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Shell’s profits dive ahead of BG deal shareholder vote

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20 JAN 2016

Royal Dutch Shell has reported a sharp drop in profits just a week before shareholders vote on its planned takeover of smaller rival BG Group.

For the fourth quarter it expects profits of $1.6bn to $1.9bn, less than half the $4.2bn it made a year ago.

It expects full year profits of $10.4bn to $10.7bn, below its $10.8bn guidance.

The oil firm has issued the preliminary results to enable investors to have up-to-date information on its performance ahead of the vote on 27 January.

Its shares fell 3.7% in early trading.

But chief executive Ben van Beurden said he was “pleased” with the results.

“The completion of the BG transaction, which we are expecting in a matter of weeks, will mark the start of a new chapter in Shell, to rejuvenate the company, and improve shareholder returns,” he added. read more

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Shell the company most criticised by campaigners

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Sunday 17 JAN 2016

German carmaker Volkswagen was one of the “most disliked” companies for pressure groups last year following its emissions scandal, a survey has found.

Shell was the most criticised by campaigners, followed by Monsanto, which makes genetically modified food.

Half of the top-10 most criticised companies on Sigwatch’s list were energy firms, because of “the elephant in the room – climate change,” Mr Blood said.

Top was Shell, but TransCanada, ExxonMobil, EDF and BP also featured. read more

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Share markets rattled as oil price slide continues

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The main stock markets in London, Frankfurt and Paris sank by about 2%, tracking steep overnight losses on Wall Street and on Asian indexes.

The Brent crude oil benchmark fell another 0.4% to $30.15 a barrel, having briefly drifted below $30.

The pound hovered close to five-and-half-year lows against the dollar.

The FTSE 100 index was about 1.9% lower two hours into trading, with only four stocks in the index making gains.

“This market is in contraction and I expect this contraction to continue for the next six months,” Beaufort Securities’ sales trader Basil Petrides told Reuters. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Standard Life says it will vote against Shell BG tie-up

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It said a weak outlook for oil prices plus risks for BG in Brazil could make the deal “value destructive for Shell shareholders.”

Few investors or analysts have openly challenged the deal’s strategic benefits for the firm.

Shell said it remained confident of winning the vote.

A Shell spokesman said: “We continue to believe we have the broad base of shareholder support we need for the deal to complete.”

Shell has also won the support of Institutional Shareholder Services (ISS), an influential advisory firm, which recommended that Shell shareholders support the deal. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Oil price tumbles to below $33

Screen Shot 2016-01-07 at 13.37.25Brent crude fell 4.7% while US West Texas Intermediate was down 3.9%.

For US oil, that was its lowest point since touching $32.40 in December 2008 during the global financial crisis.

But the price of Brent crude was seen falling to fresh 11-year lows. The last time Brent was so low was April 2004.

Huge oversupply and near-record outputs have continued to drag on oil prices, which are now 70% lower in value than when the downturn began in June 2014.

Companies and governments that rely heavily on oil revenues have been suffering as a result.

Adding to the continuing fall in oil prices, China depreciated the yuan on Thursday, sending regional currencies and stock markets tumbling.

Demand for crude tends to fall when the US dollar is stronger against currencies of purchasing countries and China remains the world’s biggest energy consumer.

China’s stock markets were suspended for the rest of the day, less than half an hour into trading, after falling 7% and triggering a new circuit-breaking mechanism for the second time this week. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

US Gulf oil spill nearly ruined BP, says chief Bob Dudley

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Screen Shot 2015-12-07 at 20.08.32Saturday 2 Jan 2016

The giant oil spill from a BP rig off the US coast in 2010 nearly ruined the company, its chief executive has said.

Bob Dudley described the fire on the Deepwater Horizon and its aftermath as “a near death experience” for the firm.

It was one of the worst environmental disasters in the US and saw BP pay fines and compensation and sell off more than £30bn ($45bn) in assets.

Mr Dudley told ex-BP boss Lord Browne – a guest editor on BBC Radio 4’s Today programme – it was a “tragic accident”. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell to face Nigeria oil spill lawsuit

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A Dutch judge has ruled that a court in the Netherlands should hear a case against Royal Dutch Shell brought by four Nigerian farmers.

The farmers and fishermen want Shell to clean up oil spills in four villages in the Niger Delta and pay compensation.

The latest ruling overturns a decision that was made two years ago by a lower court.

The oil giant said it was disappointed with decision made by appeals court judge Hans van der Klooster.

He ruled that Dutch courts had jurisdiction in the case against Shell and its Nigerian subsidiary. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Royal Dutch Shell plans 2,800 extra job cuts after BG deal

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Royal Dutch Shell has said it will cut 2,800 jobs if its planned takeover of BG Group goes ahead, about 3% of the combined group’s workforce.

The proposed job cuts are in addition to the 7,500 job losses Shell announced in July.

The tie-up between Shell and BG deal is due to be completed early next year.

However, an institutional investor has told the BBC that the deal does not make “financial sense” at current oil price levels.

David Cumming, head of equities at Standard Life Investments, told the BBC it was “very difficult to make the deal work” with oil below $40 a barrel, saying oil prices needed to be $60-$70 a barrel. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

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11 December 2015

The oil price has fallen to a new seven-year low after the International Energy Agency (IEA) forecast a slowdown in growth in demand for oil.

The price of Brent crude oil fell below $39 a barrel at one point, its lowest since December 2008.

The IEA said demand in the current quarter was growing by 1.3 million barrels a day, down from 2.2 million barrels in the previous quarter.

The IEA predicts that will slip back to 1.2 million barrels a day next year.

The price of Brent crude fell to $38.90 a barrel at one point, before recovering slightly to $39.13 – still down 60 cents in the trading session. US crude oil also fell, down 50 cents to $36.12 a barrel. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

UK government carbon capture £1bn grant dropped

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Screen Shot 2015-11-20 at 08.55.47A Shell spokesman said: “Shell is disappointed at the withdrawal of funding for the CCS Commercialisation Competition…

25 November 2015

The UK government has announced it is axing a £1bn grant for developing new carbon capture and storage (CCS) technology.

Peterhead power station and the White Rose scheme in North Yorkshire were the bidders in the competition.

Shell and SSE are behind the Aberdeenshire plans.

The energy company Drax had announced in September it was abandoning plans to introduce CCS technology in North Yorkshire.

‘Engage on implications’

In stock exchange announcement, the government said: “Today, following the Chancellor’s Autumn Statement, HM Government confirms that the £1bn ring-fenced capital budget for the Carbon Capture and Storage Competition is no longer available. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell charged over Gannet Alpha leak in 2011

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Screen Shot 2015-09-17 at 07.55.40Friday 20 November 2015

Oil giant Shell has been charged after an investigation into a leak at a North Sea platform in 2011, the BBC Scotland news website has learned.

It involved the Gannet Alpha platform, 113 miles (180km) from Aberdeen.

It was reported that the pipeline leaked more than 200 tonnes of oil.

The case against Shell UK is due to call at Aberdeen Sheriff Court next week. The charges cover oil pollution, pipeline safety and health and safety regulations.

The pipeline involved was about 300ft (91m) below the surface. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

US curbs Arctic offshore oil and gas drilling

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The US government has announced new curbs on oil and gas exploration in Arctic waters off Alaska’s northern coast.

It comes after oil giant Royal Dutch Shell last month stopped its Arctic activity citing “disappointing” tests.

The US interior department said it was cancelling two potential Arctic offshore lease sales and would not extend current leases.

The announcement has been welcomed by environmentalists.

Miyoko Sakashita, of the Center for Biological Diversity, said the decision was “great for the Arctic and its polar bears”. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Alaska mulls extra oil drilling to cope with climate change

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By Matt McGrath: Environment correspondent, BBC News, Alaska: 12 Oct 2015

Expanding the search for oil is necessary to pay for the damage caused by climate change, the Governor of Alaska has told the BBC.

The state is suffering significant climate impacts from rising seas forcing the relocation of remote villages.

Governor Bill Walker says that coping with these changes is hugely expensive.

He wants to “urgently” drill in the protected lands of the Arctic National Wilderness Refuge to fund them.

Alaska has been severely hit by the dramatic drop in the price of oil over the past two years. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Nigeria’s ex-oil minister ‘arrested in London’

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Screen Shot 2015-09-17 at 07.55.40…one of five people as part of an investigation into suspected bribery and money laundering. $20bn of oil money had gone missing…

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Nigeria’s former oil minister Diezani Alison-Madueke has been arrested in London, her family has said.

She is believed to be one of five people the UK National Crime Agency said it had arrested, but did not name, as part of an investigation into suspected bribery and money laundering.

Ms Alison-Madueke was oil minister between 2010 and 2015.

She denied wrongdoing when it was alleged that $20bn of oil money had gone missing when she was in office.

That accusation was made by Nigeria’s central bank governor Sanusi Lamido Sanusi in February 2014. Mr Sanusi was sacked soon after, accused of financial recklessness himself. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell has made a costly call to abandon Alaska

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Screen Shot 2015-09-13 at 14.19.16Kamal AhmedBusiness editor: 28 Sept 2015

It could have been Hillary Clinton’s tweet that did it.

Just after the US government had given the go-ahead for Shell to restart its exploration in Alaska, the Democratic presidential candidate took to the social media site.

“The Arctic is a unique treasure,” Mrs Clinton said on Twitter. “Given what we know now, it’s not worth the risk of drilling.”

Which seemed to ignore the fact that drilling has been taking place in the Arctic for decades – for example oil was first discovered in one of the main basins, Prudhoe Bay, in 1968. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell will not sanction Arctic exploration until at least 2020

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Screen Shot 2015-09-17 at 07.55.40Kamal AhmedBusiness editor: 17 Sept 2015

As it moves, gingerly, through the first stages of exploration 70 miles off the Alaskan coast, Royal Dutch Shell has revealed its commitment to drilling in the Arctic.

And how long it will be before any oil or gas actually comes out of the ground – if at all.

Despite environmental concerns and the low oil price, Ben van Beurden, Shell’s chief executive, told me that as the world’s energy demands increased, the hunt for new resources was as important as ever.

The Arctic, he points out, has long been a source of oil and gas production. Environmental safety would be the priority, he insisted. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan
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