Royal Dutch Shell Plc  .com Rotating Header Image

Posts under ‘Reuters’

Shell to unload $1 billion Danish stake

By An Old EP Hand

Just read Shell wants to sell the share in the DUC (Dansk Underground Consortium for ca 1 billion dollars.)

It was a well-kept secret that the DUC had a marvellous tax deal in Denmark, in the past Shell Denmark was often the number 3 or 4 cash earner for the group due to this tax deal. Only the NAM with the huge gasfields made far more money. (Norway was a lot harder on the oil companies and kept most of the proceeds themselves.)

Not sure whether the tax system has changed the last few years.

And if they can get a lot of money for it, it is a good time to leave the ship there, Maersk has little ideas how to go about milking the licence that was renewed a few years ago. They had mentally accepted the licence would come to an end when the old man Maersk McKinney Moller fixed an extension with the government. He died soon afterwards…

read more

Resurrection of Kiobel v Royal Dutch Shell litigation

32 page U.S. Federal Court Order dated 20 December 2016 

U.S. Related FederalCourt Order dated 6 January 2017

Shell is being buried up to its corporate neck in a toxic swamp of current or pending litigation arising from its activities in Nigeria.

In 2013 Shell thought it had killed Nigeria related long-standing litigation in the U.S. courts when the U.S. Supreme Court decided that the Alien Tort Claims Act does not apply extraterritorially

Esther Kiobel was the bitterly disappointed lead plaintiff seeking justice in the USA on human rights grounds against a company she considers to be evil. She holds Shell responsible for the murder of her late husband, Ogoni leader Dr Barinem Kiobel.

read more

Japan’s Idemitsu buys 31.3 percent of Showa Shell from Royal Dutch Shell

Japanese refiner Idemitsu Kosan Co Ltd (5019.T) said on Monday it has completed its planned acquisition of 31.3 percent of rival Showa Shell Sekiyu KK (5002.T) from Royal Dutch Shell PLC (RDSa.L).

Earlier in the day, Japan’s anti-monopoly regulator approved Idemitsu’s plan to acquire the stake.

In a filing at the stock exchange, Idemitsu said it paid 1,350 yen a share, or a total of 159 billion yen (1.08 billion pounds).

The refiner had originally planned to buy 33.3 percent from Royal Dutch Shell.

read more

Shell Norco chemical plant malfunction triggers flaring

HOUSTON, Dec 18 2016 (Reuters) – A malfunction on Saturday triggered flaring at Royal Dutch Shell Plc’s Norco, Louisiana, chemical plant, said a Shell spokesman.

Shell’s Ray Fisher on Sunday declined to say which unit sustained the malfunction.

A source familiar with plant operations said the malfunction was in an olefins unit at the chemical plant.

The Shell chemical plant in Norco shares the safety flare system with the adjoining Motiva Enterprises refinery. Flaring from the chemical plant is sometimes thought to come from the refinery.

read more

Japan’s Idemitsu to buy 33 percent of Showa Shell by year-end: Nikkei

Japanese refiner Idemitsu Kosan Co (5019.T) will acquire one-third of Showa Shell (5002.T) by the end of the year, and the anti-monopoly watchdog is expected to approve their merger proposal as early as next week, the Nikkei business daily said on Saturday.

Idemitsu will go ahead with an agreement to acquire the 33.24 percent stake in Showa Shell for about 170 billion yen ($1.44 billion) from Royal Dutch Shell (RDSa.L) after getting the approval, the report said, without citing sources.

The planned merger has been a drawn-out process, with fierce opposition coming from Idemitsu’s founding family. The management of Idemitsu, Japan’s second-biggest refiner by sales, in October put a full takeover on hold indefinitely.

read more

Shell finance chief to leave company in March

By Karolin Schaps | LONDON

Royal Dutch Shell (RDSa.L) Chief Financial Officer Simon Henry will step down in March after seven years in the post and be replaced by Jessica Uhl, a finance executive in Shell’s gas business.

Henry, a 55-year-old Shell veteran, was one of the executives who oversaw the $54 billion (43.27 billion pound) acquisition of BG Group, which completed in February, and the integration of the gas company which turned Shell into the world’s largest liquefied natural gas (LNG) trader.

read more

Shell to replace CFO Simon Henry in March

Royal Dutch Shell (RDSa.L) will replace Simon Henry as chief financial officer on March 9, 2017 with Jessica Uhl, a financial executive in Shell’s gas business, the company said on Thursday.

Henry will remain available to the company until June 30, 2017, Shell said. It gave no reason for his departure.

“Jessica combines an external perspective with broad Shell experience and is a highly regarded executive,” Shell Chief Executive Ben van Beurden said.

Uhl joined Shell in 2004 and was previously employed at Enron and Citibank in the U.S. and Panama.

read more

Nigerian parliament opens inquiry into long-disputed Shell, Eni oil field

Nigeria’s lower house opened an investigation on Tuesday into an offshore oil field owned by Royal Dutch Shell and Eni, the latest inquiry into their acquisition of the OPL 245 license block which could hold up to 9.23 billion barrels of oil, according to industry figures.

Earlier this year the Dutch and Italian authorities launched their own investigations.

The acquisition in 2011 was a “breach of due process that resulted in monumental revenue loss to the country,” said Yakubu Dogara, speaker of Nigeria’s House of Representatives.

read more

After Alaska flop, Shell’s search for oil moves closer to home

By Ron Bousso | LONDON

In the waters off Malaysia, Royal Dutch Shell (RDSa.L) is finding gas quickly and cheaply to replenish depleting fields where only a few years ago geologists had lost hope of discovering any new reserves.

The Anglo-Dutch group is combining the latest technology with the wisdom of industry veterans to unlock new oil and gas deposits where it already operates, usually within 20 km (12 miles) of existing platforms.

The result has been a string of finds which, while modest in size, can generate cash rapidly to suit an era of drastically reduced exploration budgets across the energy industry.

read more

Shell takes aim at British and German offshore wind deals

By Karolin Schaps | LONDON

Royal Dutch Shell (RDSa.L) wants to buy into the British and German offshore wind markets as it attempts to shift its business away from fossil fuels.

Immediate opportunities in the world’s biggest offshore wind markets will be through buying stakes in leases, rather than building new projects, Dorine Bosman, business operations manager for Shell’s wind business, told Reuters on Tuesday.

The world’s second-biggest oil major on Monday won a contract to build 700 megawatts (MW) in offshore wind capacity off the Dutch coast together with consortium partners Eneco, Van Oord and Mitsubishi/DGE.

read more

Shell-led consortium wins 700 MW Dutch offshore wind contract

A consortium led by Royal Dutch Shell beat 26 other bids for a contract to build 700 megawatts of offshore wind capacity, the Dutch government said as it announced plans for a further seven wind farms to be build in the next decade.

Contractors Eneco, Van Oord and Mitsubishi/DGE are Shell’s partners in the consortium to build in the Borssele III and IV wind areas, which promised the Netherlands’ lowest-ever strike price of 54.50 euro cents per megawatt hours.

Speaking to reporters in Rotterdam, economic affairs minister Henk Kamp said intense competition, low interest rates and high existing capacity had helped keep prices low – a state of affairs he expected continue.

read more

The Nigerian King and a very brazen bid to squeeze millions out of Shell over pollution

By Rachel Millard For The Daily Mail7 December 2016 

Residents of the communities in south-east Nigeria remember clearly the day oil giant Shell first arrived in the 1950s.

Children could hear the rumble of the trucks from a distance, so they’d wave at the drivers as they passed.

It still happened when King Emere Godwin Bebe Okpabi, community leader of the Ogale community in Ogoniland, was growing up in the 1960s.

The region, largely marshland and swamps, was poor but the British firm, with its modern technology and skilled engineers, seemed to represent a new era of prosperity. 

read more

%d bloggers like this: