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Exclusive-Shell Wants to Share More of Its Blockbuster Profits, CEO Says

REUTERS

Exclusive-Shell Wants to Share More of Its Blockbuster Profits, CEO Says

By Ron Bousso

OXFORD, England (Reuters) – Shell is considering boosting shareholder returns on the back of bumper profits from soaring energy prices, while the extra cash will also help it shift more swiftly towards renewables and low-carbon energy, the chief executive said on Thursday.

Europe’s largest oil and gas company, as well as rivals including BP, have seen profits surge this year following two years of declining revenues due to the pandemic. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Europe faces tough winter, may need to ration energy, Shell CEO says

REUTERS

Europe faces tough winter, may need to ration energy, Shell CEO says

OXFORD, Britain (Reuters) – Europe faces a “really tough” winter in the face of soaring energy costs which might require fuel rationing, Shell CEO Ben van Beurden said on Thursday.

“It will be a really tough winter in Europe.. We will all face very significant escalation in energy prices,” van Beurden told the Aurora Spring Conference in Oxford.

In the worst case, Europe will need to ration its energy consumption, he added. read more

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Shell invests $38 million in carbon credit projects in Brazil

REUTERS

Shell invests $38 million in carbon credit projects in Brazil

·

By Rafaella Barros

SAO PAULO (Reuters) – Shell said on Monday it has invested 200 million reais ($38.07 million) into a Brazilian preservation-focused company.

Carbon credit developer Carbonext runs preservation projects across more than 2 million hectares (4.9 million acres) of the Amazon Forest that are owned by companies seeking to capitalize on the carbon market.

Carbonext then generates carbon credits that can be sold. Shell will now have preferential access to the company’s carbon market, although will not receive discounted prices.

“Associating our company with Carbonext is an important step towards our goal of offsetting 120 million tonnes of CO2 a year by 2030,” Andre Araujo, Shell Brasil’s president said in a note, with the company also backing a global initiative to hit net zero in emissions by 2050. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Exxon, Shell May Pursue Part of $1.8 Billion Nigerian Award–US Appeals Court

REUTERS

Exxon, Shell May Pursue Part of $1.8 Billion Nigerian Award–US Appeals Court

By

By Jonathan Stempel

NEW YORK (Reuters) – A U.S. appeals court on Friday said Exxon Mobil Corp and Royal Dutch Shell Plc affiliates may try to enforce part of a $1.8 billion arbitration award against Nigeria’s state-run oil company, in a dispute concerning oil extraction near the African country’s coastline.

It said the judge should have determined which parts of the award had been deemed enforceable by a Nigerian appeals court. Lawyers for the companies did not immediately respond to requests for comment. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell ships LNG from Australia’s Prelude despite staff stoppages

REUTERS

Shell ships LNG from Australia’s Prelude despite staff stoppages

CONTRIBUTOR: : JUL 8, 2022

MELBOURNE, July 8 (Reuters) – Shell SHEL.L said on Friday it had loaded and shipped a cargo of liquefied natural gas (LNG) this week at its Prelude floating LNG facility after workers scaled down industrial action at the site off northwestern Australia.

The oil and gas giant slowed output at the 3.6-million tonne per year facility last week during a series of work stoppages by unions fighting for better pay and had warned that shipments would be disrupted for at least two weeks. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell boosts oil and gas asset value as refining soars

Shell boosts oil and gas asset value as refining soars

REUTERS PUBLISHED THU, JUL 7 2022 3:26 AM EDT

Shell said on Thursday said it would reverse up to $4.5 billion in writedowns on oil and gas assets after it raised its energy prices outlook following Russia’s invasion of Ukraine.

In an update before second quarter results on July 28, Shell said its refining margins almost tripled over the period, boosted by recovering global demand from the pandemic, a lack of refining capacity and lower fuel exports from Russia.

Earnings from oil and refined products trading were expected to be strong in the quarter but lower than the first quarter of 2022, Shell said.

Shell’s indicative refining margin rose in the second quarter to $28.04 per barrel from $10.23 a barrel in the first quarter and $4.17 a year earlier.

Oil and gas prices remained elevated in the quarter, with benchmark Brent crude averaging about $114 a barrel.

“In the second quarter 2022, Shell has revised its mid and long-term oil and gas commodity prices reflecting the current macroeconomic environment as well as updated energy market demand and supply fundamentals,” it said.

Shell increased its assumed price for Brent to $80 a barrel in 2023, up from $60 in its 2021 annual report. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Putin moves to seize a large gas venture in Russia’s Far East.

THE NEW YORK TIMES

Putin moves to seize a large gas venture in Russia’s Far East.

Shell and two Japanese companies, Mitsui and Mitsubishi, are minority shareholders in the Sakhalin-2 joint venture.

: July 1, 2022, 8:05 a.m. ET

Russia is moving to take over an important natural gas joint venture, putting the investments of Shell and two Japanese trading companies, Mitsui and Mitsubishi, at risk.

A decree issued by President Vladimir V. Putin on Thursday said the project, called Sakhalin-2, which is on Sakhalin Island in Russia’s Far East and is a key exporter of fuel to Japan, would be taken over by a new company. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Russia moves to take control of Sakhalin-2 oil and gas project

BBC News

Russia moves to take control of Sakhalin-2 oil and gas project

1 JULY 2022

Russia has moved to take over a major oil and gas project in which Shell has a 27.5% stake.

Russian President Vladimir Putin signed a decree on Thursday to take charge of the Sakhalin-2 project.

The move could force Shell and Japan’s Mitsui and Mitsubishi to abandon their investments as the economic fallout of the Ukraine war spreads.

Oil giant Shell said: “We are aware of the decree and are assessing its implications.” read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell Warns Of Prelude LNG Disruptions

OILPRICE.COM

Shell Warns Of Prelude LNG Disruptions

Prolonged labor strikes at Shell’s Prelude LNG facility will disrupt shipments from it for the next two weeks, the supermajor warned this week.

“We have issued a notice to customers that cargoes will be impacted until at least mid-July due to the industrial action,” Shell said, as quoted by Reuters.

The floating LNG production facility in northwestern Australia has an annual capacity of 3.6 million tons. The news of a halt to operations adds to an already difficult situation for gas importers after Russia reduced the flow along the Nord Stream 1 pipeline by 60 percent, and an explosion took Freeport LNG out of commission for at least three months.

This latest disruption comes just three months after an outage that shut Prelude down for four months. The strike is a response to Shell’s refusal to concede to some of the demands made by the Australian Workers’ Union. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell says Prelude LNG shipments disrupted until at least mid-July

FINANCIAL POST

Shell says Prelude LNG shipments disrupted until at least mid-July

REUTERS: Jun 28, 2022

SYDNEY/MELBOURNE — Shell Plc said on Wednesday liquefied natural gas (LNG) shipments from its Prelude floating LNG facility off northwest Australia will be disrupted until at least mid-July due to work bans by unions fighting for better pay.

“We have issued a notice to customers that cargoes will be impacted until at least mid-July due to the industrial action,” a Shell spokesperson said in an emailed comment.

The loading disruption at the 3.6 million tonnes-a-year Prelude floating LNG facility comes just three months after Prelude resumed shipping LNG following a four-month shutdown due to a major power failure.

Workers on Prelude began 12 days of industrial action on June 10 over a pay dispute. They are set to vote on a new offer from Shell on July 7. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell says its Nigeria asset sale not affected by court ruling

REUTERS

Shell says its Nigeria asset sale not affected by court ruling

ABUJA, June 21 (Reuters) – Shell Plc (SHEL.L) has said its planned sale of onshore assets in Nigeria will go ahead and was not affected by a Supreme Court ruling in a case in which a Niger Delta community is seeking compensation for a 2019 oil spill.

Bamidele Odugbesan, spokesman for Shell in Nigeria, said the June 16 Supreme Court ruling was in response to an appeal launched by Shell against a contempt ruling linked to the dispute with the Niger Delta community.

The lawyer for the community said the ruling, which was made public on Monday, barred Shell from disposing its assets as ordered by a lower court in March.

“The Supreme Court ruling on 16 June was with respect to the contempt proceedings and not related to (the) onshore portfolio review,” Odugbesan said.

Shell has invited bids for its onshore assets. Odugbesan did not say how many bids had been received.

Eighty-eight communities in Rivers state were awarded $1.95 billion compensation for an oil spill they blamed on Shell and which damaged their farms and waterways. Shell denies causing the spill. read more read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

JPMorgan wins London oil trial in which Nigeria sought $1.7 bln

REUTERS

JPMorgan wins London oil trial in which Nigeria sought $1.7 bln

By  and : June 14, 2022

LONDON, June 14 (Reuters) – JPMorgan Chase (JPM.N) has won a London High Court battle against Nigeria, which was seeking $1.7 billion in damages over the U.S. bank’s role in a disputed 2011 oilfield deal.

JPMorgan said the judgment reflected its commitment to acting with high professional standards everywhere it operates, while Nigeria said it was disappointed and would review the judgment carefully before considering its next steps. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Gazprom cutting gas supplies to Shell affects small volumes in Germany-regulator

yahoo!finance

Gazprom cutting gas supplies to Shell affects small volumes in Germany-regulator

Wed, June 1, 2022, 8:02 AM

FRANKFURT, June 1 (Reuters) – Gazprom’s decision to cut off gas supplies to Shell Energy only affects small volumes in Germany, the country’s network regulator said, adding they could be replaced from other sources.

“Security of supply is currently guaranteed. According to our information, only small quantities are affected, which can be procured elsewhere. We are monitoring the situation very closely,” the Bundesnetzagentur said. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Gazprom cuts gas supply to Orsted and Shell Energy

REUTERS

Gazprom cuts gas supply to Orsted and Shell Energy

June 1, 2022

June 1 (Reuters) – Russian gas producer Gazprom (GAZP.MM) has cut off gas supplies to Denmark’s Orsted (ORSTED.CO) and to Shell Energy (SHEL.L) for its contract to supply gas to Germany, it said on Wednesday, citing the companies’ failure to make payments in roubles.

Reporting by Reuters and by Christoph Steitz in Frankfurt, Stine Jacobsen in Copenhagen Editing by Jason Neely and David Goodman SOURCE
shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Exclusive-Shell in talks with Indian consortium to sell Russian LNG plant stake -sources

Reuters

Exclusive-Shell in talks with Indian consortium to sell Russian LNG plant stake -sources

LONDON (Reuters) -Shell is in talks with a consortium of Indian energy companies to sell its stake in a major liquefied natural gas plant in Russia, three sources told Reuters, highlighting India’s willingness to step into the space left by Western companies following Moscow’s invasion of Ukraine.

The world’s third-largest oil importer and consumer has already stepped up purchases of Russian supplies since the conflict began in February, taking advantage of big discounts at a time when global oil prices have surged.

The sources said Shell has recently entered into talks with a group of Indian companies, including ONGC Videsh and Gail, over its 27.5% stake in the Sakhalin-2 LNG plant on Russia’s eastern flank.

Shell declined to comment. ONGC, Gail and other state-run Indian companies did not respond to Reuters’ request for comment.

The talks follow the British company’s plans to exit all its Russian operations, amid an exodus of Western companies from the country in response to sanctions over the Ukraine conflict. India has not explicitly condemned Moscow’s actions there.

India has snapped up cheap Russian oil, taking its share of Russian oil exports to around 10% from zero since the start of this year, according to the International Energy Agency. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Climate protesters block start of Shell shareholder meeting

Reuters

Climate protesters block start of Shell shareholder meeting

By Shadia Nasralla and Ron Bousso:

LONDON, May 24 (Reuters) – A couple of dozen climate protesters disrupted Shell’s (SHEL.L) annual general meeting (AGM) on Tuesday, chanting slogans and holding banners as Shell Chair Andrew Mckenzie tried to start the meeting.

Shell is due to ask its shareholders to vote on a resolution supporting its climate strategy and rebuff a climate resolution from activists, another iteration of which garnered 30% of votes at last year’s AGM. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.