Royal Dutch Shell Plc .com http://royaldutchshellplc.com News and information on Royal Dutch Shell Plc Mon, 15 Jan 2018 22:31:54 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 https://i0.wp.com/royaldutchshellplc.com/wp-content/uploads/2017/04/cropped-Screen-Shot-2017-03-31-at-15.44.47.jpg?fit=32%2C32 Royal Dutch Shell Plc .com http://royaldutchshellplc.com 32 32 4172002 Shell commissions new oil-production vessel in UK North Sea field http://royaldutchshellplc.com/2018/01/15/shell-commissions-new-oil-production-vessel-in-uk-north-sea-field/ http://royaldutchshellplc.com/2018/01/15/shell-commissions-new-oil-production-vessel-in-uk-north-sea-field/#respond Mon, 15 Jan 2018 22:31:29 +0000 http://royaldutchshellplc.com/?p=95219

Royal Dutch Shell plans to build its first major oil-production vessel in the northern U.K. North Sea in almost three decades, in an effort to redevelop the Penguins oil and gas field, the company said Monday. Shell believes the floating production, storage and offloading vessel will pump 45,000 barrels of oil equivalent a day from the Penguins field at its peak, and that it could break even on its investment even if oil prices slide below $40 a barrel. FULL ARTICLE

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Shell Bolsters Renewables Bet With Stake in U.S. Solar Company http://royaldutchshellplc.com/2018/01/15/shell-bolsters-renewables-bet-with-stake-in-u-s-solar-company/ http://royaldutchshellplc.com/2018/01/15/shell-bolsters-renewables-bet-with-stake-in-u-s-solar-company/#respond Mon, 15 Jan 2018 21:02:53 +0000 http://royaldutchshellplc.com/?p=95217

Royal Dutch Shell Plc is investing in a U.S. solar energy developer, continuing its recent expansion into the electricity business.

The Anglo-Dutch oil and gas producer will acquire a 44 percent stake in Nashville’s Silicon Ranch Corp., which owns and operates about 100 solar facilities across the U.S. The investment could be as high as $217 million in cash, depending on the company’s performance, making Shell the largest shareholder, according to a statement.

Shell has been growing its foothold in the power business as it prepares for a carbon-constrained world, including an agreement to purchasethe U.K’s seventh-largest utility in December. Rivals BP Plc and Total SA have also expanding into offshore wind and solar in the past few years, reflecting changing government incentives and customer demands.

“With this entry into the fast-growing solar sector, Shell is able to leverage its expertise as one of the top three wholesale power sellers in the U.S., while expanding its global New Energies footprint,” Marc van Gerven, Shell’s vice president of solar, said in the statement.

Silicon Ranch currently has about 1.9 gigawatts of solar-based power facilities in its development portfolio, and the Shell investment will allow it to enter new markets, according to the company. It operates in 14 states, including New York and California.

Shell is acquiring the stake from Partners Group, a Zug, Switzerland-based private markets investment manager. The deal is expected to close before the end of March.

SOURCE

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Shell ventures back into solar http://royaldutchshellplc.com/2018/01/15/shell-ventures-back-into-solar/ http://royaldutchshellplc.com/2018/01/15/shell-ventures-back-into-solar/#respond Mon, 15 Jan 2018 20:59:06 +0000 http://royaldutchshellplc.com/?p=95215

Ron Bousso: 15 JAN 2018

LONDON (Reuters) – Royal Dutch Shell agreed on Monday to acquire a stake in a U.S. solar company, 12 years after exiting the sector, in the latest in a series of deals to grow beyond its core oil and gas business.

The Anglo-Dutch company also gave the green light for its first major new project in the North Sea in six years, signaling a cautious return to spending following three years of belt tightening in the face of lower oil prices.

Shell agreed to buy a 43.86 percent stake in Silicon Ranch Corporation from funds linked to Partners Group for up to $217 million. It follows on the heels of British rival BP, which last month also re-entered the solar sector with the $200 million investment in Lightsource.

Nashville, Tennessee-based Silicon Ranch develops, owns and operates solar plants across the United States with a capacity of 880 megawatts. Shell also has an option to increase its ownership after 2021.

“With this entry into the fast-growing solar sector, Shell is able to leverage its expertise as one of the top three wholesale power sellers in the U.S., while expanding its global New Energies footprint,” Marc van Gerven, Shell vice president of solar, said in a statement.

In November, Shell doubled its planned investment in its new energies division, which focuses on renewables and low carbon technologies, to $1 billion-$2 billion until 2020.

The investment in renewables far exceeds those of other major oil companies but still represents a fraction of Shell’s overall capital expenditure of around $25 billion.

Oil companies have come under growing pressure from investors to adapt to the transition to lower carbon energy as governments seek to reduce greenhouse gas emissions by the end of the century.

The deal follows a number of recent investments by Shell in the rapidly growing electric vehicle sector, including the acquisition in October of Dutch-based NewMotion.

Last month, Shell agreed to buy British household energy and broadband provider First Utility, targeting a market for its gas supplies which it expects will play a growing role in the transition to low carbon energy sources.

Shell first entered the solar sector when it acquired Siemens Solar in 2002, only to sell the entire business six years later. It still retains a tiny stake in Showa Shell’s solar business after selling most of the business in 2016.

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Shell agrees to sell its stake in Iraq’s West Qurna 1 oilfield to Japan’s Itochu http://royaldutchshellplc.com/2018/01/15/shell-agrees-to-sell-its-stake-in-iraqs-west-qurna-1-oilfield-to-japans-itochu/ http://royaldutchshellplc.com/2018/01/15/shell-agrees-to-sell-its-stake-in-iraqs-west-qurna-1-oilfield-to-japans-itochu/#respond Mon, 15 Jan 2018 20:52:53 +0000 http://royaldutchshellplc.com/?p=95213

REUTERS STAFF: JANUARY 15, 2018 / 2:19 PM /

DUBAI (Reuters) – Royal Dutch Shell has agreed to sell its stake in Iraq’s West Qurna 1 oilfield to Japan’s Itochu, a Shell spokesman said on Monday.

“Itochu and Shell have reached agreement on the sale of Shell’s interest in the West Qurna 1 oilfield and are now working to secure all the necessary approvals from the government of Iraq,” the spokesman said. “Details of the discussions are commercially confidential.”

Iraq has approved the sale by Shell of its 20 percent stake in the West Qurna 1 oilfield to Itochu, a senior Iraqi oil official told Reuters last week.

The deal comes as the Anglo-Dutch company agreed to exit the Majnoon oil venture, one of the largest fields in OPEC member Iraq, and hand over its operation to the state-run Basra Oil Co. (BOC) by the end of June 2018.

The West Qurna 1 oilfield, operated by Exxon Mobil, currently produces around 405,000 barrels per day.

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Shell delivers ‘significant boost’ with Penguins call, Scottish Government says http://royaldutchshellplc.com/2018/01/15/shell-delivers-significant-boost-with-penguins-call-scottish-government-says/ http://royaldutchshellplc.com/2018/01/15/shell-delivers-significant-boost-with-penguins-call-scottish-government-says/#respond Mon, 15 Jan 2018 14:37:43 +0000 http://royaldutchshellplc.com/?p=95211

Shell’s redevelopment of a North Sea field will deliver a “significant boost” to north-east communities, the Scottish Government said.

Written by

Energy Minister Paul Wheelhouse said the investment was “further evidence of rising confidence” in the region. The oil giant said today it had taken a final investment decision on the Penguins area, north-east of Shetland. The project will involve the construction of Shell’s first new manned installation in the northern North Sea in almost 30 years. FULL ARTICLE

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