Posts under ‘Oil’

Shell in court over claims it hampered fossil fuels phase-out

Daniel Boffey in Brussels: Mon 30 Nov 2020 11.12 GMT

It will be heard that a cache of internal and external documents proves that Shell has known about climate change at least since the 1950s and has been aware of its large-scale consequences at least since 1986.

FURTHER EXTRACTS

A court in The Hague will hear claims that Royal Dutch Shell has broken Dutch law by knowingly hampering the global phase-out of fossil fuels, in a case that could force the company to reduce its CO₂ emissions. read more

Nigerian Supreme Court Upholds Oil Spill Award Against Shell

Elisha Bala-Gbogbo: Last Updated Nov 30, 2020

Shell, the largest oil producer in Nigeria, have been beset by lawsuits involving the West African nation, many of them in courts in the Hague and the U.K.

EXTRACTS

Nigeria’s Supreme Court dismissed an application by Royal Dutch Shell Plc’s local unit to review a $467-million award for damages caused by an oil spill half a century ago. Justice Olabode Rhodes-Vivour led a five-member panel of the court Friday that unanimously dismissed Shell’s bid for lacking merit. read more

OPL245 Scandal: Coalition urges World Bank group not to protect oil giants

…prosecutions relating to the OPL 245 deal are live in two jurisdictions (Nigeria and Italy); Investigations are also live in The Netherlands, where the prosecutors have told Royal Dutch Shell, which was also a party to the deal that they have sufficient evidence to prosecute. 

By Press Release: November 22, 2020

A World Bank affiliated group may scuttle Nigeria’s bid to successfully prosecute illicit funds associated with the controversial OPL 245, a coalition of international anti-corruption groups has said. read more

Shell is undergoing a major restructuring which will also result in thousands of job losses.

Green Is Good for Power Traders Chasing $430 Billion Market

Lars Paulsson, Rachel Morison, and Jesper Starn: Published: Nov 22 2020, 10:30 AM: Last Updated:  Nov 22 2020, 1:53 PM

Extracts

Stricter climate targets are spurring investments in wind turbines, solar panels and battery systems, with Bloomberg Intelligence estimating the market may almost double in size in the next 10 years. With the European Union, U.K. and other governments increasingly turning their backs on fossil fuels, companies steeped in that business are looking over the horizon and seeing a new age of electricity. read more

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

Is now the time to sell my Shell shares?

Tom Rodgers: Wed, 18 November 2020, 10:23 am GMT

There’s an old maxim in the wealth management business that no one ever lost money investing in Royal Dutch Shell(LSE:RDSB) shares. No matter how excited young analysts get about the next big thing in battery metals, cloud data storage or AI, they would still recommend buying Shell shares. That’s because the Anglo-Dutch giant has offered predictable dividend income since 1945.

But could the tide have turned on Shell shares for good? read more

Shell reveals latest year without paying UK corporation tax

Royal Dutch Shell paid no corporation tax in the UK last year even as it paid out billions of dollars in other jurisdictions.

Anjli Raval, Senior Energy Correspondent

NOVEMBER 17, 2020

The Anglo-Dutch oil major paid a total of $7.8bn in corporate income tax and $5.9bn in royalties last year on pre-tax profits of $25.5bn, according to an annual report published on Tuesday.

But the UK — along with France, South Africa and Indonesia — returned money to the company.

Shell received $116m from the UK government, following a similar return to the company in 2018, which it attributed to tax losses linked to investments in new North Sea fields and rebates tied to the decommissioning of ageing oil platforms. read more

Shell gets UK tax refund, but pays over $1billion in nearby Norway

Shell paid billions of dollars in tax in 2019 to governments around the world. But in four countries, the energy giant got money back.

17 Nov 2020

The London-listed major paid $7.8 billion in corporate income tax and a further $5.9 billion in royalties globally last year, it said in a report. The Sultanate of Oman made up the lion’s share, receiving $2.89 billion from Shell. But treasuries in the UK, France, South Africa and Indonesia returned money. read more

English translation of an article published today by the Dutch Financial newspaper, the FD.

Shell and Exxon are aiming for multi-billion dollar green subsidies

Carel Grol: 16 November 2020

Four multinationals that want to store the greenhouse gas CO₂ in an empty gas field off the Dutch coast will apply for a subsidy at the end of this month. According to estimates, this subsidy could amount to around € 1.5 billion.

In brief

• Four multinationals, including Shell, want to participate in a large-scale CO₂ storage project in a gas field under the North Sea.
• It is estimated that a subsidy of € 1.5 billion will be applied for.
• If the subsidy is paid, there will be less money for solar energy.

Four multinationals, including Exxon and Shell, will apply for a subsidy for CO₂ storage in a gas field under the North Sea. This grant is controversial as it is a huge amount for something that has never been done on this scale. There are less than 25 active large CO₂ storage projects worldwide. The so-called Porthos project in the North Sea should really be a breakthrough for Europe. read more

Shell Climate Change Ads Axed From Facebook

Greg Winterton: 16 November 2020

Extracts

Some Shell advertisements, including for its electric vehicle-charging firm Greenlots, have been removed from Facebook over concerns around transparency of environmental policies and climate change.

Shell’s advertisements – part of rebranding efforts to place emphasis on its renewable energy divisions – were labelled as sponsored, but did not include a disclaimer stating they were paid for by the firm.  read more

Shell has tried to shed its image of corporate killer like a snake would its skin.

Dear Shell: After 25 Years, Are You Finally Ready to Accept Your Role in the Murder of Ogoni 9?

The Ogoni 9 — Ken Saro-Wiwa, Saturday Dobee, Nordu Eawo, Daniel Gbooko, Paul Levera, Felix Nuate, Baribor Bera, Barinem Kiobel, and John Kpuine — were murdered 25 years ago for their campaign against Shell. Photo by Martin LeSanto-Smith.

The fossil fuel giant could have tried to right its wrongs, grave as they were. Instead, it has chosen profit over people, indifference over action. This article originally appeared in OilChange International. ANDY ROWELL: November 12, 2020

And so another grim, painful milestone is reached. It is now a quarter of a century since the Ogoni 9 were murdered in Nigeria. read more

Nigeria case against JP Morgan over OPL 245 oil deal to go to trial

Julia Payne: 12 July 2020

LONDON (Reuters) – A lawsuit launched by the Nigerian government against U.S. bank JP Morgan Chase, claiming over $1.7 billion (1.29 billion pounds) for its role in a disputed 2011 oilfield deal, will proceed to trial, London’s high court ruled on Thursday.

The suit filed in the English courts in 2017 relates to the purchase of the offshore OPL 245 oilfield in Nigeria by oil majors Royal Dutch Shell RDsa.L and Eni ENI.MI in 2011, which is the subject of an ongoing trial in Milan. read more

FACTBOX-Legal cases sparked by Nigerian OPL 245 oilfield licence

By Reuters Staff: NOVEMBER 12, 20202:42 PM

LONDON, Nov 12 (Reuters) – One of the oil industry’s biggest court cases over alleged corruption in Nigeria involves an offshore oilfield licence known as OPL 245, which Royal Dutch Shell and Italy’s Eni bought in 2011.

Italian prosecutors allege that most of the payment for the licence was siphoned off to politicians and middlemen.

Shell and Eni and the managers accused in the Milan court case, including Eni CEO Claudio Descalzi, have all denied any wrongdoing. read more

Dow Chemical, Shell Oil Sued Over Dirty Well Water Near Yosemite

Maeve Allsup Legal Reporter: Nov. 11, 2020, 12:00 AM The Dow Chemical Co. and Shell Oil Co. manufactured and sold soil additives containing a cancer-causing chemical without proper research and precautionary measures, which led to the contamination of certain wells in a county near California’s Yosemite National Park, a lawsuit filed Tuesday in San Francisco alleges.

Madera County seeks to recover costs to restore drinking water supply wells that it alleges are contaminated with 1,2,3-Trichloropropane, a chemical found in certain soil fumigants used to control worms that infest plant roots, the suit says.

TCP is an ingredient in products that were manufactured, marketed, and sold by the companies in…

FULL ARTICLE (PayWall)

COURT: Cal. Super. Ct.

COMPANY: The Dow Chemical Co., Shell Oil Co. (Bloomberg Law Subscription) read more

Nigeria protests target Shell in UK, Netherlands

Activists have mounted demonstrations at Shell’s headquarters in London and The Hague, in protest over the killings of the Ogoni 9 in Nigeria, 25 years ago.

By Ed Reed: 10 November 2020

Eight activists from Extinction Rebellion Rotterdam climbed a Shell storage tank in Pernis. A spokesman for the group, Marjolein: “Although Shell is obliged to clean up the oil, they appear to be failing to deliver on their promises as always. That is why today we protest at one of Europe’s largest oil refineries: to show that Shell cannot get away with this and to encourage the people in the Ogoni area. ” read more

Shell Singapore to cut 500 jobs over three years amid Pulau Bukom reorganisation

UMA DEVI: [email protected]: Twitter @UmaDeviBT: TUE, NOV 10, 2020 SHELL Companies, the local subsidiary of Royal Dutch Shell, is set to cut 500 jobs or about 38 per cent of its local workforce over the next three years as the group makes changes to its largest refinery, on Pulau Bukom.

A Shell spokesperson told The Business Times that the company will go from 1,300 staff to approximately 1,100 by the end of 2021, and down further to some 800 employees by the end of 2023.

The earliest staff movement related to the reorganisation will take place in the fourth quarter of 2021, added the spokesperson.

In a statement on Tuesday, Shell said Pulau Bukom will pivot from a crude-oil, fuels-based product slate towards new, low-carbon value chains. This is the company’s latest step towards its overarching ambition to be a net-zero emissions energy business by 2050. read more