Oil stocks dive on falling demand worries

Cambo: Future of North Sea Oil: Selection of Comments posted on the Telegraph article Future of North Sea oil in doubt as Shell pulls the plug on Cambo

John Atkins

The oil will not go anywhere. Leave it there until Britain has a generation of inhabitants that appreciate it. Meanwhile the present numpty generation can cope with windmill energy and 51'N solar.

David Tallboys

Fortunately the Japanese have seen sense and are encouraging new oil and gas projects: Government officials have been quietly urging trading houses, refiners and utilities to slow down their move away from fossil fuels, and even encouraging new investments in oil-and-gas projects.

Robin Beckett

Shell won't care too much, they have exploration and new developments going on worldwide, as do the other big oil and gas companies. Gas/petrol was $2.76 a gallon in Texas yesterday, that's 15c down on earlier in the week.

colin whyte

Am I missing something here? Wasn't Scotland's financial state based on oil/gas receipts during their last independence referendum? I'm to suspect that Krankie now realises independence is a no go so is doing her utmost to trash the Nation. Nice to be able to turn down a thousand jobs as well.

R Morley

Unless we have zero requirement for oil and gas we have two options: 1) Exploit UK national resources and extract it ourselves 2) Pay another country and import it. It is astonishing/depressing that UK Plc is having its energy policy dictated by a group of juvenile eco extremists.

Stuart Robertson

Few of these green eco nuts were alive or old enough to remember when in the early 1970’s when OPEC put our economy into a tailspin and we started to explore for our own resources. Now thanks to meaningless virtue signally we are about to become even more dependent on foreign powers to keep us warm and our way of life alive. I say meaningless because industry is already working towards transition from fossil fuels but it can’t happen by tomorrow afternoon and meanwhile our friends in Russia and Mid East will be rubbing their hands in glee at our naivety.

Len RMaC

Green activism is a cancer that will erode this country’s competitiveness and our standards of living. Somehow, it needs cutting out before it’s damage has gone too far.

graeme scott

We don’t develop national resources, we don’t develop our infrastructure to cope , we import resources from Qatar and yet we have shale gas in North Yorkshire that will meet our needs for 50 years

John Condon

The ecowarriors use ICE cars possibly Diesel. They probably have gas central heating and ovens. It’s OK according to them to import coal, oil and gas to power these - but we must stop producing fossil fuels ourselves?!?!?! They seem oblivious to the additional transportation costs associated with importation.. They seem oblivious to the strategic risk of trusting Putin and OPEC to maintain supplies and prices. They have essentially put the cart before the horse. FIRST STOP IMPORTS and when coal, oil and gas are no longer needed for fuel and raw materials such as plastic THEN STOP INDIGENOUS SUPPLIES. This is so obvious how come they can’t see it?!?!?!

Clitherow Kid

It will go ahead but with lower public profile investors. Recent projects have seen a slew of equity partners with unrecognised names. The wider picture though is the message it sends to the highly skilled and well paid UK workers in the sector. They represent the jobs that we need to retain, and could be deployed in the urgently needed new nuclear plant developments. Instead it looks like a lot will be relocating to the middle east to be replaced here with what? More Deliveroo cyclists?.

Ogden Nash

Could somebody at the DT please commission a simple piece of research and write an article to show the requirements for electricity should the Government plans come into being - namely that all cars and all domestic heating is converted over to electric. So something like ..... No' of cars is the UK x average mileage x no' of KWh per mile = total KWh required for transport. ( you could even make it optimistic and assume everyone converts to a Nissan Leaf - no more Chelsea Tractors ) Then a similar calculation for homes ... No' of homes x average KWh used per year = Total KWh. Add these together and divide by one of the outputs of a major Nuclear rector, This will show how many more reactors we would need to supply these crazy ideas.

Oil giant has pulled out of the Cambo field amid lack of support from UK and Scottish governments: Small selection of comments from this Telegraph article

Kathryn Jones

Let me correct that headline for you."victory for Nicola Sturgeon, Saudi Arabia and Russia as Shell walks away..." Fixed it for you.

J Thomas

Oh no! We are going to have to send more charity payments to Scotland under the Barnett formula! Additionally, if no one drills for gas and oil two things will happen. Many of us will freeze to death and the price of oil and gas will zoom upwards to include what I call G.T.T. The Greta Thunberg Tax!

Kelland Hutchence

Well done Shell! At least the oil and gas will still be there to be exploited when all this fake climate crisis is revealed for what it really is.

Ian Mclaren

If that's a victory? I'd hate to see what one of her defeats looks like.

Dale Carmichael

I think we going to massively regret this. The eco loons don't care about the decent people this decision will effect.

James Hammett

These people are ridiculous. We are still going to use oil and all its by-products. This makes no positive difference to the country's carbon output, it just means a little more of it will be from burning oil from other countries' oil fields when we could have been drilling our own.

Scot Way

In 2014 gas and oil were the bedrock of an independent Scotland's financial future. Her new stance is mere posturing and destructive towards future jobs and industry. Wind power ain't gonna cut it. She's like rudderless ship being tossed about at sea during a storm.

Echo Fish

Reply to Scot Way - view message Especially if the plan is to sell the energy to the "hated" English. She may well find England finds other independent energy sources.

Steve Graham

It seems that the Scottish economy or jobs dont matter any more to Sturgeon's SNP. While the UK push for a Zero Carbon economy, China are burning everything they can find the push their economy forwards. Mini countries like Scotland need to stop virtue signaling their Green smugness and realise their input is so minute that they are irrelevant in the grand scheme of things.

Andrew Pierce

Your headline describes this as "a victory"! How the hell can this be described as a victory? Anything which reduces our own self-sufficiency, and leaves us more reliant on importing a vital resource from countries who's leaders seek to destroy us can only be described as a monumental own-goal!

Jiminy Cricket

Sturgeon only ‘opposed’ Cambo on the 16th November 2021. Before that she sat on the fence and blamed Boris. Then during Cop26 she realised her mistake and opposed it. Boris is the winner here - he knew that this would be an ‘own goal’ for Sturgeon and the SNP, now in league with the Scottish Green Party who also oppose the Scottish fishing industry. 10000 jobs lost to Scotland and much more. Environmental issues marooned in the in-tray for the Scottish Government- while power cables are still not fixed and people in Scotland are freezing. If that’s a win for Sturgeon I’d like to see her Financial Plan for her Independence Referendum.

BBC ARTICLE: Comments from BBC News Article 15 Nov 2021: Shell plans to move headquarters to the UK

rl: 10:52 15 Nov

If this had been the other way around, this article would have featured prominently in the main news page, rather than under the “Business” section. This is why people question the BBC’s impartiality..

(P.S. I voted remain)

No2EU: 10:54 15 Nov to rl" If this had been the other way around, this article would have featured prominently in the main news page, rather than under the “Business” section.This is why people question the BBC’s impartiality..(P.S. I voted remain) " No2EU replied: And Brexit would be blamed.

Smile dont shout: 10:57 15 Nov

Can't imagine what prompted this move: "Earlier this year, a court in the Netherlands ruled that by 2030 Shell must cut its CO2 emissions by 45% compared to 2019 levels.” This only applies to the Netherlands

greenbird10 11:01 15 Nov to Smile dont shout " Can't imagine what prompted this move:"Earlier this year, a court in the Netherlands ruled that by 2030 Shell must cut its CO2 emissions by 45% compared to 2019 levels."This only applies to the Netherlands " greenbird10 replied: Think that's all the article needed to say to explain the move.

U17881151: 10:48 15 Nov The truth is corporations are concerned about EU bureaucratic interference. We saw with AstraZenica that the EU will block trade if they believe it gives them an advantage. Google and other tech companies are increasingly being fined billions to fund EU wages and pensions. The EU is a bit anti business. It would be better to just focus on trade and creating friendly partnerships.

Arcangel: 10:56 15 Nov to U17881151 " The truth is corporations are concerned about EU bureaucratic interference. We saw with AstraZenica that the EU will block trade if they believe it gives them an advantage. Google and other tech companies are increasingly being fined billions to fund EU wages and pensions. The EU is a bit anti business. It would be better to just focus on trade and creating friendly partnerships. " Arcangel replied: Agreed, but tbh I would rather we were stricter on companies like Shell given they are responsible for a large amount of the worlds pollution

Ditching Dutch: Shell turns its back on Royal Dutch heritage after climate ruling and dividend tax Shell's jumping ship to the UK bids farewell to over 130 years of association with the Dutch monarchy https://www.telegraph.co.uk/business/2021/11/15/turns-back-royal-dutch-heritage-climate-ruling-dividend-tax/

Insider: Joe Lycett should talk to his friend Jimmy Carr about Shell. Jimmy worked in Shell marketing dept during the 1990s at Shell Mex House in the Strand.

Rick K.: All I can say is that I worked on the Rigs onshore and offshore with almost every major oil company in the world. And by far Shell was the best. The most Professional, Safest and I should add treated all the workers the best. The worst BP.

John Donovan: Link for Shell Job Applications: https://www.shell.com/careers.html Shell Fraud and Scam Alert https://www.shell.com/fraud-and-scam-alert.html

USA USA USA: ABOUT TIME! With the continued number of offshore cases, deaths in the office, and impacts on production, it's a simple business decision. Expect a number of offshore folks will complain mightily, but not too different than the complaints for implementation of the life saving rules, flame retardant clothing, drug testing, etc...

COVID - Do the RIGHT THING!: I am sure that the Shell big bosses today had a lot to process with respect to the vaccine requirements. Offshore GOM, about half of the Shell staff based offshore have not "self declared" their vaccination status, while over 95% of the office based staff have. The operations teams have openly commented about the "risk" that people will leave if Shell or USCG required vaccinations for offshore work. On the other side of the coin, shutting in production for a few days on a TLP due to lack of healthy control room operators would suggest that we can afford to find people who will take the shot. There are so many skilled production operators that have lost employment in the last three years... just up the pay and fill the vacancies! Come on Shell do the right thing and make the vaccine a requirement - the safety of the staff has always been stated as the highest value. Any claim that this is a diversity and inclusiveness issue is a completely false narrative. Its like comparing it to respect people who choose to drive without a seatbelt, work at heights without fall protection, or don't wash their hands after using the toilet!

Bonus Group: Self explanatory: https://www.reuters.com/business/energy/shell-weighs-jab-or-job-policy-employees-document-2021-09-09/

exmtv: the 11 refined products terminals. 5 in the northeast most likely to be acquired by Buckeye partners, and the remaining 6 by Motiva. Before the end of the year!

Bogus Group: https://www.rigzone.com/news/tellurian_and_shell_finalize_10year_lng_deal-2-aug-2021-166089-article/?utm_campaign=WEEKLY_2021_08_06&utm_source=GLOBAL_ENG&utm_medium=EM_NW_F5 "Shell welcomed to Driftwood Project", this brings together some old acquaintances and invertebrates.

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