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Oilmageddon

Katy Barnato: 5 FEB 2016 The global economy seems trapped in a “death spiral” that could lead to further weakness in oil prices, recession and a serious equity bear market, Citi strategists have warned. Some analysts — including those at Citi — have turned bearish on the world economy this year, following an equity rout […]

Shell lease requests offshore Alaska face scrutiny

Shell is challenging a decision by the federal government to deny its request to suspend leases in the Arctic waters off the coast of Alaska that would expire in 2017 and 2020. Federal leases expire at the end of their terms unless operators are engaged in drilling or related activity. ANCHORAGE, Alaska, Jan. 14 (UPI) […]

US Gulf oil spill nearly ruined BP, says chief Bob Dudley

Saturday 2 Jan 2016 The giant oil spill from a BP rig off the US coast in 2010 nearly ruined the company, its chief executive has said. Bob Dudley described the fire on the Deepwater Horizon and its aftermath as “a near death experience” for the firm. It was one of the worst environmental disasters […]

Big Oil braced for global warming while it fought regulations

As many of the world’s major oil companies — including Exxon, Mobil and Shell — joined a multimillion-dollar industry effort to stave off new regulations to address climate change, they were quietly safeguarding billion-dollar infrastructure projects from rising sea levels, warming temperatures and increasing storm severity. By AMY LIEBERMAN AND SUSANNE RUST: DEC. 31, 2015 A […]

Royal Dutch Shell Terminates Rig Contract with Transocean

  By Mushhood Khan on Dec 28, 2015 at 9:07 am EST Royal Dutch Shell plc (ADR) (NYSE:RDS.A) has terminated its rig contract with Transocean for the harsh environment semi-submersible rig, Polar Pioneer. The contract was initially scheduled to expire in 2017, but was rescinded today i.e. December 28. Transocean said in a press release […]

Oil Prices Could Collapse To $20

By Tyler Durden Extracts from extracts… Could oil prices collapse to $20?  The short answer is ‘yes.’ We believe that crude oil prices could fall further unless global oil production is reduced. As shown in Table 2, we estimate that the global oil market could be oversupplied by roughly 920,000 bpd in 2016. The key […]

Shell terminates contract for infamous drillship

Grant Rowles: DECEMBER 18, 2015 Noble Corporation has announced that Shell has terminated the contract for the drillship Noble Discoverer. In its latest fleet status report, Noble said that “Shell has terminated the rig’s contract for convenience” and has agreed to pay the remaining term at approximately 90 percent of the operating dayrate “adjusted for […]

Shell working to protect assets offshore Alaska

Dutch supermajor notes the challenge does not equate to a resumption of drilling activity. By Daniel J. Graeber: Dec. 17, 2015 WASHINGTON, Dec. 17 (UPI) — While Royal Dutch Shell said it aims to protect its drilling rights in the Arctic waters offshore Alaska, it said drilling was off the table for the foreseeable future. […]

Economics, not just regulation, sidelined Shell’s offshore Alaska drilling plans

Dermot Cole: December 8, 2015 Fresh assertions that the Obama administration smothered Shell’s Arctic dreams followed the news that Statoil gave up on its leases, the second company to abandon plans to look for oil in the Chukchi Sea. Citing market conditions and noting the leases “are no longer considered competitive within Statoil’s global portfolio,” the Norwegian company announced its withdrawal plans Nov. […]

The Inside Story of Shell’s Arctic Assault

A months-long investigation shows how the energy giant pressured the Interior Department during the company’s gung-ho Arctic push—and got most of what it wanted (except oil). By Barry Yeoman: December 08, 2015 Last May, four months before the oil giant Royal Dutch Shell suspended exploration in offshore Alaska, Christopher Putnam needed to get something off his […]

Report: Political pressure prompted hasty environmental review of Shell’s Arctic play

Yereth Rosen: Ben Anderson: December 7, 2015 Regulators hoping to avoid criticism and potential congressional backlash rushed an environmental review of offshore Arctic oil development to ensure that Royal Dutch Shell would be able to drill this year, said a report issued Monday by a federal watchdog agency. The investigation, conducted by the U.S. Department of Interior’s Office of the Inspector […]

As Oil Keeps Falling, Nobody Is Blinking

By ERIN AILWORTH and BRADLEY OLSON Dec. 6, 2015 6:56 p.m. ET The standoff between major global energy producers that has created an oil glut is set to continue next year in full force, as much because of the U.S. as of OPEC. Exporting Countries on Friday again declined to reduce their near-record production of crude. With no end in […]

Shell Forced to Scale Back Ambitions

By James Stafford: Thu, 26 November 2015 As with most oil companies, 2015 has been a rough year for Royal Dutch Shell. The Anglo-Dutch company reported a third quarter loss of $6 billion, which included $7.9 billion in impairment charges. During its third quarter earnings call, Shell’s CEO Ben van Beurden summed up the company’s strategy, […]

Royal Dutch Shell, Exxon Mobil and Glencore: Energy companies risk wasting trillions on uneconomic projects

By Jessica Morris: 25 November 2015 Energy companies risk wasting $2.2 trillion (£1.46 trillion) on uneconomic projects over the next 10 years, according to a new report. Think tank the Carbon Tracker Initiative’s (CTI) report how fossil fuel firms risk destroying investor returns says energy companies’ focus on fossil fuels at the expense of emerging clean technologies […]

State regulators fine Shell Oil for toxic release in Anacortes

Inspectors found that Shell had skipped critical decontamination steps while shutting down the main flare. The uncontrolled release exposed workers to toxic substances. BY ASSOCIATED PRESS: NOVEMBER 20, 2015 TUMWATER, Wash. (AP) — Washington state regulators have fined Shell Oil Products $77,000 after an investigation found that it failed to control a toxic release. The Department […]

Shell vessel heads to deep Gulf waters amid region’s uncertainty

Posted on November 13, 2015 | By Collin Eaton HOUSTON — Royal Dutch Shell’s newest oil-production vessel began a 15,000-mile journey this week from a Singapore shipyard to the world’s deepest underwater oil field, tasked with adding more crude to a worldwide oil glut that could upend industry plans to venture deeper offshore. The $1 […]

Shell seeks permission for Russian JV

Shell has asked regulators for permission to work with Gazprom Neft on a joint venture, Khanty-Mansi Oil and Gas Union, despite the continuing EU and United States sanctions against Russia. ACCESS TO FULL ARTICLE SUBJECT TO SUBSCRIPTION

Shell affiliates are buyers, sellers in $390 million midstream transaction

Posted on November 11, 2015 | By Joshua Cain A pipeline subsidiary of Royal Dutch Shell has sold a crude terminal in Illinois and a pipeline system in the Gulf of Mexico for $390 million to a master limited partnership affiliated with Shell. Shell Midstream Partners, the Houston-based MLP that Shell formed in 2014, said on Wednesday […]

Exxon Inquiry Both Mirrors and Contrasts With Tobacco Industry Case

By JOHN SCHWARTZ: NOV. 6, 2015 The New York attorney general’s decision to investigate Exxon Mobil over whether the company lied to the public and investors about the risks of climate change has raised questions about possible similarities to the Justice Department’s successful suit against the tobacco industry in 1997. The new case has reprised the […]

Shell Canada says Keystone XL was already in uncertainty window

Shell Canada says Keystone XL was already in uncertainty window CALGARY: Fri Nov 6, 2015 Royal Dutch Shell PLc said on Friday there are at least three other possible pipeline alternatives to TransCanada Corp’s Keystone XL project, which was rejected by U.S. President Barack Obama, and Shell would like to see at least one approved. […]

Shell’s boss fights to keep BG deal alive as he attempts to calm jittery investors

By LAURA CHESTERS FOR DAILY MAIL: 3 November 2015 Royal Dutch Shell chief executive Ben van Beurden is the oil industry’s equivalent of a swan – below his calm demeanour he is furiously paddling to keep his planned £40billion mega-deal afloat. Shell is buying rival BG Group and, to get the deal away and for […]

Shell leaves door open for future exploration in Alaska’s Arctic

Jennifer A. Dlouhy | Houston Chronicle: November 2, 2015 WASHINGTON — Shell is walking away from oil exploration in Arctic waters north of Alaska, but it isn’t ready to close the door completely. Disappointing results from a critical test well at the company’s Burger prospect in the Chukchi Sea, combined with the high costs of developing the […]

In defence of Shell CEO Ben van Beurden

By a regular contributor Only one member of the EC is directly involved in North American activities, Marvin Odum.  Perhaps worth noting is that investment decisions on the scale of the recent Shell write-offs would have required approval by the entire EC in the Hague long before BvB was around. Few of the EC members […]

Even as it walks away from Arctic drilling, Shell keeps door open for future work

Posted on October 29, 2015 | By Jennifer A. Dlouhy WASHINGTON — Shell is walking away from oil exploration in Arctic waters north of Alaska, but it isn’t ready to close the door completely. Disappointing results from a critical test well at the company’s Burger prospect in the Chukchi Sea, combined with the high costs […]

US Follows Royal Dutch Shell plc Backs Away From Arctic Drilling

By: Micheal Kaufman: Oct 19, 2015 The US Interior Department announced on Friday that it will cancel the auction of 2016 and 2017 natural gas and offshore oil leases in the Arctic Ocean. The auction was scheduled under the Department’s current five-year Chukchi Sea leasing program for 2012–2017. The division cited low crude oil prices and […]

Interior: No more new Arctic oil leases for remainder of Obama’s presidency

Interior: No more new Arctic oil leases for remainder of Obama’s presidency Gregory Korte, USA TODAY: Oct 16, 2015 WASHINGTON — The Obama administration is canceling its plans to sell oil drilling rights in the Arctic Sea through 2017, a remarkable turnaround since expanding drilling by approving new drilling permits for Shell Oil earlier this year. […]

U.S. Cancels Remaining Arctic Oil Lease Sales Under Obama

Brian Wingfield and Joe Carroll: BLOOMBERG.COM: 17 October 2015 The U.S. Interior Department effectively halted drilling off Alaska’s coast for the remainder of President Barack Obama’s term by canceling two sales of Arctic oil and gas leases. The decision comes less than a month after Royal Dutch Shell Plc said it would indefinitely cease exploration […]

US curbs Arctic offshore oil and gas drilling

The US government has announced new curbs on oil and gas exploration in Arctic waters off Alaska’s northern coast. It comes after oil giant Royal Dutch Shell last month stopped its Arctic activity citing “disappointing” tests. The US interior department said it was cancelling two potential Arctic offshore lease sales and would not extend current […]

U.S. Blocks Alaskan Arctic Drilling for 2 Years

By CLIFFORD KRAUSS: OCT. 16, 2015 HOUSTON — The Obama administration shut the door Friday on drilling in Alaska’s Arctic Ocean over the next two years, canceling auctions for drilling rights in the Chukchi and Beaufort seas. The decision by the Interior Department was not surprising because it came less than a month after Shell Oil […]

U.S. cancels Arctic offshore lease sale after Shell drops interest

WASHINGTON: Fri Oct 16, 2015 The U.S. Interior Department on Friday said it would cancel two potential Arctic offshore lease sales after Royal Dutch Shell PLC (RDSa.L) said that it was not interested in those leases. “In light of Shell’s announcement, the amount of acreage already under lease and current market conditions, it does not […]

The risks of wildcatting in the Arctic

A former Shell Oil executive and catastrophic risk expert on the nightmare scenario when oil and ice mix. by Lauren Ellis @lauren_jellis: October 15, 2015 Two drill vessels officially left Arctic waters after Royal Dutch Shell announced that the company would cease exploration in the Chuckchi and Beaufort seas. After a $7 billion investment and […]

Shell’s Arctic drill rigs make final Alaska stop

Laurel Andrews: October 12, 2015 Two weeks after announcing the end of its Arctic offshore oil exploration program, Royal Dutch Shell’s Noble Discoverer drillship left Dutch Harbor Monday afternoon, the last planned stop in Alaska as it heads to the Pacific Northwest. The company’s second drilling rig that had arrived in Alaska this summer, the Transocean Polar Pioneer, […]

Alaska mulls extra oil drilling to cope with climate change

By Matt McGrath: Environment correspondent, BBC News, Alaska: 12 Oct 2015 Expanding the search for oil is necessary to pay for the damage caused by climate change, the Governor of Alaska has told the BBC. The state is suffering significant climate impacts from rising seas forcing the relocation of remote villages. Governor Bill Walker says that […]

Environmentalists ramp up resistance to big oil

Environmental groups have become emboldened by their perceived triumph over Shell in the Arctic, in which they refined new tactics. What impact might this decision have on the future green movement in the United States? Environmental organizations celebrated when Royal Dutch Shell announced it was halting oil and gas explorations in Alaska’s Chukchi Sea “for […]

Shell’s withdrawal from Arctic energizes activists

Activists plan broader green campaign By Jennifer A. Dlouhy, Hearst Washington Bureau: Oct  8, 2015 WASHINGTON — Environmentalists who battled Arctic oil drilling by paddling kayaks, dangling from bridges and climbing onto rigs at sea have claimed a high-profile success against Shell and aim to funnel the resulting enthusiasm into other fights against fossil fuels. […]

Myths about Shell’s Arctic Alaska pullout persist

Yereth Rosen: Alaska Dispatch News: October 3, 2015 When Royal Dutch Shell announced that it had lost its big-money bet in the Chukchi Sea and would end its entire program in the offshore U.S. Arctic, the hyperbole and finger-pointing began in earnest. Rep. Don Young accused President Obama and Interior Secretary Sally Jewell of deliberately sabotaging Alaska’s economy. “I’m […]

Shell may post loss after taking £2.7bn Arctic exploration hit

Shell chief executive Ben van Beurden told The Mail on Sunday just two weeks ago that he was committed to the Arctic By Jon Rees For The Mail On Sunday: 4 Oct 2015 Shell is set to reveal that quitting the Arctic cost it up to $4.1billion (£2.7billion) in its third-quarter results when it unveils […]

What Shell’s latest move says about Arctic drilling myths

By  Scott L. Montgomery OCTOBER 1, 2015 The company’s departure is certainly a pause in a new era of Arctic exploration, but it’s not the end. After seven years of preparation and several billion dollars spent, Shell has decided to abandon its exploration program in the U.S. Arctic “for the foreseeable future.” This follows barely […]

Shell’s Exit From Arctic Oil Drilling

LETTER TO THE EDITOR OF THE NEW YORK TIMES “I am hesitant to pop open the Champagne quite yet…” To the Editor: Re “Shell Pulls Plug on Exploration in Alaska Arctic” (front page, Sept. 29): While the news that Shell has decided to pull out of its controversial Arctic oil exploration effort is cause for […]

A rig too far

Ben van Beurden, installed as Shell’s chief executive in 2014, could have halted the ill-fated project. But after a “personal journey”, he decided to go ahead. Shell’s retreat from the frozen north shows the new realities of “big oil”: Reputation was another factor in Shell’s retreat Oct 3rd 2015 | HOUSTON | From the print […]

Feds, Shell to pay $55 million to clean up contaminated L.A. site

By KYLE FELDSCHER (@KYLE_FELDSCHER) • 9/30/15 4:29 PM Shell and a government agency will pay $55 million to clean up contaminated soil at a site in Los Angeles as a part of a settlement with the federal government. The Environmental Protection Agency announced Wednesday it reached the settlement with Shell and the General Services Administration […]

Emma Thompson joins Greenpeace to celebrate Shell scrapping Arctic drilling

Emma Thompson joins Greenpeace to celebrate Shell scrapping Arctic drilling By Charlotte Krol, and PA, video source YouTube / Greenpeace: 29 Sep 2015 Actress Emma Thompson has joined activists outside the headquarters of Shell to celebrate news that the oil giant is pulling out of drilling in the Arctic. Greenpeace has been protesting against the company’s […]

Royal Dutch Shell’s Arctic Bucket Of Ice Has Melted, Yield Is Now North Of 8%

Sep. 29, 2015 Summary * The Burger J well test results were a dud, no major reserves found. * Shell puts Arctic drilling on hold indefinitely, which further reduces future capex. * Dividend yield tops the 8% mark. Royal Dutch Shell (RDS.A / RDS.B) was always upbeat about the prospects of drilling in the Arctic, […]

Shell’s Arctic defeat ends dream of new frontier

Christopher Adams, Ed Crooks and Jack Farchy After nine difficult years and $7bn of spending, Royal Dutch Shell has admitted it has nothing to show for its contentious campaign to discover oil in the Arctic. As it pulled the plug on further drilling — announcing billions of dollars in likely losses — the prospects for […]

Why Shell Quit Drilling in the Arctic

By Paul Barrett: BLOOMBERG.COM: 28 SEPT 2015: 6:12 PM BST Royal Dutch Shell’s abrupt announcement today that it would cease all offshore drilling in the Arctic is surprising for several reasons. One is the unusual degree of confidence the company expressed as recently as mid-August that it had identified 15 billion barrels of oil beneath the well […]

Shell Exits Arctic as Oil Slump Forces Industry to Retrench

By CLIFFORD KRAUSS and STANLEY REED As oil prices have continued their steady decline this year, rig after rig has been shut down, costing thousands of jobs in the United States. Yet major oil producers have been loath to pull the plug on their most ambitious projects — the multibillion-dollar investments that form the backbone of […]

Shell Abruptly Abandons Arctic Drilling, Finding It Too Costly

BY ZOË SCHLANGER 9/28/15 After a season spent drilling an exploratory oil well in one of the harshest environments on Earth, Royal Dutch Shell announced Monday morning it was abandoning its attempt to develop the Alaskan Arctic “for the foreseeable future.” The exploratory well 150 miles offshore in the Chukchi Sea did not turn up […]

These 2 charts explain why Shell stopped drilling in Alaska

It’s all about oil prices. Royal Dutch Shell said Monday it will stop drilling for oil off Alaska’s coast. The move comes after Shell failed to discover a noteworthy amount of undersea oil in a well off northern Alaska despite spending $7 billion on exploration efforts. The decision will undoubtedly please the many environmentalists who […]

Shell abandons Alaska Arctic drilling

Terry Macalister: Monday 28 September 2015 18.29 BST Barry Gardiner, Labour’s new shadow minister for energy and climate change, said Shell had been engaged in a fool’s errand. “(Potentially) desecrating one of the world’s last wildernesses shows a complete failure of moral leadership at the head of the company. If his investors are not calling for Ben van […]

Shell move dims oil prospects, delights environmentalists

ANCHORAGE, Alaska (AP) — Royal Dutch Shell has abandoned its long quest to become the first company to produce oil in Alaska’s Arctic waters, darkening the nation’s long-term oil prospects and delighting environmental groups that tried to block the project. After years of effort, Shell is leaving the region “for the foreseeable future” because it […]

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