Royal Dutch Shell plc .com Rotating Header Image

Posts Tagged ‘Venezuela’

Big companies rue loss of ‘easy oil’

Never have so many oil and gas companies spent so much to produce so little. That’s the challenge facing Exxon Mobil, Royal Dutch Shell, BP, Chevron, Total SA and ConocoPhillips, which will spend a record US$98.7 billion ($127.41 billion) this year on exploration and production, Lehman Brothers Holdings estimates.

Running on empty?

So are the peak oilists right? A series of recent events certainly appears to lend credence to those who argue that the world’s ageing oilfields are being sucked dry amid China’s and India’s determination to lift themselves out of poverty and the west’s reluctance to give up the luxuries of modern oil-dependent life.

The Majors Look West, Again

After years of shunning North America and Europe in favor of exotic locales that promised oil in far greater quantities at a much lower cost, the industry’s largest players have come crawling back. The reason? Those big projects have been difficult to pull off and haven’t made up for declining production in more mature regions like the U.S. Last year the five largest U.S. and British oil companies—ExxonMobil, Royal Dutch Shell (RDSA), BP (BP), Chevron (CVX), and ConocoPhillips (COP), which together account for 11% of worldwide output—saw their oil production slide 3%, to 10 million barrels per day. Those shrinking supplies are one reason that oil now tops $125 a barrel.

Venezuela windfall tax to delay investment: Shell

The imposition of a new windfall oil profits tax will delay a planned expansion of Royal Dutch Shell Plc’s operations in Venezuela, a Shell executive said Tuesday.

The End of OPEC

Churchill’s assessment applies to the current oil situation: this is the beginning of the end of OPEC. That much is obvious; the more interesting question is “why?”

Oil smashes through $126 all time record

NEW YORK (AP) — Oil rose above $126 a barrel for the first time Friday, bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports from the OPEC member. Gas prices, meanwhile, rose above an average $3.67 a gallon at the pump, following oil’s recent path higher.

Shell executive to chair state’s oil and gas association

Frank Glaviano Sr., Shell’s vice president of exploration and production, has been selected as the new Chairman of the Louisiana Mid Continent Oil and Gas Association, the group announced this morning.

Exxon must act to keep an enviable reputation

Whether viewed over the past five years or past 20, Exxon’s total shareholder returns have comfortably exceeded the average of its peers: Royal Dutch Shell, BP and Chevron.

But nobody is perfect…

Oil Wells Refuse to Obey Chávez Commands

THE WALL STREET JOURNAL: Oil Wells Refuse to Obey Chávez Commands Posted 21 May 2005 By MARY ANASTASIA O’GRADY “We have a little problem,” Venezuelan President Hugo Chávez reportedly told Venezuelans on May 3, “and we are fixing it.” The “problem” is the drop in output by the Venezuelan state-owned oil company known as PdVSA. [...]

Oil Firms Under The Gun In Revenue-Hungry Venezuela

THE WALL STREET JOURNAL: Oil Firms Under The Gun In Revenue-Hungry Venezuela Posted 13 May 05 By PETER MILLARD Of DOW JONES NEWSWIRES CARACAS — Venezuelan President Hugo Chavez, intent on getting more money from the oil industry to finance state programs, has sent private firms scrambling to get a grip on tax policy changes. [...]

Venezuela To Bill Oil Firms 4 Yrs Of Back Taxes: Official

THE WALL STREET JOURNAL: Venezuela To Bill Oil Firms 4 Yrs Of Back Taxes: Official Posted 11 May 05 DOW JONES NEWSWIRES CARACAS — Venezuela will charge oil firms four years of back taxes on some operations as the government clamps down on the oil industry, a tax official said Tuesday. Venezuela has been investigating [...]

Chavez: Venezuela May Charge Oil Companies Back Taxes

THE WALL STREET JOURNAL: Chavez: Venezuela May Charge Oil Companies Back Taxes Posted 8 May 2005 DOW JONES NEWSWIRES CARACAS — Venezuela may charge private oil firms a retroactive tax on some fields in the latest attempt to squeeze more money from the oil industry, President Hugo Chavez said Friday evening. Last month Venezuela adjusted [...]