Exxon Mobil and Royal Dutch Shell have abandoned the planned £1.5bn-£2bn sale of Infineum, their oil additives joint venture, after private equity bids came in below their target price.
July, 2008:
Exxon and Shell drop sale of Infineum joint venture
Shell still assessing damage from Nigerian attacks
"A helicopter overfly confirmed that parts of SPDC's Nembe Creek trunk line were damaged in attacks," Shell spokeswoman in Nigeria Caroline Wittgen said.
Crude Oil Rises a Second Day After Attack on Nigerian Pipeline
Crude oil rose for a second day after Royal Dutch Shell Plc reduced Nigerian production because of an attack on a pipeline by militants.
BP will ‘work to resolve’ Russian dispute as profits jump
BP said this morning that it would continue to try and resolve a dispute with the billionaire shareholders of the company's Russian oil joint venture, as it reported an almost 30pc rise in second-quarter profits.
Shell and ExxonMobil drop plans for Infineum sale
Shell and ExxonMobil have pulled the proposed $3bn (£1.5bn) sale of Infineum, one of the world's largest manufacturers and marketers of lubricant additives that are used in automotive, heavy-duty diesel and marine engines.
BP profits hit record $13.4bn on soaring oil price
July 29, 2008
BP profits hit record $13.4bn on soaring oil price
BP, the British oil giant, unveiled a 23 per cent rise in profits this morning, boosted by record global crude prices.Replacement cost profit, which strips out exceptional items, hit a record $13.44 billion during the first half of the year, up from $10.93 billion a year ago. During the second quarter to June 30, profits rose from $6.48 billion to $6.85 billion this year.
Oil: Campaigners seek an end to production of CO2-intensive ‘unconventional fuels’
Shell said: "The global demand for energy is growing. This will mean greater demand for oil and gas, too. Supplies of accessible, conventional oil and gas cannot keep up with the demand growth. As a result, society has little choice but to add other sources of energy including 'unconventional' fuels like oil sands."
Shell Keen’ on Stake in Australian LNG, Partner Says
Royal Dutch Shell Plc, Europe's biggest oil company, is ``keen'' to acquire a stake and purchase the output from a coal-seam gas based fuel export project in Australia's northeast, said Arrow Energy Ltd., a venture partner.
Oil Trades Near 7-Week Low as OPEC, China Boost Crude Output
The main militant group in Nigeria's oil-rich Niger Delta region said it sabotaged two pipelines today in Rivers state. The Movement for the Emancipation of the Niger Delta said today in an e-mailed statement that the pipelines are located in Kula and Rumuekpe and that it believes they are operated by a unit of Royal Dutch Shell Plc.
Shell Results: expect continued weakness in its refining and marketing business..
The week in business: July 28-Aug 1
Last Updated: 7:33am BST 28/07/2008A guide to company results and meetings, and economic statistics
Tuesday July 29
Oil giant BP is expected to report bumper second-quarter profits buoyed by soaring oil prices. However, investors are getting worried over the future of its Russian TNK-BP joint venture where an escalating shareholder dispute led to the forced exit of chief executive Robert Dudley from Moscow last week. Analysts are forecasting clean net profits of between $7.0bn-$8.20bn, up from $5.3bn last time.
Thursday July 24
Reasons Not to Invest In Russia Are Growing
Russia's failure to cool the gloves-off battle for control over oil company TNK-BP, coupled with Prime Minister Vladimir Putin's outburst toward miner Mechel, slammed the Russian stock markets Friday.
Russia’s Crony Statism
By now, the jilted investor in Russia is a bear-bites-man story. No one who puts serious cash in Vladimir Putin's realm, not least in its flush gas and oil fields, can be surprised to find himself fleeced, run out of town, jailed in a Siberian gulag or worse.
Nigerian militants say 2 more pipelines sabotaged
The Movement for the Emancipation of the Niger Delta leader says Monday's attack on two pipelines owned by a unit of Royal Dutch Shell PLC took place in Nigeria's southern Rivers State.
Mechel and TNK-BP Finish Off Save Haven
In a note to investors Friday, Roland Nash, head of research at Renaissance Capital, said the TNK-BP and Mechel events, combined with the falling oil price, had "finished" Russian equities' "reputation as a safe haven."
TNK-BP Risk Pushing Markets Downward
With its chief executive scuttling off to a secret location, dozens of foreign employees flooding out of the country and the threat of impending court battles, TNK-BP's messy shareholder dispute has helped push Russia's indexes into a downward spin.
Ogoni author, Ben Wuloo Ikari, registers objection to any U.S. or UK military role in Niger Delta
We were forced out by Nigeria for protesting injustice orchestrated by its government and Shell. These injustices have not been corrected or redressed to date. There are as well scores of Niger Deltans, and other Nigerians in the West looking for a brighter future, whereas we are rich in oil and gas back at home.