An agreement was struck under which Malabu would be paid to give up the licence, which would then be sold to Shell and the Italian oil company Eni.
17 Dec 2017
The Nigerian government is suing JP Morgan for $875m (£660m), alleging the Wall Street banking giant acted as the middleman in an illegal oil deal and made payments to a convicted money launderer.
Papers filed with the High Court in London claim that in 2011 the bank transferred money to a company controlled by Dan Etete, a former oil minister in the Nigerian government. He had previously been convicted of money laundering by French courts and is being pursued by Nigerian authorities.read more
NAM has also been in the news of late due to recent evidence implicating the company as the cause of small earthquakes impacting Groningen, a province just north of the former gas field.
December 29, 2017 by Bob Yirka, Phys.org
A team with members from several institutions in the Netherlands has found that the area around a site where a gas explosion occurred in 1965 is still emitting methane gas from the ground into the air. In their paper published in Proceedings of the National Academy of Sciences, the group describes their study of the area and the degree of hazard the gas leak poses.
Back in 1965 a team working for the Dutch Petroleum Company (NAM-a venture between Exxon and Shell) accidentally caused a natural gas explosion at a gas field in Sleen, East Drenthe (in a northeastern part of the Netherlands). The blowout turned the sand in the area to quicksand, and a drilling rig sank and disappeared into the ground. After a period of time, the area was converted into a park. But now, the area is back in the news, because the researchers with this new effort have discovered that the site is still leaking methane. NAM has also been in the news of late due to recent evidence implicating the company as the cause of small earthquakes impacting Groningen, a province just north of the former gas field.read more
Confidential internal documents of Royal Dutch Shell suggest that the oil giant capitalised on the 2011 presidential election to arm-twist the federal government into a “cheap” deal over the sale of the disputed OPL 245.
The international oil company also used an arbitration case it filed with the International Centre for the Settlement of International Disputes (ICSID), an organ of the World Bank, to railroad the government into brokering truce between it and Malabu Oil and Gas Ltd, its estranged erstwhile partner and the original licensee.read more
Oil exploration in U.S. Arctic waters got underway this week with the spudding of a new oil well from the man-made Spy Island in the Beaufort Sea. Eni began drilling the new well off the north coast of Alaska, becoming the first company to do so since 2015.The well is expected to be over six miles (10 kilometers) long, and the project could result in oil production levels of 20,000 barrels a day. Eni is working with Royal Dutch Shell and plans to drill two exploration wells plus two potential sidetrack wells over the next two years. FULL ARTICLEread more
God didn’t die in 2017, but he did throw his hands up. Andy Hall, the oil trader blessed with that nickname, caused a stir this summer by closing down his main hedge fund after long arguing for oil prices to rally and reportedly suffering big losses. Hall didn’t declare oil was dead; indeed, he warned his withdrawal could be a contrarian signal (which turned out to be prescient). Hall’s capitulation was a warning of a different kind. And while it may be mere coincidence, the appearance of something called OilCoin four months after God bowed out is a fitting coda. FULL ARTICLEread more
Reporting by Dmitry Zhdannikov and Julia Payne; Editing by Elaine Hardcastle and Mark Potter: December 28, 2017
LONDON (Reuters) – Britain’s biggest and most important oil and gas pipeline Forties should resume normal flows around the new year, slightly earlier than previously flagged, its operator Ineos said on Thursday. Ineos had previously expected the pipeline, which suffered a rare unplanned shutdown because of a crack, to resume normal operations in early January. On Wednesday, Royal Dutch Shell said it had restarted fields that link up the Forties pipeline. FULL ARTICLEread more
THE Italian oil and gas firm that operates the Blacktip gas project, which supplies gas for Territory domestic power generation, has taken another significant step forward in its growth plans off Northern Australia. ENI has bought out Shell’s stake in the large undeveloped Evans Shoal gas field 300km northwest of Darwin in the Timor Sea’s Bonaparte Basin.FULL ARTICLE
HOUSTON (Reuters) – Italian oil producer Eni this week began drilling a new well in U.S. waters off the north coast of Alaska, becoming the first company to do so since 2015, federal regulators said on Wednesday.
The oil and gas firm is working from an artificial island in the Beaufort Sea about three miles off Oliktok Point in the Arctic Ocean. The well is expected to run more than 6 miles (10 km) long.
The project could result in 20,000 barrels a day of oil production, according to regulator U.S. Bureau of Safety and Environmental Enforcement (BSEE), which said it sent employees to the site to ensure compliance with federal regulations and safety standards.read more
Two of Britain’s biggest companies have warned that tax reforms in the US will result in a multi-billion pound hit to their earnings.
Barclays and Shell used the first day of trading since the festive break to signal the likely impact of the Tax Cuts and Jobs Act, which was signed into law in the US on Dec 22, as UK markets were shutting for the Christmas break.
The measure, enacted by President Donald Trump, will result in corporate tax rates falling from 35pc to 21pc, a move that the two FTSE 100 companies said they expected to be favourable in the long-term.read more
Two of Britain’s largest companies have warned that they will have to take nearly £2 billion in combined charges after the US government pushed through a radical overhaul that slashed tax rates for companies doing business in America. Royal Dutch Shell said in a statement to the stock market that the tax cut would lead it to take a hit to its earnings of between $2 billion and $2.5 billion.FULL ARTICLE
Shell announced on Wednesday that it expected to take a $2bn-$2.5bn charge against the value of its “deferred tax assets” in response to a sweeping overhaul of the US tax system that was signed into law by Mr Trump last week.FULL FT ARTICLE
In February 1965 there was a explosive blowout at a NAM gas field in Sleen, East Drenthe – an agricultural area of the Netherlands. A whole drilling rig was swallowed in a quicksand lake created by the explosion.
Afterwards, NAM, the company responsible for the explosion all those years ago and the earthquakes now plaguing Groningen, converted the area into a park.
Unfortunately, scientists have discovered to their consternation that methane leaks have contaminated the local groundwater and there is a risk of further explosions.read more
THE HAGUE, Netherlands, December 27, 2017/PRNewswire/ —
Royal Dutch Shell plc expects the potential economic impact of the recently enacted US tax reform legislation to be favourable to Shell and to its US operations, primarily due to the future reduction in the US corporate income tax rate from 35% to 21%. This change in US tax legislation (effective January 1, 2018) will impact Shell’s fourth quarter 2017 results but the analysis of the actual impact is not yet complete. Shell intends to determine and announce the actual impact including any fourth quarter movements, and balance sheet adjustments, as part of its fourth quarter 2017 results. FULL ARTICLEread more
Dec 27 (Reuters) – Royal Dutch Shell Plc said it expects recently enacted U.S. tax reform legislation to have a “favorable” impact on its operations. The change in U.S. tax legislation, which is a reduction to 21 percent from 35 percent, will affect Shell’s fourth-quarter 2017 results but added the “analysis of the actual impact is not yet complete.” The Anglo-Dutch company said it expects to provide details of the impact of the tax reform, which is effective from Jan. 1, in its fourth-quarter 2017 results. FULL ARTICLEread more
Companies like Royal Dutch Shell Plc and Exxon Mobil Corp.historically invested tens of billions of dollars over many years to develop huge reserves in isolated areas like northern Alberta, Kazakhstan or in the middle of the ocean. Shale is different. A tight-oil well could be drilled within a year for a few million dollars. As prices fell, more companies jumped in with more investment. Now, shale regions that were barely a blip on world markets a decade ago are expected to pump 7.5 million barrels a day in four years, and output probably won’t peak until after 2025… FULL ARTICLEread more
Bogus Group: BG Alumni….... normally your post wouldn’t warrant a response from me, however I’m curious to know, what was the idea that was fostered?
The website is intertwined since Shell’s acquisition of BG Group, and having worked for both companies, I feel compelled to post my comments, as others should be made aware of the traits of some of their “colleagues”.
I don’t know why you’d state the website is becoming ‘bitter and twisted’, my posts are factual, and having knowledge of the workings of BG Group, there is no reason to doubt that Bonus Group’s posts are not equally factual.
I had the pleasure of working with a lot of committed people in both companies, mostly with good intent, but there were others with contrasting agendas, some bordering on sinister. Unfortunately, many of the good ones either left or were pushed, as they were seen as a threat to the lackey’s, intent in moving up the corporate ladder at all costs, emboldened by the toxic corporate culture.
Some issues must be highlighted. For example, the Brent ‘TFA policy’, fatalities in a Brent Bravo utility shaft, a further fatality 2-years later in the same utility shaft and BG Group’s 20 plus fatalities in a ten-year period. Many of the causal factors can be attributed to the same management enablers, but because they were shielded by company lawyers, there was no accountability. If anyone should be branded ‘bitter and twisted’ it’s the lawyers. Is this what Michael Coates meant when he said one of his biggest internal challenges was his in-house legal team?
It’s crucial to have people with the courage to express an opinion as opposed to those who turn a blind eye to failings. I could hazard a guess at what camp you’d be in.
Bonus Group: BG Alumni. Ha, ha! Your post is a typical example of the quality of BG Group work. Can't read what they have written, can't check what they have written, can't type and if you don't know, then lie. Bonus Group's posts are about the dismally poor standards at BG Group and their consequences. Sure, everyone liked being employed by BG Group, because they were well paid and didn't have to do any serious work. It was a case of 'passing the parcel' by email when you couldn't do the work required. All to the shareholders' detriment. I suggest that you go back to your cappuccino. Or is it a latte?
BG Alumni: It's about time Bonus Group and Bogus Group moved on. This website is repaidly becoming all baout the bitter and twisted.I can't imagine how that idea was fostered.
Bonus Group: For a further example of outstanding performance by BG Group Alumni, London Lad need look no further than Sound Energy where the share price has plummeted from £0.935 in February 2017 to £0.0335 December this year. This remarkable performance, however, does not detract from the Directors' and the Senior Managers' whopping salaries and bonuses. One can barely hear oneself think above the slurping and grunting at the trough.
Bogus Group: Interesting news article. “Network Rail are well into devolving and restructuring the organisation so that all activities and roles are closer to passengers in order to drive up train performance”. In 2018, many UK train commuters had a tough time with timetable schedules, journeys that didn’t leave or arrive on-time and delays due to major projects.
Could this revival be attributed to the previous chief executive and one of the former Shell and BG Group ‘chosen few’, stepping down from his role?
Bonus Group: To put London Lad's rather naive comments into context. In the final days before the Executive Chairman, Andrew Gould 'pulled the plug' on the whole shooting match, at a Town Hall Meeting, the Chief Operating Officer, Sami Iskander, stood up and announced, to anyone who could be bothered to listen, that the company had spent £200MM assuring work which later cost them £2Bn because it was wrong. An absolutely, stellar performance. The people responsible for this are now deeply embedded within Shell's matrix organisation. An excellent result for the shareholders. Perhaps, a Bridge too Far?
Bonus Group: London Lad, Good to hear from you. I hope that you enjoyed your recent trip to Aberdeen. Having also been employed by Shell, I consider myself fortunate that I was not one of the 'Chosen Few'. The 'Chosen Few' are the most corrupt of the corrupt and will fit in well with your ilk. In respect of the slur about my performance, BG were involved in what can only be described as a stupendous multi-billion dollar technical fraud against Petrobras based upon a corrupt workflow which was both Functionally Approved through their Assurance Team and signed-off by the relevant Discipline Functional Head. They refused to correct their workflow and that resulted in a technical fraud. They tried to make me complicit in this fraud, but I refused. That is called integrity, something which I have no doubt that you know little of. You clearly relish brushing shoulders with fraudsters and liars.
LondonLad: I can only assume from the continuous moaning from “Bonus Group” that he/she was not one of the “chosen few” from the BG group and hence the vindictiveness. Poor performance = limited or no job opportunities which applies to both Shell and ex-BG staff. As a share holder I wouldn’t want it differently.
Bonus Group: Further to Bogus Group's post of Thursday 21st November. BG Group the failed Internet Cafe, cappucino and Belgian chocolate lifestyle company had an established reputation for: constructive dismissal, lack of transparency and corrupt 'do as I say, not as I do' line management. The acceptance of the 'Chosen Few' from BG by Shell into its upper echelons can only lead to further corruption. After all what was on the BG Portal in terms of Company Policy was of course also law, or at least that is what they would have you believe. As employers they were a complete disgrace and the company a complete shambles from top to bottom. Visitors to this site can look forward to more revelations of incompetence in due course as they unfold.
Bogus Group: I was lured by the Michael Coates (Associate General Counsel at Shell) interview by Lawyer Monthly, and the question……. what is the most challenging aspect of your job and how do you overcome this? His response “There are a number of interesting challenges but I will share one internal challenge, the management of our in-house legal team”
The acquisition of BG Group and the infiltration of “the chosen few” from that company’s in-house legal team, may have bestowed a challenge he could never have imagined.
LondonLad: Well “Theo” when you say that “I know for sure the following” followed by a former director said “Black Gold we are digging up” then I think perhaps you are making this up. Most directors of an oil company (even including Shell) would not use the word “digging”! “Drilling” or “producing” yes but certainly not “digging” - exception being the muppets in the HR departments perhaps. In addition your last two sentences are irrelevant to the usual attacks on Shell and are somewhat waffle and insulting to most readers here. You clearly have a problem. I await the onslaught!!
Bogus Group: There are normally two sides to every story, but Mike Curless’ version of his termination employment under the pretext of the takeover of BG reorganisation could hold some credence. However, if there was a fair and transparent succession strategy, Sarah Franklin’s self-promotion, see previous post and article, https://www.accdocket.com/articles/tips-and-insights-a-world-class-combination.cfm must have made her a good candidate for one of the “vacant” roles within the Shell legal team. Time will tell if the relevant due diligence was done on Ms Franklin, considering her escapades with a previous company.
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An agreement was struck under which Malabu would be paid to give up the licence, which would then be sold to Shell and the Italian oil company Eni.
NAM has also been in the news of late due to recent evidence implicating the company as the cause of small earthquakes impacting Groningen, a province just north of the former gas field.
Credit: BSEE: By =&0=&2017-12-27 18:15:55
GARY SHIPWAY, NT News:
In February 1965 there was a explosive blowout at a NAM gas field in Sleen, East Drenthe – an agricultural area of the Netherlands. A whole drilling rig was swallowed in a quicksand lake created by the explosion.
NEWS PROVIDED BY 
Dec 27 (Reuters) – Royal Dutch Shell Plc said it expects recently enacted U.S. tax reform legislation to have a “favorable” impact on its operations. The change in U.S. tax legislation, which is a reduction to 21 percent from 35 percent, will affect Shell’s fourth-quarter 2017 results but added the “analysis of the actual impact is not yet complete.” The Anglo-Dutch company said it expects to provide details of the impact of the tax reform, which is effective from Jan. 1, in its fourth-quarter 2017 results. 
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