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Posts Tagged ‘Oil’

Shell to axe jobs as cost-cuts hit home

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Shell last week informed local staff that it was starting a round of job cuts, with a large portion of workers within the company asked to re-apply for their current positions.

While no fixed target has been set, it is estimated that about 250 jobs around Australia are likely to go as a result of the changes.

The round of job cuts follows Shell’s recent takeover last year of BG Group. The redundancies will remove many of the overlapping roles inherited through the takeover.

Shell had already flagged that it would axe about 2800 jobs worldwide as a result of the BG takeover, as well as a further 7000 around the globe as part of its response to the plunge in oil and gas prices.

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Investors look beyond Big Oil’s worst quarter yet

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LONDON | BY KAROLIN SCHAPS AND RON BOUSSO: Sun Apr 24, 2016

The world’s top oil companies are set to report their worst quarterly results yet in the current downturn but a recent recovery in crude prices is raising hopes the market has bottomed out.

An ever intensifying oil supply glut took global prices to a near 13-year low of $27.10 a barrel on Jan. 20, exacerbating pressure on oil producers already grappling with a more than 70 percent slide in prices since mid-2014.

“The 1Q16 reporting period looks set to be even worse than what we thought was already an especially ugly 4Q15,” said Jason Gammel, equity analyst at Jefferies.

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Oil prices drop faster than companies can cut costs

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Bloomberg News: SATURDAY, APRIL 23, 2016

The world’s biggest oil companies, set to report their worst quarterly earnings in more than a decade, are finding that their cost-cutting efforts haven’t matched the decline in crude prices over the past two years.

While producers have been deferring projects, eliminating jobs and freezing salaries, the process will take three years to complete, according to Barclays oil sector analyst Lydia Rainforth. In the meantime, profits are being hammered.

“A lot of work still needs to be done on costs,” she said. “It’s a reflection of how much costs had piled up and how long a process this is.”

For producers from Royal Dutch Shell to Chevron, reeling under the threat of credit-rating downgrades, slashing costs is the surest way of protecting balance sheets. Still, reversing course is proving painful after $100 oil persuaded companies to pump money into expensive areas in search of new deposits, hire more people and rent rigs and services at record rates. Productivity suffered.

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The new oil order

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Apr 23rd 2016

FOR generations, oil and stability have gone hand in hand in Saudi Arabia. The puritanically conservative kingdom has used its oil wealth to buy loyalty at home and friends abroad. But since King Salman came to the throne last year, his 30-year-old son, Muhammad, has injected unpredictability into the Middle East.

Critics consider the deputy crown prince a hothead, whose dangerous obsession with Iran, Saudi Arabia’s rival, is feeding sectarianism and fraying relations with America. At home, though, the impetuousness of Muhammad bin Salman may be just what Saudi Arabia needs to start weaning itself off oil, the price of which has fallen sharply over the past 18 months. A big test comes on April 25th, when the prince is due to unveil the kingdom’s long-delayed “Vision” reform plan.

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Shell defies order to halt production at Nigeria facility – officials

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YENAGOA, NIGERIA | BY TIFE OWOLABI: Wed Apr 20, 2016

Royal Dutch Shell has failed to halt production at the Gbaran Ubie oil and gas facility in southern Nigeria, contravening a court order for the site to be sealed and raising the prospect of legal action, state government officials said on Wednesday.

A Reuters reporter spoke to workers at the plant who also said production had continued.

A Shell (RDSa.L) spokesman declined to comment.

The facility, in the oil-rich southern Niger Delta region, supplies the Bonny liquefied natural gas (LNG) export terminal and also helps generate electricity, which is scarce in Africa’s top oil producer and most populous nation.

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Malabu Oil deal: EFCC quizzes SNEPCO boss over $1.092b settlement cash

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20 April 2016

The Economic and Financial Crimes Commission( EFCC) has quizzed the Managing Director of Shell Nigeria Exploration and Production Company Limited (SNEPCO), Mr. Bayo Bashir Ojulari over the controversial  Malabu oil block (OPL 245) deal.

The anti-graft agency is specifically seeking the whereabouts of $1,092 billion paid by SNEPCO and Nigeria Agip Exploration Limited (NAE) into an escrow account.

It was learnt that investigators were trying to determine last night whether the cash had been used  for the settlement of the dispute on the oil block or diverted elsewhere.

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Nick Goodway: Why do we pay Shell to extract our oil assets?

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By Nick Goodway: 19 April 2016

My eye was caught yesterday by a document from Royal Dutch Shell snappily entitled Report on Payments to Governments for 2015. (I know, I don’t lead a very exciting life.) This is one of the myriad new reports that corporates are forced to release each year in the interests of greater transparency and good governance.

But for once, alongside the hundreds of such reports I have binned, there was some interesting stuff here. In short, the report details how much Shell paid to each government in the countries in which it operates in terms of their share of production, royalties, taxes and fees.

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Botched Doha deal undermines OPEC credibility, oil prices tumble

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By REUTERSPUBLISHED: 18 April 2016

By Henning Gloystein

SINGAPORE, April 18 (Reuters) – Oil prices tumbled on Monday after a meeting by major exporters in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel.

Tensions between Saudi Arabia and Iran were blamed for the failure, which revived industry fears that major government-controlled producers will increase their battle for market share by offering ever-steeper discounts.

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Nigeria seals Shell’s Gbaran Ubie oil and gas facility on court order -statement

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Mon Apr 18, 2016 8:15pm GMT

YENAGOA, Nigeria, April 18 (Reuters) – A Nigerian state government has sealed the Gbaran Ubie oil and gas production facility owned by Royal Dutch Shell on court orders, it said in a statement on Monday.

“The Gbaran Ubie facility was developed by Shell… in Bayelsa State without a development permit,” the government, based in the Niger Delta, said.

(Reporting by Tife Owolabi; Writing by Ulf Laessing; editing by John Stonestreet)

© Thomson Reuters 2016 All rights reserved

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John Donovan, Shell’s Nightmare: Secret Litigation Settlements

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By John Donovan

I published an article earlier today listing a number of settlements that Shell has made in various litigation claims ranging from fraud to complicity in murder. 

Shell’s settlement of my first three High Court claims against the company were all shrouded in secrecy. 

See: High Court papers unveil ‘secret’ Shell writ losses.” 

The same applied in respect of three further High Court actions, all settled secretly by Shell, including all my legal costs. 

Screen Shot 2016-04-19 at 23.20.39Extract from my most recent ebook “John Donovan, Shell’s nightmare”:

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Nothing New About Shell Settling Fraud Cases

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From April 2016:

Shell guilty of energy fraud and market manipulation in the US

From August 2004:

Shell settles fraud case for $150M

Oil company agrees to pay SEC for overstating reserves, also settles market abuse case in Britain.

The settlements are not just for fraud but range all the way to complicity in murder.

New York Times: “Shell Settles Dumping Suit for $3 Million“: 9 February 1995

New York Times: “SHELL SETTLES ROYALTIES CASE FOR $33.5 MILLION“: 21 March 2002

Shell Oil Company Limestone Township $26 million settlement: December 2007

Plaintiffs win $66 million from Shell Oil after making the mistake of relying on Shell’s “honesty and integrity”: 17 May 2008

Houston Chronicle: Shell will pay millions to settle air pollution suit: 23 April 2009

Guardian: Shell agrees to pay compensation for execution of Saro-Wiwa: June 2009

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Shell says theft from its Nigerian oil pipeline network fell in 2015

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Business | Mon Apr 18, 2016 9:02am BST

Theft of crude oil from the pipeline network of Shell’s Nigerian subsidiary fell to 25,000 barrels per day (bpd) in 2015, the company said on Monday, roughly 32 percent less than the previous year.

The number of sabotage-related spills on the SPDC network also declined to 93 in 2015, compared with 139 the previous year, Shell said in its annual sustainability report.

It attributed the decrease to divestments in the Niger Delta and increased surveillance and security by the Nigerian government, but said theft and sabotage were still responsible for around 85 percent of spills from SPDC operations.

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Major Oil Exporters Fail to Agree on Production Freeze

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By STANLEY REED and ANDREW E. KRAMERA version of this article appears in print on April 18, 2016, on page B1 of the New York edition

DOHA, Qatar — Officials from 18 oil-producing nations failed on Sunday to reach a deal to freeze oil production at current levels.

The meeting of officials, representing most of the Organization of the Petroleum Exporting Countries as well as Russia, had been intended to calm the markets and convince them that the two leading oil exporters, Russia and Saudi Arabia, were cooperating. But with officials coming up short on Sunday, the meeting may end up being a blow to confidence that could send oil prices tumbling.

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Eyes on Doha

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By Ed Crooks: April 15, 2016

All eyes in the oil market this weekend will be on Sunday’s meeting in Doha, which will bring together leading producers including Russia and most – although perhaps not all – of the members of Opec. Expectations that the countries will agree to freeze production, encouraged this week by statements from Russian and Iraqi representatives, have helped drive Brent crude prices up more than 60 per cent from about $27 per barrel in January to around $44 today.  The heads of some of the world’s largest trading houses have concluded that for oil producers, the worst is probably now over.

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Shell’s UK boss says it will strike ‘innovative deals’ for its North Sea assets

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Written by Erikka Askeland – 15/04/2016 7:54 am

Oil giant Shell is running the rule over the potential sale of north Sea assets – but it is too early since its mega-merger with rival BG Group to have decided on a sale process.

But Paul Goodfellow, Shell’s upstream vice-president for the UK and Ireland, said the company may be looking at “innovative deals” like the sale of its Anasuria field.

Last year, Shell and its joint venture partner ExxonMobil struck a deal to sell its Anasuria cluster in the Central North Sea to a duo of Malaysia-based oil companies, Hibiscus Petroleum and Ping Petroleum, for close to £70million.

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Exxon Mobil Corporation, Chevron Corporation: Oil Slump Persists, Compensation Packages Take a Nosedive

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By Micheal Kaufman on Apr 14, 2016

The oil slump has persisted for over 18 months now and it’s not surprising that several small and mid-sized companies have yielded to bankruptcy and debt pressures. Previously, the Street analysts were optimistic about the future outlook and the profitability of the oil giants; however, those expectations were reversed when the market situation took a turn for the worse in January.

The oil majors undertook several measures to tackle the slump. For starters, they lowered their capital and operating expenditures, went forth with mergers and acquisitions and debt and equity financing. They have taken the decision to reduce top executives’ pay amid one of the worst commodity downturns in the industry.

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BP shareholders reject chief Bob Dudley’s £14m pay deal

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14 April 2016

BP shareholders have rejected a pay package of almost £14m for chief executive Bob Dudley at the oil company’s annual general meeting.

Just over 59% of investors rejected Mr Dudley’s 20% increase, one of the largest rejections to date of a corporate pay deal in the UK.

The vote is non-binding on BP, but earlier, chairman Carl-Henric Svanberg promised to review future pay terms.

Mr Dudley received the rise despite BP’s falling profits and job cuts.

The final voting figures will be released later, with some major investors abstaining.

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Shell’s UK boss says North Sea oil is prize worth fighting for

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Written by Phil Allan – 14/04/2016

The head of Shell’s UK upstream operation said the North Sea oil industry is a “prize worth fighting for” in the years to come, but said more still needs to be done to ensure the long-term future of the sector.

Paul Goodfellow said many positive steps have been taken but industry, the Oil and Gas Authority and Westminster and Holyrood governments needs to continue to work together to transform the basin into highly competitive province.

Goodfellow said: “There’s too much at stake not to make this work.”

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NWCAA alleges multiple failures by Shell Puget Sound Refinery in February 2015 chemical release

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“This incident sickened many people in the community, and people felt unsafe in their homes and at work,” said Mark Asmundson, Executive Director of the Northwest Clean Air Agency.

After a yearlong investigation, the Northwest Clean Air Agency is alleging Shell failed to follow shutdown and decontamination procedures while cleaning the refinery’s east flare system.

Shell’s actions led to a surge of wet, chemical-laden gases moving through the flare line and extinguishing the flare flame, allowing the release of unburned chemicals to the atmosphere. The purpose of the flare flame is to combust chemicals into less odorous and toxic forms. As a condition of its permit, Shell is required to maintain the flame if chemicals might be vented to the flare. The chemicals released included hydrogen sulfide, dimethyl sulfide, mercaptans and benzene.

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Shell CEO van Beurden sees a global carbon price as inevitable

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ABC.Net.Au: by Babs McHugh: 13 April 2016

The head of one of the world’s largest oil and gas companies says market forces will eventually result in a global price on carbon.

Royal Dutch Shell CEO Ben van Beurden made the call at the 18th International LNG Conference underway in Perth.

Mr van Beurden also championed the need for greater innovation in accessing new oil and gas reservoirs at acceptable costs, while acknowledging the tough position producers faced.

“Market conditions are pretty challenging,” he said.

“But at the same time new markets are opening up, like Thailand, Pakistan and even Poland.

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Air agency: Shell refinery emissions sickened many

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By KIMBERLY CAUVEL: 13 April 2016

ANACORTES — Harmful emissions from the Shell Puget Sound Refinery in February 2015 could have been avoided had the refinery followed protocols, the Northwest Clean Air Agency announced Tuesday.

A yearlong investigation suggests Shell failed to follow shutdown and decontamination procedures while cleaning the refinery’s east flare system, according to a news release from the regional air agency.

The refinery allegedly took shortcuts in shutting down and decontaminating its east flare system, leading to the release of chemicals on Feb. 20, 2015, that affected hundreds in La Conner and in the Swinomish Indian Tribal Community.

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Iran launches talks with Shell

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Seyed Mohsen Ghamsari, Executive Director for International Affairs at National Iranian Oil Company (NIOC) made the remarks saying “despite the initiation of negotiations, no final agreement has been reached yet.”

In response to a question about the amount of oil sales to Royal Dutch Shell Oil Industry Company in case of sealing a deal, the official estimated that grounds will be provided for selling oil in accordance with pre-sanctions period which amounted to 100 thousand barrels per day.

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What Would an Exit from Bonga South West/Aparo Mean for Shell?

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Screen Shot 2016-04-13 at 08.15.09by Andreas Exarheas: Rigzone Staff: Tuesday, April 12, 2016

In February 2016, Royal Dutch Shell plc announced in its fourth quarter 2015 financial statement that it was postponing the final investment decision (FID) on the Bonga South West/Aparo (BSWA) deep water project offshore Nigeria, in an effort to curtail spending amid the current low oil price environment. Shell’s decision to postpone the FID on BSWA comes after Shell Nigeria Exploration and Production Company (SNEPCo) announced last year that it was committed to the project. In February 2015, the company’s managing director Tony Attah denied reports that the energy firm had stopped the development due to the slump in oil price and confirmed that it was progressing the tender for engineering, procurement and construction contracts related to BSWA.

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Bearish Options Activity on Royal Dutch Shell Plc After Worse Fundamentals

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By Linda Rogers April 12, 2016

In today’s session Royal Dutch Shell Plc (RDSA) recorded an unusually high (474) contracts volume of put trades. Someone, most probably a professional was a very active buyer of the July, 2016 put, expecting serious RDSA decrease. With 474 contracts traded and 11054 open interest for the Jul, 16 contract, it seems this is a quite bearish bet. The option with symbol: RDSA160715P00047500 closed last at: $2.15 or 15.7% down. The stock is down 0.40% or GBX 7 after the news, hitting GBX 1725 per share. About 1.84 million shares traded hands. Royal Dutch Shell Plc (LON:RDSA) has risen 7.31% since September 10, 2015 and is uptrending. It has outperformed by 2.65% the S&P500.

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Shell Could Save $4.5 Billion by Matching BP Productivity: Chart

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Screen Shot 2016-03-15 at 10.34.57By Rakteem Katakey: April 12, 2016

Royal Dutch Shell Plc could reduce operating costs by as much as $4.5 billion a year if its employees matched the productivity of BP Plc, according to Morgan Stanley.

Shell’s output per employee in oil and gas exploration and production was 26 percent lower than BP’s last year, meaning Europe’s biggest oil company has scope to cut about 9,000 jobs in that division, Morgan Stanley analysts including Martijn Rats wrote in a report dated April 8.

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Shell CEO says may sell some North Sea assets to improve portfolio

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PERTH | BY SONALI PAUL: Tue Apr 12, 2016

Royal Dutch Shell could sell some of its older, lower grade North Sea assets to improve the quality of its portfolio, CEO Ben van Beurden said on Tuesday, part of a two-year program to help finance its purchase of gas major BG Group.

After completing the $52 billion acquisition of BG in February, Shell said it would sell $30 billion in assets between 2016 and 2018 to help finance the deal and to maintain its dividend following a sharp drop in oil prices since mid-2014.

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Environmental group files lawsuit over ‘expired’ Shell Arctic oil permits

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Bob Weber / The Canadian Press: April 11, 2016

Environmentalists have asked a court to declare invalid a group of Arctic offshore energy exploration permits that are delaying the creation of Canada’s third national marine protected area.

On Monday, the World Wildlife Fund filed a lawsuit in Federal Court alleging that 30 permits held by Shell Canada at the eastern gate of the Northwest Passage lapsed decades ago.

“There’s no indication they’ve ever been renewed,” said Ian Miron, the group’s lawyer.

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Royal Dutch Shell plc: Reasons Behind Moody’s Downgrade

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By Micheal Kaufman on Apr 11, 2016

Moody’s Investor Service reduced Shell’s issuer rating and rating of its guaranteed debt from “Aa1” to “Aa2”, and affirmed company’s Prime-1 commercial paper. Both ratings were under review for a potential downgrade, which was initiated on January, 22, 2016. Since January, the firm expected that the global oil prices will remain weak over the medium term and hinted several downgrades in the upcoming few months.

Shell Finance Netherlands Bv, a subsidiary of Royal Dutch Shell – formed for the sole purpose of issuing debt – also had its issuer rating cut from “Aa1” to “Aa2”. Moreover, Shell’s US-based subsidiary, Shell Oil Company, also got its issuer rating cut from “Aa2” to “Aa3” and has been assigned a Negative outlook.

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Siemens, Mossack Fonseca and Shell

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By John Donovan

It’s interesting to note that there seem to be parallels between Siemens (mired in the Panama Papers scandal) and Shell.

A few years ago, Siemens was prosecuted for bribery, and some of their senior employees were jailed. It was suspected that some of the funds provided by Siemens for the bribes were kept by the Siemens executives involved, but lack of evidence prevented the executives involved from being prosecuted. 

The amounts involved in the Siemens cases were tiny in comparison with Shell’s OPL 245 payments, but were funnelled through Mossack Fonseca. 

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GE starts production on Shell’s Prelude risers, must withstand a 1-in-10,000-year cyclonic event

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Screen Shot 2016-02-17 at 08.47.47Written by Rita Brown – 11/04/2016 7:38 am

GE Oil & Gas today confirmed it had started production on four high pressure, high temperature dynamic flexible risers destined for Shell’s Prelude, the world’s largest offshore floating facility.

The firm is building them to survive a 1-in-10,000-year cyclonic event, according to the contract spec.

GE will complete the work at its facility in Newcastle, UK, where it has invested more than $21million to expand its production carousel capacity to accommodate the giant kit. They must also be able to withstand high pressures, high operating temperatures, the potential for cold shut-downs and rapid depressurisation.

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$200 Million Diverted To Italian Accounts In Malabu Scandal, Italian Sources Say

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An Italian oil company operating in Nigeria, Eni, has been found to have ‘diverted’ 200 million USD into Italy, according to Italian sources. According to Italian authorities the diversion is connected to the 2011 Malabu oil scandal involving Shell, Eni, and the Nigerian government. 

It would be recalled that OPL 245, one of the richest oil blocs in Africa, was awarded to Malabu Oil and Gas Ltd. in 1998 by former Minister of Petroleum Dan Etete from the Sani Abacha administration. The deal was authorized by former Attorney General Mohammed Adoke and former Minister for Petroleum Resources Diezani Alison-Madueke. The two have been investigated by the Economic and Financial Crimes Commission (EFCC) but have been on the run. 

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Moody’s downgrades Royal Dutch Shell to Aa2 negative outlook

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Markets | Fri Apr 8, 2016

* Moody’s downgrades Royal Dutch Shell to aa2; negative outlook

* Ratings downgrades and negative outlook reflect Shell’s elevated leverage following the BG acquisition

* Under a low oil price scenario, we expect Shell to generate negative free cash flow at least through 2017

* Downgrade of Shell’s ratings is driven by expectations of negative free cash flow and weaker cash flow-based metrics at least through 2017

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Lower oil without higher growth

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Screen Shot 2016-03-28 at 11.17.16By Ed Crooks: April 8, 2016

The failure of falling oil prices to give much of a boost to global growth has been one of the big issues in the world economy this year. The FT’s Chris Giles gave a magisterial overview of why oil has been the shot in the arm that missed its target, although he raised the more cheerful possibility that the stimulus may simply be deferred until next year.

The correlation between oil prices and share prices has remained in full effect, even though an unexpected drop in US crude inventories boosted oil for a while. Brent crude began Friday at about $40 per barrel, up 48 per cent from its low point in January, but still down 65 per cent from its peak in June 2014.

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Why I Wouldn’t Touch Royal Dutch Shell Plc & Tullow Oil plc With A Bargepole!

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Screen Shot 2016-03-15 at 10.34.57By The Motley Fool  Apr 8, 2016

Investor appetite for the fossil fuel sector has died down in recent days amid a fresh dip in crude prices.

After moving back above the $40 per barrel marker last month, Brent values have subsequently run out of steam as enduring fears over supply/demand imbalances have come to the fore again.

Oil producers like Shell (LSE: RDSB) and Tullow Oil(LSE: TLW) have been carried higher following Brent’s surge from January’s multi-year lows of $27.67. But with ‘black gold’ back on the defensive, I reckon oil companies big and small are back in danger of a huge share price reversal.

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Shell under pressure to reduce spending

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Markets | Fri Apr 8, 2016 3:05am EDT

By Ron Bousso

LONDON, April 8 Royal Dutch Shell is under pressure from shareholders to cut annual spending below $30 billion after buying BG Group to ensure it can maintain its dividend given the slow oil price recovery.

Shell and other large oil companies slashed budgets, scrapped huge projects and cut tens of thousands of jobs last year in the face of a slump in oil prices from a June 2014 peak of nearly $116 a barrel to below $40.

Shell reduced spending by $8.4 billion to $28.9 billion last year and for the first time in more than three decades global capital spending in the oil and gas industry, known as capex, is set to fall for a second year in a row.

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Shell Accused of Fraud

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April 8, 2016

SAN JUAN, Puerto Rico — A US District Judge overseeing a class-action lawsuit against Puerto Rico Electric Power Authority (PREPA) and the world’s largest fuel oil suppliers for perpetuating an extensive fuel oil fraud has upheld claims that the defendants violated the Racketeer Influenced and Corrupt Organizations Act (RICO) and denied motions to dismiss the suit.

According to Hagens Berman, a consumer-rights class-action law firm, the order from Judge Jay Garcia-Gregory on Tuesday denied motions to dismiss from the majority of the suit’s 20 defendants, allowing RICO claims to continue against PREPA, Shell Oil, Petrobras, Alchem and various other laboratories and fuel oil suppliers.

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Shell is streamlining its operations in Malaysia and Norway following its merger with BG Group

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By Micheal Kaufman on Apr 6, 2016

Royal Dutch Shell plc (ADR) (NYSE:RDS.A) has shipped a cargo of Bintulu condensate from Malaysia to New Orleans, Louisiana, Reuters reported citing a trade source familiar with the matter. This is the first time that the US is importing this type of a condensate from Malaysia.

According to news sources, the Polaris, vessel containing 200,000 barrels of the offshore oil produced by the Malaysian state oil giant, Petronas, left the Malaysian terminal in February. The tanker stopped at Singaporean port, before heading towards Louisiana.

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Shell investigated over $1 billion corrupt oil deal

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Screen Shot 2016-03-30 at 13.04.33Shell investigated over $1 billion corrupt oil deal

Vanessa Amaral-Rogers: 4th April 2016

Italian prosecutors have raided Shell’s offices to investigate the suspicious acquisition of a huge offshore oil field in Nigeria, writes Vanessa Amaral-Rogers. The oil block, sold by the Government for $20 million to a shell company owned by the oil minister, was later acquired for $1.1 billion by Shell and Eni.

Royal Dutch Shell, the world’s second largest oil company, and Italy’s Eni have been put under formal investigation by the Milan Public Prosecutor’s office for ‘international corruption’ offences.

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Shell pulls out of Arctic-focused exploration oil licensing round in Norway

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Business | Mon Apr 4, 2016 3:01pm BST

Oil major Royal Dutch Shell (RDSa.L) has pulled its application from Norway’s Arctic-focused oil licensing round, the firm said on Monday, in a blow to the Nordic country’s ambitions to explore for oil and gas in its northern offshore areas.

“The decision is part of an optimisation of Shell’s global portfolio following the acquisition of BG and a persistently low oil price,” the company’s Norwegian unit said in a statement. “Norway remains one of our core areas.”

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Enter Shell’s Bright Ideas Challenge – Win up to £5,000 in just 2.5 hours!

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Screen Shot 2016-04-04 at 18.18.08Written by Energy Reporter – 04/04/2016 6:00 am

What will cities look like in 2050? How will they be powered to be vibrant, healthy and clean places to live? That’s the question Shell is posing to secondary students, aged 11-14, through The Bright Ideas Challenge, their new cross-curricular schools competition.

Shell has supported science, technology, engineering and maths (STEM) education in the UK for over 60 years. As part of their on-going work, they’re inviting students across Great Britain to participate in a brand new schools competition that will tap into the curiosity and ingenuity of the scientists and engineers of the future.

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Maersk Oil considers abandoning Tyra East and Tyra West fields in the Danish North Sea

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Screen Shot 2016-03-15 at 10.34.57Monday, Apr 04, 2016

Maersk Oil has today issued a notification to the Danish gas market. The notification announces that production from Tyra East and Tyra West in the Danish North Sea will cease on 1 October 2018, if an economically viable solution for continued operations is not identified during 2016. Under EU regulatory requirements, a decision to end production must be notified to the market in a timely manner.

The Tyra facilities are approaching the end of their operational life due to a combination of more than 30 years of production and subsidence of the underground chalk reservoir, reducing the gap between the facilities and the sea.

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Sideways moves

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By Ed Crooks: April 1, 2016

Oil prices went sideways all week, with Brent crude edging up above $40 on Thursday.  Hedge funds have made record bets on rising crude prices, but everyone is still watching prospects for the scheduled meeting of Opec and non-Opec oil producers in Doha, Qatar on April 17. Qatar’s oil minister said 12 countries had so far agreed to attend, including most Opec members and Russia. Reuters provided a useful factbox on the countries that could be present at the meeting.  Ecuador is one of the Opec members trying to persuade non-member countries to join in a commitment to freeze production.

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Royal Dutch Shell Limiting Investment in Chinese Shale Gas

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By Muhammad Ali Khawar on Apr 3, 2016

Royal Dutch Shell plc. (ADR) (NYSE:RDS.A) unlike BP plc. (ADR) (NYSE:BP) is looking less enthusiastic for the exploration and production of shale gas. As reported by Bloomberg, Shell has indicated that it is not pursuing with the development of the Fushun-Yongchuan shale gas block in the China’s Sichuan province.

The news comes following BP and China National Petroleum Corporation (CNPC) latest deal for shale gas exploration in the country. Both the parties signed a production sharing contract (PSC) for shale gas exploration, development, and production in China’s Nejiang-Dazu block in the Sichuan basin.

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Shell Ukraine head moves on after challenging tour of duty in Ukraine

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Shell Ukraine head moves on after challenging tour of duty in Ukraine

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Screen Shot 2016-03-15 at 10.34.57Apr. 02, 2016

After four years in Kyiv, Graham Tiley, Shell’s country chairman in Ukraine, is moving on to a new post in London.

Peter Kerekgyarto, Shell’s operations manager for Central and Eastern Europe, will assume the post of Ukraine country head as well as general manager of the retail business as of April 1.

Tiley was also the chairman of the board of the American Chamber of Commerce, and was replaced by Steven Fisher, CEO of Citibank Ukraine, on March 31.

Before the EuroMaidan Revolution in 2013, Ukraine was poised to become the world’s next exploration success story. Some of the world’s largest oil and gas companies, Shell, Chevron, Eni and ExxonMobil, entered the market, committing to invest millions of dollars into the industry.

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Sir Henri Deterding and the Nazi History of Royal Dutch Shell: Evil Conduct in Nigeria

Screen Shot 2016-04-01 at 13.31.00Extract from the Kindle Edition of my ebook: Sir Henri Deterding and the Nazi History of Royal Dutch Shell

Now available to purchase on Amazon.comAmazon.co.uk; Amazon.de;

And around the world including: Amazon.nlAmazon.frAmazon.es; Amazon.it; Amazon.ca; Amazon.com.au;

As stated in the ebook, in July 2015, an investigator visited me seeking advice and information in connection with the OPL 245 scandal. I was pleased to assist.

FROM PAGES 165 & 166 under the heading: Shell Corruption, Spying, and Pollution in Nigeria

Screen Shot 2016-03-30 at 13.04.33In the 1990’s Shell had a close relationship with the corrupt Nigerian dictator, General Sani Abacha, during Shell’s plunder and pollution of the Niger Delta. The corruption continued in more recent times. In November 2010, the US Securities and Exchange Commission announced settlements with freight forwarding company Panalpina, Inc. and six other companies in the oil services industry that violated the US Foreign Corrupt Practices Act. Royal Dutch Shell was one of the companies. Shell agreed to a cease-and-desist order to pay disgorgement and prejudgment interest of over $18 million plus a criminal fine of $30 million.

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Safe sex in Nigeria

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By John Donovan

Safe Sex in Nigeria” was one of the best articles about the unfolding OPL 245 corruption scandal.  

It was published by the Economist in June 2013.

In particular, the timeline graphic at the beginning of the article shows where the blame probably lies:

Three things come from this:

(1) The machinations and intrigue go back much further than 2011

(2) ENI’s role appears to be relatively minor in comparison with that of Shell

(3) This saga dates back to the days of Phil Watts and Walter vd Vijver

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$180m Halliburton Probe: EFCC Boss, AGF In U.S.

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$180m Halliburton Probe: EFCC Boss, AGF In U.S.

Two Federal Government officials have gone to the United States for talks on President Muhammadu Buhari’s anti-corruption war. “Certainly, the agenda will include some issues like the $180million Halliburton bribery scandal, the $2b Malabu Oil deal…

BY THE NATIONMAR 31, 2016

Attorney-General of the Federation (AGF) and Justice Minister Abubakar Malami and Economic and Financial Crimes Commission (EFCC) Chair Ibrahim Magu are in the United States, barely two weeks after a similar trip to the United Arab Emirates (UAE) where about $200b looted funds are believed to have been stashed away by former public officers.

On the agenda are likely to be the extent of the war against graft,  how to repatriate looted funds, the fate of fleeing former public officers, the $180million Halliburton bribery scandal and the $2billion Malabu Oil deal.

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ROYAL DUTCH SHELL CORRUPTION IN NIGERIA: US SECURITIES AND EXCHANGE COMMISSION CEASE AND DESIST ORDER 

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Screen Shot 2016-03-30 at 13.04.33By John Donovan: 1 April 2016

There is nothing new about Royal Dutch Shell violating the anti-bribery provisions of the U.S. Foreign Corrupt Practices Act in Nigeria.

Ben van Beurden, the current Chief Executive of Royal Dutch Shell is fully conversant with a Cease and Desist Order issued by the U.S. Securities and Exchange Commission.  

The Cease and Desist Order is genuine. 

HERE IS A SUMMARY

This matter concerns violations of the anti-bribery provisions of the Foreign Corrupt Practices Act (“FCPA”) by Respondent SIEP and the record keeping and internal controls provisions of the FCPA by Respondent Shell. From September 2002 through November 2005, SIEP, on behalf of Shell, authorized the reimbursement or continued use of services provided by a company acting as a customs broker that involved suspicious payments of approximately $3.5 million to officials of the Nigerian Customs Service in order to obtain preferential treatment during the customs process for the purpose of assisting Shell in obtaining or retaining business in Nigeria on Shell’s Bonga Project. As a result of these payments, Shell profited in the amount of approximately $14 million. None of the improper payments was accurately reflected in Shell’s books and records, nor was Shell’s system of internal accounting controls adequate at the time to detect and prevent these suspicious payments.

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Italy Probes Shell’s Role in Purchase of Nigerian Oil Block

Screen Shot 2016-03-31 at 21.20.56Shell and the Italian oil firm Eni bought the block known as OPL 245 in 2011. Activists including the watchdog group Global Witness say the money ultimately went to a company secretly owned by a former Nigerian oil minister and never reached state coffers.

Global Witness and other groups filed a complaint in 2015 with the public prosecutor in Milan that the group says describes Shell’s role in the transaction.

Eni was already being investigated. Both firms have denied wrongdoing.

In a statement this week, Shell said officials searched its headquarters in The Hague in February and that it was cooperating with officials.

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Shell target of Nigerian corruption probe

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Screen Shot 2016-03-30 at 13.04.33Global Witness said Dutch supermajor and its partners exposed shareholders to risk.

By Daniel J. Graeber

LONDON, March 31 (UPI) — Transparency advocates said Royal Dutch Shell and its partners in Nigeria may have exposed shareholders to a high level of risk in a corrupt system.

Global Witness said it was joining Nigerian anti-corruption campaigners in working to expose what they say is an opaque corporate reputation in the country. Global Witness Director Simon Taylor said that, working with Italian energy company Eni, the Dutch supermajor was stained by corruption.

“Shell and Eni exposed their investors to massive risks and have been tainted by this theft from Nigerian citizens,” he said in a statement.

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