Spending on oil and gas projects collapses

Bogus Group: 330 job cuts in Aberdeen, with the new rhetoric by a Shell 'spokesperson', "this intends to ensure we are set up to thrive throughout the energy transition and be a simpler organisation". https://www.upstreamonline.com/exploration/330-job-cuts-oil-giant-shell-lays-out-losses-to-uk-team/2-1-942991

PRELUDE WHITE ELEPHANT: Shell has not revealed the cost of Prelude but analysts estimate the price tag has ballooned to as much as A$17bn ($13bn). The Anglo-Dutch company reported $9bn in impairment charges on its Australian gas assets in the second and third quarters of 2020. https://www.ft.com/content/6ba54787-6d21-48d2-93b2-273cdcf48455

Peter Voser: The recent invasion of the US Capitol puts Trump's visit to Shell's Chemical plant in Pennsylvania in August 2019 in a completely different perspective. It's now appropriate to state that Shell has provided a political platform and support in kind to POTUS. Supporting political activities, providing facilities for political rallies and bribing a senior government official are a violation of Shell's own business principles and Code of Conduct. Various individuals have lodged complaints with the Shell global helpline alleging improper business conduct involving the RDS Chairman, the US Country Chair, US government relations and others. These have all been dismissed as "reporters expressing a political view". Shell should re-open the case and seek appropriate consequence management against those involved. But I suspect the perpetrators are the so-called untouchables to whom the business principles and code of conduct are not applicable. Shame on the Head of BID for not having the guts to take this further.

In reply to Peter Voser.

REPLY FROM JOHN DONOVAN

If you have any evidence to support your allegations, please email it to me via the email address on our Contact Us page and I will give Shell the opportunity to comment before publishing it all.

Bye bye Chad & Ben: Looking forward to your February “Strategic”’utterances. Also look forward to the announcement about your successors as CEO and Chair. A classic case of way too cosy non executive and executive branches. Time to move on from your nonsense! Especially for your employees.

Bonus Group: Shell site seized in Nigeria over unpaid damages. https://www.bloomberg.com/amp/news/articles/2020-12-23/shell-oil-site-seized-by-nigerian-state-over-unpaid-damages

Bonus Group: Shell to write-down assets. https://www.offshore-energy.biz/shell-to-write-down-oil-and-gas-assets-value-by-as-much-as-4-5-billion/

LondonLad: Well “Fletcher” (aka “Escaped from C16Atraz”?) I no longer work in Shell but enjoy their lovely pension. So your crude comment fails to impress. As for Shell and its shareholders having made money from oil & gas I have absolutely now problems. Perhaps you and the likes of “Greta Thunderbirds are go” would prefer that we all lived in caves wearing loin cloths (made of course from animals that have died naturally) and walked everywhere?

Fletcher: LondonLad - you come across as a real Ben van Beurden panty sniffer. You don't happen to work in their spin machine by any chance? Oh and don't forget where Shell and the shareholders have made their money. (clue - it's black and gooey and highly combustible)

LondonLad: Well “Escaped from C16Atraz” you have got your facts wrong. United are 5th with a game in hand - that’s hardly mid-table is it! I bet my friend MUSaint will feel equally annoyed. Saying that “Shell doesn’t care at all about climate change” is also an incorrect statement, akin to some of the waffle that Greenpeace, Extinction Rebellion and even David Attenborough make. I do however agree that it is a shame that more redundancies are on the way but in this Covid environment which company is free of this staffing issue (some of the UK supermarkets perhaps)? As a shareholder I am glad that the senior management is bottom line driven.

Escaped from C16Atraz: There are many parallels to be drawn between Shell and the one unbeatable Manchester United. Both are now mid table. Weak manager, senior players who are arrogant and only play for money, and have got rid of their most hard working players. Shell better get used to mediocrity. It doesn't care at all about climate change but Van Beurden will no doubt continue to sell more of the crown jewels to greenwash its reputation like the loony who heads BP.

Bonus Group: https://amp.theguardian.com/business/2020/nov/30/shell-in-court-over-claims-it-hampered-fossil-fuels-phase-out

USA USA USA: If Prelude is planning to complete a swivel swap out or repair, it is at least 3 months of work. But that is for a typical NS FPSO, the massive Prelude unit is one of a kind. And no spares were manufactured with 2 production paths. (Operating one at temporary high rates could be done.) Based on the news reports it sounds like both production swivels have failed or have leakage into the secondary containment system. Possibly due to the delays in operation? But this is just one piece of the puzzle. Putting the entire upstream processing facility, gas conditioning, liquefaction, storage and export on one site is just asking for problems. You can not comply with NFPA 59A separation distances...

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