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Shell Says Its Oil Production Has Begun a Long-Term Decline

Feb 11th, 2021
by John Donovan.
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Shell Says Its Oil Production Has Begun a Long-Term Decline

Feb 11, 2021: Bloomberg News: Laura Hurst

(Bloomberg) — Royal Dutch Shell Plc said its carbon emissions and oil production have already peaked and will decline in the coming years as the company laid out a detailed plan for its transition to cleaner energy.

In a sign of how much the petroleum industry has shifted away from its mantra of growth and exploration, Shell said its oil production will fall by 1% to 2% a year. Output of “traditional fuels” will be 55% lower by 2030. read more

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Debt-laden oil majors retreat amid rally

Feb 6th, 2021
by John Donovan.
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Debt-laden oil majors retreat amid rally

Laura Hurst and Kevin Crowley, Bloomberg Feb. 5, 2021Updated: Feb. 5, 2021 7:57 a.m. The wreckage of 2020 still looms large in the boardrooms of Big Oil as executives last week laid out deep spending cuts and plans to repay stubbornly-high debt even as crude rallies to the highest in more than a year.

Royal Dutch Shell on Thursday added itself to the growing list of supermajors to post disappointing fourth-quarter results. Like many of its peers, the Anglo-Dutch company reported weak cash flow and net income that fell short of expectations.

The earnings came as an unpleasant surprise to investors that had been expecting a tailwind after crude recovered from last year’s historic lows. But with Covid-19 lockdowns still depressing fuel sales and refining margins, the industry’s focus is on playing defense rather than on taking advantage of a rally that’s pushing Brent crude toward $60 a barrel. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Ex-Shell Natural Gas Trader Pleads Guilty Over Role in Scheme

Feb 5th, 2021
by John Donovan.
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Ex-Shell Natural Gas Trader Pleads Guilty Over Role in Scheme

By Michael Tobin and Sergio Chapa: 5 February 2021, 14:00 GMT

  • Shell says it cooperated with cases against Marcus Schultz
  • Schultz conspired to profit off fraudulent trades, U.S. says

A former Royal Dutch Shell Plc natural gas trader in Houston pleaded guilty to a criminal charge related to his role in an illegal scheme in which he sought to profit by using non-public information obtained from the company.

From roughly 2013 to 2018, Marcus Schultz disclosed the information to other traders and brokers in a conspiracy to profit from fraudulent gas futures trades, the Justice Department said in a federal court filing in Houston. Prosecutors said some of the trading occurred around the U.S. Energy Information Administration’s weekly gas storage report, which can move prices by signaling whether the market is bullish or bearish based on underground inventories. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Exxon, Shell Face Rating Cuts on Greater Climate Risk, S&P Says

Jan 27th, 2021
by John Donovan.
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Exxon, Shell Face Rating Cuts on Greater Climate Risk, S&P Says

Javier Blas and Laura Hurst: 

(Bloomberg) — Big Oil suffered a fresh setback after one of the most influential rating companies warned it may cut the credit score of Exxon Mobil Corp., Royal Dutch Shell Plc and a plethora of other major energy companies due to “greater industry risk” associated with climate change.

The move by S&P Global Ratings comes as the oil and gas industry is on the ropes, unloved by equity investors and facing pressure from multiple policy makers after U.S. President Joe Biden put climate change at the center of his agenda. read more

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Ship Orders Slump 50% With Owners Unsure Which Green Fuel to Use

Jan 9th, 2021
by John Donovan.
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Ship Orders Slump 50% With Owners Unsure Which Green Fuel to Use

By Elizabeth Low and Jack Wittels: 8 January 2021, 09:00 GMT

  • LNG, ammonia and hydrogen among alternative fuel contenders
  • Orders at lowest in at least two decades in 2020: IHS Markit

Article Extracts

Ship owners facing looming deadlines to use less-polluting fuels have slashed the number of new vessels on order because they don’t know which alternative technology to switch to.

Ammonia, hydrogen, biofuels and electrification are some of the many contenders to power the world’s future merchant fleet, but most are only in the trial stage and won’t be scalable for at least a decade. With the life of a commercial ship averaging around 20 years, opting for a technology that doesn’t take off could be very costly. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell Oil Site Seized by Nigerian State Over Unpaid Damages

Dec 24th, 2020
by John Donovan.
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Shell Oil Site Seized by Nigerian State Over Unpaid Damages

By William Clowes and Chukwudi Ejimofor: 23 December 2020, 16:42 GMT Updated on 24 December 2020, 10:36 GMT

  • Local government says it lawfully purchased the properties
  • Shell rejects sale, tells government to wait for court rulings

An oil site operated by Royal Dutch Shell Plc’s Nigerian unit has been seized by one of the country’s state governments due to a dispute over an oil spill that occurred decades ago.

The government of Rivers state in the Niger Delta sealed off the base, which is called Kidney Island and located in the oil hub of Port Harcourt, on Wednesday, according to a statement emailed by Kelvin Ebiri, a spokesman for the governor, Nyesom Wike. The facility and Shell’s 30% stake in a nearby block, known as Oil Mining Lease 11, were “lawfully purchased through public auction ordered by the court,” he said. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Dutch court case claims Shell’s operations violate human rights

Dec 17th, 2020
by John Donovan.
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Dutch court case claims Shell’s operations violate human rights

By LAURA HURST AND DIEDERIK BAAZIL on 12/17/2020

LONDON (Bloomberg) –Royal Dutch Shell Plc is in court in The Hague for the final hearing in a landmark case that could force it to reduce its carbon footprint.

The case brought by the Dutch arm of Friends of the Earth, Milieudefensie, links the oil major’s stance on climate change with human rights. The ruling will also have implications for Shell’s European peers as pressure mounts on polluting energy companies to step up the fight against global warming. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell, Eni Settle Dispute With Kazakhstan in $1.3 Billion Deal

Dec 14th, 2020
by John Donovan.
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Shell, Eni Settle Dispute With Kazakhstan in $1.3 Billion Deal

By Nariman Gizitdinov
14 December 2020, 08:59 GMT

  • Karachaganak partners end five-year spat with government
  • Agreement unlocks plans to start expansion at giant oil field

Royal Dutch Shell Plc, Eni SpA and their partners in the Karachaganak oil and gas venture paid $1.3 billion to settle a long-running dispute with Kazakhstan over revenue sharing.

The deal unlocks plans to boost output from the Karachaganak field and funnels additional revenue to the Kazakh economy, which is heading for its first annual contraction in more than two decades amid oil’s slump. While the government is getting less cash than it demanded last year, it’s a larger payment than initially agreed in 2018. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Female trader Stacie Pitts given top job at Royal Dutch Shell

Dec 10th, 2020
by John Donovan.
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Female trader Stacie Pitts given top job at Royal Dutch Shell

Emily Gosden

Royal Dutch Shell has promoted Stacie Pitts to lead its oil trading business, making her the most influential woman in the male-dominated world of trading.

Ms Pitts is to replace Mark Quartermain, who is retiring as head of crude trading, in a move first reported by Bloomberg. It also reported that two other women have been promoted to senior trading roles: Alice Acuna, the new head of liquefied natural gas trading, and Karrie Trauth, in charge of shipping. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell CEO hopeful Biden will speed up climate change fight

Dec 5th, 2020
by John Donovan.
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Shell CEO hopeful Biden will speed up climate change fight

Laura Hurst, Bloomberg

Ben van Beurden, CEO of Royal Dutch Shell plc., speaks during CERAWeek by IHS Markit Thursday, March 9, 2017, in Houston. ( Melissa Phillip / Houston Chronicle) Photo: Melissa Phillip, Houston Chronicle

The change in the U.S. presidency will bring the collaboration and set of progressive policies needed to tackle the energy transition, Royal Dutch Shell Plc’s chief executive officer said.

President Donald Trump pulled the U.S. out of the Paris Agreement on global warming and railed back environmental protections while promising to keep the coal industry alive. read more

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Shell Wants Its Oil Refineries to Make Things You Don’t Burn

Dec 3rd, 2020
by John Donovan.
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Shell Wants Its Oil Refineries to Make Things You Don’t Burn

Bloomberg News: 2 December 2020, 07:51 GMT

  • Energy giant to focus on chemicals, lubricants and bitumen
  • Producer to eventually lower number of refineries from 14 to 6

Royal Dutch Shell Plc has a plan to reduce its carbon emissions — sell fewer products its customers can burn.

The European energy giant is reconfiguring — and shrinking — its refining and petrochemicals business to focus less on fuel that is combusted and emits greenhouse gases, and more on the chemicals, lubricants and bitumen that keep carbon trapped inside them, Huibert Vigeveno, the company’s downstream director, said in an interview at the BloombergNEF summit in Shanghai. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Nigerian Supreme Court Upholds Oil Spill Award Against Shell

Nov 30th, 2020
by John Donovan.
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Nigerian Supreme Court Upholds Oil Spill Award Against Shell

Elisha Bala-Gbogbo: Last Updated Nov 30, 2020

Shell, the largest oil producer in Nigeria, have been beset by lawsuits involving the West African nation, many of them in courts in the Hague and the U.K.

EXTRACTS

Nigeria’s Supreme Court dismissed an application by Royal Dutch Shell Plc’s local unit to review a $467-million award for damages caused by an oil spill half a century ago. Justice Olabode Rhodes-Vivour led a five-member panel of the court Friday that unanimously dismissed Shell’s bid for lacking merit. read more

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Green Is Good

Nov 22nd, 2020
by John Donovan.
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Shell is undergoing a major restructuring which will also result in thousands of job losses.

Green Is Good for Power Traders Chasing $430 Billion Market

Lars Paulsson, Rachel Morison, and Jesper Starn: Published: Nov 22 2020, 10:30 AM: Last Updated:  Nov 22 2020, 1:53 PM

Extracts

Stricter climate targets are spurring investments in wind turbines, solar panels and battery systems, with Bloomberg Intelligence estimating the market may almost double in size in the next 10 years. With the European Union, U.K. and other governments increasingly turning their backs on fossil fuels, companies steeped in that business are looking over the horizon and seeing a new age of electricity. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

North Sea Neighbors on Opposite Ends of Shell’s Tax Bill

Nov 18th, 2020
by John Donovan.
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North Sea Neighbors on Opposite Ends of Shell’s Tax Bill

By Laura Hurst: 17 November 2020, 11:21 GMT: Updated on 17 November 2020, 13:14 GMT

  • Energy giant gets money back from Britain for a second year
  • Norway, however, taps company for more than $1 billion

Royal Dutch Shell Plc pumps thousands of barrels of oil and gas from the North Sea every day. In Norway the energy major paid over a billion dollars in tax last year, but on the U.K. side, it got more than a hundred million dollars back.

The discrepancy reflects contrasting government policies and spending by the oil and gas giant. In Norway, Shell had an effective tax rate of 78%. In Britain, it paid no corporation tax because of losses tied to investments in new North Sea fields. It also earned rebates from dismantling old platforms in the region. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Dow Chemical, Shell Oil Sued Over Dirty Well Water Near Yosemite

Nov 11th, 2020
by John Donovan.
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Dow Chemical, Shell Oil Sued Over Dirty Well Water Near Yosemite

Maeve Allsup Legal Reporter: Nov. 11, 2020, 12:00 AM The Dow Chemical Co. and Shell Oil Co. manufactured and sold soil additives containing a cancer-causing chemical without proper research and precautionary measures, which led to the contamination of certain wells in a county near California’s Yosemite National Park, a lawsuit filed Tuesday in San Francisco alleges.

Madera County seeks to recover costs to restore drinking water supply wells that it alleges are contaminated with 1,2,3-Trichloropropane, a chemical found in certain soil fumigants used to control worms that infest plant roots, the suit says.

TCP is an ingredient in products that were manufactured, marketed, and sold by the companies in…

FULL ARTICLE (PayWall)

COURT: Cal. Super. Ct.

COMPANY: The Dow Chemical Co., Shell Oil Co. (Bloomberg Law Subscription) read more

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US Firm Funding Nigeria Litigation Against Eni and Shell

Oct 15th, 2020
by John Donovan.
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US Firm Funding Nigeria Litigation Against Eni and Shell

Shell and Eni have been on trial in Milan since 2018.

by Bloomberg | William Clowes & Alberto Brambilla | Wednesday, October 14, 2020

(Bloomberg) — Eni SpA is seeking documents from a U.S. investment firm helping Nigeria sue it and Royal Dutch Shell Plc for more than $1 billion over an energy deal at the center of a criminal corruption trial.

Eni claims that “undisclosed interests” are driving the Nigerian government’s litigation strategy “at the expense of Eni’s contractual rights and the national interest of Nigeria.” The Italian oil company wants permission to subpoena information from the investment firm, Drumcliffe Partners LLC, to help its defense in the corruption trial in Milan, which Nigeria has joined as a civil party. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
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