POSTING ON OUR SHELL BLOG: 2020/12/06 at 10:26 pm (UPDATED WITH RESPONSE FROM “LONDONLAD”)
Escaped from C16Atraz
There are many parallels to be drawn between Shell and the one unbeatable Manchester United. Both are now mid table. Weak manager, senior players who are arrogant and only play for money, and have got rid of their most hard working players. Shell better get used to mediocrity. It doesn’t care at all about climate change but Van Beurden will no doubt continue to sell more of the crown jewels to greenwash its reputation like the loony who heads BP.read more
Shell’s shares have fallen by almost 60 per cent this year, while BP is down almost 55 per centEmily Gosden, Energy Editor: Friday October 02 2020, 12.01am
Shares in Royal Dutch Shell and BP closed at their lowest level in 25 years yesterday as the oil price fell back towards $40 a barrel.
Brent crude, the global benchmark price, dipped below $40 at one stage in afternoon trading and was down 3.2 per cent at $40.93 in New York last night.
The sell-off was driven by renewed fears of global oversupply as a second wave of the coronavirus hits demand and rising output from the Opec cartel boosts supplies.
Brent crude is down about 40 per cent from the start of the year but remains well above the lows in April, when it fell below $20 a barrel during the height of global lockdowns.read more
Climate change activists have long lobbied for divestment from fossil fuel-producing companies. They have largely failed in this quest. This year, the steep falls in the value of the large oil and gas companies, however, occurred with a rapidity that astonished market watchers. Within weeks, the coronavirus pandemic and the oil market-share battle between Saudi Arabia and Russia launched after the collapse of the OPEC+ talks in early March led to unprecedented falls in Big Oil equity.read more
Oil prices continue to rise on the prospect of a rebound in fuel demand as economies begin to reopen. But there is a large difference between oil demand rising from recent lows and actually growing relative to pre-COVID-19 trends. In other words, demand destruction on the order of nearly 30 million barrels per day (mb/d) may have been brief, but we are a long way from a 100-mb/d oil market.
In fact, some are wondering whether the world will ever get back to 100 mb/d of oil demand. Even oil executives have their doubts. Royal Dutch Shell’s CEO Ben van Beurden recently suggested that a rebound is unlikely, even looking out beyond 2020. “We do not expect a recovery of oil prices or demand for our products in the medium term,” he said.read more
(Bloomberg) — Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down.
The economic impact of the coronavirus has ripped through the oil industry in dramatic phases. First it destroyed demand as lockdowns shut factories and kept drivers at home. Then storage started filling up and traders resorted to ocean-going tankers to store crude in the hope of better prices ahead.read more
Energy giant Royal Dutch Shell said Thursday it would aim to reduce its emissions to net-zero by 2050, making it the largest global oil and gas company in the world so far to sign on to the target. It’s a commitment that will fundamentally shift the nature of its business.
The gas giant Gazprom is no longer in the spotlight after the US Treasury sanctioned Rosneft, the Russian national oil company, most probably triggering the collapse of the OPEC+ agreement and bringing about an unexpectedly low pricing environment for March 2020 within both the oil and gas segments. Having launched Power of Siberia to China, Gazprom is now intent on bringing Nord Stream-2 online before the end of the year, moving its own pipe-laying vessel from the Russian Far East to the Baltic region to deliver on all its major promises from the 2010s. Yet there is one project that has had significant problems starting up, combining in itself all the deficiencies of modern-day Russia.read more
LONDON (Reuters) – An oil price plunge means the world’s top energy companies will have to review promises to return billions to investors, either by slowing down share buybacks or reintroducing non-cash dividends, analysts said on Monday.
Brent crude <LCOc1> was trading at around $36 a barrel, down around 20% by 1645 GMT on Monday, when analysts lowered share price forecasts for top oil and gas producers. [O/R]
The Brent benchmark has fallen by as much as a third since Thursday, just before Russia walked away from an agreement by the Organization of the Petroleum Exporting Countries to cut output.read more
The criticism of striking students by the trillion-dollar Organization of the Petroleum Exporting Countries (Opec) highlights the growing reputational concerns of oil companies as public protests intensify along with extreme weather. Mohammed Barkindo, the secretary general of Opec, said there was a growing mass mobilisation of world opinion against oil, which was “beginning to … dictate policies and corporate decisions, including investment in the industry”. READ MOREread more
Shell’s investment could surpass $650M if exploration continues, according to the president of Colombia’s National Hydrocarbons Agency.
The government recently modified contractual terms for offshore exploration and launched a new process that allows companies to apply to explore in areas of interest, offering 20 blocks as part of a strategy to boost the oil sector.read more
Nigeria: Shell’s Oil Spill Dispute With Nigerian Villagers Back in UK Court
By Ejiofor Alike with Agency Reports
Lawyers for the Bodo community in Ogoniland of Rivers State, which was devastated by two major oil spills in 2008, went to court in London yesterday to fend off what they said was an attempt by Shell to kill off their litigation.
This is coming as crude oil price rose briefly to $80 per barrel yesterday after the United States toughened its stance on Iran and Venezuela, key oil producers and members of the Organisation of Petroleum Exporting Countries (OPEC).
The Bodo oil spills have been the subject of years of legal wrangling.read more
DUBAI (Reuters) – Royal Dutch Shell (RDSa.L) is fully committed to its gas joint venture in Iraq, after the energy major exited its oil assets in the OPEC country, and plans to boost its gas output there to 1.4 billion cubic feet (bcf) a day by 2020, a senior executive said. Iraq’s gas development plans have long focused on Basra Gas Co (BGC), a $17 billion, 25-year project in which Iraq has 51 percent, Shell 44 percent and Japan’s Mitsubishi Corp (8058.T) 5 percent. The project was designed to aggregate gas from fields in the south including West Qurna 1, operated by Exxon Mobil Corp (XOM.N); Zubair, operated by Italy’s Eni (ENI.MI); and Rumaila, developed by BP (BP.L).FULL ARTICLEread more
Oil major Shell has snapped up over 8 million barrels of June-loading crude oil grades from the Middle East and Russia and has resold some of the cargoes in Asia, taking advantage of the strong Asian demand, Reutersreported on Friday, citing five trading sources.
Wider Brent premium over the Middle Eastern benchmark Dubai this month has made Atlantic crude oil supplies more expensive than the Middle Eastern and Russian supplies, which are priced off the Dubai benchmark.read more
Daniel Leal | Olivas-WPA Pool | Getty Images: Nigerian President Muhammadu Buhari at the Commonwealth Business Forum at the Guildhall on April 18, 2018, in London, England.
Nigerian President Muhammadu Buhari met with Shell on Wednesday as part of talks he said were to secure $15 billion of investment in his country. “I saw Shell Group, they came here, they saw me, they are preparing to invest $15 billion in Nigeria… so really, we are not doing too badly,” Buhari said to applause at the Commonwealth Business Forum in London on Wednesday. He was speaking as part of a panel on the ease of doing business between Commonwealth countries. FULL ARTICLEread more
(Reuters) – Oil major Royal Dutch Shell on Friday agreed to sell its entire stake in Iraq’s West Qurna 1 oilfield to Japan’s Itochu Corp for $406 million. The deal comes shortly after the Anglo-Dutch company agreed to exit the Majnoon oilfield, one of the largest fields in OPEC member Iraq, and hand over its operation to state-run Basra Oil Co (BOC) by end-June. Shell EP Middle East Holdings B.V. will sell the entire share capital of Shell Iraq B.V. (SIBV), which holds a 19.6 percent stake in the oilfield to a unit of Itochu, the Anglo Dutch company said. FULL ARTICLEread more
Printed below is an English translation of an article published today by the Dutch Financial Times, Financieele Dagblad.
Begins
Is the era of rising oil prices already over?
From our editor • Fair
Oil prices were on the rise. A barrel of Brent oil, benchmark for the world oil markets, dipped on the $ 45 last year, then started a climb that ended two weeks ago at $ 70. Then the draft came in. Last week, the price of a barrel of Brent dropped by the $ 62. Is this the beginning of an oil price decline?
Hans van Cleef, energy economist at ABN Amro
‘Oil may start to decline in the short term. The prices were very much gone. There has been some fear about the potential of American shale oil. That puts pressure on prices in a fairly speculative market.read more
In the 90s and up to 2004 carrying on Audits on Woodside Energy offshore installations on behalf of SIEP I was made aware that Woodside along with other operators held the then Regulator in low regard. They were not enough of them, underfunded and considered not competent and also because of this did not have the authority and respect of the Industry.
A forward looking COO of Woodside had the revolutionary idea of involving Regulators in his Audit process and requested I also discuss my findings etc with them. Now the old Regulatory organisation has been redesigned with more resources, a wider brief, and much more support it appears from state and national government.
Bogus Group has made both a succinct but most meaningful contribution.
If as covered on their blog the operator is considered Not Yet Competent to understand his own operational risks by a rejuvenated, well resourced, self confident, and authoritative Regulator, and that finding seems to be accepted by Shell Australia, then we begin to understand better how the events of 2nd December developed
Bill Campbell.
Bogus Group: When the regulator determines that an operator does not have sufficient understanding of the risks of the Prelude facility power systems, including failure of mechanisms, interdependencies, and recovery, alarm bells should be ringing.
Bogus Group: Following yet another Prelude safety issue, I wonder if ‘mortification’ is in Rob Jager’s’ vocabulary, after his legacy idiotic statements (August’19 blog). Or does he just develop amnesia as he moves through the executive revolving door to his next role, where he can continue to utter Hans Christian Andersen like proclamations.
Gail: As a very concerned South African citizen I wish to point out that Shell is supposed to respect people and have ethics.
You are going against the wishes of many South African citizens with this proposed exploration.
Citizens have stood together and have brought two court cases against Shell, the first one was not successful and we are awaiting the decision on the second case.
We appeal to Shell HO to take notice of our concerns and cease with this exploration.
USA USA USA: I think this site is loosing its purpose. The next batch of Shell reorg has removed most of the people who would be willing to post comments. Shell is just lost - thinking its green when its about 0.5% green...
Eliece Horton: I really like my local Shell Gas Station, they have always been very helpful, so I am sad that we can no longer go there.
Our family will be BOYCOTTING SHELL in the USA to STOP Seismic Testing on the South African Coast to protect Marine Life.
The oil will not go anywhere. Leave it there until Britain has a generation of inhabitants that appreciate it. Meanwhile the present numpty generation can cope with windmill energy and 51'N solar.
David Tallboys
Fortunately the Japanese have seen sense and are encouraging new oil and gas projects:
Government officials have been quietly urging trading houses, refiners and utilities to slow down their move away from fossil fuels, and even encouraging new investments in oil-and-gas projects.
Robin Beckett
Shell won't care too much, they have exploration and new developments going on worldwide, as do the other big oil and gas companies. Gas/petrol was $2.76 a gallon in Texas yesterday, that's 15c down on earlier in the week.
colin whyte
Am I missing something here? Wasn't Scotland's financial state based on oil/gas receipts during their last independence referendum? I'm to suspect that Krankie now realises independence is a no go so is doing her utmost to trash the Nation. Nice to be able to turn down a thousand jobs as well.
R Morley
Unless we have zero requirement for oil and gas we have two options:
1) Exploit UK national resources and extract it ourselves
2) Pay another country and import it.
It is astonishing/depressing that UK Plc is having its energy policy dictated by a group of juvenile eco extremists.
Stuart Robertson
Few of these green eco nuts were alive or old enough to remember when in the early 1970’s when OPEC put our economy into a tailspin and we started to explore for our own resources. Now thanks to meaningless virtue signally we are about to become even more dependent on foreign powers to keep us warm and our way of life alive. I say meaningless because industry is already working towards transition from fossil fuels but it can’t happen by tomorrow afternoon and meanwhile our friends in Russia and Mid East will be rubbing their hands in glee at our naivety.
Len RMaC
Green activism is a cancer that will erode this country’s competitiveness and our standards of living. Somehow, it needs cutting out before it’s damage has gone too far.
graeme scott
We don’t develop national resources, we don’t develop our infrastructure to cope , we import resources from Qatar and yet we have shale gas in North Yorkshire that will meet our needs for 50 years
John Condon
The ecowarriors use ICE cars possibly Diesel. They probably have gas central heating and ovens. It’s OK according to them to import coal, oil and gas to power these - but we must stop producing fossil fuels ourselves?!?!?! They seem oblivious to the additional transportation costs associated with importation.. They seem oblivious to the strategic risk of trusting Putin and OPEC to maintain supplies and prices. They have essentially put the cart before the horse. FIRST STOP IMPORTS and when coal, oil and gas are no longer needed for fuel and raw materials such as plastic THEN STOP INDIGENOUS SUPPLIES. This is so obvious how come they can’t see it?!?!?!
Clitherow Kid
It will go ahead but with lower public profile investors. Recent projects have seen a slew of equity partners with unrecognised names. The wider picture though is the message it sends to the highly skilled and well paid UK workers in the sector. They represent the jobs that we need to retain, and could be deployed in the urgently needed new nuclear plant developments. Instead it looks like a lot will be relocating to the middle east to be replaced here with what? More Deliveroo cyclists?.
Ogden Nash
Could somebody at the DT please commission a simple piece of research and write an article to show the requirements for electricity should the Government plans come into being - namely that all cars and all domestic heating is converted over to electric. So something like ..... No' of cars is the UK x average mileage x no' of KWh per mile = total KWh required for transport. ( you could even make it optimistic and assume everyone converts to a Nissan Leaf - no more Chelsea Tractors ) Then a similar calculation for homes ... No' of homes x average KWh used per year = Total KWh.
Add these together and divide by one of the outputs of a major Nuclear rector, This will show how many more reactors we would need to supply these crazy ideas.
Oil giant has pulled out of the Cambo field amid lack of support from UK and Scottish governments: Small selection of comments from this Telegraph article
Kathryn Jones
Let me correct that headline for you."victory for Nicola Sturgeon, Saudi Arabia and Russia as Shell walks away..." Fixed it for you.
J Thomas
Oh no! We are going to have to send more charity payments to Scotland under the Barnett formula! Additionally, if no one drills for gas and oil two things will happen. Many of us will freeze to death and the price of oil and gas will zoom upwards to include what I call G.T.T. The Greta Thunberg Tax!
Kelland Hutchence
Well done Shell! At least the oil and gas will still be there to be exploited when all this fake climate crisis is revealed for what it really is.
Ian Mclaren
If that's a victory? I'd hate to see what one of her defeats looks like.
Dale Carmichael
I think we going to massively regret this.
The eco loons don't care about the decent people this decision will effect.
James Hammett
These people are ridiculous. We are still going to use oil and all its by-products. This makes no positive difference to the country's carbon output, it just means a little more of it will be from burning oil from other countries' oil fields when we could have been drilling our own.
Scot Way
In 2014 gas and oil were the bedrock of an independent Scotland's financial future. Her new stance is mere posturing and destructive towards future jobs and industry. Wind power ain't gonna cut it. She's like rudderless ship being tossed about at sea during a storm.
Echo Fish
Reply to Scot Way - view message
Especially if the plan is to sell the energy to the "hated" English. She may well find England finds other independent energy sources.
Steve Graham
It seems that the Scottish economy or jobs dont matter any more to Sturgeon's SNP. While the UK push for a Zero Carbon economy, China are burning everything they can find the push their economy forwards. Mini countries like Scotland need to stop virtue signaling their Green smugness and realise their input is so minute that they are irrelevant in the grand scheme of things.
Andrew Pierce
Your headline describes this as "a victory"! How the hell can this be described as a victory? Anything which reduces our own self-sufficiency, and leaves us more reliant on importing a vital resource from countries who's leaders seek to destroy us can only be described as a monumental own-goal!
Jiminy Cricket
Sturgeon only ‘opposed’ Cambo on the 16th November 2021. Before that she sat on the fence and blamed Boris. Then during Cop26 she realised her mistake and opposed it. Boris is the winner here - he knew that this would be an ‘own goal’ for Sturgeon and the SNP, now in league with the Scottish Green Party who also oppose the Scottish fishing industry. 10000 jobs lost to Scotland and much more. Environmental issues marooned in the in-tray for the Scottish Government- while power cables are still not fixed and people in Scotland are freezing. If that’s a win for Sturgeon I’d like to see her Financial Plan for her Independence Referendum.
If this had been the other way around, this article would have featured prominently in the main news page, rather than under the “Business” section. This is why people question the BBC’s impartiality..
(P.S. I voted remain)
No2EU: 10:54 15 Nov
to rl"
If this had been the other way around, this article would have featured prominently in the main news page, rather than under the “Business” section.This is why people question the BBC’s impartiality..(P.S. I voted remain)
"
No2EU replied: And Brexit would be blamed.
Smile dont shout: 10:57 15 Nov
Can't imagine what prompted this move:
"Earlier this year, a court in the Netherlands ruled that by 2030 Shell must cut its CO2 emissions by 45% compared to 2019 levels.” This only applies to the Netherlands
greenbird10 11:01 15 Nov
to Smile dont shout
"
Can't imagine what prompted this move:"Earlier this year, a court in the Netherlands ruled that by 2030 Shell must cut its CO2 emissions by 45% compared to 2019 levels."This only applies to the Netherlands
"
greenbird10 replied:
Think that's all the article needed to say to explain the move.
U17881151: 10:48 15 Nov
The truth is corporations are concerned about EU bureaucratic interference.
We saw with AstraZenica that the EU will block trade if they believe it gives them an advantage.
Google and other tech companies are increasingly being fined billions to fund EU wages and pensions.
The EU is a bit anti business.
It would be better to just focus on trade and creating friendly partnerships.
Arcangel: 10:56 15 Nov
to U17881151
"
The truth is corporations are concerned about EU bureaucratic interference. We saw with AstraZenica that the EU will block trade if they believe it gives them an advantage. Google and other tech companies are increasingly being fined billions to fund EU wages and pensions. The EU is a bit anti business. It would be better to just focus on trade and creating friendly partnerships.
"
Arcangel replied:
Agreed, but tbh I would rather we were stricter on companies like Shell given they are responsible for a large amount of the worlds pollution
Insider: Joe Lycett should talk to his friend Jimmy Carr about Shell. Jimmy worked in Shell marketing dept during the 1990s at Shell Mex House in the Strand.
Listen and read proof in audio and transcript form of Shell CEO Ben van Beurden’s cover-up tactics in the OPL 245 Nigerian corruption scandal. The instruction given by him in the covertly recorded call to CFO Simon Henry was at odds with Shell’s claimed core business principles. Cover-up and obstruction, instead of transparency and integrity, says Shell critic John Donovan
JOHN DONOVAN TV DOCUMENTARY INTERVIEW
SHELL EXECUTIVES AT THE CENTER OF A SCHEME TO STEAL $1.3 BILLION FROM NIGERIA’S PEOPLE
SHELL ADMITS DEALING WITH NIGERIAN MONEY LAUNDERER – BBC NEWS
SHELL, ENI AND NIGERIAN OFFICIALS IN OPL 245 CORRUPTION SCANDAL
INVESTIGATION OF OPL 245 NIGERIAN OIL CORRUPTION SCANDAL
DUTCH EARTHQUAKES CAUSED BY SHELL/EXXON
SHELL KILLS FOR OIL IN NIGERIA
ESTHER KIOBEL SUES SHELL FOR COMPLICITY IN HUSBANDS MURDER
ESTHER KIOBEL: EVIL OIL GIANT SHELL COLLUDED IN THE EXECUTION OF MY INNOCENT HUSBAND
SHELL LIED ABOUT CLEANING UP OIL IN NIGER DELTA
SHELL SPIES INFILTRATED NIGERIAN GOVERNMENT
LEGO DROPS SHELL OVER GREENPEACE OIL SPILL VIDEO
SHELL ARCTIC DRILLING ACCIDENTS
SHELL KNEW ABOUT CLIMATE CHANGE DECADES AGO
ABANDONED BY SHELL: KEITH MACDONALD & FAMILY, VICTIMS OF RADIOACTIVE CONTAMINATION AT WORK
ROYAL DUTCH SHELL FOUNDER SIR HENRI DETERDING, NAZI FINANCIER
JOHN DONOVAN PROMOTIONAL GAMES FOR SHELL AND OTHER CLIENTS
EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON. EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.
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POSTING ON OUR SHELL BLOG: 2020/12/06 at 10:26 pm (UPDATED WITH RESPONSE FROM “LONDONLAD”)
Shell and BP hit after oil falls to $40
Big Oil Asset Write-Downs Are Not The End Of The Oil Age
By 
By KATHERINE DUNN
Viktor Katona: 
Jonathan Watts
Nigeria: Shell’s Oil Spill Dispute With Nigerian Villagers Back in UK Court
By 
Nigerian President 
Reuters Staff: MARCH 23, 2018
Hans van Cleef, energy economist at ABN Amro
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EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON
EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON.
EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.
