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Process & Control Today: Shell Agrees Libyan Exploration Deal

May 9th, 2005
by John Donovan.
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Process & Control Today: Shell Agrees Libyan Exploration Deal

09/05/2005

Libyan Arab Jamahiriya (NOC) and Shell Exploration and Production Libya GmbH (“Shell”) have reached a long-term agreement for a major gas exploration and development deal. The agreement covers the rejuvenation and upgrade of the existing Liquified Natural Gas (LNG) Plant at Marsa Al-Brega on the Libyan coast, together with exploration and development of five areas located in the heart of Libya’s major oil and gas producing Sirte Basin. The contract follows the Heads of Agreement signed in March 2004 between NOC and Shell, in which both parties agreed to establish a long-term strategic partnership in the Libyan gas sector. read more

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Libya Govt Gives Go-Ahead For New Energy Auction-Official

May 7th, 2005
by John Donovan.
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THE WALL STREET JOURNAL: Libya Govt Gives Go-Ahead For New Energy Auction-Official

7 May 2005

DOW JONES NEWSWIRES

LONDON — The Libyan government has given the go-ahead for Libya to offer a second oil and gas bidding round to foreign oil majors, a top Libyan oil official said Friday.

Abdulla Salem El-Badri, chairman of the Libyan National Oil Co. (NOI.YY), told Dow Jones Newswires that as part of the latest auction, 26 energy contracts will be awarded Oct. 2 to international oil majors. He said the projects include 44 oil and gas blocks, based both offshore and onshore.

“We are optimistic and hopeful the latest round will be a big success, El-Badri said. read more

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THE NEW YORK TIMES: Shell, Libya Reach Gas Exploration Deal

May 4th, 2005
by John Donovan.
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THE NEW YORK TIMES: Shell, Libya Reach Gas Exploration Deal

4 May 2005

By THE ASSOCIATED PRESS

LONDON (AP) — The Royal Dutch/Shell Group of Cos. said Tuesday it has reached a long-term agreement for a major gas exploration and development deal with Libya’s National Oil Corp.

Shell said the agreement covers the rejuvenation and upgrade of the existing liquefied natural gas plant at Marsa Al-Brega on the Libyan coast and the exploration and development of five areas located in the heart of Libya’s major oil and gas producing Sirte Basin.

Shell’s return to Libya — where it was active from the 1950s until 1974 and where it conducted exploration in the late 1980s — has been aided by the country’s improved ties with the West following its announcement in December 2003 that it would dismantle its chemical, nuclear and biological programs. read more

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SHELL EXCITED BY LIBYAN GAS DEAL WITH ACCESS TO FIVE BLOCKS

May 4th, 2005
by John Donovan.
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FINANCIAL TIMES: SHELL EXCITED BY LIBYAN GAS DEAL WITH ACCESS TO FIVE BLOCKS

 By James Boxell

Published: May 4 2005

Royal Dutch/Shell has eased some of the disappointment about the loss of its Oman field by striking a gas exploration and development deal with Libya, its first big project in the energy-rich former pariah state for 30 years, writes James Boxell.

Shell will spend $105m (£55m) on renovating a liquefied natural gas plant on the Libyan coast and has been granted a licence to search for gas in five blocks in the Sirte basin, the country’s main energy-producing region. read more

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Shell plans to pump £340m into Libya for gas exports

May 4th, 2005
by John Donovan.
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THE TIMES: Shell plans to pump £340m into Libya for gas exports

4 May 05

By Carl Mortished, International Business Editor

SHELL has secured a foothold in the development of a Libyan gas export industry, agreeing to invest up to $637 million (£337 million) in the country that a year ago emerged from pariah status when its leader, Colonel Gaddafi, renounced weapons of mass destruction.

Shell has agreed to rejuvenate and upgrade a liquefied natural gas (LNG) plant on the Libyan coast in a deal that also gives the company the right to explore for gas in an area covering 20,000 square kilometres of the Sirte Basin, a major oil and gas producing region. read more

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The Guardian: Shell steps on the gas as Libya comes in from the cold

May 4th, 2005
by John Donovan.
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The Guardian: Shell steps on the gas as Libya comes in from the cold

Terry Macalister

Wednesday May 4, 2005

Shell announced plans yesterday to invest up to $637m (£335m) in Libya, the biggest new investment since the country came in from the political cold.

A landmark oil and gas agreement with Muammar Gadafy’s government will see up to $450m spent on potentially quadrupling the size of the Marsa al-Brega liquefied natural gas terminal. This could eventually lead to LNG being exported to Britain and is a tangible success for Tony Blair, who went to Libya 12 months ago to signal relations had thawed with the west. read more

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BBC NEWS: Shell forges Libyan gas agreement

May 3rd, 2005
by John Donovan.
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BBC NEWS: Shell forges Libyan gas agreement

3 May 2005

Investors in Shell said they welcomed the Libyan deal.

Shell has agreed a major gas exploration and development deal with Libya and its state oil company.

The deal could eventually see Shell producing more than 100 million barrels of oil equivalent from the country.

Anglo-Dutch firm Shell will spend $105m-$450m (£55.5m-£238m) on upgrading a Libyan gas plant and $187m on exploration.

The deal is seen as key for Shell, as it tries to rebuild investor trust after overstating its reserves. read more

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THE WALL STREET JOURNAL: Shell to Return to Libya With Natural-Gas Deal

May 3rd, 2005
by John Donovan.
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THE WALL STREET JOURNAL: Shell to Return to Libya With Natural-Gas Deal

By BENOIT FAUCON

DOW JONES NEWSWIRES

May 3, 2005

LONDON — Royal Dutch/Shell Group Monday said it reached a comprehensive agreement for natural-gas exploration and liquefaction with Libya’s National Oil Co., its first major project in the country in 30 years.

The return to Libya may help boost the oil major’s dwindling reserves and strengthen its position as the world’s largest producer of liquefied natural gas, or LNG. read more

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Reuters: Shell agrees gas exploration deal with Libya

May 3rd, 2005
by John Donovan.
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Reuters: Shell agrees gas exploration deal with Libya

Tue May 3, 2005

By Emma Thomasson and Tom Bergin

AMSTERDAM/LONDON (Reuters) – Oil giant Royal Dutch/Shell Group has agreed a deal with Libya that will allow it to drill for natural gas and develop gas export facilities in the former pariah state.

Shell, which is grappling with falling production and dwindling oil and gas reserves, said on Tuesday that the deal was an important step in rebuilding its resource base.

The deal also shows how Libya’s massive hydrocarbon reserves are facilitating its reintegration into the international community, as tight oil supplies send prices to record levels. read more

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Shell News Tuesday, 1 February 2005

Feb 1st, 2005
by John Donovan.
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Shell News Tuesday, 1 February 2005

FINANCIAL TIMES: Libyan PM wooing US oil companies: “Several big international companies including ExxonMobil, BP, Royal Dutch/Shell and Total, which had been operating in Libya during the 18 years of US economic sanctions against the North African country, did not win any licences under the latest auction.” (ShellNews.net) 1 Feb 05

Lloyds List: Shell joins Apache in Forties and Nelson: “SHELL and US oil firm Apache have signed up to jointly explore the offshore blocks between the Forties and Nelson platforms in the UK central North Sea.” (ShellNews.net) 1 Feb 05 read more

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Shell News Sunday, 30 January 2005

Jan 30th, 2005
by John Donovan.
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Shell News Sunday, 30 January 2005

Scotland On Sunday: Exxon Mobil to overhaul Ford with largest ever profit at £12.8bn: “Rival Shell will also unveil record profits this week, at $17.6bn. But the City will be focusing on the troubled company’s proven oil reserves – which are expected to be downgraded by a further billion barrels.” (ShellNews.net) 30 Jan 05

THE SCOTSMAN: Shell to Announce Record Profits: “Shell will this week announce record profits after sky-high crude oil prices lifted its results performance during an otherwise troubled year.”: “Shell is expected to use Thursday’s results announcement to update investors on developments with its restructuring and on whether it will have to reclassify its reserves for the fifth time after auditors called into question the status of 900 million barrels of oil and gas stocks.” (ShellNews.net) 30 Jan 05 read more

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Shell News Monday, 17 January 2005

Jan 17th, 2005
by John Donovan.
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Shell News Monday, 17 January 2005

Houston Chronicle: Shell Oil awaits a new leader: U.S. chairman will seek to rebuild company’s image: “As part of the Royal Dutch-Shell Group of Companies’ continued management shuffle, it is installing a new U.S. country chairman, John Hofmeister…”: “widely credited with hiring Judy Boynton, the former chief financial officer who was tainted in the reserves accounting scandal that inflated Shell’s oil and natural gas assets. She was finally dropped this month, albeit with a $1 million severance package. Boynton joined Shell in 2001 after leaving as vice president of Polaroid. A few months later, Polaroid filed for Chapter 11 bankruptcy protection and angry shareholders accused her of manipulating the company’s finances to appear better than they actually were.” (ShellNews.net) Posted 17 Jan 05 read more

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Daily Mail: Shell launches charm offensive

Sep 20th, 2004
by John Donovan.
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Daily Mail: Shell launches charm offensive

“Shell shares at 417 1/2p have recouped their losses on the reserve shock. That should help in fighting US legal claims, but it is largely due to the soaring price of crude.”

20 September 2004,

SHELL will this week beat the drum about slimming down its sprawling global empire. Chief executive Jeroen van der Veer can point to up to £5.6bn of likely proceeds from a growing list of disposals.

But his major City presentation on Wednesday needs to convince investors that the sales cash will not be soaked up in cost overruns on major projects.

The best news of all would be some sizable new discoveries. Shell has been drilling actively in the Gulf of Mexico, Nigeria, Morocco and Malaysia. It is also seeking to line up a big gas deal in Libya. Its £1.1bn share buyback programme is likely to be stepped up. read more

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U.S. Oil Concerns Are Lining Up To Bid on Rights for Libyan Crude

Aug 18th, 2004
by John Donovan.
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THE WALL STREET JOURNAL: U.S. Oil Concerns Are Lining Up To Bid on Rights for Libyan Crude

“But National Oil Corp. has yet to firm up a deal with Royal Dutch/Shell Group after signing a preliminary agreement in March”

By KAREN MATUSIC

DOW JONES NEWSWIRES

August 18, 2004; Page A2

WASHINGTON — U.S. oil companies keen to get their first chance to do business in Libya in 18 years are expected to be active participants in the former pariah state’s first post-sanctions licensing round.

Given soaring crude-oil prices and the likelihood Iraq will be off limits to foreign oil companies until the violence subsides and an elected government is installed, interest in the Libyan round will be high, industry executives said. read more

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Daily Telegraph: Libya invites bids for drilling rights

Aug 17th, 2004
by John Donovan.
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Daily Telegraph: Libya invites bids for drilling rights

“The news emerged amid reports that Shell’s Libyan deal, which is still at the preliminary stage, was stalling.”

By Christopher Hope, Business Correspondent (Filed: 17/08/2004)

Libya, which was welcomed back into the international fold four months ago, yesterday invited oil and gas companies to bid for drilling rights there.

The news is the first open invitation to oil and gas companies since Shell signed a deal to build a $200m liquefied natural gas terminal during a visit by Prime Minister Tony Blair in March.

Libya’s National Oil Company announced that it was offering exploration and production rights on almost 130,000 sq km, divided into 15 blocks in the north and west of the country. read more

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The Business: Shell battles to save gas deal with Libya

Aug 15th, 2004
by John Donovan.
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The Business: Shell battles to save gas deal with Libya

“it needs to report progress to investors battered by this year’s disastrous reserves downgrade.”: “I would imagine Shell is desperate to sign something.”

By Richard Orange

15 August 2004

SHELL will be working over the next month to revive stalled negotiations on a key Libyan investment in time for its September strategy meeting. It needs to report progress to investors battered by this year’s disastrous reserves downgrade.

Shell announced a preliminary deal to re-enter Libya in March this year after a high-profile visit by UK Prime Minister Tony Blair to Tripoli. But The Business has learnt that the agreement has stalled because of Shell’s insistence on part ownership of some of Libya’s gas fields. read more

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