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Posts Tagged ‘Oil’

Nigeria sues JP Morgan for $875 million over Malabu oilfield deal

Late last year, a Milan judge ruled that Shell and Eni must stand trial in Italy… 

Libby George, Julia Payne: 18 JAN 2018 LONDON (Reuters) – Nigeria has filed a claim against JP Morgan Chase for more than $875 million, accusing it of negligence in transferring funds from a disputed 2011 oilfield deal to a company controlled by the country’s former oil minister.

A spokeswoman for JP Morgan dismissed the accusation on Thursday, saying the firm “considers the allegations made in the claim to be unsubstantiated and without merit”.

The suit filed in British courts relates to a purchase of the offshore OPL 245 oilfield in Nigeria by oil majors Royal Dutch Shell and Eni in 2011.

At the core of the case is a $1.3 billion payment from Shell and Eni to secure the block that the lawsuit says was deposited into a Nigerian government escrow account managed by JP Morgan. read more

Shell’s Trading Arm Bags Stake In London-Based Blockchain Start-Up

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Oil giant Royal Dutch Shell’s trading arm Shell Trading International made a significant move into blockchain development on Thursday (18 January) by bagging a minority stake in London, U.K.-based start-up Applied Blockchain. In the simplest of terms, a blockchain is akin to a digitally distributed ledger that can be replicated and spread across many nodes in a peer-to-peer network, thereby minimising the need for oversight and governance of a single ledger. It is being actively pursued by several energy traders among others. Along with Shell Trading International, Caliberate Partners would also be taking a minority stake in the start-up founded in 2015 in London’s Level39 Fintech Accelerator. FULL ARTICLE read more

Shady triangle: Southeast Asia’s illegal fuel market

FILE PHOTO: A bird’s-eye view of ships along the coast in Singapore July 9, 2017. REUTERS/Jorge Silva/File Photo
Henning Gloystein, John Geddie: JAN 18, 2018 SINGAPORE (Reuters) – An alleged oil heist in Singapore that has already led to 20 arrests, the seizure of at least one tanker and allegations that thieves siphoned thousands of tonnes of fuel from Shell’s biggest refinery is shining a spotlight on an illegal trade worth tens of billions of dollars worldwide. Working routes in a triangle of sea anchored by Thailand, Vietnam and Singapore and encompassing the oil facilities of Malaysia, the smugglers take advantage of a difficult-to-patrol sea and enticing black market prices, experts say. The suspects in the latest case are accused of stealing oil from Royal Dutch Shell’s (RDSa.L) Pulau Bukom refinery, often during business hours, and distributing it around the region. FULL ARTICLE

CAN BIG OIL BE SUED FOR CAUSING GLOBAL WARMING?

BY

New York City and a number of California municipalities, including San Francisco and Oakland, have filed lawsuits against five major oil companies—BP, Chevron, ConocoPhillips, Exxon Mobil, and Royal Dutch Shell—for contributing to the increased risk of global warming.

These complaints cite recent scientific reports that project that sea levels will rise from 0.2 meters to 2.0 meters (or 0.66 to 6.6 feet) by 2100, with a major loss of land surface area and serious climate disruptions. read more

Shell and BP to Buy Libyan Oil as Country Recovers

Royal Dutch Shell Plc and BP Plc agreed annual deals to buy Libyan crude, underscoring how the North African country’s recovering production and improving security are enticing some of the world’s largest oil companies. Shell’s deal with Libya’s National Oil Corp. was the first of its kind since 2013 and Europe’s biggest oil company will load its first cargo under the contract within days, according to people familiar with the matter, who asked not to be identified because they’re not authorized to talk to the media. BP, which didn’t have a term deal in 2017, also reached an agreement for this year, the people said. FULL ARTICLE read more

Shell reprimanded over Brent Bravo leak

The UK’s workplace safety watchdog has reprimanded Shell following a gas leak on the Brent Bravo platform in November.

Written by

The Health and Safety Executive (HSE) said Shell has failed to “prevent the uncontrolled release of flammable or explosive substances”.

Its inspector accused the oil major of failing to ensure valves on the rig were kept in “efficient working order and in good repair”.

Shell has been given until March 8 to comply with the improvement notice.

A spokesman for Shell UK said: “Shell UK can confirm that we were issued with an HSE improvement notice on 8th December 2017 in relation to a small hydrocarbon release on our Brent Bravo platform in the North Sea. read more

Shell Takes a Last Exit From Mideast Oil — WSJ

By Sarah Kent and Benoit Faucon

LONDON — Royal Dutch Shell PLC is giving up on its last oil fields in Iraq, leaving the world’s second-biggest oil company with a dwindling footprint in the Middle East — a region it helped build into a petroleum powerhouse. Shell said Monday it is selling for an undisclosed amount a stake in the West Qurna 1 oil field in Iraq to Japan’s Itochu Corp., the latest step in a gradual retreat from the region. The company is also expected to give up its holding in Iraq’s Majnoon oil field later this year, though it will retain its natural-gas interests in the country. FULL ARTICLE read more

U.S. oil industry set to break record, upend global trade

Liz Hampton: 16 JAN 2018

HOUSTON (Reuters) – Surging shale production is poised to push U.S. oil output to more than 10 million barrels per day – toppling a record set in 1970 and crossing a threshold few could have imagined even a decade ago. And this new record, expected within days, likely won’t last long. The U.S. government forecasts that the nation’s production will climb to 11 million barrels a day by late 2019, a level that would rival Russia, the world’s top producer. FULL ARTICLE read more

AMNESTY INTERNATIONAL SAYS SHELL UNDERSTOOD THE RISKS OF CALLING FOR MILITARY INTERVENTION IN THE NIGER DELTA

The police officers, using guns and grenades, killed 80 people…

Extract from pages 8 & 9 of an Amnesty International document headed: “A CRIMINAL ENTERPRISE? SHELL’S INVOLVEMENT IN HUMAN RIGHTS VIOLATIONS IN NIGERIA IN THE 1990s”

Under Executive Summary.

SHELL UNDERSTOOD THE RISKS OF CALLING FOR MILITARY INTERVENTION

There is irrefutable evidence that Shell knew that the Nigerian security forces committed grave violations when they were deployed to address community protests. The company knew the risks since at least 1990, when Shell called for the assistance of a paramilitary police unit to deal with peaceful protestors at Umuechem village, also in the Niger Delta. According to an official enquiry, the police descended on the community, “like an invading army that had vowed to take the last drop of the enemy’s blood.” The police officers, using guns and grenades, killed 80 people. read more

FACTBOX-Shell oil heist: the story so far

John Geddie, Fathin Ungku: JAN 16, 2018 SINGAPORE, Jan 16 (Reuters) – Singapore authorities say they have uncovered a complex, cross-border scheme to steal large quantities of oil from Shell’s biggest refinery. Their investigations have so far entangled several international companies in incidents going back months. Fourteen men face charges, the latest of which were announced on Tuesday. Police have also seized an oil tanker and millions of dollars in cash, and frozen suspects’ bank accounts. And there could be more arrests. Shell first contacted the authorities in August 2017 about suspected theft at its Pulau Bukom site, just south of the country’s main island.

Here’s what we know so far:

Shell commissions new oil-production vessel in UK North Sea field

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 read more

Shell agrees to sell its stake in Iraq’s West Qurna 1 oilfield to Japan’s Itochu

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. read more

Shell delivers ‘significant boost’ with Penguins call, Scottish Government says

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

Shell OKs first UK North Sea project in six years

Ron Rousso: JAN 15, 2018

LONDON (Reuters) – Royal Dutch Shell gave the green light on Monday for an expansion of the Penguins oil and gas field in the UK North Sea, its first major new project in the ageing basin in six years. Shell said the development, which includes the construction of a floating production, storage and offloading (FPSO) vessel, reaffirmed the Anglo-Dutch company’s commitment to the region after it sold around half of its assets there last year. “Penguins demonstrates the importance of Shell’s North Sea assets to the company’s upstream portfolio,” said Andy Brown, director of Shell’s oil and gas production, known as upstream. FULL ARTICLE read more

SHELL DEFAMATION PROCEEDINGS AGAINST SHELL WHISTLEBLOWER DR JOHN HUONG

Extracts from the ebook “John Donovan, Shell’s Nightmare” (now available on Amazon websites globally)

(BACKGROUND INFORMATION ABOUT SHELL’S EPIC 25 YEAR FEUD WITH JOHN DONOVAN – which puts the extracts below in overall context.)

Shell Production Geologist turned whistleblower, Dr. John Huong

From pages 51 & 52

Extracts Begin

SHELL DEFAMATION PROCEEDINGS INVOLVING OUR WEBSITE

In June 2004, we published information supplied to us by Dr. John Huong, a Shell Malaysia Production Geologist who had worked for the company for decades. He was probably the first Shell employee to blow the whistle internally on the Shell reserves fraud, described on BBC TV as the biggest fraud in history.

I put Dr. Huong into contact with the New York lawyers acting for the lead plaintiffs in a related Shell shareholder class action in which our website played an important facilitating role. read more

Singapore charges three more suspects in Shell refinery oil heist

Police have seized millions of dollars in cash…

JOHN GEDDIE: JAN 13, 2018

SINGAPORE (Reuters) – A Singapore court on Saturday charged three men suspected of involvement in large-scale oil theft at Shell’s biggest refinery, days after bringing charges against 11 under an extensive probe by authorities in the city state.

The Singapore subsidiary of Royal Dutch Shell Plc first contacted the authorities in August 2017 about theft at its Pulau Bukom industrial site, just south of the country’s main island.

Police have seized millions of dollars in cash and a small tanker in the sting operation involving simultaneous raids across Singapore, one of the world’s most important oil trading centers and a major refinery hub. read more

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