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OPEC’s commitment to cutting production to clear a global glut is working, but the group needs to address rising output from Libya and Nigeria, Iran’s Oil Minister Bijan Namdar Zanganeh said.
Compliance with the output cuts is “acceptable,” Zanganeh told reporters in Tehran. The Organization of Petroleum Exporting Countries should focus on “the situation with Libya and Nigeria,” he said, referring to the two countries exempted from capping production due to their internal strife.
SUNDAY SEPTEMBER 24, 2017 / 11:54 AM
BAGHDAD (Reuters) – Iraqi oil minister Jabar al-Luaibi said on Sunday talks are continuing with Royal Dutch Shell (RDSa.L) on the Majnoon oil field that the company is said to be seeking to quit.
“There are still negotiations, things are not clear,” Luaibi told a news conference in Baghdad. “We haven’t initiated talks with other companies.”
A letter signed by Luaibi, dated Aug. 23 and seen by Reuters, gave approval for Shell to quit Majnoon, a major oilfield near Basra which started production in 2014.
It seems unlikely, given Shell’s appalling track record, but in view of the latest news that a corruption probe of Eni now includes its dealings in several countries around the globe, it may be the case that Eni is indeed even more corrupt than its OPL 245 partner-in-crime, Royal Dutch Shell.
Malcolm Brinded, who played a key role for Shell in the OPL 245 skullduggery, remains at large and a director of the Shell Foundation. I suppose they have to keep him on a payroll to make sure he does not turn on his colleagues, including former MI6 spooks employed by Shell, John Copleston and Guy Colgate.
By Cyril Widdershoven – Sep 16, 2017, 6:00 PM CDT
Supermajor Royal Dutch Shell has decided to divest its Iraqi oil assets in a move to focus on its future in natural gas. The industry giant is seemingly breaking from its oil heritage to head full speed into the “Golden Age of Gas.” Shell’s decision to leave Iraq’s upstream oil assets is not without risk, however, as the market for natural gas is even more oversupplied than it is for crude oil.
Reuters reported the move first, based on a letter from the Iraqi ministry of oil, followed by a confirmation from Shell. The Dutch heavyweight indicated to the press that its oil asset divestment in Iraq is in line with its strategy to focus more on natural gas and downstream activities.
Ron Bousso: SEPTEMBER 13, 2017
LONDON (Reuters) – Royal Dutch Shell is set to end a century of oil production in Iraq by withdrawing from two of the Arab state’s flagship fields to focus on more profitable gas development.
Shell’s retreat highlights the challenges foreign operators face with low-margin oil contracts in Iraq, an OPEC member that sits on some of the world’s biggest oil reserves and wants to boost production after years of conflict hindered development.
The Anglo-Dutch firm said on Wednesday it had agreed with Iraq’s oil ministry to relinquish operations at Majnoon field to the government after unfavorable changes to fiscal terms. The announcement confirmed an earlier Reuters report.
Royal Dutch Shell on Tuesday presented its development proposal to Iran’s Petroleum Engineering and Development Company for Kish Gas Field in the Persian Gulf.
Hans Nijkamp, vice president of Shell, elaborated on development plans in a meeting with Noureddine Shahnazi-Zadeh, chief executive of PEDEC, and Gholamreza Manouchehri, the deputy for development and engineering at the National Iranian Oil Company, Shana reported.
A memorandum of understanding was signed between NIOC and Shell in December to conduct technical studies on the field.
SEPTEMBER 13, 2017 / 7:52 AM
LONDON (Reuters) – Oil major Royal Dutch/Shell said on Wednesday it would focus its efforts on the development and growth of the Basra Gas Company in Iraq after handing over operations of the Majnoon oil venture back to the Iraqi government.
On Tuesday, Reuters reported that Shell Iraq has started preparations to finalize the exit of Shell from Majnoon, one of the largest fields in the country.
“In May 2017, the ministry of oil in Iraq applied the performance penalty and remuneration factor on the Shell operated venture, the Majnoon oil field, which had a significant impact on its commerciality,” a Shell spokesman said.
It’s for this reason that I don’t believe the end is nigh for fossil fuels. That really matters to companies like and Royal Dutch Shell. In fact I’ve been listening to experts harping on about the end of our reliance on fossil fuels ever since I was a child. And believe me, that was a very long time ago.
So for those of you who think that the big oil firms are doomed, I would say, think again. Oil has been described as the lifeblood of the global economy on many occasions, with the invasion of Iraq and bombing of Libya possibly serving as proof that we are willing to do just about anything to keep it flowing. Indeed, government documents have revealed that plans to exploit Iraq’s oil reserves were discussed by ministers a whole year before the invasion and subsequent destruction of the country. FULL ARTICLE
Embarrassingly for Shell, as the New York Times has reported this morning, I have a leaked copy of an 88 page Shell internal document setting out proposals for Shell’s global plans generally and in particular for the Netherlands, where several hundred more jobs are going to disappear. Part of a world-wide jobs upheaval at Shell. A few days ago, CEO Ben van Beurden, mindful of the prospect of a falling oil price, claimed that Shell “is getting fit for the $40s.” Now we have a detailed insight about the scope of proposed transformational change at Shell deemed essential to achieving that objective. Embarrassingly for Shell, as the New York Times has reported this morning, I have a leaked copy of an 88 page Shell internal document setting out proposals for Shell’s global plans generally and in particular for the Netherlands, where several hundred more jobs are going to disappear.
By Julianne Geiger – Nov 28, 2016, 2:24 PM CST
Royal Dutch Shell is considering exiting its positions in Iraqi oil fields, according to industry sources cited by Reuters.
Shell, which declined to comment, is the world’s top liquefied natural gas producer, and is only exiting its oil field assets in Iraq, not its gas field assets. Iraq accounted for 4.4 percent of Shell’s total oil and gas production in 2015.
The fields in question are the Majnoon field, in which Shell holds a 45 percent interest, and the West Qurna field. Majnoon produces an average of 200,000 barrels per day, according to Shell’s website.
By Rania El Gamal and Alex Lawler | VIENNA
OPEC was trying on Monday to rescue a deal to limit oil output as tensions grew among the producer group and non-OPEC member Russia, with top exporter Saudi Arabia saying markets would rebalance even without an agreement.
OPEC experts started a meeting in Vienna at 0900 GMT and were due to make recommendations to their ministers on how exactly the Organization of the Petroleum Exporting Countries should reduce production when it meets on Nov. 30.
By Rania El Gamal and Alex Lawler | DUBAI/LONDON
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.
By REUTERS: PUBLISHED: 14:40, 31 October 2016
By Rania El Gamal
DUBAI, Oct 31 (Reuters) – Royal Dutch Shell and trading house Vitol are stepping up their operations in the port of Fujairah to store Iraqi crude as production from the OPEC member rises, industry sources said.
Iraq is OPEC’s second largest producer after Saudi Arabia and its output has almost doubled since the start of the decade at 4.7 million barrels per day (bpd).
With a target of 5.5-6 million bpd by 2020, Iraq wants to be exempt from the cartel’s bid to boost oil prices with production cuts to reduce a global surplus.
By Royston Wild – Friday, 7 October, 2016
Stakeholders in fossil fuel goliath Royal Dutch Shell (LSE: RDSB) could be forgiven for breaking out the bubbly following the company’s recent share price detonation.
Shell saw its value gallop 28% higher during the third quarter, and the firm’s meteoric ascent may not be finished yet — indeed, the stock is within striking distance of July’s quarterly peak of £21.48 per share, the loftiest level since May 2015.
But while many momentum investors may be tempted to plough in, I reckon now could provide a terrific opportunity for investors to cash out.
By Rania El Gamal and Alex Lawler | ALGIERS
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.
By Ed Crooks: September 16, 2016
The more positive mood in crude prices last week always looked fragile, based as it was on nebulous talk about a possible Opec production freeze and volatile US data that were heavily influenced by storm Hermine at the beginning of the month.
That vulnerability was exposed this week. Brent crude, which briefly hit $50 per barrel on September 8, dropped below $46 on Friday.
As prices fell, analysts took differing views on the outlook. Bloomberg focused on the chance of a rebound, as markets started to focus on the growing risk of shortages. On the other hand, the FT’s Neil Hume pointed out that there was still more crude production capacity set to come on stream as a result of the investment binge of 2011-14 – not least the much delayed Kashagan field in Kazakhstan – meaning that prices could remain depressed in the short term.
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.
30 November 2023: Posted by John Donovan
The content below is sourced from current verifiable customer reviews of Shell Energy published on Trustpilot.
Extremely slow broadband for 10 months, not fixed. I have had slow broadband well below the guaranteed speed for 10 months and Shell Energy have not been able to fix it. They have tried sending about 4 or 5 engineers but have not fixed the problem. Gurps, who I have been dealing with most recently, has been friendly and polite, alth… Read more
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