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Thu May 31, 2007 11:54 AM BST
LAGOS, May 31 (Reuters) – Shell’s production of Bonny Light crude oil is still curtailed by 150,000 barrels per day due to a protest at a major pipeline hub which entered its third day on Thursday, a company spokesman said.
The company had previously said that production was “ramping up” on Wednesday, indicating that the protest was ending.
15:55 | 31/ 05/ 2007
YUZHNO-SAKHALINSK (Far East), May 31 (RIA Novosti) – Russian energy giant Gazprom [RTS: GAZP] said it aims to become a major oil and gas producer and distributor on Sakhalin Island in Russia’s Far East.
Alexander Medvedev, deputy chairman of the Gazprom management committee, said Thursday the company was interested in buying the entire gas output under the Sakhalin I project.
The project, operated under a production-sharing agreement by Exxon Neftegas Limited, a subsidiary of U.S. oil major ExxonMobil, is located on Sakhalin’s northeastern shelf, and is expected to bring around $52.2 billion to the Russian budget by 2054, when production is scheduled to end.
Shell and BP – merger and demerger?
By Paddy Briggs
The authoritative oil industry publication “Petroleum Intelligence Weekly” (PIW) has an article about a possible Shell/BP merger in its recent (28th May) edition.
It points to the recent difficulties of both corporations and to the fact that a combined Shell/BP would have a market capitalisation of $465billion – almost identical to ExxonMobil’s £467billion. The PIW article says that the “portfolios of BP and Shell are considered quite complimentary”.
(Copyright © 2007 Energy Intelligence Group, Inc.)
Monday, May 28, 2007
Rumors of a possible tie-up between BP and Royal Dutch Shell have some analysts talking about a new era of megamergers, but is such a scenario plausible?
Roughly five years after the original round of megadeals, the supermajors find themselves struggling to grow output and replace reserves as a result of resource nationalism and limited upstream access. A new wave of consolidation might seem like the answer, but there would be major obstacles, most notably from politicians irate about record oil and gas prices and fearful they erred in clearing the last round of deals.
By BOBBY MAGILL The Daily Sentinel
Thursday, May 31, 2007
An exchange of more than 5,000 acres of land in northwest Colorado between the Colorado Division of Wildlife and Royal Dutch Shell is being hailed by the state as a victory for both hunters and wildlife.
Under the proposal, the DOW will deed 3,108 acres of land and water rights in the Piceance State Wildlife Area in Rio Blanco County to Shell. In exchange, the energy company will transfer to the DOW 1,800 acres between the two parcels of the Oak Ridge State Wildlife Area, which is east of Meeker near the Flat Tops. The transfer will connect the two parcels, increasing Oak Ridge’s size to about 11,100 acres, DOW spokesman Randy Hampton said.
By Tony Hopfinger
(Bloomberg) — Drilling plans by Royal Dutch Shell Plc and other oil companies in Alaska are drawing complaints from activists, fishermen and Eskimos at the International Whaling Commission meeting in Anchorage, Alaska.
Shell and the government haven’t prepared for spills in the Arctic, while exploration will disturb whale habitats, Betsy Goll, a spokeswoman for Alaska Wilderness League, said in a statement. The World Wildlife Fund is opposing U.S. plans to extend the exploration to Bristol Bay in southwestern Alaska by 2011, Margaret Williams, a fund director, told reporters yesterday.
By Angela Macdonald-Smith
May 31 (Bloomberg) — Construction cost increases are threatening Australia’s targeted expansion in liquefied natural gas supply, said Belinda Robinson, chief executive officer of the Australian Petroleum Production and Exploration Association.
The country’s aim to quadruple LNG output by 2017 is “becoming more obviously challenging” than 18 months ago when the goal was set, Robinson said today at the South East Asia Australia Offshore Conference in Darwin.
Published: May 31, 2007
Tankers
LACK of demand is pulling down all tanker markets, especially very large crude carrier rates, with little relief for owners in the short term, writes Martyn Wingrove.
Charter rates are falling for double hulled VLCCs as refinering companies drip-feed the market with inquiries and hold back on chartering tankers.
Good availability of tankers is helping charterers to push down the cost of ship-ping crude to their refineries, but owners will be wondering when demand will pick up.
WILLIAM NSOYOH
Published: May 31, 2007
Four American oil worker hostages seized weeks ago in Nigeria’s restive southern oil heartland were publicly handed over to authorities, as protesters cut exports from Africa’s top petroleum producer.
As journalists looked on Wednesday, a judge who mediated in the dispute escorted the four Chevron Corp subcontractors taken May 9 to the governor’s offices in southern Rivers State where they were handed over to authorities.
U.S. embassy officials were not immediately available for comment.
Shell sponsors children’s book launch to help famous writer rally support to address environmental issues
Published: May 31, 2007
DUBAI, May 30 (DubaiPhotoMedia): Shell, a leading player in the global energy and petrochemicals industry, has announced its sponsorship for the launch of a culturally and environmentally oriented children’s book as part of Shell’s commitment to promote the positive attributes of the UAE and help protect its natural resources.
Famous children’s author Julia Johnson tells of the different species of birds found in the region in a funny and fascinating way that appeals to children in ‘A Bird’s Eye View’, the newest addition to her collection of published books that focuses on the environment and the culture of the UAE. “Shell is delighted to be part of a noble project that informs, entertains and encourages children to actively participate in the protection of the different species of birds found in the country.
Published: May 31, 2007
TURNOVER at Irish Shell hit the 780m mark in the 11-month period before the company was bought out by private equity group Topaz.
Accounts just filed show that Shell’s forecourts racked up sales of 664m to the period ending November 29, 2005, while turnover for the firm’s bitumen and aviation business came in at almost 120m.
The accounts, which cover the period immediately before control of the forecourts passed to Topaz, note that the aviation and bitumen businesses were hived off for a consideration of 43m.
Published: May 31, 2007
A JUDGE yesterday visited the scene of the heated protests near the Corrib Gas terminal in Co Mayo.
Judge Mary Devins travelled to Bellanaboy to assess for herself the terrain along the roadway where, it is alleged, three local men assaulted and obstructed gardai last October.
Before Belmullet District Court are Patrick O’Donnell (49), his son Jonathan (21) and a 21-year-old neighbour, Enda Carey, all from Port Urlin, Ballina.
Patrick O’Donnell, a fisherman, is charged with assaulting and obstructing Sergeant Donal Glennon. Jonathan O’Donnell faces the same charges and a charge of assaulting Garda Barry Byrne, causing him harm.
EXTRACT: …as the Kremlin’s treatment of Yukos, Royal Dutch Shell and BP demonstrate, investors’ money to rebuild Russia is often welcomed, only for the rules to change later on.
Published: May 31 2007 03:00 | Last updated: May 31 2007 03:00
Russia’s recent economic and geopolitical resurgence belies some serious weaknesses at home. One is the country’s ageing electricity system. In his recent address to the Duma, President Vladimir Putin said that, up to 2020, the sector would need new investment of $460bn – equivalent to 34 per cent of Russia’s current, commodity-charged gross domestic product.
EXTRACT: Iran dismissed calls to suspend uranium enrichment on the eve of a vital meeting with the European Union, while protesters forced further disruption to oil production in Nigeria. Shell said 150,000 barrels a day of oil production had been halted after protesters stormed the Bomu pipeline complex, a major artery feeding the Bonny crude export terminal. This was the second attack in a month.
THE ARTICLE
By Chris Flood
Published: May 31 2007 03:00 | Last updated: May 31 2007 03:00
Crude prices remained choppy yesterday after a sharp fall in the previous session as traders wrestled with mixed news concerning oil supplies and ongoing geo-political concerns.
By THE ASSOCIATED PRESS
Published: May 31, 2007
Filed at 12:28 a.m. ET
DALLAS (AP) — Exxon Mobil Corp. on Wednesday reiterated its position that creating far-reaching policies to reduce harmful greenhouse gas emissions is important but premature, even as some shareholders lambasted the oil giant for what they said was an irresponsible and even dangerous environmental stance.
Record profits aside, the world’s largest publicly traded oil company was criticized by a dozen or so of the 450 attending its annual shareholder meeting in a downtown symphony hall. In particular, a number of environmental-minded investors and shareholder activists asked the Irving-based company to set quantitative goals for reducing greenhouse gas emissions and to commit to greater investment in renewable sources of energy.
EXTRACT: “If that makes us not Shell — well, based on my results, I’m kind of glad we’re not Shell,” he said, referring to competitor Royal Dutch Shell.
By REUTERS
DALLAS (Reuters) – Exxon Mobil Corp.
None of the 15 shareholder proposals that were up for approval at the annual meeting received 50 percent of the shareholder vote, but four dealing with pay and governance received at least 40 percent.
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