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BP, Shell among bidders to run Qatar oil field – sources

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DOHA | BY TOM FINNBusiness | Wed May 25, 2016 5:20pm BST

Six international oil firms including BP and Royal Dutch Shell Plc have bid to operate Qatar’s largest offshore oil field, two people with knowledge of the matter told Reuters.

The other bidders are the field’s current operator Maersk, as well as Total SA, Chevron Corp and ConocoPhillips, said the people who spoke on condition of anonymity as the information was private.

The people said state-owned Qatar Petroleum (QP) would award the contract for the oil field, which is 80 kilometres (50 miles) off Qatar’s coast and currently produces around 300,000 barrels per day (bpd), in the second half of the year.

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Shell pipeline fixed after spill near Tracy, California – ABC News

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(Reuters) – A Royal Dutch Shell (RDSa.L) pipeline near Tracy, California has been repaired after spilling up to 21,000 gallons of oil, ABC News reported on its website on Tuesday.

Shell shut down its San Pablo Bay pipeline at Tracy, California last week after noticing very low suction and increased flow rate.

Shell did not give a timeline for the resumption of oil flow, according to the report.

(Reporting by Harshith Aranya in Bengaluru; Editing by Frances Kerry)

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Shell faces rising investor discontent over executive pay

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Screen Shot 2016-05-12 at 11.17.55By REUTERSPUBLISHED: 16:01, 24 May 2016

By Ron Bousso

THE HAGUE, May 24 (Reuters) – Investor discontent with Royal Dutch Shell over multi-million euro pay packages for its top executives rose sharply at this year’s annual shareholder meeting on Tuesday.

Although Shell’s shareholders approved the oil and gas group’s remuneration report, including chief executive Ben van Beurden’s 5.14 million euros ($5.74 million) package, 14.17 percent of investors opposed it, up from 3.84 percent last year.

Royal London Asset Management, which holds Shell shares worth nearly 1 billion pounds, said it was “disappointed” that van Beurden received very close to the maximum possible bonus in a year when the firm’s overall financial performance was weak.

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Shell shareholders vote in favour of CEO’s $5.8-million pay

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THE HAGUE — Reuters: Tuesday, May 24, 2016: 7:40AM EDT

Royal Dutch Shell shareholders on Tuesday voted overwhelmingly in favour of Chief Executive Officer Ben van Beurden’s 2015 remuneration of €5.14-million ($5.8-million U.S.).

His total package, including pension and tax equalization, was €5.58-million, down from 24.2 million the previous year, mainly due to a significant fall in pension which had been boosted in 2014 by van Beurden’s promotion to chief executive.

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Shell says oil sector needs to invest trillions even within climate limits

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By REUTERS: PUBLISHED: 12:47, 24 May 2016

THE HAGUE, May 24 (Reuters) – The oil and gas industry will need to invest up to $1 trillion per year even within the limits of the U.N.-backed goal of curbing global warming to 2 degrees, Royal Dutch Shell’s chief executive said on Tuesday.

“If collectively we find a way to stay within the 2 degree (Celsius limit), we will still need significant investment in oil and gas. I am not talking about a few millions, I am talking about up to a trillion dollars every year that industry has to invest just to stay within 2 degrees in oil and gas,” Ben van Beurden said at the company’s annual shareholder meeting in The Hague.

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Climate change puts trillions of dollars of financial assets at risk: study

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OSLO | BY ALISTER DOYLEMon Apr 4, 2016 4:40pm BST

Trillions of dollars of non-bank financial assets around the world are vulnerable to the effects of global warming, according to a study on Monday that says tougher action to curb greenhouse gas emissions makes sense for investors.

Rising temperatures and the dislocation caused by related droughts, floods and heatwaves will slow global economic growth and damage the performance of stocks and bonds, according to the report, led by the London School of Economics.

“It makes financial sense to a risk-neutral investor to cut emissions, and even more so to the risk-averse,” lead author Professor Simon Dietz, an environmental economist, told Reuters.

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Dutch pension fund PGGM critical of Shell ahead of annual meeting

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By REUTERSPUBLISHED: 18:56, 23 May 2016

AMSTERDAM, May 23 (Reuters) – Dutch pension fund PGGM, a major shareholder in Royal Dutch Shell, criticised the company’s climate change policy on Monday, a day before Shell’s annual meeting.

“We are not yet convinced Shell has sufficiently internalised the consequences of climate change in its strategy and future plans,” the fund said in a statement published on its website.

But PGGM said it would not vote in favour of a resolution put on the shareholder meeting’s agenda by activist group “Follow This” directing the oil giant to transform itself into a “sustainable energy” company.

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Nigeria’s Buhari orders heightened military presence in restive Niger Delta

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ABUJA/ONITSHA, NIGERIA | BY FELIX ONUAH AND ANAMESERE IGBOEROTEONWU

Nigeria’s President Muhammadu Buhari on Friday said he ordered a heightened military presence in the restive Niger Delta region to deal with a resurgence of attacks on oil and gas facilities, a day after yet another pipeline explosion.

British Foreign Minster Philip Hammond warned on Saturday military action would not end a wave of attacks in the southern swamps because it did not address rising anger among residents over poverty despite sitting on much of Nigeria’s oil wealth.

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Shell shareholders advised to oppose CEO’s pay

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Screen Shot 2016-05-12 at 11.17.55LONDON | BY RON BOUSSO: Tue May 17, 2016

Two investor advisory firms have recommended Royal Dutch Shell (RDSa.L) shareholders oppose the CEO’s 2015 remuneration, in the latest sign of rising discontent over pay amid falling oil prices.

Shell Chief Executive Ben van Beurden’s 2015 remuneration fell 8 percent to 5.135 million euros (£4 million) last year, when the company’s revenue dropped sharply due to low oil prices.

Proxy adviser Glass Lewis said in a report it remains “concerned by the disconnect between bonus payouts and financial performance, and the bonus scheme structure more generally”.

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Shell says Nigerian pipeline repair ‘not straightforward’ – paper

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Sun May 15, 2016 5:07pm BST

Royal Dutch Shell (RDSa.L) does not know when its Nigerian Forcados oil terminal will reopen as the repairs to an underwater pipeline damaged by a blast are not straightforward, its country head was quoted as saying on Sunday.

Shell shut the 250,000 barrel a day terminal in February after an attack on an underwater pipeline claimed by a militant group, part of a wave of attacks on oil facilities in the Niger Delta in the past three months.

Shell had initially declined to give details about the incident.

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Shell Oil Spill Dumps Thousands Of Barrels Of Crude Into Gulf Of Mexico

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The U.S. Bureau of Safety and Environmental Enforcement (BSEE) said a 2 mile by 13 mile (about 3 km by 21 km) sheen was visible in the sea about 97 miles off the Louisiana coast.

The sheen is near Shell’s Glider Field, a group of four subsea wells whose production flows through a subsea manifold to the Brutus platform, which sits in water with a depth of 2,900 feet (884 m).

In a statement, Shell spokesman Curtis Smith said a company helicopter observed the sheen on Thursday, and that the wells were under control after it isolated the leak and shut in production.

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Shell participates in bid for Dutch offshore wind farm

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Markets | Thu May 12, 2016 12:40pm EDT

By Toby Sterling and Thomas Escritt

May 12 Royal Dutch Shell is in a consortium bidding to build two 350 megawatt wind farms off the coast of the Netherlands, the oil company said on Thursday, delivering on a promise to invest more in wind energy.

Shell, bidding in the Dutch government tender together with energy company Eneco and contractor Van Oord NV, will use turbines built by Vestas if successful, the three companies in the consortium said in a statement.

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Pipeline explosion in Nigeria’s Delta behind shutdown of Shell’s Bonny Light exports: community leader

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Screen Shot 2016-05-09 at 15.25.56Wed May 11, 2016 12:50pm GMT

YENAGOA, Nigeria (Reuters) – An explosion has shut down an oil pipeline in Nigeria’s Delta, a community leader said on Wednesday, explaining why Shell has shut down its Bonny Light exports.

Shell said earlier a leak had shut down the exports, without giving details.

“There was a blast on the trunk line around Kalabari community of Rivers state,” said Nengi James, a community leader dealing with oil and gas companies operating in the region. “We don’t know the cause and who is behind the explosion.”

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Nigeria oil output set to fall to 22-yr low on pipeline outage

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YENAGOA, NIGERIA: Wed May 11, 2016

(Reuters) – Nigeria’s oil production is set to fall to its lowest in more than two decades after Royal Dutch Shell’s local operation said it had shut a major pipeline.

Nigeria’s oil output fell close to a 22-year low this month due to attacks on oil pipelines in the southern Niger Delta, home to much of the country’s oil and gas wealth, compounding the impact of low oil prices on Africa’s largest economy.

On Wednesday, Shell Petroleum Development Co (SPDC) said it declared force majeure on Bonny Light crude exports on Tuesday after closing the Nembe Creek Trunk line (NCTL) for repairs after a leak. NCTL carries all the country’s Bonny Light.

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Shell restarts some production at Alberta oil sands project

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Royal Dutch Shell Plc has restarted production at a reduced rate at its Albian oil sands mining operation in Alberta, it said on Monday, even as many energy companies remain offline after a major wildfire ravaged the area.

The company said it will fly in and fly out staff to help resume operations over the coming days and weeks. Locally based employees may choose to support operations only if they are willing and available, it said.

(Reporting by Jeffrey Hodgson; Editing by Sandra Maler)

SOURCE

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Shell workers evacuated from Bonga field after militant threat: union

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Mon May 9, 2016 10:57am EDT

Shell workers at Nigeria’s Bonga oil field in the southern Niger Delta are being evacuated following a militant threat, a senior labor union official said on Monday.

“We are aware of the development and the evacuation is being done in categories of workers and cadres,” Cogent Ojobor, chairman of the Warri branch of the Nupeng oil labor union, said. “My members are yet to be evacuated.”

He gave no numbers.

Shell said earlier on Monday that oil output was continuing at its oil fields in Nigeria despite local media reports of a militant attack near its Bonga facilities.

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Shell says Nigerian output continuing despite reports of militant threat

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Screen Shot 2016-04-20 at 13.50.03LONDON May 9 (Reuters) – Shell said on Monday that oil output was continuing at its oil fields in Nigeria despite local media reports of a militant attack near its Bonga facilities.

Media reports said the company was evacuating workers because of threats from militants.

“Our operations at Bonga are continuing,” a spokesman for Shell Nigeria Exploration and Production Company (SNEPCo) said in a statement, adding that it will continue to monitor the security situation in its operating areas and take all possible steps to ensure the safety of staff and contractors.

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Oil rivals cooperate to slash equipment costs: Shell

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LONDON | BY RON BOUSSOThu May 5, 2016

Ten oil companies including Royal Dutch Shell (RDSa.L), Chevron (CVX.N) and BP (BP.L) are working together to develop standard production equipment, a rare cooperation among rivals to save money as low oil prices put pressure on budgets.

Bespoke valves, paints and underwater equipment are among the items that could be mass-produced at a cheaper cost, Harry Brekelmans, Shell’s Projects and Technology Director told Reuters.

The companies also want to set up institutions to find future savings after the past two years’ industry downturn led to a near standstill in new project approvals.

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Shell cuts spending further after BG deal

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LONDON | BY RON BOUSSO AND KAROLIN SCHAPS:Wed May 4, 2016

Royal Dutch Shell (RDSa.L) on Wednesday cut its 2016 spending by another 10 percent after completing the $54 billion acquisition of BG Group, warning that low oil prices will continue to weigh.

In its first earnings results since the Feb. 15 deal that transformed it into the world’s top liquefied natural gas producer, Shell reported better-than-expected first-quarter results despite a 58 percent drop in profits.

Reflecting the deal, Shell said it sold 12.29 million tonnes of LNG in the first quarter, up 25 percent year on year. Shell’s overall oil and gas output rose 16 percent.

Shell, however, warned that low oil and gas prices, significant maintenance at production sites as well as “substantial redundancy and restructuring charges” will impact second-quarter earnings.

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Shell says Q1 oil and gas production rises 16 pct

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May 4, 2016

* First quarter 2016 unaudited results

* Cash flow from operating activities for Q1 2016 was $0.7 billion, which included negative working capital movements of $3.9 billion

* Total dividends distributed to shareholders in quarter were $3.7 billion, of which $1.5 billion were settled by issuing 65.7 million a shares under scrip dividend programme

* Gearing at end of Q1 2016 was 26.1% versus 12.4% at end of q1 2015

* Q1 2016 basic CCS earnings per share excluding identified items decreased by 63% versus Q1 2015.

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Shell starts staff cut discussions with employees in Australia

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Business | Wed Apr 27, 2016 

Shell (RDSa.L) has started discussions with employees in Australia about job reductions, the company said on Wednesday, as part of plans to cut 10,300 jobs worldwide to lower costs.

“Shell last week commenced conversations with employees about business efficiency and staffing levels – as a result of combining it with the previously BG-owned QGC – a process that will lead to job reductions,” a spokesman said.

Shell is in the process of integrating assets it acquired as part of its $50 billion (£34.2 billion) takeover of gas producer BG Group, including BG’s Australian subsidiary QGC.

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Shell to close BG head quarters near London by year end

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As part of the 10,300 job cuts it has already announced, 2,800 will come from the integration of BG and 7,500 from its existing staff and direct contractor base.

Business | Mon Apr 25, 2016 

Royal Dutch Shell (RDSa.L) will close the head office of BG Group, the gas producer it agreed to acquire for $50 billion in February, by the end of the year, it said on Monday, as part of a plan to save costs and cut 10,300 jobs worldwide.

The oil major will also offer voluntary redundancy packages to staff at the BG headquarters in Reading, near London, and to Shell staff in the UK.

This follows a similar announcement made to Dutch staff earlier this month.

The oil company is under intense pressure to rein in costs as a slump in oil prices has hit its profits.

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Investors look beyond Big Oil’s worst quarter yet

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LONDON | BY KAROLIN SCHAPS AND RON BOUSSO: Sun Apr 24, 2016

The world’s top oil companies are set to report their worst quarterly results yet in the current downturn but a recent recovery in crude prices is raising hopes the market has bottomed out.

An ever intensifying oil supply glut took global prices to a near 13-year low of $27.10 a barrel on Jan. 20, exacerbating pressure on oil producers already grappling with a more than 70 percent slide in prices since mid-2014.

“The 1Q16 reporting period looks set to be even worse than what we thought was already an especially ugly 4Q15,” said Jason Gammel, equity analyst at Jefferies.

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Oil washout

Screen Shot 2016-04-22 at 21.42.31Ed Crooks: 22 April 2016

They wanted a freeze, but all they got was a wash-out. The 18 oil-producing countries that met in Doha on Sunday were supposed to finalise an agreement to hold production at January’s levels, but instead the meeting broke up in acrimony and recriminations. John Kemp at Reuters suggested Saudi Arabia was turning the “oil weapon” on its rival Iran.

The FT’s Roula Khalaf wrote that the failure of the talks highlighted the rise of Mohammed bin Salman, Saudi Arabia’s 30 year-old deputy crown prince. His growing influence and the waning authority of veteran oil minister Ali al-Naimi add a new element of unpredictability to Saudi policy.  Bloomberg Business Week had a long and fascinating interview with Prince Mohammed. As President Barack Obama visited Saudi Arabia, David Gardner wrote that the kingdom’s 70-year bargain with the US, promising security in return for a steady flow of oil, was becoming frayed.

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Shell sidesteps electric bandwagon with petrol-powered concept car

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BEIJING | BY JAKE SPRING: Fri Apr 22, 2016

Royal Dutch Shell PLC (RDSa.L) unveiled a high-efficiency petrol-burning concept car in China on Friday, to show the world’s biggest electric vehicle (EV) market that there is a lot of mileage left in conventional internal combustion engines.

Shell, one of the largest producers of automotive fuel, said it could take decades before EVs help arrest a rise in exhaust emissions, and that its concept car – which it has no intention of mass producing – demonstrates what can be done now.

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Shell defies order to halt production at Nigeria facility – officials

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YENAGOA, NIGERIA | BY TIFE OWOLABI: Wed Apr 20, 2016

Royal Dutch Shell has failed to halt production at the Gbaran Ubie oil and gas facility in southern Nigeria, contravening a court order for the site to be sealed and raising the prospect of legal action, state government officials said on Wednesday.

A Reuters reporter spoke to workers at the plant who also said production had continued.

A Shell (RDSa.L) spokesman declined to comment.

The facility, in the oil-rich southern Niger Delta region, supplies the Bonny liquefied natural gas (LNG) export terminal and also helps generate electricity, which is scarce in Africa’s top oil producer and most populous nation.

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Shell starts voluntary redundancy process for Dutch staff

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Wed Apr 20, 2016

Shell said it had started a voluntary severance process in the Netherlands as part of a plan to cut around 10,300 jobs worldwide.

The oil company is under pressure to rein in costs as a slump in oil prices has hit its profits.

“Shell can confirm it has introduced a selective voluntary severance programme in The Netherlands,” a spokesman said.

The programme could be rolled out elsewhere and staff would be notified before external announcements are made, he said.

Shell has around 11,000 directly employed staff in the Netherlands.

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Exclusive: How ChemChina tried to gatecrash Shell’s BG mega-deal

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Screen Shot 2016-03-15 at 10.28.52LONDON | BY DMITRY ZHDANNIKOV, FREYA BERRY AND RON BOUSSO: Business | Tue Apr 19, 2016

Chemical giant ChemChina approached BG Group with a possible bid late last year, just as Royal Dutch Shell was preparing to close a $52 billion deal to buy the British energy company, seven banking and industry sources with knowledge of the matter said.

Working with investment bank HSBC (HSBA.L), China’s most acquisitive company of the past year flew a delegation to Britain in December and approached BG Chairman Andrew Gould with plans for a full cash bid, two sources close to ChemChina said.

Shell and HSBC declined to comment. ChemChina did not immediately respond to requests for comment. Reuters could not reach Gould for comment.

That trip was eight months after Shell announced the energy sector’s largest deal in a decade and just weeks before the BG purchase received final anti-trust and shareholder clearances.

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Shell says theft from its Nigerian oil pipeline network fell in 2015

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Business | Mon Apr 18, 2016 9:02am BST

Theft of crude oil from the pipeline network of Shell’s Nigerian subsidiary fell to 25,000 barrels per day (bpd) in 2015, the company said on Monday, roughly 32 percent less than the previous year.

The number of sabotage-related spills on the SPDC network also declined to 93 in 2015, compared with 139 the previous year, Shell said in its annual sustainability report.

It attributed the decrease to divestments in the Niger Delta and increased surveillance and security by the Nigerian government, but said theft and sabotage were still responsible for around 85 percent of spills from SPDC operations.

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Shell CEO says may sell some North Sea assets to improve portfolio

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PERTH | BY SONALI PAUL: Tue Apr 12, 2016

Royal Dutch Shell could sell some of its older, lower grade North Sea assets to improve the quality of its portfolio, CEO Ben van Beurden said on Tuesday, part of a two-year program to help finance its purchase of gas major BG Group.

After completing the $52 billion acquisition of BG in February, Shell said it would sell $30 billion in assets between 2016 and 2018 to help finance the deal and to maintain its dividend following a sharp drop in oil prices since mid-2014.

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Shell under pressure to reduce spending

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Markets | Fri Apr 8, 2016 3:05am EDT

By Ron Bousso

LONDON, April 8 Royal Dutch Shell is under pressure from shareholders to cut annual spending below $30 billion after buying BG Group to ensure it can maintain its dividend given the slow oil price recovery.

Shell and other large oil companies slashed budgets, scrapped huge projects and cut tens of thousands of jobs last year in the face of a slump in oil prices from a June 2014 peak of nearly $116 a barrel to below $40.

Shell reduced spending by $8.4 billion to $28.9 billion last year and for the first time in more than three decades global capital spending in the oil and gas industry, known as capex, is set to fall for a second year in a row.

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Shell’s top Brent trader leaving company – sources

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Business | Thu Apr 7, 2016 11:47am BST

The head of European oil trading at oil major Royal Dutch Shell (RDSa.L), Stany Schrans, will leave the company later this year, two industry sources told Reuters.

Shell declined to comment.

Bloomberg was first to report the departure.

The sources said Schrans, who has worked for Shell for more than 15 years, was leaving due to personal reasons.

Shell has one of the biggest oil trading desks in the world and is one of the most powerful players in the benchmark Brent market, for which Schrans was responsible.

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Shell pulls out of Arctic-focused exploration oil licensing round in Norway

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Business | Mon Apr 4, 2016 3:01pm BST

Oil major Royal Dutch Shell (RDSa.L) has pulled its application from Norway’s Arctic-focused oil licensing round, the firm said on Monday, in a blow to the Nordic country’s ambitions to explore for oil and gas in its northern offshore areas.

“The decision is part of an optimisation of Shell’s global portfolio following the acquisition of BG and a persistently low oil price,” the company’s Norwegian unit said in a statement. “Norway remains one of our core areas.”

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Sideways moves

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By Ed Crooks: April 1, 2016

Oil prices went sideways all week, with Brent crude edging up above $40 on Thursday.  Hedge funds have made record bets on rising crude prices, but everyone is still watching prospects for the scheduled meeting of Opec and non-Opec oil producers in Doha, Qatar on April 17. Qatar’s oil minister said 12 countries had so far agreed to attend, including most Opec members and Russia. Reuters provided a useful factbox on the countries that could be present at the meeting.  Ecuador is one of the Opec members trying to persuade non-member countries to join in a commitment to freeze production.

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Shell says Dutch investigators visit Shell HQ in Nigeria oil probe

Screen Shot 2016-03-30 at 13.11.52“Representatives of the Dutch Financial Intelligence and Investigation Service and the Dutch Public Prosecutor recently visited Shell at its headquarters, ” a spokesman said.

“The visit was related to OPL 245, an offshore block in Nigeria that was the subject of a series of long-standing disputes with the Federal Government of Nigeria.”

Shell is cooperating with the authorities and is looking into the allegations, the spokesman said.

(Reporting by Ron Bousso. Editing by Jane Merriman)

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Italian prosecutors probe Shell over Nigeria oil deal – source

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Milan prosecutors opened a corruption probe into Eni in 2014 in a case relating to a $1.3 billion acquisition of Nigeria’s OPL-245 offshore oil block in 2011 by the Italian company and Shell.

They later placed under investigation Eni’s Chief Executive Claudio Descalzi and another top manager at the company. The probe has now been widened to Shell, the source said, confirming a report in Corriere della Sera daily on Wednesday.

Shell declined to comment. Eni has denied any wrongdoing in the case.

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Shell says no changes in plans to expand Russian Sakhalin-2 LNG plant

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MOSCOW, March 24 (Reuters) – There are no changes in plans to expand Russia’s Sakhalin-2 liquefied natural gas plant, operated by Royal Dutch Shell and Gazprom, Olivier Lazare, head of Shell’s operations in Russia, said on Thursday.

Gazprom and Shell plan to expand their plant on the Pacific island of Sakhalin, where Japan’s Mitsui and Mitsubishi are also shareholders, to add a further 5.4 million tonnes of annual capacity in 2021.

(Reporting by Vladimir Soldatkin; Writing by Maria Kiselyova; Editing by Alexander Winning)

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Indonesia says Inpex, Shell to invest in Masela onshore LNG project

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JAKARTA, Markets | Thu Mar 24, 2016

Japanese oil firm Inpex Corp and Royal Dutch Shell are expected to invest in the construction of Indonesia’s onshore Masela liquefied natural gas plant, an energy regulator official said on Thursday.

“Inpex and Shell have no plan to withdraw from the Masela block. They will stay, but they need time to redo their plan for onshore,” said Amien Sunaryadi, head of Indonesia’s upstream oil and gas regulator, SKKMigas.

Indonesia’s president on Wednesday rejected Inpex and Shell’s proposal to build the world’s largest floating liquefied natural gas plant in the country’s east, saying an onshore plant would benefit its economy more.

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Statoil Fuels and Retails wins EU okay for Shell deal

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Statoil Fuel and Retail gained European Union antitrust approval on Wednesday for its acquisition of Shell’s (RDSa.L) Danish retail and wholesale fuels business after agreeing to sell some businesses to allay competition concerns.

The European Commission had been concerned that the deal could have led to Danish consumers paying more for their fuel, diesel, gasoline and light heating oil.

Statoil Fuel and Retail, which operates in Denmark under the Statoil brand and is controlled by Canadian company Alimentation Couche-Tard (ATDb.TO), received the EU green light after pledging to sell 205 petrol stations and Shell’s commercial fuels business.

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Indonesia decides against Inpex floating LNG project, wants to stay onshore

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Screen Shot 2016-03-15 at 10.34.57* President says onshore plan to bring more economic benefits

* Unclear if Inpex, Shell will be involved in new plan

* Onshore facility to be built in eastern province of Maluku 

By Agustinus Beo Da Costa and Fergus Jensen

JAKARTA, March 23 Indonesia’s president on Wednesday rejected Inpex Corp and Royal Dutch Shell’s proposal to build the world’s largest floating liquefied natural gas plant in the country’s east, saying an onshore plant would benefit its economy more.

The announcement is a blow to the two energy firms, as well as to Indonesia’s energy regulator (SKKMigas), which warned last week that rejecting the $15 billion plan to process gas from the Masela field offshore would lead to delays and job cuts.

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Exclusive: After Motiva split, Saudi Aramco aims to buy more U.S. refineries – sources

Screen Shot 2016-03-18 at 21.04.31Ending an often rocky nearly 20-year relationship, Shell (RDSa.L) and Saudi Aramco [SDABO.UL] announced on Wednesday plans to break up Motiva Enterprises LLC [MOTIV.UL] after almost two decades, dividing its assets and leaving Aramco with one plant, the nation’s largest crude oil refinery, in Port Arthur, Texas.

Officials from Saudi Refining, the downstream arm of Aramco, told employees following the announcement that the state-owned firm was intent on buying more assets once the Motiva break-up is finished, according to five people who attended the briefing and asked not to be identified due to the sensitivity of the issue.

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US oil closes above $40 for first time since Dec. 3

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US oil closes above $40 for first time since Dec. 3

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17 March 2016

Oil prices hit 2016 highs on Thursday, with U.S. crude closing over $40, on optimism that major producers will strike an output freeze deal next month amid soaring gasoline demand in the United States.

A weaker dollar after a Federal Reserve policy decision on Wednesday that indicated two U.S. rate hikes this year instead of four also drew oil buyers using currencies such as the euro.

OPEC kingpin Saudi Arabia and non-OPEC producers led by Russia will meet on April 17 in the Qatar capital Doha, increasing the likelihood of the first global supply deal in 15 years.

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FACTBOX-Motiva: How Saudi Aramco, Shell plan to divide up the assets

Screen Shot 2016-03-17 at 08.54.11Under the terms of a non-binding letter of intent, distribution terminals, retail assets, branded and commercial customer agreements will be divided by geography to ensure each partner has “an integrated and robust business,” a statement said.

Below are how the companies have split up the assets:

SHELL:

* 230,000 barrel-per-day Convent refinery located in St. James Parish, Louisiana;

* 235,000 bpd Norco refinery located in St. Charles Parish, Louisiana, where Shell already operates a chemicals plant;

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Saudi Aramco, Shell plan to break up Motiva, divide up assets

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“However, it is now time for the partners to pursue their independent downstream goals.”

Under the terms of a non-binding letter of intent, the Saudi state oil giant will take over the Port Arthur, Texas, refinery, the biggest in the United States, retain 26 distribution terminals as well as the Motiva name, according to a statement.

It will also have an exclusive license to use the Shell brand for gasoline and diesel sales in Texas, the majority of the Mississippi Valley, the Southeast and Mid-Atlantic markets, it said.

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Shell names Lazard to advise on $30 billion asset sales

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LONDON | BY FREYA BERRY AND RON BOUSSO:

Business | Fri Mar 11, 2016 11:14am GMT

Royal Dutch Shell has appointed investment bank Lazard to advise it on a $30 billion (£21 billion) asset sale programme following its acquisition of BG Group last month, several banking and industry sources said on Friday.

The Anglo-Dutch company has also picked Bank of America Merrill Lynch and Morgan Stanley to work on proposed sales of assets, according to the sources, noting that more banks could yet be added to the line-up.

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Shell CEO van Beurden’s remuneration fell in 2015

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LONDON: Business | Thu Mar 10, 2016

Royal Dutch Shell (RDSa.L) Chief Executive Ben van Beurden’s total direct remuneration fell 8 percent last year to 5.135 million euros ($5.63 million), the company said in its annual report.

His total package, including pension and tax equalisation, was 5.576 million euros, down from 24.198 million euros in the previous year, mainly due to a significant fall in van Beurden’s pension which was positively affected in 2014 by promotion to chief executive.

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Shell says to start new exploration phase in BC-10 Brazil field

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Screen Shot 2016-02-17 at 08.47.47RIO DE JANEIRO: TUE Mar 8, 2016

Royal Dutch Shell will start in coming days a new exploration phase in the BC-10 project off the coast of Brazil, where it has already invested more than $1 billion, the company’s chief executive in the country said in a presentation.

Shell wants to keep investing in Brazil as the country has viable oil reserves despite recent market uncertainties, Shell Brazil CEO Andre Araujo said.

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South Africa to start shale gas exploration in next year

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Royal Dutch Shell, Falcon Oil & Gas and Bundu Gas & Oil are among five companies which have applied for exploration licenses being reviewed by South Africa’s Petroleum Agency, the regulator said on Tuesday.

The Petroleum Agency will submit its recommendations to the government by early May. The ministry of mineral resources will make the final decision on granting licenses.

“One area of real opportunity for South Africa is the exploration of shale gas,” a statement from cabinet ministers responsible for the economy said.

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Shell repays Iran 1.77 bln euros debt for oil deliveries

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By Ron Bousso

LONDON, March 7 Royal Dutch Shell has paid 1.77 billion euros ($1.94 billion) it owed the National Iranian Oil Company, settling debts after sanctions against the country were lifted in January.

The outstanding debt to Iran was a result of Iranian oil deliveries which Shell had been unable to pay for due to sanctions that were imposed on the country over its nuclear programme.

The Anglo-Dutch company resumed talks with Tehran on the debt after most Western sanctions were lifted in January as part of a deal with world powers. The payments were made over the past three weeks in euros as dollar transactions are still under U.S. sanctions.

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Standard Life fund arm raises governance concerns at VW, Shell

Screen Shot 2016-03-02 at 18.26.28Business | Wed Mar 2, 2016 

The investment arm of British insurer Standard Life (SL.L) said on Wednesday it would step up its engagement with management at Volkswagen VOWG_P.DE and Royal Dutch Shell RDSA.L over certain concerns it has regarding corporate governance.

In its annual governance and stewardship report Standard Life Investments said it continued to be worried about a lack of independence on the German carmaker’s supervisory board and board committees following the appointment of former Chief Financial Officer Hans Dieter Poetsche as chairman of the Supervisory Board, in the wake of the firm’s emissions scandal.

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