Posts under ‘Reuters’

Shell Convent, Louisiana, refinery workers get severance package details – sources

By Erwin Seba: Fri, 27 November 2020, 10:49 pm GMT

HOUSTON (Reuters) – Hourly employees at Royal Dutch Shell Plc’s Convent, Louisiana, refinery, scheduled for permanent closure as early as next week, received details this week of the severance package negotiated by their union and Shell, three people familiar with the agreement said on Friday.

Shell said on Nov. 5 it was closing the refinery after failing to find a buyer for the plant, which has been hit hard by crushed demand in the COVID-19 pandemic. A spokesman did not immediately reply to a request for comment on the agreement. 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

Shell to cut jobs and capacity at major Singapore refinery

By Aradhana Aravindan, John Geddie: NOVEMBER 10, 2020

SINGAPORE (Reuters) – Royal Dutch Shell RDSa.L will halve crude processing capacity and cut jobs at its Pulau Bukom oil refinery in Singapore as part of an overhaul to reduce the company’s carbon dioxide (CO2)emissions to net zero by 2050, it said on Tuesday.

The refinery on Pulau Bukom, a small island in the Southeast Asian city-state, can process 500,000 barrels per day (bpd) of oil and is Shell’s largest wholly-owned refinery worldwide.

Shell has launched a broad review of its business aimed at cutting costs as it prepares to restructure its operations by reducing its oil and gas business and expanding its renewable energy and power division. read more

Shell Convent, LA, refinery will close amid to pandemic

by Laura Sanicola: NOVEMBER 5, 2020

(Reuters) – Royal Dutch Shell RDSa.L said on Thursday it will shut down its refinery in Convent, Louisiana, the largest U.S. facility to close since the coronavirus pandemic first hit and devastated economic demand worldwide.

The shutdown, to occur this month, comes after Shell failed to find a buyer.

The refinery is the ninth in North America either to announce a shutdown or to be idled since the pandemic, which has delivered a heavy blow to fuel demand globally. The United States is the world’s largest fuel consumer. read more

Shell raises dividend as retail boost drives confidence

Shell also plans to shed up to 9,000 jobs, or more than 10% of its workforce.

By Ron Bousso, Shadia Nasralla: 29 October 2020

LONDON (Reuters) – Royal Dutch Shell on Thursday raised its dividend after easily beating quarterly profit forecasts and outlined plans to shrink its oil and gas operations as it presses forward with a transition to low-carbon energy.

The Anglo-Dutch company hit record earnings from its vast retail division, despite the impact on demand of the COVID-19 pandemic, which it said continued to generate “significant uncertainty”. read more

Shell says it plans to shrink its refining portfolio to six sites

By Reuters Staff: OCTOBER 29, 2020

LONDON (Reuters) – Royal Dutch Shell RDSa.L plans to shrink its refining and chemicals portfolio from 14 to six sites including its Deer Park, Norco, Pernis, Pulau Bukom, Rheinland and Scotford sites, it said on Thursday without giving a precise timeframe.

“The refining portfolio is expected to be transformed during the energy transition … into six high-value energy and chemical parks integrated with Chemicals,” Shell said. read more

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

By Sonali Paul: OCTOBER 15, 2020

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

OPL 245, an offshore field awarded to the two oil companies in 2011, is the subject of multiple court cases worldwide, including a criminal case in Milan in which the Nigerian government alleges roughly $1.1 billion of payments from the companies was siphoned to politicians and middlemen.

Eni seeks World Bank arbitration in Nigeria oilfield dispute

By Stephen Jewkes, Libby George: OCTOBER 13, 2020

MILAN/LAGOS (Reuters) – Eni ENI.MI has filed a request for arbitration against Nigeria at the World Bank’s dispute settlement body and plans to argue that the country’s failure to allow it to exploit an oilfield it acquired with Royal Dutch Shell RDSa.L nearly a decade ago breaches their investment agreement, court documents show.

OPL 245, an offshore field awarded to the two oil companies in 2011, is the subject of multiple court cases worldwide, including a criminal case in Milan in which the Nigerian government alleges roughly $1.1 billion of payments from the companies was siphoned to politicians and middlemen. Shell and Eni have denied any wrongdoing. read more

Supreme Court takes up energy companies’ appeal over Baltimore climate suit

By Lawrence Hurley: OCTOBER 2, 2020

WASHINGTON (Reuters) – The U.S. Supreme Court on Friday agreed to hear an appeal by energy companies including BP PLC, Chevron Corp, Exxon Mobil Corp and Royal Dutch Shell PLC contesting a lawsuit by the city of Baltimore seeking damages for the impact of global climate change.

The justices will weigh whether the lawsuit must be heard in state court as the city would prefer or in federal court, which corporate defendants generally view as a more favorable venue. The suit targets 21 U.S. and foreign energy companies that extract, produce, distribute or sell fossil fuels. read more

Royal Dutch Shell and BP have lost over half of their market value so far this year, with both shares hitting 25-year lows this week…

Big Oil shares capitulate to COVID, lower carbon doubts

By Ron Bousso: OCTOBER 2, 2020

Big Oil’s $110 billion asset sale target could prove big ask

By Ron Bousso: October 1, 2020

LONDON (Reuters) – Leading energy companies are hoping to sell dozens of oil and gas fields and refineries worth more than $110 billion to curb both their ballooning debt and their carbon footprints.

But with the outlook for oil and gas prices uncertain because of the coronavirus pandemic and a shift to cleaner energy, finding buyers and striking deals might prove tricky.

“This is not a very good time to sell assets,” Total CEO Patrick Pouyanne said while presenting the French giant’s strategy to switch to renewables on Wednesday. read more

Founder of major Singapore fuel supplier charged in Shell oil heist case

By Reuters Staff: OCTOBER 2, 2020

SINGAPORE (Reuters) – The founder of one of Singapore’s biggest marine fuel suppliers has been charged for his involvement in a large-scale oil theft from Shell’s refinery in the city-state, according to a charge sheet reviewed by Reuters.

Pai Keng Pheng, the founder and managing director of Sentek Marine & Trading, was accused on Thursday of conspiring to dishonestly receive stolen property in a charge issued by the police’s organised crime branch. read more

Shell to cut up to 9,000 jobs in low-carbon transition

By Ron Bousso. 30 Sept 2020

LONDON (Reuters) – Royal Dutch Shell announced on Wednesday plans to cut up to 9,000 jobs, or over 10% of its workforce, as part of a major overhaul to shift the oil and gas giant to low-carbon energy.

Shell, which had 83,000 employees at the end of 2019, said that the reorganisation will lead to additional annual savings of around $2 billion to $2.5 billion by 2022, going partly beyond cuts of $3 to $4 billion announced earlier this year. read more

Shell looking to sell stake in Philippines’ Malampaya gas project

By Reuters Staff: SEPTEMBER 24, 2020/ 11.02 AM

MANILA (Reuters) – Royal Dutch Shell PLC RDSa.L is looking to sell its 45% stake in the Malampaya gas-to-power project in the Philippines, a key power source for the country’s main island of Luzon, its local unit said on Thursday.

“As part of an ongoing portfolio rationalisation to simplify and increase the resilience of its business, Shell is exploring its options with a view to divest its interest” in Malampaya, a spokeswoman told Reuters. read more

Shell prepares for major production cuts to refocus on green strategy

Kumutha Ramanathan: Contributor: Yahoo Finance UK: 21 September 2020

Royal Dutch Shell (RDSB.L) is looking to cut up to 40% off its costs related to producing oil and gas as it focuses on the renewable energy and power markets.

That’s according to a source who spoke exclusively to Reuters.

The project is known internally as Project Reshape and is expected to be completed by the end of this year, said Monday’s report. There will be three main divisions of the business that are impacted by the cuts and they will reportedly be in addition to a $4bn (£3.1bn) target set in the wake of the COVID-19 crisis. read more