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Exclusive: Shell launches major cost-cutting drive to prepare for energy transition

Exclusive: Shell launches major cost-cutting drive to prepare for energy transition

LONDON (Reuters) – Royal Dutch Shell is looking to slash up to 40% off the cost of producing oil and gas in a major drive to save cash so it can overhaul its business and focus more on renewable energy and power markets, sources told Reuters.

Shell’s new cost-cutting review, known internally as Project Reshape and expected to be completed this year, will affect its three main divisions and any savings will come on top of a $4 billion target set in the wake of the COVID-19 crisis. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell booked $11 billion in writedowns on its gas business, mostly on its Australian Prelude floating LNG

Shell focused on turning around troubled Australian operations

MELBOURNE (Reuters) – Undaunted by hefty writedowns on its Australian gas assets, Royal Dutch Shell RDSa.L sees its liquefied natural gas business and “new energy” acquisitions Down Under as core to its long term plans, the Australian unit’s chairman said on Tuesday.

As Europe’s biggest oil company aims for net zero emissions from its operations by 2050 and plans a major restructuring, Shell still sees gas as a crucial part of the puzzle, with around a quarter of its gas assets in Australia. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Merkel Scrapping Nord Stream Would Unravel German Gas Strategy

(Shell may have to write off Nord Stream 2 investment if project collapses)

Merkel Scrapping Nord Stream Would Unravel German Gas Strategy

Brian Parkin, Andrew Noël and Richard Weiss: Bloomberg:

(Bloomberg) — As Angela Merkel weighs up the arguments for scrapping a Russian pipeline project, a cornerstone of the German chancellor’s carefully crafted energy strategy is at stake.

Merkel is coming under increasing pressure to ditch the Nord Stream 2 pipeline after the poisoning of Russian opposition politician Alexey Navalny. Members of her own party have questioned the project and Polish Prime Minister Mateusz Morawiecki said the decision should be a “no brainer.” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell Resumes Work at Prelude Floating LNG Facility

Shell Resumes Work at Prelude Floating LNG Facility

Zacks Equity Research: September 8, 2020

Royal Dutch Shell plc RDS.A recently confirmed that it resumed activities at Prelude floating liquefied natural gas (LNG) facility offshore Western Australia. The facility remained offline since February due to engineering glitches. This suspension followed an order from Australia’s upstream regulator to perform additional work following three safety incidents that took place at the facility between September and January.

The closure of the Prelude plant depressed Australia’s LNG export volumes, which further took a hit from an extended shutdown of Train 2 at the Chevron Corporation CVX-regulated Gorgon LNG site due to technical snags stemming from fractured heat exchangers. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Australia’s $200 Billion LNG Boom Waylaid by Covid and Cracks

Australia’s $200 Billion LNG Boom Waylaid by Covid and Cracks

James Thornhill Sep 05 2020, 3:30 AM Sep 07 2020, 9:24 AM

EXTRACTS

(Bloomberg) — Cooks on strike and cracked equipment are among the latest maladies to undermine Australia’s $200 billion push to become the world’s biggest liquefied natural gas exporter.

More than a year after the completion of a decade-long LNG construction boom, two of the seven marquee projects haven’t been able to work right, the nation’s east coast urban centers face an impending gas shortage blamed partly on exports, and the government is receiving relatively meager tax revenues from fuel sales. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell Australia attempts to bring Prelude FLNG back online

Shell Australia attempts to bring Prelude FLNG back online

SUPERMAJOR Shell has begun the process of re-starting production from its fields connected to the Prelude Floating LNG vessel offshore Western Australia, however is facing difficulties eight months after the facility was shut down over engineering problems.

Paul Hunt: Senior Journalist: Oil & Gas, Policy. 07 Sept 2020

Shell Australia confirmed to Energy News that it had begun the process to produce gas from its Browse Basin fields 475 kilometres offshore Broome on Friday afternoon. 

“The process for hydrocarbon restart of Shell’s FLNG facility has commenced,” a Shell Australia spokesperson told Energy News on Friday.

“Once we have safely started up, we will be in a stronger position to talk about timing of production and cargo.”

However, according to one source on board the vessel the restart had some issues with “multiple trips” of the plant and two swivels inside the turret that moors the giant LNG facility in place. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell begins restart activity at Prelude FLNG

Shell begins restart activity at Prelude FLNG

Published 04 Sept 2020

Shell has begun restart operations at its 3.6mn t/yr Prelude floating LNG (FLNG) facility offshore Western Australia (WA), which has been off line since February. But it has yet to define the timeline for when production will resume.

“The process for hydrocarbon restart of Shell’s Prelude FLNG facility has commenced,” a Shell spokeswoman said. “Once we have safely started up, we will be in a stronger position to talk about timing of production and cargo.” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Merkel pressured to end Nord Stream 2 support after Navalny poisoning

The Guardian: Merkel pressured to end Nord Stream 2 support after Navalny poisoning

Angela Merkel is under growing domestic pressure to end her support for the joint German-Russian Nord Stream 2 pipeline project over the confirmed poisoning of the Russian opposition leader Alexei Navalny.

The German Green party called on the chancellor to use the nearly completed infrastructure project to press the Kremlin into answering allegations over what Merkel called the “silencing” of Navalny with a novichok nerve agent. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Big Oil’s patchy deals record casts shadow over green makeover

Big Oil’s patchy deals record casts shadow over green makeover

When Shell bought BG Group for $54 billion in 2016 in the midst of the price crash, Chief Executive Ben van Beurden made a compelling case to investors…: Speaking in July, Shell’s CEO stood by the deal. “The company did get stronger, but indeed the company was not able to withstand the onslaught of COVID if we wanted to adopt a prudent stance … I remain convinced it was the right move,” van Beurden told reporters. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Coronavirus Further Complicates Shell’s Giant Floating Gas Project

Coronavirus Further Complicates Shell’s Giant Floating Gas Project

The $15 billion Prelude vessel highlights how Covid-19 is hindering operations and challenging the economics of energy megaprojects

By Sarah McFarlane:

Royal Dutch Shell PLC spent billions of dollars developing one of the world’s most challenging energy projects, a floating gas terminal five football fields long. The coronavirus pandemic is posing a new problem: How to get workers to safely start it back up.

After years of delays, cost overruns, technical problems and safety concerns, Shell began exporting natural gas from the enormous vessel, known as Prelude, last year off the coast of Australia. But production was halted in February because of an electrical fault. Efforts to restart are now being slowed by social-distancing requirements, the company said. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell Explores Sale of a Norwegian Natural Gas Business

Shell Explores Sale of a Norwegian Natural Gas Business

Its shares are down 48% this year, giving the company a market value of around $115 billion.

Aaron Kirchfeld, Dinesh Nair and Laura Hurst: Bloomberg

(Bloomberg) — Royal Dutch Shell Plc said it’s considering a sale of a Norwegian natural gas supplier, as the energy major continues to selectively dispose of assets.

The company is exploring a disposal of its Gasnor unit, a spokesperson confirmed in response to Bloomberg queries. Shell has approached infrastructure funds and private equity firms about a deal, people with knowledge of the matter said, asking not to be identified as discussions are private. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

World’s largest floating LNG factory remains in shutdown — at just three years old

World’s largest floating LNG factory remains in shutdown — at just three years old

More than five times larger than the world’s biggest aircraft carrier, Prelude is the largest floating object ever built. (Supplied: Shell)

ABC KimberleyBy Ben Collins

Shell’s massive floating LNG factory off the Kimberley coast has been in shutdown since February and industry analysts are divided on whether the $12-17 billion facility has a future.

Prelude FLNG is the largest floating object ever built and billed as the solution to getting gas out of Australia’s most remote undersea gas fields. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell may have to write off Nord Stream 2 investment if project collapses

Uniper may have to write down Nord Stream 2 loan if the pipeline fails

* Uniper is a financial backer of Nord Stream 2 project

* Risk of non-completion is increasing

* Uniper has committed to fund up to 950 mln eur (Adds CEO comments, details on Nord Stream 2 financing)

By Christoph Steitz and Tom Käckenhoff: AUGUST 11, 2020

FRANKFURT/DUESSELDORF, Aug 11 (Reuters) – German utility Uniper on Tuesday said it may have to impair a loan provided to the planned Nord Stream 2 gas pipeline if the project collapses in the face of U.S. sanctions. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Russia Looks To Lure Shell Into New Arctic Oil Project

Russia Looks To Lure Shell Into New Arctic Oil Project

By Simon Watkins – Aug 10, 2020, 4:00 PM CDT

Central now to Russia’s hydrocarbons-related power is its Arctic sector oil and gas reserves. These comprise over 35,700 billion cubic metres of natural gas and over 2,300 million metric tons of oil and condensate, principally located in the Yamal and Gydan peninsulas. According to recent comments from Russia’s President, Vladimir Putin, the next 10-15 years will witness a dramatic expansion in the extraction of these Arctic resources, and a build-out of the Northern Sea Route (NSR) as the main transport route to monetise these resources in the global hydrocarbons markets. To these ends, last week saw the announcement of a joint venture (JV) between Russia’s third biggest oil company by output and the oil arm of state gas giant Gazprom, Gazprom Neft, and Anglo-Dutch super-major, Royal Dutch Shell (Shell). read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell tries to bribe Prelude workers with $50,000 one-off payment

Paul Hunt: Senior Journalist: Oil & Gas, Policy. 07 August 2020

SHELL is urging its staff to move to a new fly-in, fly-out, roster, a move that has been described by unions as “unsafe.”

Currently FIFO staff work three weeks on, four weeks off, then three weeks on and five weeks off but under the new proposed agreement, employees would simply do a four week on, four week off roster.

In a power-point presentation leaked to Energy News this week, Shell Australia said a new roster was needed due to interstate travel restrictions, and the combined impact of a 14-day quarantine requirement for FIFO staff.

“This is placing significant pressure and strain on Prelude FLNG production team resourcing, as well as work-life balance for all personnel,” Shell said in its proposal to its employees. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell posts $18billion loss in second quarter

:

Shell has posted losses of $18.1billion (£14bn) for the second quarter of 2020 as oil, LNG and gas prices remain depressed.

The energy major took an impairment charge of $16.8billion (£12.9bn) – $22.3bn pre-tax (£17.2bn) -as it wrote down the valuation of assets due to the downturn and Covid-19.

Shell’s second quarter results compare to a profit of $3.1bn (£2.39bn) in the same period last year,  while revenues have dropped to $32.5bn, compared to $60bn in Q1 2020 and $90.5bn Q2 2019. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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