Posts under ‘Fossil Fuels’

Shell to acquire renewable natural gas producer Nature Energy

Nov 28, 2022

Shell Petroleum NV, a wholly owned subsidiary of Shell plc (Shell), has reached an agreement with Davidson Kempner Capital Management LP, Pioneer Point Partners and Sampension to acquire 100% shareholding of Nature Energy Biogas A/S (Nature Energy) for nearly USD $2 billion (€ 1.9 billion). The acquisition will be absorbed within Shell’s current capital range, which remains unchanged.

Based in Denmark, Nature Energy is a producer of Renewable Natural Gas (RNG) from agricultural, industrial, and household wastes. read more

The Telegraph

Shell reconsiders £25bn investment in UK energy over windfall tax raid

Levies will force oil giant to ‘rerun the economics’ on future projects, says UK chairman

By Matt Oliver and Szu Ping Chan: 21 November 2022 • 7:03pm

Shell is reviewing plans to invest £25bn in Britain’s energy system after Jeremy Hunt raided the industry for £55bn in windfall taxes.

David Bunch, Shell’s UK chairman, said the expanded levy announced in the Chancellor’s Autumn Statement is forcing the company to re-examine a slew of projects in the pipeline, from North Sea investments to renewable energy schemes. read more

REUTERS

Court rejects Nigeria’s compensation request against Eni, Shell

By Alfredo Faieta and Francesca Landini: November 11, 2022

MILAN, Nov 11 (Reuters) – An appeals court in Milan on Friday rejected Nigeria’s $1.092 billion compensation request against Italian energy group Eni SpA (ENI.MI) and Shell Plc (SHEL.L) in civil proceedings relating to a $1.3 billion oilfield deal.

The decision was read out in court.

In July prosecutors had dropped related criminal proceedings, clearing Eni and Shell, as well as managers including Eni Chief Executive Claudio Descalzi, in one of the oil industry’s biggest alleged corruption cases. read more

The Sydney Morning Herald

Pressure mounting on $318b energy giant that says it cares about climate

Laura Chung: November 4, 2022 — 8.45am

All around the world, the pressure on $318 billion oil and gas giant Shell is mounting. In the Netherlands, the company was forced to remove ads promoting “carbon-neutral” petrol after they were found to be misleading by the Netherlands’ Advertising Code Committee. In the US, a House of Representatives committee heard Shell had touted its climate goals and vision but internal emails painted a different picture. read more

Financial Times: BP and Shell’s divergent tax bills highlight UK windfall flaws

David Sheppard: 1 Nov 2022

Shell’s outgoing chief executive Ben van Beurden is adamant that oil and gas companies have to “embrace” the idea of paying more tax during the energy crisis to support society’s most vulnerable. But the message did not appear to have reached the accountants at Shell’s UK arm in time for the company’s most recent results.

FULL FT ARTICLE

Shell Energy Broadband Reviews recently posted on broadband.co.uk

Reviewer Sophie Laurena: Location Wales: Date 2022-10-10

Comments

Avoid at all costs. What a disgrace of a company, we were sold this wifi as part of a deal when buying appliances from Currys. The cheapest in our post-code apparently, and feeling pressured on the spot that this was the fastest wifi in our area we stupidly agreed to shells wifi. 3 times in 7 weeks we have had to have an engineer out to “sort” the same reoccurring issue. Wifi works fine for a few days and then gets cut off down to nothing, takes over and hour to speak to somebody from customer service just to be told that you need to restart the router..lol. Very unprofessional to also be told “can you not ask a neighbor to use their wifi?” Because i work from home. First of all we pay to have our own working wifi and secondly who in the right mind even says that to a customer who should be getting what they pay for!! Awaiting for complaints team to get in touch so I can cancel and start with a better much more professional provider where i hopefully wont have to worry about my wifi being cut off an hour before i have to deliver a presentation! If i could rate them 0 stars i would. read more

thenationalnews.com

Shell boss reveals regrets and pride as he steps down after decade

Ben van Beurden’s regrets were linked to financial issues in the Arctic and safety at a Dutch oilfield

Soraya Ebrahimi: Oct 28, 2022

Shell’s chief executive Ben van Beurden has said he regretted not acting earlier on two problems linked to the environment, as he prepares to step down after nearly a decade in charge.

Mr van Beurden said he should have acted in 2015 on data coming out of the Groningen gasfield in the Netherlands. read more

BBC NEWS

Shell pays no UK windfall tax despite profits jump

By Michael Race: Business reporter, BBC News: 27 Oct 2022

Shell has reported its second highest quarterly profit on record but it has not paid the UK’s windfall tax on energy firms.

The energy giant said global profits reached $9.5bn (£8.2bn) between July and September, compared to $4.2bn during the same period last year.

However, Shell said that because it had made large investments in the UK, it meant it had made no profit here.

It also does not expect to start paying windfall taxes until early next year.

The Energy Price Levy – or windfall tax – on the profits of energy firms was announced by Rishi Sunak in May, when he was chancellor. At the time he said it would raise £5bn in its first year. read more

global witness

Energy giant Shell has already made £31bn in excess profits over past year

Analysis of Shell Q3 profits shows their 12 month windfall profits could pay for 12.5 million UK energy bills

27th October 2022, London – UK-based fossil fuel giant Shell has made £31 billion in excess profits over the past twelve months, while Brits have seen energy bill hikes drive an acute cost of living crisis, according to Global Witness analysis of the company’s third quarter profits reported today.

This is money Shell has made in addition to their “normal,” but already high, profits, and was spurred by high global energy prices. See notes for full methodology. It could pay for:

• The energy bills of 12.5 million British households, or

• Almost half of the £68 billion the government needs to help its citizens with high energy bills, or

• Heat pumps for 2.1 million UK homes, that would protect families from energy price volatility, or

• The energy bills of everyone on universal credit; plus emergency aid for all 19 million Yemeni’s caught in one of the world’s worst humanitarian disasters; plus emergency shelter for all of the victims of Pakistan’s climate crisis caused floods – and still leave £17.1 billion in excess profits for Shell’s shareholders. (2)

These extraordinary windfalls come as Shell announced overall adjusted earnings of $9.5 billion this quarter, a slight drop from its record last quarter, but much higher than the company has averaged in recent years. This at a time when the UK government debates how best to support its citizens through a cost-of-living crisis that could see 3 million more British people – and 30 percentage of all UK children (3) – living in poverty from next year. read more

BBC NEWS

Shell beats forecasts as profits more than double

Shell has reported profits have more than doubled between July and September helped by high oil and gas prices.

The energy giant said underlying profits reached $9.5bn (£8.2bn) in the third quarter.

That compares to $4.2bn during the same period last year though it is a slowdown from the second quarter when it announced record figures.

The invasion of Ukraine sparked oil and gas prices to rise as nations pledged to cut dependence on Russian energy. read more

The chief executive of Shell had himself called on the government to tax oil and gas companies in order to protect the poorest people in society from soaring energy costs.

skynews

Energy company Shell reports profits of $9.5bn for Q3 of 2022 but not at record levels seen in first half of year

The London-listed oil and gas company had reported record profits in the first half of the year amid soaring oil and gas prices.

By Sarah Taaffe-Maguire, business reporter

Thursday 27 October 2022 09:12, UK

Shell has reported operating profits of $9.5bn (£8.19bn) for the third quarter of this year, lower than that of the three months before but still more than double the same period in 2021. read more

24 Oct 2022

The content below is sourced from current verifiable customer reviews of Shell Energy published on Trustpilot.

COMPANY WITH ZERO COMPASSION

I recently contacted shell energy about my mother in laws phone . we canceled her phone as she has gone into end of life care .they then send a threatening letter stating they want there router back .I respond to them stating my mother in law has never had broadband or a router . they ask for extra info gave them that then they say they cant discuss as we are not the account holder .which bit off she is in a hospice on end off life care dont they understand !!!!! nice to see a company with compassion not this company read more

Shell Loses Dutch Appeal Over Misleading Carbon Emission Ads

(Bloomberg) — Shell Plc lost its appeal against the Dutch advertising watchdog’s ruling that an ad campaign that promoted carbon-dioxide emission credits was misleading and must be withdrawn.

Bloomberg News: Diederik Baazil and Cagan Koc: 21 Oct 2022

(Bloomberg) — Shell’s advertisements offer customers the option to pay extra for their fuel, with the money going to buy credits in emission-reduction projects that “compensate” for the pollution generated. The ads are a reboot of a similar campaign last year that the regulator also deemed misleading. read more

Another departing Shell leader seeking redemption?

By John Donovan

Departing Shell Plc CEO Ben van Beurden seems to be seeking redemption in his closing period with the energy giant.

THE GRONINGEN SCANDAL

BvB now admits that Shell should have pulled out of the controversial earthquake-blighted Groningen project operated by NAM – a Shell-Exxon joint venture company.

According to Reuters: “A damning report in 2015 from the independent Dutch Safety Board had accused the government and the field’s operators of ignoring the threat of earthquakes linked to the field for years.” 

As regular visitors to this website know, we have been drawing attention to the Groningen scandal for many years. Thousands of properties have been damaged. As a consequence, Dutch prosecutors are pursuing litigation against NAM. Tens of thousands of Groningen residents are eligible for compensation for earthquake damage. read more

Dutch prosecutors to pursue pollution case against Shell-Exxon gas venture

By Syndicated Content Oct 12, 2022 | 7:53 AM

AMSTERDAM (Reuters) -Dutch prosecutors said on Wednesday they will pursue a pollution case against NAM, a joint venture of Shell and ExxonMobil that operates gas fields in the Netherlands.

The prosecutors “(suspect) NAM of injecting waste streams from natural gas extraction into the deep subsurface without a permit”, a statement from their office said.

Prosecutors say they believe the company took waste products from natural gas extraction in the North Sea, then processed and injected them into empty gas fields in the province of Groningen.

A spokesperson for NAM said the company would respond later on Wednesday.

Reuters reported last month that Shell And ExxonMobil have put their 50-50 venture up for sale, with expected proceeds of over $1 billion.

NAM started producing natural gas in 1963 following the discovery of the giant Groningen field, which was a major source of gas for the Netherlands and Europe for decades.

But extraction has been almost completely wound down in the past 10 years as tremors blamed on drilling damaged buildings and prompted protests by residents and campaigners. read more

REUTERS

Shell should have quit Groningen gas project in Netherlands earlier -CEO

AMSTERDAM, Oct 13 (Reuters) – Shell CEO Ben van Beurden told a Dutch parliamentary panel investigating problems relating to natural gas production at the large Groningen gas field in the Netherlands that the company should have pulled out of the project earlier.

Production at Groningen was scaled back sharply over a period of years in the 2010s after the Dutch government and producer NAM, a Shell-Exxon joint venture, realized the earthquakes it caused posed too great a threat to life and property.

“We had to continually ask what makes sense,” as production was dialled back to levels at which NAM made little to no profit, Van Beurden told lawmakers.

“What made sense for Shell was to quit. In any other country we would have stopped this operation. But in the Netherlands that was impossible because the Netherlands was dependent on Groningen gas.”

A damning report in 2015 from the independent Dutch Safety Board had accused the government and the field’s operators of ignoring the threat of earthquakes linked to the field for years. As vast amounts of gas were removed from under the province since 1963, the ground sank and settled above empty pockets, triggering quakes. read more