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NAM compensation pledge for Groningen earthquake damage

Printed below is an English translation of information published today by Nederlandse Aardolie Maatschappij BV (NAM), a joint venture between Royal Dutch Shell and ExxonMobil each owning a 50% share in the company responsible for the earthquake prone Groningen Gas Field and consequential potential bill for untold billions in damages. 

Begins

NAM pleased with NAM’s new claims protocol

Minister Wiebes of Economic Affairs and Climate presented a new damage protocol together with the region on Wednesday 31 January.

NAM director Gerald Schotman (left) responded with pleasure.

“From now on, the State can resume tackling the damage caused by earthquakes energetically. With this protocol, NAM now definitely stands for the future at a distance from that claim settlement. That was emphatically the wish of the Groningers and also of us as a company. At the same time I continue to emphasise: NAM will also compensate in the future for the damage caused by earthquakes.”

ENDS

The Groningen gas field is a giant natural gas field located near Slochteren in Groningen province in the northeastern part of the Netherlands. Discovered in 1959, it is the largest natural gas field in Europe.  read more

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Calls for Dutch Parliamentary Inquiry into NAM Groningen Gas Extraction

An estimated 10,000 people marched during a rally against gas extraction in Groningen, Netherlands, earlier this month. Photograph: Pierre Crom/Getty Images

Printed below is an English translation of an article published today by the Dutch Financial Times, Financieele Dagblad

Calls for Dutch Parliamentary Inquiry into Groningen Gas Extraction

Louis Hoeks • Economics & Politics

A parliamentary inquiry into the gas extraction in Groningen is flashing. The request for such an investigation by the opposition parties GroenLinks, SP and the Party for the Animals received insufficient support during a debate with Minister Wiebes (Economic Affairs and Climate, VVD) on Wednesday. In the longer term, there seems to be more enthusiasm for a survey.

‘If this is not a good time for a parliamentary inquiry, what is the moment? Everyone needs to know why things have happened, as they have happened, “said Frank Wassenberg (PvdD). There are many questions in the House about decisions of the previous government, especially about the pace at which gas extraction has been reduced. read more

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Oil multinationals leave heavy years behind

Printed below is an English translation of an article published today by the Dutch Financial Times, Financieele Dagblad

Oil multinationals leave heavy years behind

Bert van Dijk • Entrepreneurship

Fossil fuel companies may be subject to fire from environmental organizations, ‘green’ shareholders, financial regulators and prosecuting climate lawyers, but financially speaking the big oil and gas multinationals are back on their feet after a number of difficult years.

That is the most important conclusion now that four of the ‘Big Five’ have published their annual results. Cost savings, higher oil prices and rising demand for oil and gas in the world led to a total of more than $ 115 billion in operating cash flow for Shell, ExxonMobil, BP and Chevron combined and more than $ 51 billion in profits last year. read more

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Production of Nigeria’s Bonga oil ramping up after shutdown -Shell Nigeria

Reuters Staff: LONDON, Feb 5 (Reuters) –

* Production of Nigeria’s Bonga crude oil is “being ramped up gradually” after brief shutdown, a spokesman for Shell Nigeria Exploration and Production company (SNEPCo) said on Monday

* The company performed a “brief shutdown” from Jan. 16-28 for repairs on a piping system. It added that “further checks and ancillary repairs” mean that oil and gas production were gradually ramping up

* Traders told Reuters the maintenance had impacted oil loadings, and a list of vessel loadings showed the last cargo to load was the suezmax Sea Garnet on Jan. 17. The Narmada Spirit is expected to load early this week, according to loading plans seen by Reuters read more

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Groningen Earthquakes: The week in which the NAM lost control

Printed below is an English translation of an article published today by the Dutch Financial Times, Financieele Dagblad

The week in which the NAM lost control

Carel Grol Weekend: 3 February 2018

NAM experienced a week like a fever dream. Gesteggel about the guarantee, a new damage protocol, leaked secret documents, advice for radical production reduction. It does not get any easy, said CEO Gerald Schotman in December, but as busy as it has never been before. And the position of the NAM is steadily declining.

Maybe it started a week earlier. On Tuesday, January 23, the Court of Appeal in Leeuwarden ruled that the Nederlandse Aardolie Maatschappij should compensate the depreciation of houses by gas extraction, regardless of whether the houses are sold or not and whether there is physical damage. Estimated damage: € 1 billion and possibly more, says Pieter Huitema, the lawyer who assists Groningen homeowners. read more

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Groningen production restrictions to prove costly for Dutch government, says WoodMac

Planned production cuts to the Europe’s largest gas field is to cost the Dutch state-run Enrgie Beheer Nederlands $5billion over the life of the field as well as cause the continent to look elsewhere for supply, according to analysts Wood Mackenzie. Groningen has been a major global asset for operators Shell, ExxonMobil and Energie Beheer Nederlands. There have been a series of powerful earthquakes in recent years around the Groningen field brought on by gas mining, with a tremor last month registering 3.4 magnitude – the most powerful to hit since 2012. FULL ARTICLE read more

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Shell can still grow in ‘rejuvenated’ North Sea, CEO says

Shell’s boss said yesterday that the North Sea is showing signs of “rejuvenation” and can provide the oil major with more room to grow.

Written by  – 

Doubts about Shell’s commitment to the UK were raised last year when it agreed to sell a package of assets to Chrysaor. But last month the Anglo-Dutch energy giant announced its decision to invest in redeveloping the Penguins area, 150miles 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. Chief executive Ben van Beurden said yesterday that the Penguins decision was “important” for Shell. FULL ARTICLE read more

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Shell LNG glut ‘conspicuously absent’: Shell CEO Ben van Beurden

by Angela Macdonald-Smith: Feb 2 2018 at 12:03 PM: Updated Feb 2 2018 at 3:19 PM

Royal Dutch Shell chief executive Ben van Beurden has declared that the energy giant’s confidence in the LNG market has been justified with no sign of the oversupply that others had warned of. “The LNG glut is conspicuously absent isn’t it, much to the surprise of those that thought this was inevitable,” Mr van Beurden told reporters at Shell’s fourth-quarter results briefing in London. FULL ARTICLE read more

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Dutch regulator points to possible 48% production cut at Groningen gas field

|By: , SA News Editor

  • The Dutch mining regulator recommends cutting production at the Groningen natural gas field, the biggest in Europe, by 44% to 12B cm/year from the current cap of 21.6B cm/year to reduce the risk of earthquakes.
  • The government already has cut production from Groningen several times in recent years as decades of extraction have led to dozens of earthquakes each year; once the largest supplier of European Union gas, output at Groningen has been cut by 60% from a peak of 54B cm in 2013.
  • Gas company NAM, which runs the Groningen field, is a joint venture of Royal Dutch Shell (RDS.A, RDS.B) and Exxon Mobil (NYSE:XOM).
  • read more

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    NAM Groningen earthquakes cause major social unrest

    Thousands of people protested in Groningen against natural gas drilling. Photo: Joris van Gennip

    Printed below is an English translation of an article published today by the Dutch Financial Times, Financieele Dagblad

    2 February 2018

    Minister Wiebes opts for security in sensitive files

    Louis Hoeks Carel Grol • Economics & Politics

    Minister Eric Wiebes of Economic Affairs and Climate has chosen a party. The safety of the Groningen population goes beyond economic interests. He is going to halve the gas revenues from the Groningen gas field, even though it undermines the so-called security of supply.

    The State Supervision of Mines (SSM) advised Thursday Thursday to reduce gas production to 12 billion cubic meters per year. Last year that was just under 24 billion cubic meters. In 2013, 52 billion cubic meters were won. read more

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    Shell Exxon (NAM) induced Groningen Earthquake Damage €18 Billion plus

    NAM reacted earlier to the news with the announcement that earthquake damage up to € 18 billion can be paid without problems in the next five years. On television at Jinek, Van Loon said that Shell is ‘legally liable’ anyway. ‘We guarantee and the damage is compensated, regardless of the amount’. In an advertisement in the newspaper, Shell stated that it would be ‘behind NAM and Groningen’. The Leiden professor of corporate law Steef Bartman mentioned during the hearing the statement that Van Loon gave to Jinek ‘richly vague’. “For what, how long, is there a maximum?” 

    Printed below is an English translation of an article published today by the Dutch Financial Times, Financieele Dagblad

    Shell defends Chamber: we guarantee NAM

    Louis Hoeks • Economics & Politics

    If the Nederlandse Aardolie Maatschappij (NAM) is unable to pay for the earthquake costs in Groningen, Shell guarantees this. That is what Marjan van Loon, the director of Shell Netherlands, said on Thursday during a hearing in the House of Representatives.

    We are convinced that the NAM can pay the damage. If that is not the case, then the bill can go to Shell. ‘ Rolf de Jong of ExxonMobil, who owns the remaining 50% of NAM, added ‘never to let a daughter go bankrupt’. read more

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

    Dutch Minister Wiebes Says NAM Must Pay for Groningen Earthquake Damage

    Wiebes did not want to give a prognosis about amounts. What is certain is that it involves billions.

    Printed below is an English translation of an article published today by the Dutch Financial Times, Financieele Dagblad

    NAM position weakened with new damage protocol 

    Carel Grol • Economics & Politics

    NAM is completely sidelined in the handling of the earthquake damages. The State will deal with the damage, NAM must pay. In case of doubt, the claimant is to be considered in favor of the claimant, damages are no longer limited by so-called geographical contours.

    That is what Eric Wiebes, Minister of Economic Affairs and Climate, said on Wednesday afternoon at the provincial government building in Groningen. Last year it was already clear that the Dutch Petroleum Company (NAM), which extracts the gas from the Groningen field, would be removed from the damage process. Because NAM who took the damage, that was for many people as the butcher who approves his own meat. read more

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    Shell profits double despite $2bn US tax charge

    Profits at Royal Dutch Shell more than doubled in the fourth quarter of last year, despite the group taking a $2bn charge related to President Donald Trump’s US tax reforms. The recovery in oil prices coupled with steep cost cuts after a three-year downturn are fuelling a resurgence in cash flow and profitability at Shell and the world’s other largest oil and gas groups. FULL FT ARTICLE

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

    Shell annual profits up 242% to £8.5bn as oil prices rise

    Royal Dutch Shell has reported a surge in annual profits to £8.5bn – a leap of 242% on the previous year. The Anglo-Dutch oil major credited the performance on a recovery in oil and gas prices during a “year of transformation” within the business. Underlying earnings – which reflect day-to-day operations and strip out one-off costs – more than doubled to £11.2bn and were aided by a £3bn contribution during the final three months of the year. The company said: “Full-year earnings benefited mainly from higher realised oil, gas and liquefied natural gas (LNG) prices, improved refining performance and higher production from new fields, which offset the impact of field declines and divestments.” FULL ARTICLE read more

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    Shell ‘transformation’ doubles profits as oil recovery takes hold

    Jillian Ambrose

    Royal Dutch Shell has doubled its profits following the oil major’s worst financial year in over a decade as the oil market recovery takes hold. The Anglo-Dutch oil giant said the “transformation” following its 2016 mega-merger with BG Group and $30bn portfolio overhaul has reopened flows of cash back into the business as oil prices soared to over $65 a barrel last year, from under $30 a barrel at its lowest point in early 2016. Shell’s earnings on a ‘current cost of supply’ (CCS) basis, which is a standard oil industry measure, more than doubled from the previous year to reach $15.8bn (£11bn) for 2017. FULL ARTICLE read more

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

    Shell poised to dethrone Exxon in oil titans’ cash clash

    Ron Bousso: 1 FEB 2018 LONDON (Reuters) – Royal Dutch Shell could usurp its largest rival Exxon Mobil as the energy sector’s biggest cash generator after higher oil and gas prices combined with an improved performance lifted its 2017 revenue.Chief Executive Ben van Beurden has made no secret of his desire to challenge the dominance of the world’s largest listed oil company after its $54 billion purchase of BG Group in 2016 catapulted Shell into second place in terms of production. The Anglo-Dutch company on Thursday reported a more than doubling of profit in 2017 to $16 billion, the highest since the start of the 2014 downturn as the effect of years of costs cuts and the integration of BG Group filtered through. “We enter 2018 with continued discipline and confidence, committed to the delivery of strong returns and cash,” van Beurden said in a statement. FULL ARTICLE read more

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