The Telegraph
‘Latvian blend’: How Russia bends the rules to keep its oil flowing
There is a growing gap between rhetoric and reality on the vast trade of Russian oil
News and information on Shell Plc
The Telegraph
‘Latvian blend’: How Russia bends the rules to keep its oil flowing
There is a growing gap between rhetoric and reality on the vast trade of Russian oil
CITYA.M.
Ukraine’s government writes to Shell, accusing it of ‘bankrolling Putin’s war with an accounting trick’
JACK MENDEL: 22 April 2022
Ukraine has accused energy giant Shell of continuing to “bankroll Putin’s war machine” buy buying oil through an “accounting trick.”
In an angry letter sent to the oil company’s boss, Kyiv branded it “deplorable” that firm was still buying fuel linked to the Kremlin indirectly.
According to the Telegraph, despite a commitment to stop purchasing energy, Shell considers refined oil products as not being Russian if less than half of the blend is from the country.
The Telegraph
Shell in talks to offload Russian business to China
Shell is said to be turning to Beijing as it looks to offload its stake in a major Russian gas project.
The FTSE 100 energy giant is in joint talks with Chinese state-run firms Cnooc, CNPC and Sinopec over its 27.5pc holding in the Sakhalin-2 liquefied natural gas venture.
The discussions include the potential sale of the stake to one, two or all three of the Chinese companies, though Shell is said to be open to talks with other potential buyers outside China.
The Telegraph
Shell revives huge North Sea gas field to boost Britain’s energy security
Plans for the Jackdaw field were rejected last year by environmental regulators
Shell has submitted new plans to develop a huge gas field in the North Sea, six months after they were rejected by environmental regulators, in an attempt to help Britain become less dependent on foreign suppliers.
The FTSE 100 company said it wanted the Jackdaw field, about 250km east of Aberdeen, to start operating by 2025.
The Telegraph
Shell pledges Russian oil profits to Ukraine relief after backlash
The British company defended the decision to buy oil from the country, saying it was difficult but necessary.
By Ben Gartside: 5 March 2022 • 11:51am
Shell has pledged to donate any profits it makes from discounted Russian oil to a Ukrainian disaster relief fund, following stinging criticism of its decision to keep buying tankers of crude as war rages.
Shell broke ranks with Western traders on Friday when it bought Russian crude for $28.50 a barrel less than the Dated Brent benchmark for physical oil, saving millions of pounds at a time when global prices are surging.
The Telegraph
JP Morgan accused of negligence over corrupt $1.3bn Nigerian oil deal
The case revolves around $876m of missing money from an oil field sale in 2011
JP Morgan negligently allowed corrupt Nigerian officials to siphon off more than three quarters of a $1.3bn oil investment to a former oil minister’s company and assorted middlemen, the High Court will hear this week.
The world’s largest bank is being sued by the Nigerian state for allegedly allowing corrupt former state officials to extract $875m between 2011 and 2013 from a government account opened with JP Morgan in London.
The Telegraph
Shell defends raising the dividend after profits surge to almost $20bn
Bumper results trigger renewed calls for a windfall tax on oil and gas producers
By Rachel Millard: 3 February 2022 • 7:41pm
The chief executive of Shell has defended his company’s right to pay millions in dividends after a fourfold rise in profits driven by surging energy costs sparked calls for a windfall tax.
Ben van Beurden said the FTSE 100 company played an important role in society by contributing to pension pots after it posted a $19.3bn (£14.2bn) profit for 2021, up from $4.8bn a year earlier.
The Telegraph
Oil and gas trade body drops ‘oil and gas’ from its name
By Matt Oliver: 31 January 2022 • 4:20pm
The trade group that represents UK oil and gas companies is dropping the words “oil and gas” from its name to reflect the ongoing rise of green energy.
Oil and Gas UK will be renamed Offshore Energies UK from February 14, the body said on Monday.
It follows a year-long strategic review by the group, which said the change reflects “the evolving nature of the industry”.
OGUK said its members, which include BP, British Gas owner Centrica, Shell and Chevron approved the name change in December.
The Telegraph
Energy crisis drives Shell’s gas profits ‘significantly higher’
The Telegraph
Cambo: Jobs warning as Shell pulls out of oil field development
Energy companies’ reputational struggles and Whitehall’s green ambitions leave oil investment in limbo By Rachel Millard and Matt Oliver 4 December 2021It was less than a month ago that Kwasi Kwarteng was celebrating Shell’s plans to move its group headquarters out of Holland and to the UK.
The business secretary heralded the decision as “a clear vote of confidence in the British economy as we work to strengthen competitiveness, attract investment and create jobs”.
Today he may have more complex feelings towards the FTSE 100 oil giant – and greater uncertainty about the challenges ahead for the economy.
The Telegraph
Activists hail North Sea oil ‘death blow’ as Shell walks away
Oil giant has pulled out of the Cambo field amid lack of support from UK and Scottish governments
By Rachel Millard; Oliver Gill and Matt Oliver 2 December 2021
A major North Sea oil project which it was claimed would help secure UK energy supplies has been plunged into crisis after Shell pulled out citing doubts about its viability, amid a lack of political support in Westminster and Holyrood.
The Cambo oil field off the Shetland Islands was set to create an estimated 1,000 jobs and produce more than 170m barrels of oil equivalent in a boost to the UK’s oil and gas industry even as it moves towards greener energy.
The Telegraph
Shell turns its back on Royal Dutch heritage after climate ruling and dividend tax
Shell’s jumping ship to the UK bids farewell to over 130 years of association with the Dutch monarchy
The Telegraph
Shell to move headquarters from Netherlands to UK
Firm says unified structure will help to ‘accelerate switch to net zero’
Royal Dutch Shell has unveiled plans to move its headquarters from the Netherlands to the UK.
The Anglo-Dutch energy giant said the move to abandon its current dual structure would make it nimbler as it moves away from oil and gas and towards greener sources of power.
The move comes as Shell is facing pressure from Third Point, an activist investor run by Wall Street billionaire Dan Loeb.
The Telegraph
We’ll all pay for turning Big Oil into a pariah
If nothing else, the apparent contradiction in aims highlights a basic truth about “Big Oil”; like it or not, the world remains overwhelmingly dependent on hydrocarbons for its energy needs; however fast we invest in alternatives, that’s not going to change for some time to come.
Both of Britain’s oil majors, BP and Shell, have ambitious plans to transform themselves into clean energy enterprises, yet to the fury of Extinction Rebellion activists, the bulk of their investment is still heavily focused on oil and gas. As it is, they are arguably not investing nearly enough in hydrocarbons.
The Telegraph
Shell comes under attack from Wall Street raider
Third Point demands energy giant place oil operations into a separate business after taking £545m stake
Shell has come under attack from a Wall Street raider demanding a break-up of the oil and gas giant after taking a stake worth about $750m (£545m).Dan Loeb’s Third Point said it had been “a difficult two decades” for shareholders in the FTSE 100 company, which it claimed was now torn between conflicting interests over climate change.
He believed Shell should put its oil and refining operations into a separate business focused on returning cash to shareholders.
Shell considers mandatory covid vaccination and firing staff who refuse
“For staff who refuse to comply with a vaccine mandate we would make all reasonable efforts to avoid terminating their employment but will be faced with no alternative but to do so.”
RELATED FT, REUTERS, TELEGRAPH AND WALL STREET JOURNAL ARTICLES BELOW ALL MENTION THE LEAKED INFORMATION THAT JOHN DONOVAN SUPPLIED TO EACH OF THEM
By John Donovan
I am in possession of Shell international comms including a 6 page “Note for discussion” sponsored by Shell Executive Committee member Ronan Cassidy, Chief HR and Corporate Officer at Royal Dutch Shell.