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Posts under ‘Reuters’

Bells toll for Europe’s largest gas field

It accused the government and the field’s operators, Royal Dutch Shell and Exxon Mobil Corp, of ignoring the threat of earthquakes linked to the massive Groningen gas field for years. Toby Sterling | Reuters WESTERWIJTWERD, Netherlands – Dutch church bells that for centuries have tolled to warn of floods across the low-lying countryside are sounding […]

U.S. refinery strike widening to include largest refinery

HOUSTON Sat Feb 21, 2015 12:13am EST (Reuters) – The U.S. refinery strike was widening on Friday night as workers at the nation’s largest refinery gave notice of a walkout beginning at 12 a.m. (0600 GMT) on Saturday, the United Steelworkers union (USW) said. Shortly after talks between union and oil company representatives ended on […]

BP loses bid to cut maximum $13.7 billion Gulf spill fine

BY JONATHAN STEMPEL Thu Feb 19, 2015 9:04pm EST (Reuters) – A U.S. judge on Thursday rejected BP Plc’s (BP.L) attempt to reduce the maximum civil fine it could face for its role in the 2010 Gulf of Mexico oil spill, leaving it potentially liable to pay $13.7 billion under the federal Clean Water Act. […]

Europe gas supply in focus as Dutch debate giant Groningen field

The Groningen field is the largest natural gas field in Europe and the 10th largest in the world. It is operated by government-owned Gasunie and output is jointly exploited by the government, Royal Dutch Shell and Exxon. Extraction has resulted in increasingly strong tremors, some measuring as much as 3.6 on the Richter scale, which have […]

BIG OIL: Who will blink first to set the M&A scramble in motion

With more than $110 billion of oil and gas assets on the block as companies big and small count the cost of the collapse in oil prices, it is now a question of who will blink first to set the M&A scramble in motion. Article published by Reuters 30 Jan 2015 under the headline: Buyers […]

Shell overstated its fourth quarter results by $178 million

Fri Jan 30, 2015 4:48pm GMT (Reuters) – Royal Dutch Shell (RDSa.L) said on Friday it had overstated its fourth quarter results by $178 million (118.44 million pounds) due to an error in the valuation of its fuel inventory. The company said its underlying earnings, which are most closely watched by analysts and investors, were […]

Shell bows to investor pressure on climate risk

WASHINGTON Thu Jan 29, 2015 1:49pm EST (Reuters) – In a rare move, oil major Shell on Thursday backed a resolution proposed by activist investors to force the company to recognize climate change risks by improving its transparency. Shell’s executive vice president of investor relations JJ Traynor said the company would urge shareholders to vote […]

Shell wants to resume drilling in Arctic this summer

By Karolin Schaps and Ron Bousso Jan 29 (Reuters) – Oil major Shell wants to revive its Arctic oil drilling programme this year after a near two-year suspension, angering environmentalists who say the risk of an oil spill is too high. Remote and costly to develop, the Arctic is estimated to contain 20 percent of […]

Oil tumbles; U.S. crude prices near six-year low on record stockpiles

Goldman Sachs analysts said in a Tuesday note that they expected U.S. crude, also known as WTI, to remain near $40 a barrel in the first half of this year REUTERS By Barani Krishnan NEW YORK (Reuters) – Oil slumped on Wednesday, with U.S. crude prices at near six-year lows, after the government reported record-high […]

Shell signs $11 billion deal to build petrochemicals plant in Iraq

FROM REUTERS Shell signs $11 billion deal to build petrochemicals plant in Iraq (Reuters) – Royal Dutch Shell (RDSa.L) signed deal with Iraq worth $11 billion (7 billion pounds) to build a petrochemicals plant in the southern oil hub of Basra, Industry Minister Nasser al-Esawi said on Wednesday. Esawi told a press conference in Baghdad […]

Oil majors to preserve dividends despite oil collapse, tap debt

REUTERS ARTICLE PUBLISHED 23 Jan 2015 (Reuters) – Europe’s oil majors will strike a sober note in their fourth-quarter results and investors will focus on companies’ plans to maintain cherished dividends and their strategies to cope with the oil prices collapse that caught many unawares. Having sold around $120 billion in assets in recent years […]

Shell puts the brakes on

By John Donovan In response to the collapse in the price of oil, Shell and Qatar Petroleum have abandoned a $6.4 billion joint venture to build a petrochemical complex in the Ras Laffan Industrial City.  Extract from a Reuters Report:, Prices quoted by companies to build the huge complex showed the project was “commercially unfeasible, […]

Oil prices renewed their declines on Monday, dropping below $49 a barrel

Article by Ron Bousso published 12 Jan 2015 by Reuters under the headline: “Oil prices extend falls; Goldman Sachs slashes forecasts” LONDON (Reuters) – Oil prices renewed their declines on Monday, dropping below $49 a barrel as Goldman Sachs slashed its short-term forecasts and Gulf producers showed no signs of cutting production. Both Brent and […]

Shell to Sell Malaysian Refinery?

From a Reuters article published Friday 9 Jan 2015 under the headline: “Malaysia’s Shell Refining explores options in face of weak margins” Jan 9 (Reuters) – Malaysia’s Shell Refining Company will explore options including the sale of its Port Dickson refinery or the conversion of operations to a storage terminal in the face of the […]

M&A implications arising from oil price collapse

Extracts from a Reuters article published Mon Jan 5, 2015 “The uncertainty caused by the severe decline in oil prices during the final two months of 2014 nearly brought deal activity to a standstill,” said Christopher Sheehan, director of energy M&A research at IHS. “Buyers and sellers are having difficulty reaching a consensus because of […]

Idemitsu Showa Shell merger talks could trigger more consolidation

Reuters article published Tuesday 23 December 2014 under the headline: Japanese refining merger talks could spur more consolidation It seems that the forecast wave of mergers in the oil industry arising from the collapse in oil prices has kicked off in Japan. Also fits in with Shell’s fire sale strategy.  Extracts Consolidation looks to have kicked off […]

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