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Shell cuts back on fracking to fund renewable energy drive

The international oil giant will cut about 40pc of overheads including staff…

Shell cuts back on fracking to fund renewable energy drive

The oil giant is seeking to free up investment for early-stage carbon capture and hydrogen projects

Falling oil and gas prices due to the pandemic have taken the shine off many assets and triggered heavy write-downs.

Shell is making deep cuts in its fracking business as it tries to free up cash to cope with the pandemic and invest in renewable energy. 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.

‘Stranded Assets’ Risk Rising With Climate Action and $40 Oil

‘Stranded Assets’ Risk Rising With Climate Action and $40 Oil

By Laura Hurst | Bloomberg:

September 18, 2020 at 7:55 a.m. GMT+1

What had seemed like an abstract debate about leaving oil, gas and coal in the ground to fight climate change has suddenly become real. Environmental activists have long fought for lower fossil-fuel production. Now, with the pandemic crippling economies and reducing energy use and prices, drillers and miners are coming to grips with projects that are no longer viable. Some companies are even abandoning investments, leaving deposits worth billions of dollars in the ground to languish as so-called “stranded assets.” While environmentalists applaud, fund managers, banks and regulators worry that project financing could sour and collateral become worthless. 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 Offshore files plans to return to Alaska’s North Slope

Shell Offshore files plans to return to Alaska’s North Slope

Author: Elwood Brehmer: Alaska Journal of Commerce

A supermajor oil company is looking to advance its position on Alaska’s North Slope.

Shell Offshore Inc. has applied to form the West Harrison Bay Unit in state waters just offshore from the National Petroleum Reserve-Alaska with plans to drill the area in search of oil in the coming years, according to documents submitted to the state Division of Oil and Gas.

If the Dutch oil industry giant can secure a partner to share in the costs and risks of remote offshore North Slope exploration, it expects to drill exploration wells in the West Harrison Bay Unit with at least one sidetrack each in 2023 and 2024, Shell’s initial unit plan of exploration states. 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.

Countries Need to Invest $55 Trillion to Reach Emissions Target

Countries Need to Invest $55 Trillion to Reach Emissions Target

By Rajesh Kumar Singh 16 September 2020, 15:39 BST: Updated on 17 September 2020, 07:17 BST

Global economies will need to invest as much as $55 trillion through the middle of the century to meet an emissions goal and contain warming of the planet, according to a report by a group of executives from energy-intensive companies including ArcelorMittal SA, BP Plc and Royal Dutch Shell Plc.

Reaching net-zero carbon emissions target by 2050 will require large-scale electrification of industries, buildings and transport, as well as the use of hydrogen and biofuels in areas that can’t be electrified, according to the Energy Transitions Commission. Using less energy to produce more and recycling material will aid the efforts. Building renewable power plants will take up a bulk of the estimated investment. 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 green makeover

Big Oil’s green makeover

By Steven Mufson: September 15, 2020 at 1:00 p.m. GMT+1

Every so often, corporations confront questions of life or death.

IBM did it in the 1990s, when its hulking mainframe computers faced the challenge of next generation PCs. A new chief executive successfully shifted IBM to services and software. Netflix did it — three times. It first played the role of disrupter, offering movie DVDs by mail and then mastering the business of online streaming. Then it changed again, generating its own content.

Now, BP, one of the world’s largest oil and gas companies, is aiming to ride the waves of disruption instead of being crushed under them. 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.

Delaware joins list of states and localities suing Big Oil

Delaware joins list of states and localities suing Big Oil

Defendants in the lawsuit include Exxon Mobil, Chevron, ConocoPhillips, BP, Royal Dutch Shell and the American Petroleum Institute.

By Randall Chase | AP: September 10, 2020

DOVER, Del. — Delaware has joined the list of state and local governments that have sued the petroleum industry in an attempt to hold oil producers accountable for costs related to climate change.

The attorney general’s office joined forces with a California law firm that has sued the industry on behalf of other state and local governments in filing a Superior Court complaint 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.

Extinction Rebellion activists arrested after Shell’s London HQ vandalised

Extinction Rebellion activists arrested after Shell’s London HQ vandalised

Staff writer: 8 September 2020, 5:17 pm BST

Several Extinction Rebellion activists have been arrested after the Shell Centre in central London was vandalised.

Green graffiti reading “stop ecocide” was sprayed on the outside of the building. One arrestee was seen with green hands.

Earlier, around 100 protesters had gathered in Jubilee Gardens opposite Shell’s London headquarters to demonstrate against the oil and gas company.

Some demonstrators also dropped a banner from Westminster Bridge which read “Shell = Death”. 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.

Malabu: Canadian court dismisses Etete’s appeal over seized jet

Malabu: Canadian court dismisses Etete’s appeal over seized jet

SEPT 5, 2020

A court of appeal in Canada has thrown out an appeal by a former Nigerian Minister of Petroleum, Dauzia Etete, to recover his private jet which the federal government got impounded in that country.

Justice Robert Mainville during a virtual court hearing declared that Etete could not have the Bombardier Global 6000 jet back because he failed to challenge the allegations levelled at him by the Nigerian government. 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 Brent legs: Decom decision ‘postponed’ for giant structures

Shell Brent legs: Decom decision ‘postponed’ for giant structures

A decision on whether Shell will be allowed to keep the giant legs of the Brent field in the North Sea forever has been “postponed”.

Allister Thomas: 4 Sept 2020

The Ospar Commission, the intergovernmental body to protect Europe’s marine environment, confirmed the UK Government has still not made a decision on the controversial plans, 11 months on since the last formal meeting on them.

The legs of the Shell Brent Bravo, Charlie and Delta, made of steel and concrete, each weigh around 300,000 tonnes and are taller than the Eiffel Tower. 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 just isn’t as big as it once was

Big Oil just isn’t as big as it once was

ExxonMobil’s expulsion from the Dow Jones industrial average is just the latest sign that major oil companies aren’t as important to the economy as they used to be

By Dino Grandoni: September 4, 2020 at 12:00 p.m. GMT+1

A dozen years ago, ExxonMobil was the bluest of blue-chip companies. Raking in record-breaking profit, it spent every quarter of 2008 as the world’s most valuable publicly traded company.

Not anymore. The oil giant’s market value today is a third of what it was in 2008, when it was worth over $500 billion. That slide culminated last month with Exxon ending its 92-year run on the Dow Jones industrial average. 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.

OPL 245: Canadian judge dismisses suit challenging Nigeria’s grounding of Etete’s jet

Malabu Oil Deal: Canadian judge dismisses suit challenging Nigeria’s grounding of Etete’s jet

A Canadian judge on Thursday dismissed an application seeking leave to appeal the judgement that confirmed the grounding of a luxury private jet purchased by a former Nigerian oil minister, Dan Etete, with some of the alleged proceeds of the controversial $1.3 billion Malabu OPL245 oil deal.

The suit was filed before the court by Tibit Limited, an anonymously owned company incorporated in the British Virgin Islands (BVI), claiming ownership of the jet. 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.

Exxon Oz Starts Voluntary Redundancy Program

Exxon Oz Starts Voluntary Redundancy Program…

Exxon weighs global job cuts after unveiling Australian lay-off plan

Back in May, Bloomberg reported that Royal Dutch Shell plc would use voluntary severance measures…

by Andreas Exarheas: Rigzone Staff |Thursday, September 03, 2020

ExxonMobil Australia announced Wednesday that it has commenced a voluntary redundancy program.

The program follows an extensive review of the company’s current and future project work, according to ExxonMobil Australia, which highlighted that staff who take part in the program will be asked to offer expressions of interest through this month. 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.

An update on climate change litigation

An update on climate change litigation – no signs of cooling

Katharina Theil considers progress on legal moves around the world to bring companies to account for their contribution to climate change.

The COVID-19 pandemic has profoundly changed many aspects of our daily lives. However, one issue that remains firmly on the agenda is the urgent need for action to mitigate the worst consequences of climate change.

As the UK emerges from lockdown, the UK Committee on Climate Change has urged the Government to tackle the climate emergency in its attempt to revive the economy and has called for ‘a green, resilient COVID-19 recovery’. 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 Big Oil Still a Big Deal?

By Julian Lee | Bloomberg: August 30, 2020 at 7:36 a.m. GMT+1 From Monday there will be just one oil company in the Dow Jones Industrial Average — Chevron Corp. The removal of Exxon Mobil Corp. from the index after an uninterrupted presence since 1928 shouldn’t come as a surprise. It’s not the end of Big Oil, but it may signal the start of the beginning of the end.

It may seem odd to remove one of only two oil companies in the index at a time when the shale boom has transformed America’s role in the global market. After all, the U.S. now produces more oil and more natural gas than any other country. Last year’s domestic oil production was up by 125% from levels in 2010, while gas output has increased by 60%.

But those figures only tell part of the story, and not the most important part.

It’s not the first time that there’s only been one oil and gas company in the Dow. The last time was between 2000 and 2008, when Exxon was the sole industry representative. Before that you have to go back to the 1920s. For a brief period of two weeks in 1924, there were none at all. 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.

Unpleasant surprises gush from Royal Dutch Shell

Ian Cowie: Oops, many of my share clangers have now turned into catastrophes

Ian Cowie: The Sunday Times. Page 13 of Business&Money section. 

EXTRACTS

Because this column aims to report the rough as well as the smooth of stock market investment, it’s important to ‘fess up to my failures frequently. Also, let’s be honest, some of you enjoy my losers more than my winners.

Sad to say, the coronavirus crisis has blighted many businesses, and investors in them. Please don’t laugh, but several shares I dubbed “Cowie’s Clangers” in earlier reports — because their price fell by more than 10 per cent after I invested — could now be called “Cowie’s Catastrophes”. 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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