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Posts under ‘President Putin’

Russia abandons hope of oil price recovery and turns to the plough

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Russia has abandoned hopes for a lasting recovery in oil prices, bracing for a new era of abundant crude as US shale production transforms the global energy market.

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President Vladimir Putin answers questions during an interview for Russian television

Ambrose Evans-Pritchard: 14 Oct 2015

The Kremlin has launched a radical shift in strategy, rationing funds for the once-sacrosanct oil and gas industry and relying instead on a revival of manufacturing and farming, driven by a much more competitive rouble.

“We have to have prudent forecasts. Our budget is based very conservative assumptions of oil at around $50 a barrel,” said Vladimir Putin, the Russian president. read more

Sanctions do not exclude investment opportunities in Russia – Shell

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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 cooperation with Gazprom in different areas… This is still in power. I want to stress that sanctions don’t mean lack of investment opportunities,” he told the Oil & Money conference on Tuesday. read more

What’s at stake for Alaska in Shell’s Arctic exploration? Plenty

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The Transocean Polar Pioneer sits in the Chukchi Sea on Aug. 5, 2015

Screen Shot 2015-09-01 at 23.33.36Paul Fuhs: September 2, 2015

A lot has been said by many people about Shell’s Arctic drilling program but I have yet to see a real analysis of what it would mean for Alaska and our people.

Some have said: “Well, it is in federal waters so we won’t get anything out of it.” I just don’t believe that is true. Here are some of the direct benefits we will receive if Shell is successful in their endeavors.

The current throughput of the trans-Alaska oil pipeline is about 400,000 barrels a day and declining by about 5 percent a year. It has been estimated that below 200,000 barrels a day the pipeline will not be able to operate. A study by the Idaho National Energy Lab estimates that if this were to occur, we would strand at least 1 billion barrels of oil on the North Slope. read more

U.S. Is Seen as Laggard as Russia Asserts Itself in Warming Arctic

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Sources: American Association of Petroleum Geologists, Bureau of Ocean Energy Management, IBRU at Durham University, Bordermap Consulting, KlimaCampus Integrated Climate Data Center, U.S. Geological Survey: By The New York Times

By STEVEN LEE MYERSAUG. 29, 2015

ABOARD COAST GUARD CUTTER ALEX HALEY, in the Chukchi Sea — With warming seas creating new opportunities at the top of the world, nations are scrambling over the Arctic — its territorial waters, transit routes and especially its natural resources — in a rivalry some already call a new Cold War. read more

BVB Personal Journey? Was it to a bank or a casino?

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By John Donovan

Royal Dutch Shell CEO Ben van Beurden claims that he has been on a personal journey in relation to authorising Shell’s latest Arctic gamble.

All due credit for the courage needed to take such a huge risk. The same applies to Shell’s takeover of the BG Group and the alliance with the corrupt and murderous Putin regime. All could go terribly wrong.

With regards to economics, the price of oil is an important factor in all three ventures. Shell has now admitted that oil prices are likely to remain low for some time.  read more

U.S. sanctions put Gazprom-Shell alliance plans in jeopardy

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MOSCOW | BY DENIS PINCHUK AND KATYA GOLUBKOVA: Mon 10 August 2015

Royal Dutch Shell’s (RDSa.L) plans to build a strategic alliance with Russia’s Gazprom (GAZP.MM) could be in jeopardy after the United States added one of Gazprom’s biggest gas fields to its list of Russian sanctions on Friday.

Shell and Gazprom signed an agreement in June to develop a strategic alliance in the gas sector, ranging from upstream – exploration and production – to sales, including possible asset swaps. read more

Russia Stakes New Claim to Expanse in the Arctic

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By ANDREW E. KRAMER AUG. 4, 2015

MOSCOW — Russia formally staked a claim on Tuesday to a vast area of the Arctic Ocean, including the North Pole.

If the United Nations committee that arbitrates sea boundaries accepts Russia’s claim, the waters will be subject to Moscow’s oversight on economic matters, including fishing and oil and gas drilling, though Russia will not have full sovereignty.

Under a 1982 United Nations convention, the Law of the Sea, a nation may claim an exclusive economic zone over the continental shelf abutting its shores. If the shelf extends far out to sea, so can the boundaries of the zone. The claim Russia lodged on Tuesday contends that the shelf extends far north of the Eurasian land mass, out under the planet’s northern ice cap. read more

Shell to Strengthen Russian Hand Through Gazprom Asset Swap

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Screen Shot 2015-06-18 at 22.09.48by Rakteem Katakey: August 3, 2015: BLOOMBERG.COM

Royal Dutch Shell Plc will swap a stake in one of its international energy assets for part of Gazprom PJSC’s Sakhalin-3 project as Europe’s biggest oil company extends ties with Russia.

The companies are discussing which asset would be offered to Gazprom, Shell Chief Executive Officer Ben Van Beurden said last week in London. For Shell, the prize is greater involvement in the world’s biggest gas reserves.

“Russia sits on 25 percent of the world’s gas reserves and is very, very close to markets that we are very familiar with,” Van Beurden said July 30, on the sidelines of the company’s earnings presentation. Shell is also pushing “to see how we can work with Gazprom internationally.” read more

Putin to blame for MH17 shootdown, but Dutch oil interests (SHELL) will thwart any prosecution

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Screen Shot 2015-06-18 at 22.09.48“The Dutch have a company that everybody knows, called Royal Dutch Shell, and Russia has some projects that Shell could make lots of money from,” Koshiw says. Royal Dutch Shell is teaming up with Russian Gazprom on several projects despite Western sanction on Russia, and at the beginning of 2015 they signed a memorandum to build two new Nord Stream gas pipelines under the Baltic Sea. “Shell is the Netherlands’ number one company, so they will be very careful in attacking Putin,” Koshiw explained. “They have an important relationship with Gazprom, and that’s key.” read more

In the Race to Control the Arctic, the U.S. Lags Behind

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BY BOB REISS 7/6/15

It was just after Christmas 2012, and the Kulluk, a 250-foot-high, floating oil-drill rig, swung like a metronome in gale-force winds blowing through the Gulf of Alaska. The tug that had been towing the rig bobbed helplessly in 50-foot waves, her four diesel engines flooded with seawater as the rig’s skeleton crew of 18 drifted toward a barrier island. If the Kulluk hit, it might split open, spilling 143,000 gallons of diesel fuel and 12,000 gallons of hazardous fluids into the waters. read more

Gazprom-Shell Partnership Flies In The Face Of Sanctions

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Charles KennedyMon, 22 June 2015

Russian energy giant Gazprom is building up a global portfolio with a western oil major.

Gazprom and Royal Dutch Shell are teaming up on several energy projects that will benefit both. The two energy companies have agreed to build an expansion of the Nord Stream Pipeline, a major natural gas pipeline that travels beneath the Baltic Sea. The pipeline is a priority for Russia, which will allow it to expand its natural gas exports to Europe while also cutting out Ukraine from the mix.

Gazprom, Shell, along with E.ON and OMV – two gas importers in Western Europe – have agreed to build the $11 billion expansion of Nord Stream. read more

Gazprom set to build global strategic alliance with Shell

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Screen Shot 2015-06-18 at 22.09.48A Gazprom logo is displayed above its headquarters in Moscow. Gazprom is building a global strategic alliance with energy major Royal Dutch Shell that will include asset swaps and allow the Russian gas giant to penetrate new markets.

The deal with Shell is a coup for Gazprom at a time when many Western companies are reducing their exposure to Russia because of Western sanctions over Moscow’s actions in Ukraine.

Reuters/St Petersburg, Russia

Gazprom is building a global strategic alliance with energy major Royal Dutch Shell that will include asset swaps and allow the Russian gas giant to penetrate new markets, its chief executive told Reuters.

Gazprom, the world’s top gas producer, said on Thursday that Shell and its long-time gas buyers in Europe – Germany’s E.ON and Austria’s OMV – had agreed to build two new Nord Stream gas pipelines under the Baltic sea to Germany. read more

Shell Expects Russia’s Sakhalin-2 Project to be Expanded — CEO

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Shell Expects Russia’s Sakhalin-2 Project to be Expanded — CEO

June 3, 2015

Shell expects that the Sakhalin-2 project will be expanded, its CEO Ben van Beurden said Wednesday, writes TASS.

“This is what we will be working at, we’re very interested in developing business in Russia,” he said, adding that he will be discussing the issues related to the company’s cooperation with Russia at a meeting with Energy Minister Alexander Novak.

We’re committed to cooperation with Russia in the long-term and it’s important for us to continue dialogue with the Russian Government, he said. read more

Oil Majors Falling Out Favor With This Hedgefund Boss

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Screen Shot 2014-12-22 at 21.08.35By Andy TullyPosted on Tue, 26 May 2015

Huge oil companies, among the largest businesses in the world, don’t excite hedge fund manager Jim Chanos because today they have to work harder and more inefficiently than ever to bring their products to market.

“[W]e’re just seeing that … these guys like Exxon and Chevron and Royal Dutch Shell are simply replacing $20 [per barrel] oil with $80 oil,” Chanos said May 24 on the PBS television program “Wall Street Week.” “So high return-on-capital businesses are becoming more mundane return-on-capital businesses.” read more

National Security, The Seattle Oil Rig, And Greenpeace’s Dirty Money

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By Ron Arnold, Executive Vice President, Center for the Defense of Free Enterprise: 25 May 2015

National Security, The Seattle Oil Rig, And Greenpeace’s Dirty Money

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President Obama had it all wrong in his commencement address at the United States Coast Guard Academy in New London, Connecticut. He warned that climate change “deniers” endanger our national security – denying “undermines the readiness of our forces.”

In fact, climate change believers are the threat to our national security, such as the recently notorious Seattle mob of Greenpeace “kayaktivists” paddling around Puget Sound trying to stop Polar Pioneer, Shell Oil’s Arctic drilling rig, from making a layover at the Port of Seattle to gear up for Alaskan waters. When thwarted by the Coast Guard’s 500-foot no-approach cordon, the Greenpeace canoe crowd left the harbor and took to the streets where they blocked supplier access to the rig until city police dispersed them. read more

Shell’s Arctic voyage marks beginning of peak oil era

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Anglo-Dutch company’s search for resources in the Arctic is a sign that the world is running out of options for new oil reserves

By Andrew Critchlow, Commodities editor

In his critically acclaimed 2005 book ‘Twilight in the Desert’, the prominent oil economist Matthew R. Simmons predicted that Saudi Arabia’s oil wells would soon run dry.

His argument was based on the age of the seven main fields, which the kingdom still to this day depends upon to pump the bulk of its 10m barrels per day (bpd) of crude. These fields in the main have been producing for over a generation and, despite official figures placing Saudi Arabia’s proven reserves at over 260bn barrels, Mr Simmons argued that the kingdom would struggle to increase its output to keep pace with the projected increases in the demand over the next half century marking the beginning of a period known as “peak oil”. read more

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