Shell News 11 Dec 2017

Bogus Group: Are Rob Jager’s idiotic statements (August’19 blog #52) coming back to trouble him? Another article in the Western Australian (23.05.19), “Shell Veteran, states the project is not driven by milestones or schedules, but by safety”, where Jager wants to methodically take his team through identifying and managing the risks towards Shell’s goal of zero incidents. However, this would appear to be in conflict with the CFO Jessica Uhl expectations of first cargo by the end of June of that year. The article also notes he was a director of Air New Zealand and chaired its safety committee. The ex BG Group chief executive who also salivated his commitment to safety during his tenure, is now non-executive with Rolls Royce and chairman of the ethics and safety committee. Issues with poor durability of components in Rolls Royce Trent engines for Boeing 787 are now apparent and more recently the regulator has recently issued a Safety Order, for what would appear to be a separate issue. Senior managers and executives may understand the commercial aspects of their business, but when found lacking in the technical aspects, they should be called to account, before they pass through the revolving door of opportunity and move on. Previous warning signs are conveniently forgotten, is this acceptable?

Bonus Group: Prelude to disaster? https://www.oedigital.com/news/475328-prelude-flng-shut-down

Prelude Rumours: Rumour has it is that the problems are due to malfunctioning valves that are being replaced hence the intrusive entry into plant, a very unusual and unwelcome occurrence it seems causing the operators to make short cuts, begs the question If shortcuts are being taken elsewhere? if this type of behaviour is prevalent and not discouraged in one area it can be contagious, no idea what valves and where in the process but likely to be a factor in the under performance of the plant reference design outputs.

Bogus Group: Having worked on LNG facilities and having seen the devastation of one going wrong, concerns posted on this blog about the risks posed with Prelude FLNG, were perfectly justified. But ‘as one would expect’, Shell would have considered and accounted for these risks! How else could they justify “Goal Zero ambition is to achieve no harm and no leaks across all of our operations”? However, ‘as some would know’, when costs are escalating , talk is cheap. Recent concerns raised by the Australian regulator that Shell has not ensured “best practice” for its isolation procedures on Prelude FLNG, must raise warning signs. But how can these concerns be warranted? In 2014 an article alluded to the role of Shell lawyers in collaboration with all aspects of the project, including safety regulation. If you believe the media, the acquisition of BG Group lawyers should enhance this type of collaboration. One such article centred on the responsibilities of Sarah Franklin (BG chief counsel), which included health and safety, who has inherited a new team that focuses on complex safety and environmental issues. There can be no more complex safety and environmental asset in the Shell portfolio than Prelude FLNG, yet there would appear to be a deficiency in a fundamental work control system, their isolation procedures. The article also noted her other skill sets, such as setting up BG’s first whistleblowing programme. Other’s will attest that this programme was unquestionably fallacious. As noted in a previous blog if you are a Shell employee with concerns, especially those with a safety connotation and you wish to engage with her………. beware.

Bonus Group: Shell plans to divest assets worth $10Bn by 2021 and is reportedly looking to exit the Abadi Liquid Natural Gas (LNG) Project in Indonesia, which could raise between $1Bn and $1.6Bn

Bonus Group: And the trough gets deeper..... Sound Energy, the Moroccan focused upstream gas company, announces, further to the Company's announcement of 20 January 2020, that the Company has today issued 5,805,555 new ordinary shares in the Company (the "New Ordinary Shares") to Brian Mitchener, the Company's Exploration Director, at an effective issue price of 1.86 pence per New Ordinary Share in connection with the termination of his employment contract. As previously announced on 20 January 2020, Mr. Mitchener will step down from the Board with effect from 31 March 2020.

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Reply to Pearlene Bohannon:

Bonus Group: And sadly yet more news of BG Group diaspora. A Sound move: Sound Energy, the Moroccan focused upstream gas company, announces that, as part of its planned preparations for the forthcoming potential partial divestment of Eastern Morocco portfolio, Brian Mitchener, Exploration Director of the Company will step down from the Board with effect from 31 March 2020. At the Board's request, and to enable the Company to conserve cash balances, Mr. Mitchener has agreed to accept new ordinary shares in the Company ("Ordinary Shares") in settlement of termination of his employment contract. As a result, the Company expects to issue new Ordinary Shares, at the then prevailing price per Ordinary Share, with an aggregate market value of £107,983 on or around 25 January 2020 (the "Settlement Shares") and a further announcement will be made in this regard, as appropriate, in due course. In addition, the Company announces that a total of 863,682 restricted stock units ("RSUs") previously awarded to Mr. Mitchener will now vest in full on 31 March 2020, ahead of the original date of vesting of the RSUs, announced on 26 April 2018, of 1 January 2021.

John Donovan: Theo, I have ceased posting your comments because they do not belong here. You should set up your own blog so that you are free to cover wide-ranging subjects rather than being restricted to discussions relevant to Shell or this website. Best wishes. John

Bonus Group: More news of BG diaspora. Ms Beverley Smith https://ir.q4europe.com/Solutionsstaging/Hurricane2018tf/3942/newsArticle.aspx?storyid=14551557 Memories of a catastrophic foray into Algeria, followed by a costly and hasty retreat.

Killing this forum: Theo, if it is your intention to kill off this supposedly Shell focussed forum by boring everyone to death with nonsensical ramblings, which have little relevance to Shell, then you are succeeding. Shell is not even mentioned.

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