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Oil Majors Are Paying The Price For Investing In Renewables

Oil Majors Are Paying The Price For Investing In Renewables

By Alex Kimani – Nov 19, 2020, 7:00 PM CST

Big Oil has been frequently lambasted for trying to burnish its green credentials through half-hearted investments in renewables. That might have been true for much of the past decade, but it appears to be changing as the oil and gas majors have started putting down big money into clean energy. For instance, European oil majors including BP Plc. (NYSE:BP), Royal Dutch Shell (NYSE:RDS.A), Eni SpA (NYSE:E), Total SA (NYSE:TOT), and Norwegian national oil company Equinor ASA (NYSE:EQNR) have already invested billions of dollars in renewable energy and made big clean energy commitments.Yet, Big Oil just can’t seem to catch a break, with stocks of oil and gas companies that are investing heavily in renewables being punished by the markets. 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 win back investors

Shell tries to win back investors

30 Oct 2020

Royal Dutch Shell, Europe’s largest oil company, said on Thursday that it would raise its dividend for the third quarter by about 4 percent to 16.65 cents and keep increasing it by a similar amount annually in an effort to win back investors.

Investors have pummeled Shell’s shares since the company cut its dividend earlier this year for the first time since World War II. The share price was up about 2 percent in trading on Thursday. 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 TAKES GIANT WRITEDOWN ON PRELUDE

Shell takes giant writedown on Prelude: Massive pre-tax writedown on troubled $US12bn Prelude floating LNG plant raises concern over the long-term prospects. 

SOURCE ARTICLE (PAYWALL)

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 outlines tighter upstream, refining footprint in post-COVID transition plans

Shell outlines tighter upstream, refining footprint in post-COVID transition plans

London — Shell plans to focus its future upstream operations on nine core areas and transform its refining portfolio into six integrated sites which are part of moves to grow its low-carbon businesses and support its cash flows, the major said Oct. 29.

Reporting stronger than expected third-quarter earnings, Shell said it wants to pursue more “value over volume” by simplifying its upstream assets to nine significant core positions; Brazil, Brunei, Gulf of Mexico, Kazakhstan, Malaysia, Nigeria, Oman, Permian and UK North Sea. It said combined the areas will generate more than 80% of its upstream cash flow from operations. 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.

Urgent safety assessment’ over maintenance job cuts at Fife NGL Plant?

MP calls for urgent safety assessment’ over maintenance job cuts at Fife NGL Plant

:

Kirkcaldy and Cowdenbeath SNP MP Neale Hanvey has written to the Scottish Environment Protection Agency (Sepa) and Health and Safety Executive (HSE) raising “serious concerns” about reductions in staff at Shell’s Fife NGL Plant at Mossmorran.

It is understood  Shell intends to axe 63 out of 77 contractor jobs at the plant – a move trade union Unite has claimed could put lives at risk.

However, Shell has maintained, despite not disputing Unite’s figures, that not all roles being lost relate to “safety critical maintenance” and has given an assurance that safety at the plant would not be compromised. 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.

Prelude will not resume full production this year, says Shell

Prelude will not resume full production this year, says Shell

Article by Adam Duckett: 21st October 2020

SHELL has said its huge floating LNG production plant – the Prelude FLNG facility – is not expected to resume full production this year, following a troubled start for the pioneering facility.

Production aboard Prelude – which at 488 m long is the largest ship ever built – was halted in February after an electrical trip and it has not resumed. This fault followed, though was not linked to, an order from Australia’s National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) for Shell to revise its safety management system. 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’s plans to slash maintenance staff at Mossmorran would put lives at risk warns union

Shell’s plans to slash maintenance staff at Mossmorran would put lives at risk warns union

 

Trade union Unite said it understood Shell was intending to axe 63 out of 77 contractor jobs at the Fife NGL Plant and that this could put lives at risk.

Shell has disputed the union’s claims of an 80% cut in workforce, insisting the safety of its plants was “paramount” and would not be compromised.

Posts under threat are said to include scaffold inspectors and supervisors, riggers and rigging supervisors, forklift drivers, general assistants and mechanical supervisors. 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 deny huge job cuts at two Scots plants then U-turns as union raises ‘critical’ safety concerns

Shell deny huge job cuts at two Scots plants then U-turns as union raises ‘critical’ safety concerns

Exclusive by Martin Williams  Senior News Reporter

SHELL have come under fire after denying union claims of huge job cuts at two of its plants raising ‘critical’ safety concerns – that were later confirmed.

Details seen by the Herald confirm Unite concerns that proposals affecting the energy giant’s Northern Systems and Plants (NSP) operations in Fife and Aberdeenshire would result in 63 out of 77 Kaefer jobs being axed at the Mossmorran plant with a further 46 out of 52 jobs being proposed for redundancy at St Fergus. 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 huge bet to save itself from extinction

The Telegraph

Big Oil’s huge bet to save itself from extinction

A shift to renewables and the rise of green energy giants means the future for former fossil fuel titans is far from certain, writes Rachel Millard

Tuesday 20 October 2020 The Daily Telegraph 

EXTRACTS

It was the early days of 2015 when Shell’s chief executive Ben van Beurden ascended the stage of the InterContinental Hotel on London’s Park Lane with a stirring message for his industry peers amid strengthening global action on carbon emissions. 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.

Is Shell’s $17 Billion Bet On Floating LNG A Flop?

Is Shell’s $17 Billion Bet On Floating LNG A Flop?

What new ship construction project has cost more than a US Navy Supercarrier and is equally troubled with delays and problems? Shell’s Prelude FLNG.

SOURCE

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’s Australian Prelude LNG will not resume shipping LNG this year

Shell’s Australian Prelude LNG will not resume shipping LNG this year

MELBOURNE (Reuters) – Royal Dutch Shell RDSa.L said on Thursday its Prelude floating liquefied natural gas (FLNG) project off Australia, off line since early February, is working on restarting operations but would not resume full production this year.

The troubled Prelude FLNG platform was shut down following an electrical trip and Shell has faced a number of issues over the past few months in trying to restart full production and now does not expect to ship any LNG before next year. 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 Plans to Cut Thousands of Jobs

Shell Plans to Cut Thousands of Jobs Amid Shift to Carbon Neutrality: What Investors Need to Know

Shell’s job cuts are just the latest unsettling news for Wall Street’s least-loved oil major (shares of Shell are down more than any other integrated oil and gas company so far this year).

BY Daniel Foelber:(TMFpalomino2) Oct 10, 2020 at 7:54AM

The case for why the job cuts are the right decision for investors.

To say it’s been an off-year for big oil would be an understatement. Shockwaves of volatility and lower energy demand have rippled through global markets. An added threat is the increasing role of renewables in the energy mix as wind and solar companies continue to gain market share — and oil companies lose it. 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.

Why the World Worries About Russia’s Natural Gas Pipeline

U.S. sanctions… forced Swiss contractor Allseas Group SA to withdraw its pipelaying vessels

Why the World Worries About Russia’s Natural Gas Pipeline

By Anna Shiryaevskaya and Dina Khrennikova | Bloomberg: Oct. 8, 2020 A natural gas pipeline being built under the Baltic Sea from Russia to the German coast is shaking up geopolitics. Nord Stream 2, as it’s called, fuels worries in the U.S. and other countries that the link could give the Kremlin new leverage over Germany and other NATO allies. As the project neared completion, U.S. sanctions and calls for European restrictions, as well as a Polish move to fine Russia’s Gazprom PJSC on antitrust grounds, have left the construction in limbo and ratcheted up political tensions.

1. What is Nord Stream 2?

It’s a 1,230-kilometer (764-mile) gas pipeline that will double the capacity of the existing undersea route from Russian fields to Europe — the original Nord Stream — which opened in 2011. Gazprom owns the joint Russian-European venture, with Royal Dutch Shell Plc and four other investors contributing half of the 9.5 billion-euro ($11.2 billion) cost. Initially expected to come online by the end of 2019, the link has been delayed by U.S. sanctions that forced Swiss contractor Allseas Group SA to withdraw its pipelaying vessels. The pipeline operator is looking for solutions to lay the remaining 6% of the pipe, which includes construction work in Denmark’s waters. 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.

Prelude FLNG maintenance workers to go on strike

Prelude FLNG maintenance workers to go on strike

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

CONSTRUCTION and maintenance workers at Shell Australia’s Prelude floating LNG vessel will lay down their tools on Friday in a day of action aimed at pressuring contractor Monadelphous into a new enterprise bargaining agreement.

The Australian Workers Union and Maritime Union of Australia filed for protected action to legally strike across the massive LNG project a fortnight ago.

Protected action gives the workers legal immunity to conduct a strike without facing consequences imposed by the employer. Unions claim Monadelphous is paying Prelude maintenance workers below industry standard pay and conditions.

The unions are seeking a pay rise and better job security, citing a casualisation of the offshore workforce as a major issue. 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’s Prelude FLNG becomes a big headache!

Shell’s Prelude FLNG becomes a big headache!

By Bill Campbell

According to a recent article in Forbes “the biggest vessel in the world costing todate between 12 and 17 billion US may have also turned into Shell’s biggest blooper.”

It’s all been Technically very challenging as Shell has attempted to squeeze a complex LNG plant into a relatively small space Forbes say. (this website has covered this as a fundamental concern a number of times) – (1)

Goodman Sachs are also of the opinion that when eventually fully operational Prelude, the worlds most expensive LNG project, will only break even in current market conditions at around 20 dollars per a thousand cubic feet. 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.

Op-ed: A $100 billion Big Oil divestiture plan is coming

Op-ed: A $100 billion Big Oil divestiture plan is coming

Tore Guldbrandsøy, senior vice president, and Ilka Haarmann, analyst, at Rystad Energy   KEY POINTS
  • The largest oil and gas companies, including ExxonMobil, Royal Dutch Shell, Chevron and BP, are projected to sell a combined $100 billion in oil and gas assets around the world as they focus on top-performing regions, particularly the U.S. shale, according to a new analysis from consulting firm Rystad Energy.
  • Climate change and renewable energy investments are forces that these Big Oil firms need to respond to strategically, but their own carbon divestiture campaigns will be motivated by factors distinct from the push from climate activists. 

Energy transition has climbed towards the top of the agenda in the boardrooms of the world’s largest oil and gas companies. With electrification and renewable energy on the rise, Big Oil is striving to adapt to a transformation that could eventually render their business obsolete if they don’t latch on to the opportunities it brings. The result could be a massive sell-off of assets as the biggest petroleum players concentrate their oil and gas production to the countries where oil and gas is cheapest and easiest to produce. 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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