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Shell ties in bonuses to reinforced emissions strategy

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By Ron Bousso and Karolin Schaps | LONDON

Royal Dutch Shell plans to link part of its executive bonuses to greenhouse gas emissions and conduct more active screening of future investments to further efforts to reduce the energy group’s carbon footprint, its CEO told Reuters.

The new initiative by the Anglo-Dutch group comes in response to mounting pressure from investors to adapt to an expected flattening in oil consumption within as little as five years and international plans to phase out fossil fuels by the end of the century to combat global warming.

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Leaner and meaner: U.S. shale greater threat to OPEC after oil price war

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By Catherine Ngai and Ernest Scheyder

NEW YORK/HOUSTON In a corner of the prolific Bakken shale play in North Dakota, oil companies can now pump crude at a price almost as low as that enjoyed by OPEC giants Iran and Iraq.

Until a few years ago it was unprofitable to produce oil from shale in the United States. The steep slide in costs could encourage more U.S. shale output if OPEC members cut supplies, undermining the producer group’s ability to boost prices. OPEC ministers meet Wednesday to weigh output cuts to end a two-year glut that has pressured global oil prices.

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OPEC agrees first output cut since 2008, Saudis to take ‘big hit’

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By Ahmad Ghaddar, Alex Lawler and Rania El Gamal | VIENNA

OPEC has agreed its first limit on oil output since 2008, sources in the producer group told Reuters, with Saudi Arabia accepting “a big hit” on its production and agreeing to arch-rival Iran freezing output at pre-sanctions levels.

Brent crude futures jumped 8 percent to more than $50 a barrel after Riyadh signaled it had finally reached a compromise with Iran after insisting in recent weeks that Tehran fully participate in any cut.

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Shell studies green energy deals to prepare for future after oil

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By Karolin Schaps and Ron Bousso | LONDON

Royal Dutch Shell, the world’s second-biggest publicly listed oil company, is studying acquisitions in the green energy sector, its CEO told Reuters, as it bows to shareholder demands for a strategy beyond fossil fuels.

Shell, which has a market value of $200 billion, produces two percent of the world’s oil and gas but rapid technological change coupled with policies to protect the climate have kick-started a shift in energy markets that has put enormous pressure on oil companies to plan for a time after fossil fuels.

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Shell in talks over Gabon sale as seeks to hit divestment target

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By Ron Bousso | LONDON

Royal Dutch Shell is in advanced talks with a party interested in buying its onshore operations in Gabon as part of a $30 billion divestment plan following its purchase of BG Group, which was completed in February..

Shell had informed its staff of the discussions on Thursday, a spokesman for the firm told Reuters on Friday.

The oil and gas group, which plans to exit operations in 5 to 10 countries, has made relatively slow progress in its divestments as uncertainty over oil’s outlook has dampened buyer enthusiasm for deals at the prices it is targeting. So far this year, Shell has sold or agreed to sell around $6 billion of assets.

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OPEC makes last-ditch bid to save oil deal as tensions grow

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By Rania El Gamal and Alex Lawler | VIENNA

OPEC was trying on Monday to rescue a deal to limit oil output as tensions grew among the producer group and non-OPEC member Russia, with top exporter Saudi Arabia saying markets would rebalance even without an agreement.

OPEC experts started a meeting in Vienna at 0900 GMT and were due to make recommendations to their ministers on how exactly the Organization of the Petroleum Exporting Countries should reduce production when it meets on Nov. 30.

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Shell CEO expects no valuation hit from climate accord

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Royal Dutch Shell expects to pump out all the fossil fuel reserves listed on its balance sheet, its chief executive said, dismissing concerns that production limits in the wake of the Paris climate accord could hit the energy giant’s valuation.

In an interview with Dutch newspaper Het Financieele Dagblad, Ben van Beurden said the issue of “stranded” reserves – deposits in the ground that cannot be used because of carbon emissions limitations – would have no impact on balance sheets.

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Nigeria reaches a deal to pay $5.1 billion in unpaid bills to oil majors – minister

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By Felix Onuah

Nov 17 Nigeria has reached a deal to pay $5.1 billion in unpaid bills to oil majors including Royal Dutch Shell and Exxon Mobil, the minister of state for oil said on Thursday.

The Nigerian National Petroleum Corporation (NNPC), the OPEC member’s state oil firm, has amassed a total of $6.8 billion in unpaid bills up to December 2015, so-called cash calls, that it was obliged to pay under joint ventures with Western oil firms, with which it explores for and produces oil.

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Shell’s North Sea oil trading draws spotlight again this year

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screen-shot-2016-11-09-at-20-26-36* Shell builds large position in BFOE forward cargoes

* Crude price differentials, Brent market structure weak

* Shell’s Forties sales to Asia in Jan had supported Brent

By Alex Lawler and Amanda Cooper

LONDON, Nov 17 Royal Dutch Shell has snapped up a large volume of North Sea oil that helps set the global Brent benchmark, trade sources said, the second time this year that its trading activities have attracted the glare of the spotlight.

Shell, the world’s second-largest oil company, runs some of Europe’s biggest refineries, including the 404,000-barrels-per-day Pernis facility, and is one of the biggest traders in the North Sea crude market, the home of the Brent benchmark.

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Japan’s Idemitsu to delay Showa Shell stake purchase from Shell

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By Kentaro Hamada and Chris Gallagher | TOKYO

Japanese oil refiner Idemitsu Kosan (5019.T) will again delay its planned purchase of Showa Shell Sekiyu (5002.T) shares from Royal Dutch Shell (RDSa.L) because a review by the Japan Fair Trade Commission is still under way.

Idemitsu said in a statement on Monday it will postpone the purchase to either December or January, from its originally planned closure by this month. The delay is another setback for Idemitsu in its attempt to take over Showa Shell, delayed after stiff opposition from Idemitsu’s founding family.

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Shell to invest $10 billion as Brazil expands private role in oil industry

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screen-shot-2016-11-09-at-19-58-01Royal Dutch Shell Plc (RDSa.L) will invest $10 billion (8 billion pounds) in Brazil over five years now that the country has increased opportunities for foreign companies in its oil industry, its chief executive officer said on Thursday.

Already the largest foreign investor in Brazil, Shell is particularly encouraged by recent legislation that increases the role of private oil companies in the tapping of vast off-shore oil deposits in the subsalt layer, Chief Executive Officer Ben van Beurden said.

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Shell says flow station on Nigerian Escravos oil line shut by protesters

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Activists in Port Harcourt, Nigeria protest to demand that Shell pay reparations and clean up its oil spills. Photo: © Amnesty International.

By Anamesere Igboeroteonwu and Libby George: Wednesday, 9 November 2016 15:57 GMT

ONITSHA/LONDON, Nigeria, Nov 9 (Reuters) – Royal Dutch Shell has shut down an Escravos crude oil flow station in Nigeria’s Niger Delta after villagers demanding aid staged a protest, the firm and residents said on Wednesday.

The oil major said the flow station on the pipeline operated by its joint-venture partner SPDC was no longer processing crude oil, but the impact on Escravos exports, which can run via other avenues, was not immediately clear.

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Shell says checking claim by Nigerian protesters of Escravos facility shutdown

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Screen Shot 2016-09-07 at 14.26.24Wed Nov 9, 2016 10:56am GMT

LAGOS Nov 9 (Reuters) – Royal Dutch Shell said on Wednesday it was checking a claim by a group of Nigerian protesters that they had shut down an Escravos oil facility in the Niger Delta operated by its joint-venture partner SPDC.

Shyne Edema, a youth leader in the restive region, said earlier his group was staging a protest at the facility, shutting down power and water supplies as well as crude production.

(Reporting by Libby George, Ananamesere Igboeroteonwu, Ulf Laessing and Alexis Akwagyiram; Editing by Adrian Croft)

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Exclusive: Saudis threaten to raise oil output again as sparring with Iran returns

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By Rania El Gamal and Alex Lawler | DUBAI/LONDON

Old disputes between Saudi Arabia and rival Iran resurfaced at a meeting of OPEC experts last week, with Riyadh threatening to raise oil output steeply to bring prices down if Tehran refuses to limit its supply, OPEC sources say.

Clashes between the two OPEC heavyweights, which are fighting proxy wars in Syria and Yemen, have become frequent in recent years.

Tensions subsided, however, in recent months after Saudi Arabia agreed to support a global oil supply limiting pact, thus raising the prospect that OPEC would take steps to boost oil prices.

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Oil majors pledge $1 billion for technologies to fight climate change

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By Karolin Schaps and Ron Bousso | LONDON

Some of the world’s biggest oil companies, including Saudi Aramco and Royal Dutch Shell, pledged on Friday to invest $1 billion to help fight climate change as a global deal to wean the world off fossil fuels came into force.

The Oil and Gas Climate Initiative (OGCI), which also includes Total, BP, Eni, Repsol, Statoil, CNPC, Pemex [PEMX.UL] and Reliance Industries, has established the Climate Investments fund which will help develop carbon-reducing technologies over the coming ten years.

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Shell selling two assets in U.S. Permian basin: CFO

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Royal Dutch Shell is selling two small land packages in the U.S. Permian Basin but will also consider acquisitions in the oil-rich West Texas province, Chief Financial Officer Simon Henry said on Tuesday.

Shell, which is in the midst of a $30 billion disposal program to pay for its $54 billion acquisition of BG Group, will remain a key future engine of growth, Henry said on an analysts call.

“The Permian is the crown jewel. Not just in terms of value and quality of the asset but also the capability that is being developed there,” he said.

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Shell’s earnings beat Exxon as oil majors adapt to low prices

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By Ron Bousso and Karolin Schaps | LONDON

Royal Dutch/Shell and BP on Tuesday joined peers in reporting higher than expected earnings by making further deep cuts in spending to cope with an oil price downturn now in its third year.

Shell’s stocks rose by over 3 percent as it announced higher quarterly earnings than arch-rival U.S. Exxon Mobil, the world’s largest listed company by output. Anglo-Dutch Shell is hoping to outgrow Exxon over the next few years after acquiring rival BG for $54 billion earlier this year.

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Shell, Vitol boost UAE storage to handle Iraqi crude-sources

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By REUTERSPUBLISHED: 14:40, 31 October 2016

By Rania El Gamal

DUBAI, Oct 31 (Reuters) – Royal Dutch Shell and trading house Vitol are stepping up their operations in the port of Fujairah to store Iraqi crude as production from the OPEC member rises, industry sources said.

Iraq is OPEC’s second largest producer after Saudi Arabia and its output has almost doubled since the start of the decade at 4.7 million barrels per day (bpd).

With a target of 5.5-6 million bpd by 2020, Iraq wants to be exempt from the cartel’s bid to boost oil prices with production cuts to reduce a global surplus.

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Shell eyes next oil licensing round in Norway after pulling out of latest one

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Royal Dutch Shell (RDSa.L) expects to take part in the next bidding round for exploration licences offshore Norway, after dropping out of the latest one, the head of its Norwegian unit said on Monday.

The oil major pulled its application from Norway’s 23rd Arctic-focused oil licensing round in April, saying it needed to take a break to assess its exploration plans after the acquisition of BG, and due to low oil prices.

“We are looking forward to the 24th round in order to increase our activity on the Norwegian continental shelf (NCS),” Tor Arnesen, the head of Shell’s Norwegian unit, told an oil conference in northern Norway.

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Shell resumes crude exports from Nigeria’s Forcados terminal-Nigerian government

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by Reuters: Tuesday, 25 October 2016 18:42 GMT

By Felix Onuah

ABUJA, Oct 25 (Reuters) – Royal Dutch Shell has resumed crude exports from the Forcados terminal in Nigeria’s restive Niger Delta following repairs after a militant attack, the Nigerian presidency said on Tuesday.

There was no immediate comment from Shell.

“The Shell Director, Mr. Andrew Brown, informed the President of the resumption of oil exportation through the Forcados terminal following its restoration,” the presidency said after a meeting between Brown and President Muhammadu Buhari.

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Dutch companies want next government to focus on shift to clean energy

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screen-shot-2016-10-20-at-23-00-27Dozens of Dutch companies called on the country’s next government on Tuesday to establish an independent climate authority, environment minister and national investment bank to speed up the shift to clean energy.

The rare call for more government came from 39 companies, including oil giant Royal Dutch Shell, insurer Aegon and engineering consultancy Arcadis.

They argued that future Dutch leaders must adopt a comprehensive “climate law” after the general elections next March 15 that would establish bodies to oversee policies needed to meet targets set out in the 2015 Paris climate accord.

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Singapore awards LNG import licences to meet future demand

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* Pavilion Gas, Shell win Singapore LNG import licences

* Importers offer shorter term contracts, alternate indices

* Immediate rise in LNG demand unlikely – traders (Updates story with Shell’s comments, details)

screen-shot-2016-10-20-at-23-00-27By Mark Tay: SINGAPORE, Oct 24

Pavilion Gas and Shell Eastern Petroleum have been appointed as importers of liquefied natural gas (LNG) into Singapore, the trade minister said on Monday, as the city-state gears up to take more LNG.

Singapore, which relies almost exclusively on gas for electricity generation, currently takes the bulk of its gas via pipelines from Malaysia and Indonesia but is expected to boost LNG shipments in coming years.

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BRIEF-Brazil’s Cosan, Shell negotiate new Raizen ownership deal – paper

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screen-shot-2016-10-20-at-23-00-27Brazil’s Cosan SA and Royal-Dutch Shell are in advanced talks to define the ownership of their joint venture Raizen formed in 2011, according to a story published in the Valor Economico newspaper on Friday

* A new accord between the two stakeholders of the 50-50 joint venture Raizen has not be formalized

* Cosan did not comment on the report and Shell is in its quiet period ahead of earnings, the paper said

* The current accord between the parners gives both sides the right to buyout the other after the 10th and 15th year from the formation of Raizen

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Shell selling 16 upstream assets worth more than $500 mln

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cropped-Screen-Shot-2016-09-09-at-20.58.10.jpgRoyal Dutch Shell is currently offering 16 assets worth more than $500 million for sale as part of its vast $30 billion three-year asset sales programme, the oil and gas company’s head of upstream Andy Brown said on Wednesday.

The Anglo-Dutch company launched the programme to reduce its debt following the acquisition of BG Group earlier this year. Uncertainty over the future oil price has led to a sharp slowdown in deal making in the sector in recent years.

“There are 16 assets currently in the market that are above $500 million in value,” Brown told the Oil and Money conference in London.

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Shell retains Deutsche Bank to seek buyer for California refinery

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By Jessica Resnick-Ault | NEW YORK

Oct 18 2016

Royal Dutch Shell plc has retained Deutsche Bank to sell its Martinez, California refinery, according to three people familiar with the matter.

Shell is in the midst of a three-year, $30 billion divestment plan following the company’s purchase of BG Group earlier this year.

A Shell spokesman said the company would not comment on “rumor or speculation.” Deutsche Bank declined to comment.

The refinery, located 30 miles (48 km) northeast of San Francisco, has been operating since 1915. It can process about 165,000 barrels of crude oil daily into gasoline, jet fuel, diesel and other refined products. It has a coker unit used for processing heavy grades of crude.

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Shell faces possible Dutch lawsuit over Nigerian activist’s execution

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By Tom Bergin | LONDON

The widow of a Nigerian activist is planning to sue Royal Dutch Shell in the Dutch courts alleging the oil company was complicit in the execution of her husband by the Nigerian military in 1995, court documents filed in the United States last week show.

Esther Kiobel has filed an application in New York to secure documents from Shell’s U.S. lawyers, which she could use in the Dutch action.

The filings with the U.S. District Court for the Southern District Court of New York said she planned to begin that action before the end of the year.

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Shell Oil bids $26 million for Abengoa’s advanced biofuel plant

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By Chris Prentice | NEW YORK

Royal Dutch Shell Plc’s U.S. arm has offered more than $26 million to buy Abengoa SA’s cellulosic ethanol plant in Kansas, according to documents filed late Wednesday in bankruptcy court.

Shell’s initial bid on Abengoa’s bankrupt biofuels asset marks the oil major’s latest push into renewable fuels as the U.S. government is getting its over decade-old biofuels policy back on track following years of regulatory delays.

“This move is in line with Shell’s strategy to develop biofuels” that use sustainable feedstocks, Shell spokeswoman Natalie Mazey said in an emailed statement.

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Royal Dutch Shell signs MOU with Iran’s National Petrochemical

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Royal Dutch Shell signed a preliminary memorandum of understanding (MOU) with Iran’s National Petrochemical Company on Sunday for cooperation in the petrochemical industry, the Iranian oil ministry’s news agency SHANA reported.

Hans Nijkamp, the head of the department for Iran affairs at Royal Dutch Shell, said the signing of the MOU came after months of negotiations between the two companies, according to SHANA.

“We believe that we can have joint projects in the petrochemical field with the National Petrochemical Company,” he said.

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Crude realities for Bakken oil as Shell ditches W. Coast rail plan

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By Liz Hampton | HOUSTON

Oct 8 North Dakota oil producers were dealt another blow this week when Royal Dutch Shell said it would scrap plans to build an oil train terminal in Washington state that would have taken over 400,000 barrels per week of Bakken and other inland crudes.

Shell’s move on Thursday comes at a bad time for Bakken producers, who have endured a two-year price rout and need new routes to move their oil to coastal refineries.

Inland North American producers have seen four projects stymied since September, owing to both environmental opposition and an oversupplied global oil market that make it easier and cheaper to import cargoes than transport inland crude thousands of miles on railcars.

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Norway oil and gas workers may strike, threatening UK gas supply

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Norway oil and gas workers may strike, threatening UK gas supply

Mon Oct 3, 2016

Workers at three onshore plants serving Norway’s oil and gas industry will strike from Oct. 7 unless they get a new wage deal, the SAFE labour union said on Monday, potentially threatening Britain’s natural gas supplies.

Some 338 workers at Statoil’s Melkoeya LNG plant, Shell’s Nyhamna natural gas processing plant and ExxonMobil’s Slagen refinery terminal would go on strike if talks on a new pay deal break down, the union said.

The Melkoeya plant turns gas from the Arctic Snoehvit field into liquefied natural gas (LNG) which is shipped worldwide, while Nyhamna supplies about 20 percent of Britain’s natural gas demand from the giant Ormen Lange field offshore Norway.

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Oil falls as investors cash in on OPEC deal rally, dollar rises

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Oil falls as investors cash in on OPEC deal rally, dollar rises

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The United States, now the world’s biggest oil producer but not a member of OPEC, said it had little faith in the deal leading to higher prices in the long term. Amos Hochstein, the U.S. energy envoy, said in a Reuters interview the deal will either lead to higher U.S. production and trigger another price fall or allow U.S. producers to expand market share.

By Karolin Schaps | LONDON

Oil prices fell on Friday on a stronger dollar and as investors cashed in on a 6-percent rise in just one day after OPEC members agreed to reduce output for the first time in eight years to stifle a two-year price slide.

Global benchmark Brent crude futures LCOc1 were down $1.03 at $48.21 a barrel by 1006 GMT, but still 4.5 percent higher than before the OPEC agreement on Wednesday.

U.S. crude CLc1 was down 66 cents at $47.17 a barrel, around 5 percent higher than before the OPEC announcement.

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Shell estimates annual Argentina investment of $300 million through 2020

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Screen Shot 2016-07-20 at 07.42.44Shell estimates annual Argentina investment of $300 million through 2020

Thu Sep 29, 2016 | 8:50pm BS

Royal Dutch Shell (RDSa.L) plans to invest $300 million a year in Argentina through 2020 in exploration as well as refining, distribution and marketing, the company said in a statement on Thursday.

The announcement came after Shell Chief Executive Ben van Beurden met with Argentine President Mauricio Macri in Buenos Aires. Shell has been working to launch an early production well in Argentina’s Vaca Muerta shale reserves.

(Reporting by Juliana Castilla; Writing by Caroline Stauffer; Editing by Peter Cooney)

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Iraq’s OPEC revolt shows Saudi-Iran oil deal fragility

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Iraq’s OPEC revolt shows Saudi-Iran oil deal fragility

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By Rania El Gamal and Alex Lawler | ALGIERS

For years, debates in the OPEC conference room were dominated by clashes between top producer Saudi Arabia and arch-rival Iran.

But as the two managed to find a rare compromise on Wednesday – with Riyadh softening its stance towards Tehran – a third OPEC superpower emerged.

Iraq overtook Iran as the group’s second-largest producer several years ago but kept its OPEC agenda fairly low-profile. On Wednesday, Baghdad finally made its presence felt.

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Russia’s Sakhalin-2 partners agree on LNG marketing strategy for third train – Shell

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screen-shot-2016-09-28-at-11-44-04YUZHNO-SAKHALINSK, Russia, Sept 28 (Reuters) – Partners at Russia’s Sakhalin-2, the sole liquefied natural gas (LNG) plant in the country, have agreed on the strategy of marketing LNG from the planned third train, Olivier Lazare, head of Royal Dutch Shell in Russia, told a conference.

Sakhalin-2 is currently operating two LNG production trains with combined capacity of around 10 million tonnes of LNG per year. The planned third train should add another 5 million tonnes of annual capacity.

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Shell unit at Bukom site experiences ‘upset’

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Boats sail past Pulau Bukom on June 8, 2016.PHOTO: REUTERS

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SINGAPORE (REUTERS) – A unit at Royal Dutch Shell’s manufacturing site at Pulau Bukom in Singapore experienced an “operational upset” on Tuesday resulting in flaring with dark smoke, a spokeswoman said.

“This has since subsided after the affected unit was stabilised,” she said.

There was no fire as a result of the flaring and the rest of the site is operating normally, she added.

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Dutch government confirms cut in Groningen gas output

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Screen Shot 2016-09-01 at 08.40.08By REUTERSPUBLISHED: 23 September 2016

AMSTERDAM, Sept 23 (Reuters) – Gas extraction from the northern Groningen gas field will be held at 24 billion cubic metres per year for the coming five years, Dutch Prime Minister Mark Rutte said on Friday.

The decision made on Friday by Rutte’s government cemented a preliminary plan to cut output to minimise the risk of earthquakes resulting from production at Groningen, which once supplied 10 percent of the gas used in the European Union.

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Exclusive: Maersk Oil eyes Shell’s North Sea assets ahead of spin-off

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screen-shot-2016-09-09-at-20-58-10By Ron Bousso and Jonathan Saul | LONDON

A.P. Moller-Maersk (MAERSKb.CO) is in talks to buy a portfolio of North Sea assets from Royal Dutch Shell (RDSa.L) as the Danish group considers adding scale to its oil and gas business ahead of a planned spin off, banking sources said.

Maersk announced on Thursday a major overhaul that will see it focus on its core transport and logistics businesses, while looking at options for its energy division within 24 months that could include a joint venture, merger or listing.

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Shell moving out of downtown complex but to remain in Houston

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Tue Sep 20, 2016 | 8:49pm BST

Shell Oil Co, the U.S. arm of Royal Dutch Shell Plc, plans to move most of the operations at its company’s downtown headquarters to new offices on the city’s west side, Shell announced to employees on Tuesday.

Only Shell Oil’s U.S. trading floor with remain in Shell Plaza after the first quarter of 2017, the company said in a statement.

Shell follows ExxonMobil Corp, which relocated 10,000 employees from offices across Houston, including downtown, to a custom-built complex 25 miles (40 km) north of the city in 2015.

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Dutch parliament orders annual check on Groningen gas production

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Thu Sep 15, 2016 4:51pm BST

The Dutch parliament adopted a motion on Thursday ordering the government to evaluate every year whether gas production at the country’s Groningen field can be reduced further.

Output from Groningen, Europe’s largest gas field, has halved over the past two years after the country’s Safety Board said the government was failing to protect citizens from earthquakes triggered by gas exploitation.

In June, the government capped production at 24 billion cubic meters (bcm) annually for the coming five years but the motion adopted Thursday opens the door to further reductions.

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Dutch see demand for Groningen gas down sharply from 2020

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Screen Shot 2016-09-01 at 08.40.08Demand for gas from Groningen will “fall sharply from 2020” as production at the northern Dutch field is reduced, Economy Minister Henk Kamp said in a letter to parliament released on Tuesday.

The Netherlands has been forced to scale back production by roughly half at Groningen, which once met 10 percent of European Union gas requirements, to 24 billion cubic meters per year due to damage from earthquakes.

Citing a June study by Gasunie, Kamp said a 480 million euros gas conversion facility in Zuidbroek was no longer needed due to falling exports.

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Shell eyes next tender for Dutch North Sea wind farm

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Screen Shot 2016-08-29 at 22.18.50UTILITIES | Thu Sep 8, 2016 10:15am EDT

Royal Dutch Shell, which lost a bid to build a Dutch North Sea wind park in July, is interested in entering a second tender process opening next week, an official said on Thursday.

Marjan van Loon, Shell’s top executive in the Netherlands, told parliament on Thursday “the potential for wind energy in the Netherlands is really very attractive.”

A Shell spokesman could not confirm that Shell would bid on the 680 megawatt (MW) Borssele III and IV wind farms, but said it was studying the option.

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Saudi Aramco-Motiva in lead to buy Lyondell’s Houston refinery: sources

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By Erwin Seba and Jessica Resnick-Ault | HOUSTON/NEW YORK

Saudi Aramco and its U.S. refining joint-venture Motiva Enterprises [MOTIV.UL] lead the race to buy LyondellBasell Industries Houston refinery, according to three sources familiar with the matter.

An announcement of the sale by Lyondell is expected this week, the sources said.

Lyondell spokesman Michael Waldron declined on Monday to discuss a sale of the refinery.

Reuters reported on Aug. 25 that Dutch chemical company Lyondell had retained Bank of America Merrill Lynch to help with a sale of the refinery.

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Shell announces new natural gas discoveries in Egypt’s Western Desert

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Screen Shot 2016-08-29 at 22.18.50Wed Aug 31, 2016 1:31pm EDT

Royal Dutch Shell announced on Wednesday new natural gas discoveries in a concession area of north Alam El-Shawish in Egypt’s western desert.

The initial quantities discovered were estimated at about half a trillion cubic feet of gas with more possible reserves, Eden Murphy, chairman and CEO of Shell said in a statement.

The discovery could produce from 10 to 15 percent of the total production of Badr el-Din Petroleum company, which is a joint venture acting on behalf of the state-owned Egyptian General Petroleum Corporation (EGPC) and Shell in production operations, Murphy added.

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Shell’s U.S deal to unlock global oil asset disposals

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* Shell lines up large North Sea asset sale

* In talks to sell out of Gabon, NZealand, Thailand, Tunisia

* Gulf of Mexico deal sets deal value at $60/bbl

* Shell seeks to sell $6-$8 bln of assets in 2016

By Ron Bousso: Wed Aug 31, 2016

LONDON, Royal Dutch Shell’s first oil field sale after its $54 billion BG Group acquisition bodes well for its disposal talks in the North Sea, Gabon and New Zealand, according to sources, signalling buyers will meet its expectations on value.

The $425 million deal in the Gulf of Mexico is welcome news for the Anglo-Dutch oil and gas giant which has struggled to kick off its plan to dispose of $30 billion of assets by 2018 or so in order to pay for the February deal and maintain a generous dividend policy amid soaring debt.

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Motiva says Shell, Saudi Aramco to split assets on April 1, 2017

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By Erwin Seba | HOUSTON: Wed Aug 31, 2016

Motiva Enterprises LLC [MOTIV.UL] said on Tuesday the division of its U.S. refining assets between Royal Dutch Shell Plc (RDSa.L) and Saudi Aramco IPO-ARMO.SE would take place on April 1, 2017, months later than originally expected.

The two Motiva partners announced last March they would divide their 20-year-old joint venture. The split, according to sources, had been expected to take place this October after completion of negotiations between Shell and Saudi Aramco over the division of assets and compensation due the partners.

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Oil market rebalancing could take until end 2017: Shell

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Mon Aug 29, 2016 2:01pm EDT

By Karolin Schaps | STAVANGER, NORWAY

The huge global oil oversupply that has weighed on prices for the past two years may not clear until the second half of 2017, Shell’s chief energy adviser Wim Thomas told Reuters.

The potential return to the market of some 1.5 million barrels per day of supply from Libya and Nigeria and uncertainty about Iranian and Iraqi production levels could push a rebalancing further away than many in the oil industry are hoping.

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Shell CEO sees oil demand up by 1-1.5 mln barrels/day per year

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Screen Shot 2016-07-29 at 16.46.22The CEOs of Shell and ConocoPhillips made the following comments to the ONS oil conference in Stavanger, Norway, on Monday:

* Shell CEO Ben van Beurden says sees increase in oil demand of 1-1.5 million barrels per day per year

* Shell CEO says sees future oil demand more dictated by consumer decisions rather than producers’ decisions

* ConocoPhillips CEO Ryan Lance says carbon price needs to be $100 or more to reach climate target

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Reuters: Partial restart of Motiva Convent hydrocracker seen by year-end

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Aug 22 2016, 14:58 ET | By: Carl Surran, SA News Editor

Motiva Enterprises’ 235K bbl/day Convent, La., refinery plans a partial restart of the heavy oil hydrocracking unit by year-end, but full production is not expected to return before fall 2017 as repairs are made from the Aug. 11 fire, Reuters reports, citing Gulf Coast market sources.

In addition to extensive repairs required to return the 45K bbl/day hydrocracker, Motiva will revamp the unit during the shutdown for the planned linking of the Convent refinery with the company’s refinery in Norco, La., sometime next year, according to the report.

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Anger in the Delta keeps oil majors quiet – and Nigeria’s crude offline

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By Libby George and Ulf Laessing | LONDON/LAGOS

Oil companies and even Nigerian officials are losing faith in a deal anytime soon with militants who have slashed the nation’s oil output, casting doubt on a production recovery in what is typically Africa’s largest oil exporter.

In the six months since the first major attack on Nigeria’s oil – a sophisticated bombing of the subsea Forcados pipeline – dozens of attacks have pushed outages to more than 700,000 barrels per day (bpd), the highest in seven years.

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Exxon, Motiva refineries continue reduced operations amid floods

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Thu Aug 18, 2016 5:18pm EDT

Exxon Mobil Corp and Motiva Enterprises refineries continued to operate at reduced levels amidst flood waters in southern Louisiana, sources familiar with operations at each refinery said on Thursday.

An Exxon spokeswoman said the Baton Rouge Complex, which includes a 502,500 bpd refinery, continued to operate on Thursday, but declined to discuss the level of production or the status of specific units. The Baton Rouge refinery is the fourth largest in the United States.

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