Posts under ‘United States’

By Sheila McNulty in Houston

Published: March 19 2010 22:33

Royal Dutch Shell has announced a “significant new oil discovery” in the deepwater Gulf of Mexico that has the potential to be a hub.

The discovery, located in the Appomattox prospect in 2,200 metres of water, follows three notable discoveries by Shell in the Gulf last year.

Shell is operator of the prospect, holding an 80 per cent interest, with partner Nexen holding 20 per cent.

FULL FT ARTICLE

LONDON, March 19 (Reuters) – Royal Dutch Shell (RDSa.L) and Canadian oil explorer Nexen Inc (NXY.TO) said they had made a “significant” discovery in the Gulf of Mexico, the latest in a string of big finds in the Gulf in the past year.

The companies said in statements on Friday that they had made the discovery at the Appomattox prospect in Mississippi Canyon blocks 391 and 392.

The companies added that the find lifted confidence in other unexplored sites in the area.

“The Appomattox discovery confirms our confidence in the play and provides a strong basis to evaluate the remainder of our significant acreage position in the Eastern Gulf of Mexico,” Nexen Chief Executive Marvin Romanow said.

Shell owns an 80 percent interest in Appomattox and Nexen owns 20 percent.

The Gulf of Mexico, one of the world’s most mature oil provinces, continues to be key to Western oil companies’s portfolios as new technology has opened ever deeper water to exploration.

(Reporting by Tom Bergin; editing by Simon Jessop)

REUTERS ARTICLE

In 2006, a Los Angeles Superior Court jury found Shell guilty of intentional fraud and concealment, awarding Atallah $1.65 million in compensatory damages, Gwire said, who added that the jury also found that Shell had acted with “oppression, malice or fraud”, clearing the way for the jury to award punitive damages.

Royal Dutch Shell said it was reviewing its refinery operations with the idea of keeping only those with the best growth potential.

EUROINVESTOR.co.uk

United Against Nuclear Iran (UANI) applauds Royal Dutch Shell for its decision to end its sales of gasoline into Iran, but calls on Royal Dutch Shell to sever all business ties in Iran.

UANI, in a letter dated December 17, 2009, called on Shell to disclose the full extent of its business in Iran and to end its business in Iran. Shell responded to UANI on January 14, 2010 and UANI replied to Shell on February 12, 2010. The SEC indicated in response to UANI’s letter that it would “consider the information…in connection with our monitoring of Royal Dutch Shell filings.”

In response to Shell’s decision, UANI President, Ambassador Mark D. Wallace said, “UANI applauds Royal Dutch Shell for making the responsible decision to end its sales of gasoline into Iran. Such a decision, however, only goes half way to isolating the Iranian regime.

Shell must end its hydrocarbon development business in Iran. Proceeding with such Iran-based business makes Shell too toxic for its investors and the many western businesses and governments that do business with Shell. We call on Royal Dutch Shell to end its extensive hydrocarbon projects focused on Iran, and to sever all business ties in Iran.”

According to Shell:

• In early 2007, Shell and Repsol entered into a service contract with respect to development of the South Pars fields for the Persian LNG project. However, the parties will not reach a final decision on whether to proceed with the project until the remaining significant commercial and engineering work is complete. Shell Exploration B.V. (Shell interest 100%) has a 70% interest in an agreement with the National Iranian Oil Company (NIOC) concerning the Soroosh/Nowrooz fields. The development phase is completed and all permanent facilities were handed over to NIOC in 2005. Since then, the Soroosh/Nowrooz fields have been producing with NIOC responsible for all aspects of the operations. The term of the agreement expires when all petroleum costs and the remuneration fee have been recovered, which is expected to occur by 2012.
• A project framework agreement for the Persian LNG project (Shell interest 25%) was signed in 2004 with Repsol and the National Iranian Oil Co. to take forward the Persian LNG project to the next stage of design. Under this agreement, it is envisaged that Shell would acquire a 50% interest in a project to develop phases of the South Pars field in the Northern Gulf and a 25% interest in the midstream liquefaction company. Front-end engineering design work for the offshore facilities and for the liquefaction plant continued during 2008. The parties will not reach a final decision on whether to proceed with the project until the remaining significant commercial and engineering work is complete.
• Since 1966, a Shell entity has a 25% interest in Pars Oil Company, a joint venture that blends and markets lubricants. Pars Oil Company owns 51% in Pars and Shell Company (PASH), which markets and distributes Shell branded lubricants in Iran. A Shell entity also has a 49% in PASH. We have received legal advice that, contrary to the assumption in your letter, the company is in compliance with its disclosure and listing obligations.

UANI has effectively pressured companies such as General Electric, Huntsman, Siemens, Caterpillar, and Ingersoll Rand to end their business in Iran.

United Against Nuclear Iran (UANI)

Kimmie Lipscomb, (212) 554-3296

press@uani.com

SOURCE ARTICLE

By Javier Blas and Carola Hoyos in London
Published: March 10 2010 23:11

Royal Dutch Shell on Wednesday said it has stopped selling refined petroleum to Iran, joining a growing list of oil companies and traders which have halted supplies for Tehran.

Shell’s withdrawal is the latest sign that the threat of sanctions and Washington’s behind-the-scenes efforts to convince companies not to sell to Iran are paying off.

The US is an increasingly important part of Shell’s business. The company has 22,000 employees in the US and pumps 14 per cent of its total oil and natural gas volumes from there, having big stakes in fields in the Gulf of Mexico and Alaska. Shell’s US refining and marketing operations span all 50 states and the company is in the process of more than doubling the capacity of a refinery it owns jointly with Saudi Aramco in Texas.

FULL FT ARTICLE (SUBSCRIPTION)

THE WALL STREET JOURNAL

MARCH 9, 2010

[Dow Jones] While visiting Houston, his “adopted second home,” Khalid Al-Falih, the chief executive of Saudi Aramco, made a trip out to the Motiva Port Arthur refinery. The refinery, which is jointly owned by Aramco and Royal Dutch Shell PLC (RDSA) is undergoing a major expansion project which will make it the largest refinery in the U.S. with a capacity of 600,000 barrels a day. It will be “the most sophisticated refinery in the U.S only fitting for Texas,’ Al-Falih said during a speech at the IHS-CERA Energy Conference in Houston.

(susan.daker@dowjones.com)

Contact us at 713 547-9208

WSJ ARTICLE

March 02, 2010, 10:34 AM EST

By Greg Stohr

March 2 (Bloomberg) — The U.S. Supreme Court bolstered the ability of oil companies to change their leases with independent service station owners, blocking a Massachusetts lawsuit against Shell Oil Co. and Motiva Enterprises LLC.

The Supreme Court today unanimously said the suit by a group of station owners can’t go forward under the U.S. Petroleum Marketing Practices Act, a 1978 law that gave independent station owners more power in their dealings with oil companies.

The station owners said Shell and Motiva used rent increases to try to end their franchise arrangements so the companies could take over operation of the stations.

The station owners at one point won a $3.3 million jury verdict. A federal appeals court upheld part of the award and both sides appealed to the Supreme Court.

The cases are Mac’s Shell Service v. Shell Oil Products, 08-240, and Shell Oil Products v. Mac’s Shell Service, 08-372.

–Editors: Jim Rubin, Laurie Asseo.

To contact the reporter on this story: Greg Stohr in Washington at gstohr@bloomberg.net.

To contact the editor responsible for this story: Jim Kirk at 1-202-654-4315 or jkirk12@bloomberg.net

SOURCE ARTICLE

DENVER (AP) — Shell Oil Co. said Tuesday it is abandoning its quest for water rights from a northwest Colorado river to develop oil shale production, citing delays in the project due to the global economic downturn.

As a result of Shell’s actions, Colorado residents can breathe a little easier and the Yampa River lives to flow another year. ”