News and information on Royal Dutch Shell Plc
The international oil giant will cut about 40pc of overheads including staff…
Shell cuts back on fracking to fund renewable energy drive
The oil giant is seeking to free up investment for early-stage carbon capture and hydrogen projects
Falling oil and gas prices due to the pandemic have taken the shine off many assets and triggered heavy write-downs.
Shell is making deep cuts in its fracking business as it tries to free up cash to cope with the pandemic and invest in renewable energy.
‘Stranded Assets’ Risk Rising With Climate Action and $40 Oil
What had seemed like an abstract debate about leaving oil, gas and coal in the ground to fight climate change has suddenly become real. Environmental activists have long fought for lower fossil-fuel production. Now, with the pandemic crippling economies and reducing energy use and prices, drillers and miners are coming to grips with projects that are no longer viable. Some companies are even abandoning investments, leaving deposits worth billions of dollars in the ground to languish as so-called “stranded assets.” While environmentalists applaud, fund managers, banks and regulators worry that project financing could sour and collateral become worthless.
Countries Need to Invest $55 Trillion to Reach Emissions Target
By Rajesh Kumar Singh 16 September 2020, 15:39 BST: Updated on 17 September 2020, 07:17 BST
Global economies will need to invest as much as $55 trillion through the middle of the century to meet an emissions goal and contain warming of the planet, according to a report by a group of executives from energy-intensive companies including ArcelorMittal SA, BP Plc and Royal Dutch Shell Plc.
Reaching net-zero carbon emissions target by 2050 will require large-scale electrification of industries, buildings and transport, as well as the use of hydrogen and biofuels in areas that can’t be electrified, according to the Energy Transitions Commission. Using less energy to produce more and recycling material will aid the efforts. Building renewable power plants will take up a bulk of the estimated investment.
Big Oil’s green makeover
Every so often, corporations confront questions of life or death.
IBM did it in the 1990s, when its hulking mainframe computers faced the challenge of next generation PCs. A new chief executive successfully shifted IBM to services and software. Netflix did it — three times. It first played the role of disrupter, offering movie DVDs by mail and then mastering the business of online streaming. Then it changed again, generating its own content.
Now, BP, one of the world’s largest oil and gas companies, is aiming to ride the waves of disruption instead of being crushed under them.
Delaware joins list of states and localities suing Big Oil
Defendants in the lawsuit include Exxon Mobil, Chevron, ConocoPhillips, BP, Royal Dutch Shell and the American Petroleum Institute.
By September 10, 2020
DOVER, Del. — Delaware has joined the list of state and local governments that have sued the petroleum industry in an attempt to hold oil producers accountable for costs related to climate change.
The attorney general’s office joined forces with a California law firm that has sued the industry on behalf of other state and local governments in filing a Superior Court complaint Thursday.
Big Oil just isn’t as big as it once was
ExxonMobil’s expulsion from the Dow Jones industrial average is just the latest sign that major oil companies aren’t as important to the economy as they used to be
: September 4, 2020 at 12:00 p.m. GMT+1A dozen years ago, ExxonMobil was the bluest of blue-chip companies. Raking in record-breaking profit, it spent every quarter of 2008 as the world’s most valuable publicly traded company.
Not anymore. The oil giant’s market value today is a third of what it was in 2008, when it was worth over $500 billion. That slide culminated last month with Exxon ending its 92-year run on the Dow Jones industrial average.
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: More on Shell's proposed Upstream cost cutting. https://oilprice.com/Energy/Energy-General/Shell-May-Cut-Upstream-Oil-Operations-By-40.amp.html
: Perhaps time to clear out the Brazil Asset? https://uk.mobile.reuters.com/article/amp/idUSKCN26C0GI
: USA USA USA. BG Group was an Internet Cafe and Cappuccino Lifestyle company that could not get its ducks lined up in a row for the simple reason that it didn't know what a duck is. In consequence, its goose was cooked.
: @Bonus Group... Is it dirty... air and water emissions? health and safety conditions? government permissions? facilitating commissions? facility decommissions? corruption suspicions? sycophant ambitions? accounting omissions? that is all i have to say with respect to this petition... (please read it to the beat of Lizzo for the full effect...)
: 'Hiding behind NOVs for the dirty projects in Brazil and others.' Quote USA USA USA. For 'dirty projects in Brazil' read 'dirty tricks in Brazil'. This was the worst managed asset in BG Group, lurching from one lie to another and led by sociopaths. On the subject of dirty projects and hiding behind NOVs, BG Group's Western Delta Deep Marine (WDDM) gas fields in the Nile Delta used to produce 22,000+ BBL/Day of contaminated water which was tankered into the desert and dumped. How are Shell now disposing of that water now? It should be of interest to Greenpeace and to shareholders.
: It is very clear to most who understand how Shell operates, that it will try to be all things to all locations. We see it clearly in the greenwashing in the EU. The race for Arctic drilling, this time in Russia. Clean natural gas, like Prelude and Crux - only no one comments on the CO2 content of these fields that is vented into the atmosphere. Hiding behind NOVs for the dirty projects in Brazil and others. Hiding behind "contractors" and "suppliers" to avoid reporting fatal accidents on the books (like Pakistan / China / Singapore Nigeria / etc.) . It just one big PR exercise. the culture is make money at any cost... The petition is just more deception, any response will be simple lip service and highlighting how well the company listens to stake holders, while it continues to focus on just make money...
: petition. What a load of hot air and psycho-babble! You must have raised global temperatures by at least a couple of degrees through your post alone, not to mention the amount of Carbon Dioxide you have exhaled over your lifetime. But then because you are most likely Dutch, you think that just because Shell is listed as Royal Dutch Shell plc it is a Dutch company. Well it is not, it is a British Company listed on the UK Stock Exchange! Are you aware that Shell is not the oil and gas producing company on the planet contributing to carbon emissions? See: https://www.oilandgasiq.com/strategy-management-and-information/articles/oil-and-gas-companies Your faith in Shell as the sole company to lead the way in the development of Renewables is remarkable. On the one hand you criticise them for polluting the atmosphere through Carbon Dioxide emissions, but on the other hand you think that they should lead the way through energy transition at the expense of their shareholders and investors. The degree of ingratitude and hypocrisy expressed towards hydrocarbon producing companies such as Shell by so called Climate Change Activists, wearing synthetic fabrics, taking trains, planes and automobiles while living in centrally heated accommodation, is appalling. You do realise that without those companies you might not have survived birth, because your parents would have been living in a damp cave rubbing two sticks together while wearing animal skins? Like it or not hydrocarbons have enabled society to develop to where it is today and are a fundamental part of society. Hydrocarbons are not going away until they run out and they will become a lot more expensive before then. Regardless of whether or not you believe in Climate Change and man's contribution towards it, we all should be both seeking, and developing alternative forms of energy before the oil and gas run out and we return to living in caves. We should also be seeking to control all emissions and pollution, not just Carbon Dioxide. Those are the important points, not Climate Change. The Geological fossil record is littered with examples of past climate change. What next? Do we stop Continental Drift and Polar Wandering? Absurd.
: That’s the trouble with these climate fanatics, they produce so much hot air they themselves heat up the planet. So many words when far less will suffice - people start falling asleep “petition” and don’t bother reading any key points. Shell and others are trying to respond to the issue and are key to the debate and the future targets. It’s not just left wing loonies that will solve this problem. By the way “petition” it’s been bloody cold here in the UK recently and this summer has not been a good one - a little bit more warmth is welcome as far as I’m concerned.
: TO: Shell
Take real steps to ending climate change, and commit not to send lobbyists to the UN climate talks in Paris this year.
https://actions.sumofus.org/a/shell-dont-go-to-cop-paris
In a surprising turn of events, Shell's board of executives has officially endorsed a SumOfUs-backed resolution committing the company to take action against climate change.
We can't let Shell's stated commitment to fight climate change be mere greenwashing. If Shell's executives are really serious about tackling climate change, then they have to stop meddling with the climate talks. And with Shell responding to our pressure for the first time, we're in a real position to force them to act.
The UN negotiations are no place for fossil fuel lobbyists -- they are where global leaders, scientists and activists meet annually and decide on real climate action. Last year's talks in Peru collapsed in part because big polluters like Shell lobbied the UN climate committee and blocked resolutions simply because they affected their profit margins.
If Shell's executives are real about climate change then it should stop meddling with UN climate negotiations.
This shareholder resolution was partly brought by SumOfUs members who also hold shares in Shell. It commits Shell to reduce emissions, invest in renewable energy and remove bonus systems that promote climate-harming activities. This is an opportunity to pressure Shell to stop blocking real climate solutions and help save the planet.
That's why this is an opportunity to pressure Shell to do more. If we keep working, we can stop Shell from blocking real climate solutions and get the company out of official UN climate negotiations.
We need real climate change solutions, and we need them now. 2014 was the hottest year on record, there is already serious water scarcity in the Global South and by the end of the century the earth is expected to warm by 4 or 5 degrees. Each degree is another death sentence for animals, ecosystems and our survival.
Tell Shell to get serious about its climate commitment and stay out of the Paris talks!
Shell's letter to shareholders supporting special resolution on climate change, January 25th 2015.
TO: Shell
Take real steps to ending climate change, and commit not to send lobbyists to the UN climate talks in Paris this year.
Yes! Tell me if this campaign wins, and how I can help other relevant campaigns.
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Fighting for people over profits
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: interesting but also for me very depressing. My sole concern re Prelude from the start was not that it technically would fail to adequately produce with an eventual return on huge capital invested, after all Shell has a well-deserved record of being technically ahead of the game re LNG process design, my concern was that in risk terms it was much more risky a project with regards to health and safety of employees than the overegged statements made during its early development by folks who were either incompetent to understand offshore installations residual risks or were purposefully misleading propagandists re the true risk levels. Anyway, perhaps your definition of the project as a White Elephant will bear out, It would be difficult to wager otherwise, but I still have a diminishing hope that it will live up to its potential, but when.............................?
: From an Operations view point this recent extended stoppage must represent a world record for the restart of a hydrocarbon producing facility of any type after a power failure. Details remain sparse as to the root cause of the total power outage. As this included the emergency power supplies from all sources begs the question were all these systems recovery interlocks "live tested". In my experience there is always a great deal of reluctance to initiate a live shut down test with all overrides or inhibits of certain sections being prohibited. This is the only way to ensure all the sequential safety systems function as design and will expose any flaws or unexpected issues to be highlighted.
: More on Prelude: https://www.boilingcold.com.au/inpex-slashes-value-of-prelude-lng-by-a-third/amp/
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