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Posts Tagged ‘Oil’

Shell CEO Doing All to Safeguard Dividends Amid Low Oil Prices

by  Bloomberg: Rakteem Katakey: Tuesday, October 06, 2015 (Bloomberg) — Royal Dutch Shell Plc is “pulling out all the stops to safeguard” its dividend in a world where oil prices remain “lower for longer,” Chief Executive Officer Ben Van Beurden said.  Europe’s biggest oil company is also protecting its plan to buy back shares, Van Beurden said […]

How Nigeria’s Ex-Minister Of Petroleum Madueke Laundered Looted Money, Her Accomplices Revealed

…another avenue of money laundering by the former minister was the controversial Malabu deal in which she, former Attorney General, Mohammed Adoke, and President Goodluck Jonathan may have pocketed close to $2 billion between them. Charing Cross Police Station in London where former Shell Executive Director and subsequently Nigerian Minister of Petroleum Resources, Mrs. Diezani […]

Premium Times: Former Shell Executive Director Arrested in London on Corruption Allegations Involving Over $20bn

  …former board member of Shell Petroleum Development Company of Nigeria… By Bassey Udo: 4 Oct 2015 The Nigerian presidency has confirmed the arrest of a former Petroleum Minister, Diezani Alison-Madueke, in London, over allegations of corruption and money laundering. “The government is aware of the arrest and all the government investigative agencies are working very […]

Aggressive bidding after reserves scandal put Shell on path to Arctic disappointment

$7 billion bust in the Arctic Ocean By Jennifer A. Dlouhy: 5 Oct 2015 WASHINGTON — Shell’s dreams of an Arctic oil bonanza were dashed with disappointing results from a critical exploratory well this summer, but they were in full force seven years ago, when the company aggressively outbid competitors to nab drilling rights in […]

Shell Starts Nigeria Offshore Expansion of Up to 50,000 Barrels

Rakteem Katakey: 5 Oct 2015 Bonga phase 3 oil passes through floating production facility Shell has 55% of Bonga, Exxon 20%, Total, Agip 12.5% each Royal Dutch Shell Plc expanded oil production off Nigeria’s coast by starting the third phase of its Bonga field.  That phase has a peak production capacity of about 50,000 […]

What Shell’s latest move says about Arctic drilling myths

By  Scott L. Montgomery OCTOBER 1, 2015 The company’s departure is certainly a pause in a new era of Arctic exploration, but it’s not the end. After seven years of preparation and several billion dollars spent, Shell has decided to abandon its exploration program in the U.S. Arctic “for the foreseeable future.” This follows barely […]

Nigeria’s ex-oil minister ‘arrested in London’

…one of five people as part of an investigation into suspected bribery and money laundering. $20bn of oil money had gone missing… 2 Oct 2015 Nigeria’s former oil minister Diezani Alison-Madueke has been arrested in London, her family has said. She is believed to be one of five people the UK National Crime Agency said […]

A rig too far

Ben van Beurden, installed as Shell’s chief executive in 2014, could have halted the ill-fated project. But after a “personal journey”, he decided to go ahead. Shell’s retreat from the frozen north shows the new realities of “big oil”: Reputation was another factor in Shell’s retreat Oct 3rd 2015 | HOUSTON | From the print […]

Royal Dutch Shell’s Arctic Bucket Of Ice Has Melted, Yield Is Now North Of 8%

Sep. 29, 2015 Summary * The Burger J well test results were a dud, no major reserves found. * Shell puts Arctic drilling on hold indefinitely, which further reduces future capex. * Dividend yield tops the 8% mark. Royal Dutch Shell (RDS.A / RDS.B) was always upbeat about the prospects of drilling in the Arctic, […]

Shell abandons Alaska Arctic drilling

Terry Macalister: Monday 28 September 2015 18.29 BST Barry Gardiner, Labour’s new shadow minister for energy and climate change, said Shell had been engaged in a fool’s errand. “(Potentially) desecrating one of the world’s last wildernesses shows a complete failure of moral leadership at the head of the company. If his investors are not calling for Ben van […]

Shell move dims oil prospects, delights environmentalists

ANCHORAGE, Alaska (AP) — Royal Dutch Shell has abandoned its long quest to become the first company to produce oil in Alaska’s Arctic waters, darkening the nation’s long-term oil prospects and delighting environmental groups that tried to block the project. After years of effort, Shell is leaving the region “for the foreseeable future” because it […]

Shell pulls plug on Arctic drilling campaign

By ETAIN LAVELLE FOR THE DAILY MAIL: PUBLISHED: 22:22, 28 September 2015 To the delight of eco-warriors worldwide, Shell pulled the plug on its Arctic drilling campaign, taking a £2.7billion hit on the controversial venture that was persistently undermined by the prolonged oil price weakness and fierce opposition from ecological activists. Although an exploratory well showed […]

Shell pulls the plug on Arctic exploration

Mon Sep 28, 2015 6:21am EDT By Karolin Schaps (Reuters) – Royal Dutch Shell has abandoned its Arctic search for oil after failing to find enough crude, a move that will appease environmental campaigners and shareholders who said its project was too expensive and risky. The withdrawal came six weeks after the final U.S. clearance […]

Tapped out? Shell ending Arctic offshore oil exploration after test well disappoints Sept 28, 2015 Royal Dutch Shell said early Monday that it was ceasing offshore oil and gas exploration in Arctic waters after a test well yielded unsatisfactory amounts of oil and gas. The announcement was a huge blow to Shell, which was counting on offshore drilling in Alaska to help it drive future revenue […]

Shell’s Arctic oil well comes up dry

September 28, 2015 | By Jennifer A. Dlouhy WASHINGTON — After spending $7 billion and seven years searching for oil under Arctic waters, Royal Dutch Shell on Monday said its quest had come up dry. Shell announced that its exploratory oil well in the Chukchi Sea north of Alaska encountered “indications of oil and gas” […]

Shell ceases Alaska Arctic drilling after exploratory well disappoints

Associated Press: Monday 28 September 2015 07.04 BST Royal Dutch Shell PLC has said it is ceasing exploration in offshore Alaska for the foreseeable future, saying an exploratory well drilled to 6,800ft (2,100m) found oil and gas but not in sufficient quantities. Shell USA’s president, Marvin Odum, said in an announcement early on Monday in the Netherlands […]

Shell awaiting green light to begin Nova Scotia offshore drilling

Shell says 90 per cent of the supply vessel staff will come from Nova Scotia 25 Sept 2015 Four ships are standing by in Halifax Harbour, waiting for Shell Canada Ltd. to get the green light to hunt for oil in the deep waters of Nova Scotia. The company expects to begin drilling two exploration wells […]

Will Shell-funded Energy Transitions Commission help or hinder the low carbon economy?

By Jessica Shankleman  |  25 Sep 2015 Will Shell-funded Energy Transitions Commission help or hinder the low carbon economy? Oil giant Shell is backing a new organisation that is being set up to lobby governments to step up their investments in low carbon technologies, with the twin aims of boosting economic growth and tackling climate […]

Shell, Statoil among energy companies forging climate advice group

Green Business | Thu Sep 24, 2015  Representatives from energy companies including oil heavyweights Shell and Statoil have joined forces to advise on making cleaner energy decisions, the latest push by energy firms to become more pro-active on climate issues. Shell Chairman Chad Holliday, Statoil Vice-President Bjorn Otto Sverdrup and RWE Chief Executive Peter Terium […]

Giant ‘dying polar bear’ appears outside Shell UK headquarters in protest over Arctic drilling

BY KARA O’NEILL: 21 Sept 2015 A giant dying polar bear has been placed outside the headquarters of oil and gas company Shell in a bid to stop their Arctic drilling programme. British actress Emma Thompson was among the protesters who manoeuvred the three-tone puppet into place, locking six people inside so the bear cannot […]

Shell’s high-risk game in the Arctic

Sunday 20 September 2015  Ben van Beurden, the Shell chief executive, was on a media blitz last week trying to prop up sagging confidence in his ability to keep paying blue-chip dividends while expanding his empire at a time of very low oil prices. The planned takeover of BG Group is an important test of […]


18 September 2015 The short drilling season for oil exploration in U.S. Arctic offshore waters will reach one stopping point Sept. 28 and a complete halt Oct. 31 for Royal Dutch Shell Plc. The company has been drilling since July 30 at the Burger prospect in the Chukchi Sea north of Alaska. If oil is […]

Actors join campaign to draw attention to Arctic issue

By DAN JOLING: 18 Sept 2015 ANCHORAGE, Alaska (AP) — Critics of Arctic offshore petroleum drilling have used climbing gear, kayaks and polar bear costumes to protest industrial activity in the Arctic. They’re now trying humor. Actors Alexander Skarsgard of “True Blood” and Jack McBrayer of “30 Rock,” along with Andy Bichlbaum of “The Yes […]

When Shell senior management had a collective mental health crisis

As New-Age Style Came In, Geology Skills Lost Out; Imitating Jerry Springer Oilmen at a Rainy Playground By CHIP CUMMINS and ALMAR LATOUR Staff Reporters of THE WALL STREET JOURNAL: November 2, 2004 In late 2000, the head of the Dutch exploration unit at Royal Dutch/Shell Group asked his planners to deliver five-minute skits pitching ideas […]

Shell will not sanction Arctic exploration until at least 2020

Kamal Ahmed: Business editor: 17 Sept 2015 As it moves, gingerly, through the first stages of exploration 70 miles off the Alaskan coast, Royal Dutch Shell has revealed its commitment to drilling in the Arctic. And how long it will be before any oil or gas actually comes out of the ground – if at all. […]

Cash-strapped Nigeria to renegotiate contracts with oil majors

By: Carl Surran, SA News Editor: Sept 16, 2015 Nigeria’s state oil company says it plans to renegotiate production sharing agreements with oil majors including Royal Dutch Shell (RDS.A, RDS.B), Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM) and Eni (NYSE:E), as the country has been hit hard by the plunge in global oil prices. “Some of the […]

Jewell says ‘Keep It in the Ground’ movement simplistic, country too reliant on fossil fuels

The Kulluk is an Arctic drill rig owned by Royal Dutch Shell. In 2012, the rig ran aground off Sitkalidak Island near Kodiak Island. The highly publicized incident was used by drilling opponents as an example of Shell’s lack of qualifications to drill in the Arctic. (Photo by Petty Officer 1st Class Sara Francis/U.S. Coast […]

Shell drills dry well in the Norwegian Sea -NPD

Mon Sep 14, 2015 OSLO, Sept 14 (Reuters) – Royal Dutch Shell Plc drilled a dry well in the southern section of the Norwegian Sea, The Norwegian Petroleum Directorate (NPD) said on Monday. This is the first exploration well in production licence 793 awarded in the 2015 pre-defined licensing round (APA), NPD said. Shell, operator […]

Shell exits Prince’s climate group in row over Arctic oil

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Shell bringing world’s deepest floating oil production vessel to Gulf of Mexico

By Jennifer Larino, | The Times-Picayune: 9 Sept 2015 Royal Dutch Shell has launched its first floating oil production, storage and offloading vessel in the Gulf of Mexico. The facility will operate in 9,500 feet of water, making it the deepest of its kind in the world. The vessel — named Turritella after a […]

California Appeals Court Allows Shell $90M Oil Contamination Settlement

Shell’s $90M Oil Harm Deal Nears Win Over Dole Challenge By Daniel Siegal Law360, Los Angeles (September 8, 2015, 9:57 PM ET) — A California appeals court indicated Tuesday it will allow Shell Oil Co.’s $90 million settlement with nearly 1,500 Los Angeles-area residents over oil waste buried under homes built by a Dole Food […]

Shell confirms has canceled Westward Ho pipeline project

HOUSTON | BY KRISTEN HAYS: Tue Sep 8, 2015 Royal Dutch Shell shelved its Louisiana-to-Texas Westward Ho pipeline after years of delays, reductions in scope and after other new pipelines began flowing, a spokeswoman confirmed on Tuesday. “After a thorough review and as a result of changing market conditions, Shell Pipeline Company LP has decided […]

The Ship previously known as Pieter Schelte

Andrew Spurrier: 07 September 2015 Delivery of the 382 m by 124 m offshore platform installation and decommissioning vessel Pioneering Spirit (ex-Pieter Schelde), which was billed as the world’s largest ship when it arrived in Rotterdam in January, has been delayed until next year. The vessel had been expected to come into operation on a contract […]

Why Shares In Royal Dutch Shell Plc Are In Danger Of Shedding Another 17%!

Shell has shed a staggering 37% of its value since Brent’s alarming slump kicked in last summer… I do not believe Shell has yet seen the worst of it… Bad news keeps on coming… By Royston Wild – Monday, 7 September 2015 Eroding market appetite for Royal Dutch Shell (LSE: RDSB) picked up speed in recent weeks thanks […]

Melting Ice Isn’t Opening Arctic to Oil Bonanza

By STEVEN LEE MYERS and CLIFFORD KRAUSS: SEPT. 7, 2015 TERIBERKA, Russia — The warming Arctic should already have transformed this impoverished fishing village on the coast of the Barents Sea. The Kremlin spent billions in the last decade in hopes of turning it into a northern hub of its global energy powerhouse, Gazprom. It was […]

Shell Oil president reports progress in Arctic offshore drilling off Alaska’s

The Arctic ecosystem is already weakened because the ice is melting, yet Shell is willing to risk an oil spill there that they wouldn’t be able to clean up. By Mo Ahmad – September 4, 2015 Alaska’s fiscal crisis seemed unimaginable only a few years ago when oil fields in the North Slope brought in […]

Court Says Chevron Can Be Pursued in Canada Over Ecuadorean Damage

By IAN AUSTEN and CLIFFORD KRAUSS: A version of this article appears in print on September 5, 2015, on page B2 of the New York edition The Supreme Court of Canada ruled on Friday that a group of Ecuadoreans can use an Ontario court in an attempt to collect billions of dollars from Chevron for environmental […]

What’s at stake for Alaska in Shell’s Arctic exploration? Plenty

The Transocean Polar Pioneer sits in the Chukchi Sea on Aug. 5, 2015 Paul Fuhs: September 2, 2015 A lot has been said by many people about Shell’s Arctic drilling program but I have yet to see a real analysis of what it would mean for Alaska and our people. Some have said: “Well, it is […]

Exxon Mobil Corporation, Chevron Corporation, BP And Royal Dutch Shell Face Challenging Dividend Environment

Bidness Etc sheds light on the challenges for companies like Exxon, Chevron, BP, Royal Dutch Shell, and Total SA in sustaining dividend payouts amidst depressed crude oil prices By: MICHEAL KAUFMAN: Sep 1, 2015  Crude prices have dropped more than 50% since the highs of June last year, following weak Chinese demand and a global supply […]

Shell Arctic Drilling Plans

By: MICHEAL KAUFMAN: Sep 1, 2015 Royal Dutch Shell Plc’s (ADR) (NYSE:RDS.A) drilling operations in the Arctic had been temporarily halted due to adverse weather conditions in the region. The company has now resumed part of its operations and has also indicated that drilling plans will continue in full swing once the company completes a comprehensive […]