LONDON— Royal Dutch Shell PLC on Wednesday said it had signed a memorandum of understanding with Iran’s state oil company to explore future ventures, signaling that giant energy companies won’t be deterred by President-elect Donald Trump’s pledge to undo the Iran nuclear deal.
Shell is the largest company to wade back into Iran since the U.S. and other world powers lifted sanctions in January in exchange for Tehran’s agreement to strict limits on its nuclear program. The British-Dutch firm follows Total SA of France, which last month signed a $4.8 billion deal to develop a large gas field in Iran and is negotiating for an oil deal now.read more
Dec. 7, 2016 5:48 AM ET| By: Yoel Minkoff, SA News Editor
Royal Dutch Shell (RDS.A, RDS.B) and Total (NYSE:TOT) will signinitial agreements today to develop oil and gas fields in Iran, in the first European petroleum deals in the country since sanctions eased earlier this year.
But the plans open both companies to potential risks from the incoming Trump administration.
Though Total is French and Shell is jointly headquartered in London and The Hague, both companies have substantial American operations.read more
by Hashem Kalantari , Sam Wilkin , and Golnar Motevalli
December 7, 2016 — 2:12 AM EST: Updated December 7, 2016 — 9:39 AM EST
Royal Dutch Shell Plc signed an agreement to assess three of Iran’s largest oil and gas fields as OPEC’s third-biggest producer looks to boost output with the help of international companies.
Shell signed a memorandum of understanding to evaluate the Azadegan and Yadavaran oil fields near the Iraqi border, and the Kish gas deposit in the Persian Gulf, Gholam-Reza Manouchehri, deputy director of the National Iranian Oil Co., said at a signing ceremony in Tehran on Wednesday.read more
OPEC has agreed its first limit on oil output since 2008, sources in the producer group told Reuters, with Saudi Arabia accepting “a big hit” on its production and agreeing to arch-rival Iran freezing output at pre-sanctions levels.
Brent crude futures jumped 8 percent to more than $50 a barrel after Riyadh signaled it had finally reached a compromise with Iran after insisting in recent weeks that Tehran fully participate in any cut.read more
“Between a battle lost and a battle won, the distance is immense and there stand empires,” said Napoleon. The same is true of elections.
Donald Trump may have come slightly behind Hillary Clinton in the popular vote for the presidency, but his convincing victory in the electoral college will give him the ability to reshape the energy industry in the US and around the world.
His hand will be strengthened by Republican control of Congress. Parts of Mr Trump’s agenda will face resistance in Congress, but his energy policy is unlikely to be one of those areas. His support for oil, gas and coal, his commitment to deregulation and his rejection of climate policy are all well aligned with mainstream Republican thinking.read more
My bearish view on Royal Dutch Shell (LSE: RDSB) hasn’t improved over the weekend, either, following news of fresh bickering between OPEC members.
On Monday, OPEC’s Mohammed Barkindo was forced to deny that the wheels are not falling off its much-lauded supply freeze agreement, with the group’s secretary general announcing that all 14 member states remain committed to the deal.
But rumours that Saudi Arabia vowed late last week to raise its own production, should members fail to rubber-stamp the deal this month, negates any suggestion of cross-cartel unity. Some members like Iran have been exempted from cutting, or even holding, their own production, causing other group members to publicly call for similar exemptions. The political and economic ramifications of getting an agreement over the line are clearly colossal.read more
Old disputes between Saudi Arabia and rival Iran resurfaced at a meeting of OPEC experts last week, with Riyadh threatening to raise oil output steeply to bring prices down if Tehran refuses to limit its supply, OPEC sources say.
Clashes between the two OPEC heavyweights, which are fighting proxy wars in Syria and Yemen, have become frequent in recent years.
Tensions subsided, however, in recent months after Saudi Arabia agreed to support a global oil supply limiting pact, thus raising the prospect that OPEC would take steps to boost oil prices.read more
Oil distributors Idemitsu Kosan Co. and Showa Shell Sekiyu K.K. have decided to postpone their planned April merger as Idemitsu has yet to gain consent for the deal from the founding family, sources close to the matter said Thursday.
Idemitsu, the nation’s second largest wholesaler, and Showa Shell, the fifth biggest, were expected to announce the decision later in the day, according to the sources.
Idemitsu and Showa Shell originally revealed a plan to merge in 2015. But the progress of the merger has become increasingly uncertain after Idemitsu founding members, who hold a 34 percent stake, enough to veto the merger, announced their opposition to the plan in June.read more
Royal Dutch Shell signed a preliminary memorandum of understanding (MOU) with Iran’s National Petrochemical Company on Sunday for cooperation in the petrochemical industry, the Iranian oil ministry’s news agency SHANA reported.
Hans Nijkamp, the head of the department for Iran affairs at Royal Dutch Shell, said the signing of the MOU came after months of negotiations between the two companies, according to SHANA.
“We believe that we can have joint projects in the petrochemical field with the National Petrochemical Company,” he said.read more
For years, debates in the OPEC conference room were dominated by clashes between top producer Saudi Arabia and arch-rival Iran.
But as the two managed to find a rare compromise on Wednesday – with Riyadh softening its stance towards Tehran – a third OPEC superpower emerged.
Iraq overtook Iran as the group’s second-largest producer several years ago but kept its OPEC agenda fairly low-profile. On Wednesday, Baghdad finally made its presence felt.read more
“Grant me chastity and continence, but not yet,” St Augustine wrote in his Confessions, remembering his prayer as an adolescent. Opec members are taking much the same attitude to restraining their oil production.
Saudi Arabia and Russia, the world’s two largest crude producers, said on Monday they would co-operate on ways to stabilise oil prices, but stopped short of agreeing to freeze production. There will be a working group to study ways to curb price volatility, and co-operation on production curbs was held out as a possibility. But Khalid al-Falih, Saudi Arabia’s energy minister, was clearly in no hurry to make any commitments.read more
Royal Dutch Shell has agreed to sell its Brutus/Glider assets in the U.S. GoM to EnVen Energy for $425 million in cash.
The asset sale is a small step in the right direction which will improve Shell’s cash reserves.
The company, however, has made little progress toward achieving its target of selling $6Bn to $8Bn assets this year and $30Bn by 2018.
Royal Dutch Shell (RDS.A, RDS.B) has recently agreed to sell its Brutus/Glider assets in the U.S. Gulf of Mexico to Houston-based EnVen Energy for $425 million in cash. Shell was pumping 25,000 barrels of oil per day from these offshore properties, which was equivalent to 5.8% of the oil giant’s Gulf of Mexico production or less than 1% of its total production.
The asset sale is a small step in the right direction which will improve Shell’s cash reserves which stood at $15.2 billion at the end of June. Shell intends to sell $6 billion to $8 billion of assets this year. Overall, the company aims to dispose $30 billion of assets, spread in 5 to 10 countries and representing 10% of its production, by 2018. That will allow the company to reduce its debt which has ballooned following the $53 billion takeover of BG Group.read more
The huge global oil oversupply that has weighed on prices for the past two years may not clear until the second half of 2017, Shell’s chief energy adviser Wim Thomas told Reuters.
The potential return to the market of some 1.5 million barrels per day of supply from Libya and Nigeria and uncertainty about Iranian and Iraqi production levels could push a rebalancing further away than many in the oil industry are hoping.read more
Idemitsu Kosan Co. founding family descendant Shosuke Idemitsu has begun buying up shares in rival Japanese oil refiner Showa Shell Sekiyu KK in a bid to block a proposed merger between the two companies.
The Idemitsu founder’s son purchased 400,000 Showa Shell shares and may buy more until his namesake company gives up on the deal, according to a statement distributed to reporters in Tokyo on Wednesday. Showa Shell rose as much as 12 percent to 1,014 yen, the biggest intraday gain in more than a year, and closed 3.8 percent higher. Idemitsu fell 3.9 percent to 1,984 yen.read more
Several majors expected to post highest earnings in 3 quarters
Strong performance may not last as oil seen easing back to $40
For oil companies, the second quarter might be as good as it gets.
Shares gained more than in any other industry, thanks to crude rising from a 12-year low. Profits were the best in at least three quarters for majors including Royal Dutch Shell Plc, Chevron Corp. and BP Plc, helped by cost cuts, analysts say. The rest of the year might not be as rosy as supply holds near record levels.
The combined market value of the world’s oil companies shrank by $2 trillion in the past two years following crude’s collapse. While analysts agree the worst of the oversupply is over, BNP Paribas SA and JBC Energy GmbH are among those forecasting a slide back to $40 a barrel as output rebounds in Canada, Iran, Nigeria and the U.S., hurting producers whose investment cuts have put future growth in doubt.read more
Back in February 2015, the price of West Texas Intermediate stood at about $52 per barrel, half of its 2014 peak. I argued then that a renewed decline was coming that could drive it below $20, a scenario regarded by oil bulls as unthinkable. But prices did fall further, dropping all the way to a low of $26 in February. Since then, crude rallied to spend several weeks flirting with $50 per barrel, a level not seen since last year. But it won’t last; I’m sticking to my call for prices to decline anew to $10 to $20 per barrel.read more
Shell Broadband charged me £108 to cancel when my mum died because the account was in my name. Then they kept adding more charges even though their email said no extra fees would be added. 1hr 32mins to cancel the service & passed to 4 different departments - it was as if no one had ever been bereaved before. Then no reply to my email via their online help, followed by over 1 hr on their online chat. I would avoid Shell Broadband.
So after 7 months I still haven’t got my account sorted with shell, I have rang so many times to try and get it sorted and just get fobbed off every time!! Finally got a settlement figure off them of £900 odd and said I will contact another energy company to get swapped over, check our account today and my settlement figure has gone from £900 to now £1900 with in a week!!!
Iv asked to speak to a manager a number of time and get told they are in a meeting they will call you back, guess what not once have they rang me back!!
How they government allow companies like this to treat there customers they way iv been treated is a joke.
Do not sign up with these clowns you will regret it I promise, iv had nothing but sleepless night over the last month worrying about the price increase and they clearly don’t give a dam about how this is effecting me.
Is it to much to ask for a company to do the right thing and get an issue resolved as soon as possible not 7 month down the line, although this still isn’t sorted
Have spent nearly 3 hours today trying to get an overpayment issue resolved. Long waiting times (30 to 40 mins) then have spoken to 4 different people who have 1. cut me off, 2. put me on to another person who knows nothing about what I have just spent 10 minutes discussing, 3. put me on hold while reading the file (gave up waiting after 30 mins) and 4. said he would put me through to the right person within 3 minutes but didn't. I despair!
This firm run by a complete incompetent…: This firm run by a complete incompetent have 0 customer care
Jodie Eaton hides like a frightened mouse behind automated phone lines that ur on forever so she doesn't have to be held for her mass company incompetence another grossly overpaid corporate Head miss charging customers. Contact me if you got the guts Jodie
Took them over three months to correct an error in my bill. Ignored my emails throughout and only corrected it after many phone calls. I'm now trying to get a refund from them in the form of a cheque. They keep sending the cheque to the wrong address despite my phoning them up 4 times and giving them the right address. Genuinely the worst company I've ever dealt with in terms of customer service. What makes it worse is I never chose to use them and was transferred to them after Green Energy collapsed. Will never use them again once I receive my refund.
Not only are they ripping me off with illegal energy price rises covered up by accounting for them as near doubling of the standing charge. But they are now antagonizing me further with pathetic customer service. I can download my latest bill but its corrupted so I can't read it. So I have to contact customer services. Firstly I tried the online chat and was connected to an idiot bot then left hanging for ages and gave up and decided to call. Their phone system must have been designed by a moron who wants to antagonize me as much as possible with menu after menu after menu before not connecting me to a human but leaving just hanging on until I finally gave up. Why don't Shell try spending some of their obscene earnings on looking after their customers?
I have just tried emailing them from their website, its another total disaster area where it blocks my trying to send an email by forcing me to pick a totally unconnected topic from a drop down menu, which then starts me off on another totally unconnected route. Morons!!!!
Passed to shell energy from pure planet. Didn't transfer over credit, unhelpful call centre staff, horrible call centre waiting times blamed on covid but obviously understaffed.
If I could give minus 5 stars i really would. I didnt ask to join shell energy, sadly i was transferred over from green energy. The new rate for electricity set by ofgem is 28p
per kwh, shell have decided for what ever reason to charge me 31.5 pence per KWH. Goodbye Shell energy.
Was moved to Shell energy kept getting estimated bills despite assurances that they could read my meters even complaints team misled me by saying we can read both your meters, then another overestimated bill today. When I called them was told can't read your meter. This has been going on for ages. Appalling service
gave shell a reading on 27/0-4/22, still have not recived a bill, tried to contact them cant get through, a complete waste of time,
Hush now: With all this negative sentiment about Shell I was just wondering how this page is sustained. I presume it is backed financially by groups like Greenpeace etc or some other radical anti fossil fuel group. Must take a full time job to do all this.
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You don't deserve any stars, as a previous Post office customer for my landline, which has since been taken over by shell energy, you have cut my mum off who is 73 year old for no reason. numerous phone calls haven't resolved the issue, nobody know what they are doing, GET MY MUMS PHONE LINE BACK you bunch of XXXX!!!
Listen and read proof in audio and transcript form of Shell CEO Ben van Beurden’s cover-up tactics in the OPL 245 Nigerian corruption scandal. The instruction given by him in the covertly recorded call to CFO Simon Henry was at odds with Shell’s claimed core business principles. Cover-up and obstruction, instead of transparency and integrity, says Shell critic John Donovan
JOHN DONOVAN TV DOCUMENTARY INTERVIEW
SHELL EXECUTIVES AT THE CENTER OF A SCHEME TO STEAL $1.3 BILLION FROM NIGERIA’S PEOPLE
SHELL ADMITS DEALING WITH NIGERIAN MONEY LAUNDERER – BBC NEWS
SHELL, ENI AND NIGERIAN OFFICIALS IN OPL 245 CORRUPTION SCANDAL
INVESTIGATION OF OPL 245 NIGERIAN OIL CORRUPTION SCANDAL
DUTCH EARTHQUAKES CAUSED BY SHELL/EXXON
SHELL KILLS FOR OIL IN NIGERIA
ESTHER KIOBEL SUES SHELL FOR COMPLICITY IN HUSBANDS MURDER
ESTHER KIOBEL: EVIL OIL GIANT SHELL COLLUDED IN THE EXECUTION OF MY INNOCENT HUSBAND
SHELL LIED ABOUT CLEANING UP OIL IN NIGER DELTA
SHELL SPIES INFILTRATED NIGERIAN GOVERNMENT
LEGO DROPS SHELL OVER GREENPEACE OIL SPILL VIDEO
SHELL ARCTIC DRILLING ACCIDENTS
SHELL KNEW ABOUT CLIMATE CHANGE DECADES AGO
ABANDONED BY SHELL: KEITH MACDONALD & FAMILY, VICTIMS OF RADIOACTIVE CONTAMINATION AT WORK
ROYAL DUTCH SHELL FOUNDER SIR HENRI DETERDING, NAZI FINANCIER
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EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON. EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.
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