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Oil Tumbles as Surprise Stockpile Surge Outweighs Platform Woes

  • Shell shuts Enchilada platform in Gulf of Mexico Wednesday
  • U.S. drillers lift crude production to an all-time high: EIA

Crude went on a roller-coaster ride Wednesday as platform closures in the Gulf of Mexico led futures to spike, while the stubborn increase in U.S. supplies pulled prices back down. Oil closed 0.7 percent lower in New York after alternating between gains and losses in the session. Multiple platforms in the Gulf of Mexico suspended operations after Royal Dutch Shell Plc shut its Enchilada-Salsa platform due to a fire. While the shutdowns caused shortages, the prevailing mood was set by a government report showing crude stockpiles unexpectedly rose last week, overseas demand shrank and U.S. output hit a record-high. FULL ARTICLE read more

Level 1 event prompts flaring at Shell Monday, ‘No health impacts,’ company says

November 8, 2017

MARTINEZ, Calif. – Shell Martinez Refinery experienced an unspecified “Level 1” event Monday afternoon, forcing the plant to use flaring to combust excess gas, refinery officials said. Some residents were alarmed to see flames from the stacks, but Ann Notarangelo, external relations manager for Shell Martinez Refinery said the flaring was a proper approach. FULL ARTICLE

Case against Malcolm Brinded as stated by retired Shell Group Auditor

EMAIL SENT TODAY BY BILL CAMPBELL, RETIRED HSE GROUP AUDITOR, SHELL INTERNATIONAL. RECIPIENTS INCLUDE TWO TOP PEOPLE AT ROYAL DUTCH SHELL PLC. NO MENTION OF OPL 245. 

From: William Campbell Subject: Search Results The case against Malcolm Brinded – Royal Dutch Shell Plc .com Date: 8 November 2017 at 15:19:56 GMT To: [email protected] Cc: [email protected], John Donovan [email protected]

BEGINS:

Malcolm Brinded was appointed recently as President of the Energy Institute. The attachment covers a sworn deposition copied to a senior police officer at Grampian Police and the Scottish Justice Minister, and the Presiding Officer at the Scottish Parliament.  It is similar in tone and substance to a deposition made to the then Lord Justice General for Scotland in 2005.  This role is occupied by the most senior Judge within the Scottish legal system.

Suzanne Beard is the Head of Professional Affairs at the EI who monitors ethics and compliance at the Institute to ensure at all times members of the Institute uphold the good name of the Profession.  Sue has replied to my concerns that Malcolm has been open and honest about historic allegations made against him but I doubt very much if Malcolm has been as open and honest as he should have been. For clarity Beard should be made aware that Linda acts as counsel to the RDS Chairman Holliday. read more

Court of Appeal to hear Nigerian villagers’ pollution claims against Shell

November 8 2017

On 21 November 2017, the Court of Appeal will hear an appeal on behalf of over 40,000 villagers from the Ogale and Bille communities from the Niger Delta in the latest stage of their legal battle against the oil giant Shell.

The villagers claim that they have been severely impacted by years of oil pollution from pipelines owned by Shell and that both the London based parent company, Royal Dutch Shell Plc., and its Nigerian subsidiary, Shell Petroleum Development Company of Nigeria, are responsible for the pollution. read more

Anger seethes on margins of historic clean-up in Nigeria’s Delta

Libby George: November 8, 2017

PORT HARCOURT, Nigeria (Reuters) – Nearly a decade after two catastrophic oil spills in the Niger Delta, a comprehensive clean-up has finally been launched in the southern Nigerian region. Oil companies and activists hope it will be a blueprint for wider rehabilitation but other badly polluted communities are unhappy not to be included. Earlier this month, crews of young men equipped with high pressure hoses began to attack the crude oil that has blighted the creeks and mangrove swamps in the area where they live. The workers from Bodo in Rivers State are beginning a three-year project that claims to mark a new approach to cleaning up the delta, the vast polluted swampland that pumps the oil vital to Africa’s largest economy. FULL ARTICLE read more

Oil platform fire in Gulf of Mexico injures 2

Two people were injured Wednesday morning (Nov. 8) in a fire on a Shell oil platform in the Gulf of Mexico, the company said. The remaining 46 workers were safely evacuated. A Shell spokesman said the fire happened at 1:30 a.m. Wednesday on its Enchilada platform at Garden Banks 128. Shell said it had identified the source of the fire and was “actively responding to the situation.” FULL ARTICLE read more

Reuters: Shell to hand over Iraq’s Majnoon oilfield by next June

Nov. 8, 2017 11:33 AM ET|By: , SA News Editor

Royal Dutch Shell (RDS.A, RDS.B) has agreed to exit Iraq’s Majnoon oilfield and hand over its operation to a state-run company by the end of June 2018, Reuters reports, citing two Iraqi oil officials.

The Iraqi officials reportedly said the deal was reached during a meeting between Shell and officials from state-run Basra Oil on Monday at the Majnoon oilfield, which currently produces ~235K bbl/day of oil.

According to the report, Shell will focus its efforts on the development and growth of Iraq’s Basra Gas Co., which is a joint venture between Shell, Mitsubishi and others. read more

Shell Reports Emissions at Deer Park, Texas Facility

By Dan Molinski Dow Jones Newswires

Royal Dutch Shell PLC has reported above-normal emissions from its Deer Park, Texas, refining and chemical facility.

In a statement to the Texas Commission on Environmental Quality, Shell said that on Monday afternoon “a valve on the outlet of Coke Drum 5 failed, allowing the vessel to pressure up and relieve to the flare system. The pressure exceeded the capacity of the flare gas recovery system, allowing vents to be routed directly to the flare.” read more

Peak oil? Majors aren’t buying into the threat from renewables

Ernest Scheyder, Ron Bousso: NOVEMBER 8, 2017 HOUSTON/LONDON (Reuters) – Two decades ago, BP set out to transcend oil, adopting a sunburst logo to convey its plans to pour $8 billion over a decade into renewable technologies, even promising to power its gas stations with the sun. That transformation – marketed as “Beyond Petroleum” – led to manufacturing solar panels in Australia, Spain and the United States and erecting wind farms in the United States and the Netherlands. Today, BP (BP.L) might be more aptly branded “Back to Petroleum” after exiting or scaling back its renewable energy investments. Lower-cost Chinese components upended its solar panel business, which the firm shed in 2011. A year later, BP tried to sell its U.S. wind power business but couldn’t get a buyer. FULL ARTICLE

Shell partially downmans Brent Bravo due to weather

Written by

Oil major Shell has taken 60 people off the Brent Bravo platform in the North Sea.

The firm said that “poor weather” was impacting delivery of diesel.

This resulted in a partial downmanning as a “precautionary measure”, the operator said.

A spokesperson for Shell UK said: “Shell UK can confirm that 60 personnel from the Brent Bravo platform have returned to shore as a precautionary measure.

“Poor weather has impacted the delivery of diesel and we are working to reinstate supplies as soon as possible, weather permitting.” read more

Shell Reports Emissions at Deer Park, Texas Facility

By Dan Molinski Dow Jones Newswires

Royal Dutch Shell PLC has reported above-normal emissions from its Deer Park, Texas, refining and chemical facility.

In a statement to the Texas Commission on Environmental Quality, Shell said that on Monday afternoon “a valve on the outlet of Coke Drum 5 failed, allowing the vessel to pressure up and relieve to the flare system. The pressure exceeded the capacity of the flare gas recovery system, allowing vents to be routed directly to the flare.” read more

Oil prices head towards $70 in the wake of Saudi purge

Jillian Ambrose: 

Global oil prices broke above two year highs and could climb higher to hit $70 a barrel in the wake of a shock anti-corruption purge of Saudi royals and senior officials.

Oil prices bounded to highs not seen since July 2015 at over $64 a barrel on Monday following a sweep of arrests targeting ministers, investors and members of the Saudi royal family on corruption charges over the weekend.

The shock crackdown also helped drive shares in Royal Dutch Shell to within a breath of its highest ever share price at £24.89 following the company’s rosy financial results last week. Before the oil price crash in late 2014 the company’s shares traded at a peak of £25.76. FULL ARTICLE read more

BP joins Shell in helping Mexico execute oil hedge: sources

Dmitry Zhdannikov: NOVEMBER 7, 2017 LONDON (Reuters) – BP (BP.L) helped Mexico execute its 2018 oil hedge, the biggest in the industry, becoming the second major after Shell to participate in the highly coveted program and challenging the traditional role of banks in the operation. BP joins rival Royal Dutch Shell (RDSa.L), which made a first foray last year to become the first major to challenge years of dominance of big Wall Street banks in the program.Shell declined to comment. FULL ARTICLE

Shell Swallows BG Group Whole Hog, Rolls Up Cash Flow

Ray Merola: Nov. 6, 2017

Summary

  • Shell is enjoying a remarkably successful corporate resurgence.
  • Legacy BG Group opex and capex has been absorbed entirely without a loss of combined hydrocarbon volumes.
  • Cash is king.
  • Debt is trending down.  The dividend is well-covered.  Returns are solid, and improving.
  • I remain constructive on RDS stock.

FULL ARTICLE

Royal Dutch Shell: The Cash Machine

 Nov. 6, 2017 12:35 PM ET

Summary

  • Royal Dutch Shell has reported nearly 50% increase in profits following improvement in energy prices which fueled a turnaround of its upstream division.
  • In the first three quarters of 2017, Royal Dutch Shell generated $15.42 billion of free cash flows (ex. working cap. changes), surpassing even the industry’s cash flow king Exxon Mobil.
  • Oil prices have climbed to almost $61 a barrel and could stay at this level in the future, which could give a major boost to Shell’s earnings and cash flows.
  • read more

    News stories on Royaldutchshellgroup.com 6 November 2017

    ALL OF THE THREE ARTICLES ABOVE CAN BE READ HERE

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