Greenpeace to celebrate Shell scrapping Arctic drilling

Emma Thompson joins Greenpeace to celebrate Shell scrapping Arctic drilling By Charlotte Krol, and PA, video source YouTube / Greenpeace: 29 Sep 2015 Actress Emma Thompson has joined activists outside the headquarters of Shell to celebrate news that the oil giant is pulling out of drilling in the Arctic. Greenpeace has been protesting against the company’s […]

Shell to cut 1,300 jobs in Malaysia over two years

By Collin Eaton: 29 Sept 2015 HOUSTON — Royal Dutch Shell’s oil unit in Malaysia said it will cut 1,300 jobs, or about 20 percent of its Malaysian workforce, over the next two years as it restructures itself. Shell Malaysia said Tuesday it is trying to become a more efficient company but gave few details beyond […]

Royal Dutch Shell’s Arctic Bucket Of Ice Has Melted, Yield Is Now North Of 8%

Sep. 29, 2015 Summary * The Burger J well test results were a dud, no major reserves found. * Shell puts Arctic drilling on hold indefinitely, which further reduces future capex. * Dividend yield tops the 8% mark. Royal Dutch Shell (RDS.A / RDS.B) was always upbeat about the prospects of drilling in the Arctic, […]

Why Shell Quit Drilling in the Arctic

By Paul Barrett: BLOOMBERG.COM: 28 SEPT 2015: 6:12 PM BST Royal Dutch Shell’s abrupt announcement today that it would cease all offshore drilling in the Arctic is surprising for several reasons. One is the unusual degree of confidence the company expressed as recently as mid-August that it had identified 15 billion barrels of oil beneath the well […]

Shell abandons Alaska Arctic drilling

Terry Macalister: Monday 28 September 2015 18.29 BST Barry Gardiner, Labour’s new shadow minister for energy and climate change, said Shell had been engaged in a fool’s errand. “(Potentially) desecrating one of the world’s last wildernesses shows a complete failure of moral leadership at the head of the company. If his investors are not calling for Ben van […]

Shell move dims oil prospects, delights environmentalists

ANCHORAGE, Alaska (AP) — Royal Dutch Shell has abandoned its long quest to become the first company to produce oil in Alaska’s Arctic waters, darkening the nation’s long-term oil prospects and delighting environmental groups that tried to block the project. After years of effort, Shell is leaving the region “for the foreseeable future” because it […]

Shell pulls plug on Arctic drilling campaign

By ETAIN LAVELLE FOR THE DAILY MAIL: PUBLISHED: 22:22, 28 September 2015 To the delight of eco-warriors worldwide, Shell pulled the plug on its Arctic drilling campaign, taking a £2.7billion hit on the controversial venture that was persistently undermined by the prolonged oil price weakness and fierce opposition from ecological activists. Although an exploratory well showed […]

Shell has made a costly call to abandon Alaska

Kamal Ahmed: Business editor: 28 Sept 2015 It could have been Hillary Clinton’s tweet that did it. Just after the US government had given the go-ahead for Shell to restart its exploration in Alaska, the Democratic presidential candidate took to the social media site. “The Arctic is a unique treasure,” Mrs Clinton said on Twitter. “Given […]

Shell pulls the plug on Arctic exploration

Mon Sep 28, 2015 6:21am EDT By Karolin Schaps (Reuters) – Royal Dutch Shell has abandoned its Arctic search for oil after failing to find enough crude, a move that will appease environmental campaigners and shareholders who said its project was too expensive and risky. The withdrawal came six weeks after the final U.S. clearance […]

Tapped out? Shell ending Arctic offshore oil exploration after test well disappoints Sept 28, 2015 Royal Dutch Shell said early Monday that it was ceasing offshore oil and gas exploration in Arctic waters after a test well yielded unsatisfactory amounts of oil and gas. The announcement was a huge blow to Shell, which was counting on offshore drilling in Alaska to help it drive future revenue […]

Shell ceases Alaska Arctic drilling after exploratory well disappoints

Associated Press: Monday 28 September 2015 07.04 BST Royal Dutch Shell PLC has said it is ceasing exploration in offshore Alaska for the foreseeable future, saying an exploratory well drilled to 6,800ft (2,100m) found oil and gas but not in sufficient quantities. Shell USA’s president, Marvin Odum, said in an announcement early on Monday in the Netherlands […]

Shell awaiting green light to begin Nova Scotia offshore drilling

Shell says 90 per cent of the supply vessel staff will come from Nova Scotia 25 Sept 2015 Four ships are standing by in Halifax Harbour, waiting for Shell Canada Ltd. to get the green light to hunt for oil in the deep waters of Nova Scotia. The company expects to begin drilling two exploration wells […]

Will Shell-funded Energy Transitions Commission help or hinder the low carbon economy?

By Jessica Shankleman  |  25 Sep 2015 Will Shell-funded Energy Transitions Commission help or hinder the low carbon economy? Oil giant Shell is backing a new organisation that is being set up to lobby governments to step up their investments in low carbon technologies, with the twin aims of boosting economic growth and tackling climate […]