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Nigerian widows end their case in the Netherlands against Shell

Nov 8th, 2022
by John Donovan.
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REUTERS

Nigerian widows end their case in the Netherlands against Shell

AMSTERDAM (Reuters) – A group of four widows who had sought to hold Shell liable for damages in the Netherlands after their anti-oil activist husbands were executed by the Nigerian government in 1995 have cancelled further legal proceedings, their lawyer said on Monday.

“Obviously this is not without disappointment and frustration,” said lawyer Channa Samkalden in statement announcing that the widows have cancelled an appeal launched after the Hague District Court rejected their case earlier this year. read more

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Exclusive-Shell’s Flagship LNG Trading Made Nearly $1 Billion Loss in Q3 -Sources

Nov 3rd, 2022
by John Donovan.
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REUTERS

Exclusive-Shell’s Flagship LNG Trading Made Nearly $1 Billion Loss in Q3 -Sources

By Reuters Nov. 3, 2022, at 8:57 a.m.

By Ron Bousso, Marwa Rashad and Dmitry Zhdannikov

LONDON (Reuters) – Shell’s liquefied natural gas (LNG) trading division recorded a loss of nearly $1 billion in the third quarter of the year, three industry sources told Reuters, after traders were caught out by a sharp rally in European gas prices when Russia halted supplies.

Shell, the world’s top LNG trader, last week reported its second largest quarterly profit of $9.45 billion, but said it was impacted by weaker gas trading results.

Shell does not disclose its trading results and often uses general terms to describe trading conditions. read more

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Shell’s outgoing CEO to get full-year salary as compensation for loss of office

Oct 29th, 2022
by John Donovan.
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Reuters

Shell’s outgoing CEO to get full-year salary as compensation for loss of office

Fri, October 28, 2022 at 11:44 AM

(Reuters) – Shell’s outgoing Chief Executive Ben van Beurden will get one-year base salary of 1.42 million pounds ($1.64 million) as compensation after leaving the position at the end of the year, the oil giant said on Friday.

The payment will be done in six equal monthly instalments between July 1 and Dec. 31, 2023.

The company said the outstanding payment for loss of office will be halved if van Beurden gets a paid position, excluding non-executive directorships, during the payment period.

Shell also said the Dutchman will continue to receive his base salary until June 30, 2023.

The company last month picked Wael Sawan to replace van Beurden, who is stepping down after nearly a decade at the helm and 40 years at Shell. read more

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Biden says Shell is misusing its profits by not cutting gas prices

Oct 28th, 2022
by John Donovan.
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Biden says Shell is misusing its profits by not cutting gas prices

SYRACUSE, N.Y. (Reuters) – U.S. President Joe Biden blasted Shell plc on Thursday for funneling profits to shareholders rather than lowering gas prices, after the British oil giant said it would boost its dividend and buy back shares.

Shell earlier on Thursday said its third-quarter profit was a near-record $9.45 billion, as it sharply boosted its dividend by 15% and announced plans to buy $4 billion more of stock over the next three months. read more

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Shell should have quit Groningen gas project in Netherlands earlier -CEO

Oct 13th, 2022
by John Donovan.
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REUTERS

Shell should have quit Groningen gas project in Netherlands earlier -CEO

AMSTERDAM, Oct 13 (Reuters) – Shell CEO Ben van Beurden told a Dutch parliamentary panel investigating problems relating to natural gas production at the large Groningen gas field in the Netherlands that the company should have pulled out of the project earlier.

Production at Groningen was scaled back sharply over a period of years in the 2010s after the Dutch government and producer NAM, a Shell-Exxon joint venture, realized the earthquakes it caused posed too great a threat to life and property.

“We had to continually ask what makes sense,” as production was dialled back to levels at which NAM made little to no profit, Van Beurden told lawmakers.

“What made sense for Shell was to quit. In any other country we would have stopped this operation. But in the Netherlands that was impossible because the Netherlands was dependent on Groningen gas.”

A damning report in 2015 from the independent Dutch Safety Board had accused the government and the field’s operators of ignoring the threat of earthquakes linked to the field for years. As vast amounts of gas were removed from under the province since 1963, the ground sank and settled above empty pockets, triggering quakes. read more

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‘Tax people in this room’ to help the poor, Shell CEO tells energy conference

Oct 4th, 2022
by John Donovan.
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REUTERS

‘Tax people in this room’ to help the poor, Shell CEO tells energy conference

Published 04 Oct 2022

European governments should tax the wealthy to help weaker parts of society weather soaring energy costs but not intervene to cap gas prices, Shell Chief Executive Officer Ben van Beurden said on Tuesday.

Speaking before the Energy Intelligence Forum in London, Van Beurden said that European energy prices and the huge volatility in the markets threatened broader social instability.

“You cannot have a market that behaves in such a way … that is going to damage a significant part of society.”

“One way or another there needs to be government intervention” in the face of soaring energy prices, Van Beurden said. read more

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Shell to buy African solar firm Daystar

Sep 29th, 2022
by John Donovan.
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Reuters

Shell to buy African solar firm Daystar

Wed, September 28, 2022 at 2:18 PM

STORY: Royal Dutch Shell will buy African solar provide Daystar Power, the two companies said on Wednesday (September 28).

That’s as the oil giant pursues a mandate of cutting its greenhouse gas emissions in half by 2030.

Shell is one of the most influential oil producers in Africa but the Daystar purchase is its first power acquisition on the continent.

Thomas Brostrom, Shell’s vice president for renewable generation, said in a statement that Shell was helping to address a “critical energy gap for many who rely on diesel generators for backup power”. read more

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Dutch limit Groningen gas production despite energy crisis

Sep 27th, 2022
by John Donovan.
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Dutch limit Groningen gas production despite energy crisis

By Reuters  •  Updated: 26/09/2022 – 16:25

AMSTERDAM -Gas production at the Groningen field in the Netherlands will be lowered to the minimal amount needed to keep wells operational in the coming year, as extraction is expected to end by 2024 at the latest, the Dutch government said on Monday.

Production at Groningen, once one of Europe’s major suppliers of natural gas, will be capped at 2.8 billion cubic metres (bcm) in the year starting Oct. 1, the government said, down from 4.5 bcm in the current year.

The Groningen field, operated by a joint venture of Shell and Exxon Mobil, still holds massive reserves of natural gas. read more

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Shell pulls out of two Irish offshore wind projects

Sep 26th, 2022
by John Donovan.
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Shell pulls out of two Irish offshore wind projects

By =&0=&  •  Updated: 26/09/2022 – 11:55

LONDON – Shell has pulled out of two offshore wind projects in the west of Ireland operated by Simply Blue Group a year after the British company acquired stakes in the developments.

Shell and Simply Blue said in a joint statement on Saturday that Shell’s withdrawal from the Western Star and Emerald projects was a “portfolio decision”, and Shell added that offshore wind remains a key growth area for its plans to slash greenhouse gas emissions and build up its renewable power business. read more

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Shell’s Prelude FLNG off Australia resumes LNG production, shipments

Sep 19th, 2022
by John Donovan.
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Shell’s Prelude FLNG off Australia resumes LNG production, shipments

Sameer Manekar: Reuters: PUBLISHED SEP 18, 2022 06:19PM EDT

Sept 19 (Reuters) – Shell Plc SHEL.L said on Monday it has resumed producing and shipping liquefied natural gas (LNG) from its Prelude floating LNG (FLNG) facility, nearly a month after the oil and gas major and workers’ unions reached a wage deal.

In late August, Shell and unions representing workers at the floating facility off northwest Australia reached the deal, ending a long-running strike that had shut down the 3.6 million-tonne-a-year facility in July and halted LNG supplies. read more

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Breakingviews: Shell’s next boss looks a shoo-in

Sep 3rd, 2022
by John Donovan.
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REUTERS

Breakingviews: Shell’s next boss looks a shoo-in

By : September 2, 2022: 2:40 PM GMT+1

LONDON, Sept 2 (Reuters Breakingviews) – Shell (SHEL.L) is about to get a new boss. Chief Executive Ben van Beurden, who has been in situ since the start of 2014, is likely to step down from the $192 billion oil giant next year, Reuters has reported read more . Plenty of credible candidates exist to replace him, but one looks the most obvious.

Despite battling with two major oil price slumps and an unprecedented 66% cut to Shell’s dividend in April 2020, Van Beurden’s track record looks acceptable. Since Jan. 1 2014, when he took over, Shell shares have returned 67%… He also pulled off the $70 billion purchase of BG Group in 2016, which made it a leading force in liquefied natural gas (LNG). read more

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Exxon, Shell sell California oil assets for $4 billion to IKAV

Sep 2nd, 2022
by John Donovan.
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Reuters

Exxon, Shell sell California oil assets for $4 billion to IKAV

By : September 1, 2022 10:40 PM GMT+1

HOUSTON, Sept 1 (Reuters) – Exxon Mobil Corp (XOM.N) and Shell Plc (SHEL.L) on Thursday confirmed the sale of their California oil joint-venture Aera to German asset manager IKAV for $4 billion, ending a 25-year-long partnership that was one of the state’s largest oil producers.

The sale reflects the two companies move out of mature energy properties at a time when high oil and gas prices favor new deals. Reuters this week reported the oil giants were in advanced talks on a sale of the San Joaquin Valley property. read more

The transaction is expected to close in the fourth quarter of 2022, subject to regulatory approvals. Shell faces a $300 million to $400 million impairment charge as a result of the sale, it said.

IKAV buys assets with strong cash yields and holds them to maximize returns to its funds, according to its website. Last year, it built a solar plant in Italy and took a majority stake in Metaenergia, an Italian operator of gas-fired power plants. read more

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Europe’s gas crisis could last several winters, Shell CEO says

Aug 29th, 2022
by John Donovan.
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REUTERS

Europe’s gas crisis could last several winters, Shell CEO says

Aug 29, 2022

STAVANGER — Europe could face several winters of gas shortage as a result of the cuts to Russian supplies, Shell Chief Executive Ben van Beurden told a news conference in Norway on Monday.

“It may well be that we will have a number of winters where we have to somehow find solutions,” van Beurden said.

(Reporting by Terje Solsvik, editing by Gwladys Fouche)

SOURCE

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UK’s Ofgem says Shell to refund overcharged customers

Aug 25th, 2022
by John Donovan.
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REUTERS

UK’s Ofgem says Shell to refund overcharged customers

August 25, 20228:41 AM GMT+1

Aug 25 (Reuters) – Shell Plc’s (SHEL.L) UK retail energy business has to pay 536,970 pounds ($635,181) for overcharging some customers on its default tariffs which are subject to a price cap, Britain’s energy market regulator Ofgem said on Thursday.

The payment by Shell Energy includes a refund of 106,000 pounds to the affected prepayment customer accounts as well as 400,000 pounds to Ofgem’s voluntary consumer redress fund which directs money to charities, trusts and consumers as a result of licence condition breaches. read more

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Russian court rules local Shell JV to move under Moscow control -Ifx

Aug 22nd, 2022
by John Donovan.
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Reuters

Russian court rules local Shell JV to move under Moscow control -Ifx

By Reuters: Updated: 22/08/2022 – 16:45

MOSCOW – A Russian court ruled on Monday that Salym Petroleum Development (SPD), a joint venture between Shell and Gazprom Neft, should be transferred to Russian jurisdiction, Interfax news agency reported, citing the verdict.

Kommersant daily reported last week that Gazprom Neft was suing to have its Salym Petroleum Development joint venture with Shell be transferred to Russian jurisdiction, and for Shell’s shareholding rights to be suspended. read more

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Exclusive-Shell Wants to Share More of Its Blockbuster Profits, CEO Says

Jul 14th, 2022
by John Donovan.
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REUTERS

Exclusive-Shell Wants to Share More of Its Blockbuster Profits, CEO Says

By Reuters | July 14, 2022

By Ron Bousso

OXFORD, England (Reuters) – Shell is considering boosting shareholder returns on the back of bumper profits from soaring energy prices, while the extra cash will also help it shift more swiftly towards renewables and low-carbon energy, the chief executive said on Thursday.

Europe’s largest oil and gas company, as well as rivals including BP, have seen profits surge this year following two years of declining revenues due to the pandemic. read more

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