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Shell, Inpex near finish line in race to export north Australian LNG

Henning Gloystein: APRIL 24, 2018

SINGAPORE (Reuters) – Shell and Inpex are on the final stretch of a years-long race to export gas from offshore northern Australia, where both have spent billions of dollars building the world’s biggest maritime vessels to grab a slice of Asia’s booming LNG market. Anglo-Dutch energy major Royal Dutch Shell and Inpex, Japan’s biggest oil and gas producer, are vying for first gas from two overlapping fields after delays and cost overruns that have plagued both projects. The pair have spent billions on offshore facilities, including Shell’s 490 meter (1,600 ft) long Prelude floating liquefied natural gas unit and Inpex’s Ichthys Explorer semi-submersible platform, both the world’s largest of their class. FULL ARTICLE read more

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Shell’s Profits Soar From Strong Asian Demand

By Tsvetana Paraskova – Apr 20, 2018, 10:00 PM CDT

Oil major Shell has snapped up over 8 million barrels of June-loading crude oil grades from the Middle East and Russia and has resold some of the cargoes in Asia, taking advantage of the strong Asian demand, Reutersreported on Friday, citing five trading sources.

Wider Brent premium over the Middle Eastern benchmark Dubai this month has made Atlantic crude oil supplies more expensive than the Middle Eastern and Russian supplies, which are priced off the Dubai benchmark. read more

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Royal Dutch Shell to resume deep-water exploration off Egypt

Reuters Staff: APRIL 17, 2018

ALEXANDRIA, Egypt (Reuters) – Royal Dutch Shell said it will resume deep-water exploration for oil and gas off Egypt’s Mediterranean coast, Executive Vice President Sami Iskander told a news conference on Tuesday. Egypt is looking to production from recently discovered fields to halt energy imports by 2019. A petroleum ministry official said last month that new production at Shell’s West Nile Delta field 9B is expected to reach 350-400 million cubic feet per day by 2019. read more

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Shell defends climate strategy in clash with investors

Ron Bousso

LONDON (Reuters) – Royal Dutch Shell defended its ambition to cut carbon emissions on Monday, urging investors to oppose a shareholder resolution arguing that the oil and gas giant is not doing enough to meet international targets to tackle climate change. The Anglo-Dutch company, like many of its peers, has faced growing investor pressure to address the need to reduce fossil fuel burning, forcing it to seek a delicate balance with a need to secure growing returns from its traditional business. FULL ARTICLE read more

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Shell sees no risk of ‘stranded assets’ as reserves life shrinks

FILE PHOTO: Electric car chargers are seen at the Holloway Road Shell station where Shell is launching its first fast electric vehicle charging station in London, Britain October 18, 2017. REUTERS/Mary Turner/File Photo

Dmitry Zhdannikov: APRIL 12, 2018

LONDON (Reuters) – Royal Dutch Shell said on Thursday it saw little risk of having “stranded assets” in its portfolio as the world shifts to low carbon energy because the oil major will have four-fifths of its current oil and gas reserves extracted before 2030 anyway.  read more

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Shell says Nigeria payments and oil theft climb in 2017

Reuters Staff: APRIL 9, 2018 / 1:41 PM

LONDON, April 9 (Reuters) –

* Shell’s payments to the Nigerian government grew to $4.32 billion in 2017, up nearly 19 percent from $3.64 billion in 2016, according to its annual sustainability report released on Monday

* The bulk of the payments, $3.197 billion, went to state oil company NNPC for production entitlement 

* Crude oil theft from pipelines of Shell’s Nigerian subsidiary SPDC increased by some 50 percent, rising to roughly 9,000 barrels per day (bpd) in 2017 from 6,000 bpd in 2016, the report said. read more

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Nigerian oil firm Neconde mounts arbitration case against Shell

The oilfield in question, Oil Mining Lease (OML) 42, is also at the center of corruption allegations. Shell filed a criminal complaint against a former employee in late March over suspected bribes in the $390 million sale of the field.

Alexis AkwagyiramChijioke Ohuocha: APRIL 9, 2018

LAGOS (Reuters) – Nigerian energy company Neconde has launched an arbitration case against Royal Dutch Shell, the West African firm’s chief executive said, alleging the oil major continued to lift crude and failed to remit funds after a lease had been sold.

The oilfield in question, Oil Mining Lease (OML) 42, is also at the center of corruption allegations. Shell filed a criminal complaint against a former employee in late March over suspected bribes in the $390 million sale of the field. read more

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JP Morgan says it knew ex-minister linked to firm in Nigeria oilfield deal

Shell said in April last year that it “always knew” the Nigerian government would compensate Malabu and that Etete was involved. It had previously told Reuters only that payments went to the Nigerian government.

Julia PayneLibby George 7 April 2018 LONDON (Reuters) – JP Morgan Chase has acknowledged it knew a former Nigerian oil minister convicted of money laundering would benefit when it transferred over $800 million of government funds to a company he controlled, according to a court document seen by Reuters.

JP Morgan made the acknowledgement in its legal response to a lawsuit filed by Nigeria over transactions made by the U.S. bank when Royal Dutch Shell and Eni bought offshore oilfield OPL 245 from Malabu Oil and Gas in 2011. read more

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Swiss prosecutors help Italians, Dutch in Nigerian oil probes

Reuters: MARCH 28, 2018

ZURICH, March 28 (Reuters) – Swiss federal prosecutors have supplied information to authorities in Italy and the Netherlands probing alleged corruption related to oil contracts in Nigeria, the Office of the Attorney General (OAG) said.

The information was handed over following a request for assistance from authorities in the two countries, the OAG said in response to a question from Reuters on Wednesday. They declined to comment on whether any assets had been frozen as part of the investigation. read more

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Shell targets former senior executive in Nigeria graft complaint

UPDATE 5

Shell has informed other authorities about the suspected wrongdoing, including the U.S. Department of Justice and Britain’s Serious Fraud Office…

* Shell accuses ex-executive of ‘crime’ during oilfield sale

* Says new evidence unrelated to Italy court case

* Evidence of possible kickbacks to Seychelles company – source (Adds reaction from Robinson’s lawyer)

Ron BoussoLibby George: MARCH 28, 2018 

LONDON, March 28 (Reuters) – Royal Dutch Shell has filed a criminal complaint against a former senior employee over suspected bribes in the $390 million sale of an oilfield in Nigeria, where the company is already under investigation over a separate deal.

Dutch prosecutors confirmed they had received the complaint against Peter Robinson, a former vice president for sub-Saharan Africa. They said it would be included in an ongoing investigation into Shell and Italy’s Eni over the acquisition of a different Nigerian oilfield, known as OPL 245. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell names former Maersk Oil CEO Watkins as next U.S. boss

Ron Bousso: MARCH 27, 2018

LONDON (Reuters) – Royal Dutch Shell’s (RDSa.L) U.S. boss, Bruce Culpepper, will step down at the end of the year and be replaced by former Maersk Oil Chief Executive Gretchen Watkins, the company said in a statement on Tuesday. Shell’s head of unconventionals, Greg Guidry, who oversees the Anglo-Dutch company’s shale production in North America and Argentina, will step down on June 31, when he will be replaced by Gretchen. FULL ARTICLE

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Shell to sell West Qurna 1 oilfield stake to Japan’s Itochu for $406 million

 Reuters Staff: MARCH 23, 2018

(Reuters) – Oil major Royal Dutch Shell on Friday agreed to sell its entire stake in Iraq’s West Qurna 1 oilfield to Japan’s Itochu Corp for $406 million. The deal comes shortly after the Anglo-Dutch company agreed to exit the Majnoon oilfield, one of the largest fields in OPEC member Iraq, and hand over its operation to state-run Basra Oil Co (BOC) by end-June. Shell EP Middle East Holdings B.V. will sell the entire share capital of Shell Iraq B.V. (SIBV), which holds a 19.6 percent stake in the oilfield to a unit of Itochu, the Anglo Dutch company said. FULL ARTICLE read more

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Shell bets on petrol stations as electric revolution looms

Ron Bousso: MARCH 21, 2018

LONDON (Reuters) – Royal Dutch Shell is placing a big bet on petrol stations and convenience stores in China, India and Mexico as it looks to shore up profits during the electric car revolution. By 2025, the oil and gas giant plans to grow its global network of roadside stations by nearly a quarter to 55,000, targeting 40 million daily customers, Shell said in a statement on Wednesday. It will add another 5,000 convenience stores selling coffee and snacks, with growth focused on rapidly growing economies in emerging markets. FULL ARTICLE read more

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Shell sees downstream annual organic free cash flow of $6-$7 bln by 2020

Shell sees downstream annual organic free cash flow of $6-$7 bln by 2020

Reuters Staff: MARCH 21, 2018

March 21 (Reuters) – Oil major Royal Dutch Shell on Wednesday reiterated its expectation to generate $6 billion to $7 billion annual organic free cash flow by 2020 for its downstream business. 

The business, including refining, trading, marketing and chemicals has proved its importance during the oil industry’s downturn since 2014, providing the bulk of Shell’s profits as the price of crude collapsed.

Shell has in recent years transformed its downstream business by selling some plants and upgrading others, helping the company ride out oil price fluctuations and shifts in demand and deliver double-digit returns on capital employed. FULL ARTICLE read more

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UPDATE 2-Mubadala advances $1 bln Malaysia Pegaga gas field project

UPDATE 2-Mubadala advances $1 bln Malaysia Pegaga gas field project

Reuters Staff: MARCH 21, 2018

KUALA LUMPUR, March 21 (Reuters) – Mubadala Petroleum, Petronas and Royal Dutch Shell will spend more than $1 billion to develop Malaysia’s Pegaga gas field, aiming to produce gas by the third quarter of 2021, Abu Dhabi-based Mubadala said on Wednesday. The project in Block SK320, located in the Central Luconia province, offshore the East Malaysian state of Sarawak, will now proceed to the construction and installation stage, the company said in a statement. FULL ARTICLE read more

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Selection of Shell related news stories 16 March 2018

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