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Shell pulls out of controversial Cambo project in Scotland

The Washington Post Shell pulls out of controversial Cambo project in Scotland By Danica Kirka | AP: 3 Dec 2021 at 10:26 a.m. EST

LONDON — Royal Dutch Shell has pulled out of a controversial plan to develop a new oil field near Scotland’s Shetland Islands, buoying environmentalists’ hopes that the project may be shelved altogether as Britain seeks to combat global warming.

Shell, which had a 30% stake in the Cambo project, said Friday that the decision was based on an assessment of what was best for the company and its shareholders.

The project has faced stiff opposition from groups such as Greenpeace, which argue Britain must stop developing new oil and gas fields if it is serious about reducing carbon emissions. U.K. authorities granted an exploration license for the project in 2001 and the government is now considering whether to authorize commercial operations. 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 Wants to Give Up Dual Citizenship and Stop Going Dutch

The Washington Post

Shell Wants to Give Up Dual Citizenship and Stop Going Dutch

By Chris Hughes | Bloomberg: Today at 10:32 a.m. EST

That’s another old chestnut ticked off global business’s to-do list. After General Electric Co. and Johnson & Johnson decided last week to break themselves up, oil major Royal Dutch Shell Plc is also taking an obvious long-standing idea from the shelf and turning it into action. Plans to scrap its Anglo-Dutch structure to coalesce around a U.K. domicile underscore the tremendous pressure this organization is under, and point to the power of taxation to guide corporate decision-making more generally. 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 wants to move headquarters amid cleaner energy shift

The Washington Post

Shell wants to move headquarters amid cleaner energy shift

By Associated Press: Today at 6:58 a.m. EST LONDON — Royal Dutch Shell proposed moving its headquarters from the Netherlands to the United Kingdom and streamlining its structure Monday in hopes of making it easier to move forward in a world transitioning away from a dependence on fossil fuels.

The company, which has been incorporated in the U.K. with Dutch tax residency and dual class shares since 2005, said it wanted to move to a more conventional structure to be able to make the company more competitive as it seeks to meet the challenges of shifting toward cleaner energy.

Dutch officials said they were “unpleasantly surprised” by the move.

“The government deeply regrets that Shell wants to move its head office to the United Kingdom,” Dutch Economic Affairs and Climate Minister Stef Blok said. “We are in talks with the top of Shell about the implications of this move for jobs, critical investment decisions and sustainability.” 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.

Break-up calls and congressional hearings: Big Oil faces growing pressure to change

The Washington Post

Break-up calls and congressional hearings: Big Oil faces growing pressure to change

Ahead of the COP26 Summit, oil executives made a historic appearance on Capitol Hill and Shell faced a hedge funds’s call to split up its business.

By Taylor Telford: 29 Oct 2021 5:18 p.m. EDT

On the eve of a pivotal global climate summit, the world’s oil giants have been swamped by calls from activists, investors and lawmakers to move faster to transform their businesses, cut down greenhouse gas emissions and take responsibility for their role in the climate crisis. 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 Oil president pressed on whether warming is ‘existential threat’

The Washington Post

Shell Oil president pressed on whether warming is ‘existential threat’

By Maxine Joselow 12:04 p.m.

Gretchen Watkins, president of Shell Oil, would not concede under questioning that climate change poses an “existential threat” to the nation and the world, even as the oil company rolled out a new pledge to cut planet-warming emissions early Thursday.

“I agree climate change is one of the biggest challenges in the world today, which is why at Shell, we’re in action,” Watkins 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.

Why the World Worries About Russia’s Nord Stream Pipeline

Why the World Worries About Russia’s Nord Stream Pipeline

Gazprom owns the project operator, with Royal Dutch Shell Plc and four other investors contributing half of the 9.5 billion-euro ($11.6 billion) cost. By Dina Khrennikova and Anna Shiryaevskaya | Bloomberg: Feb. 25, 2021 A natural gas pipeline being built under the Baltic Sea from Russia to the German coast is shaking up geopolitics. Nord Stream 2, as it’s called, fuels worries in the U.S. and other countries that the link could give the Kremlin new leverage over Germany and other NATO allies. Pipe construction, halted in 2019, resumed in December 2020, yet U.S. sanctions still threaten to pull the brakes on the project backed by the Russia’s Gazprom PJSC.

1. What is Nord Stream 2?

It’s a 1,230-kilometer (764-mile) gas pipeline that will double the capacity of the existing undersea route from Russian fields to Europe — the original Nord Stream — which opened in 2011. Gazprom owns the project operator, with Royal Dutch Shell Plc and four other investors contributing half of the 9.5 billion-euro ($11.6 billion) cost. Initially expected to come online by the end of 2019, the link has been delayed by U.S. sanctions that forced Swiss contractor Allseas Group SA to withdraw its pipelaying vessels when all but 160 kilometers of the link was in place. When Nord Stream 2 started construction again, Russian vessels were deployed to lay 2.6 kilometers in Germany’s exclusive economic zone. In January 2021 work resumed on the Danish section. 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.

Why the World Worries About Russia’s Natural Gas Pipeline

U.S. sanctions… forced Swiss contractor Allseas Group SA to withdraw its pipelaying vessels

Why the World Worries About Russia’s Natural Gas Pipeline

By Anna Shiryaevskaya and Dina Khrennikova | Bloomberg: Oct. 8, 2020 A natural gas pipeline being built under the Baltic Sea from Russia to the German coast is shaking up geopolitics. Nord Stream 2, as it’s called, fuels worries in the U.S. and other countries that the link could give the Kremlin new leverage over Germany and other NATO allies. As the project neared completion, U.S. sanctions and calls for European restrictions, as well as a Polish move to fine Russia’s Gazprom PJSC on antitrust grounds, have left the construction in limbo and ratcheted up political tensions.

1. What is Nord Stream 2?

It’s a 1,230-kilometer (764-mile) gas pipeline that will double the capacity of the existing undersea route from Russian fields to Europe — the original Nord Stream — which opened in 2011. Gazprom owns the joint Russian-European venture, with Royal Dutch Shell Plc and four other investors contributing half of the 9.5 billion-euro ($11.2 billion) cost. Initially expected to come online by the end of 2019, the link has been delayed by U.S. sanctions that forced Swiss contractor Allseas Group SA to withdraw its pipelaying vessels. The pipeline operator is looking for solutions to lay the remaining 6% of the pipe, which includes construction work in Denmark’s waters. 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.

‘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

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.

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

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.

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

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.

Why the World Worries About Russia’s Natural Gas Pipeline

Why the World Worries About Russia’s Natural Gas Pipeline By Anna Shiryaevskaya and Dina Khrennikova | Bloomberg September 4, 2020 at 3:26 p.m. GMT+1

A natural gas pipeline being built under the Baltic Sea from Russia to the German coast is shaking up geopolitics. Nord Stream 2, as it’s called, fuels worries in the U.S. and other countries that the link could give the Kremlin new leverage over Germany and other NATO allies. As the project neared completion, U.S. sanctions and calls for European restrictions have left the construction in limbo as political tensions with Moscow mounted.

1. What is Nord Stream 2?

It’s a 1,230-kilometer (764-mile) gas pipeline that will double the capacity of the existing undersea route from Russian fields to Europe — the original Nord Stream — which opened in 2011. Russia’s Gazprom PJSC owns the joint Russian-European venture, with Royal Dutch Shell Plc and four other investors contributing half of the 9.5 billion-euro ($11.2 billion) cost. Initially expected to come online by the end of 2019, the link has been delayed by U.S. sanctions that forced Swiss contractor Allseas Group SA to withdraw its pipelaying vessels. The pipeline operator is looking for solutions to lay the remaining 6% of the pipe, which includes construction work in Denmark’s waters. 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.

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

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.

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

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 change litigation: Big Oil lost a pair of court battles Tuesday

By Brian Melley | AP  May 26, 2020 at 7:22 p.m. GMT+1

LOS ANGELES — Big Oil lost a pair of court battles Tuesday that could lead to trials in lawsuits by California cities and counties seeking damages for the impact of climate change.

The 9th U.S. Circuit Court of Appeals rejected arguments by energy companies and ruled state courts are the proper forum for lawsuits alleging producers promoted petroleum as environmentally responsible when they knew it was contributing to drought, wildfires, and sea level rise associated with global warming.

The lawsuits claim Chevron, Exxon Mobil, ConocoPhillips, BP, Royal Dutch Shell and other companies created a public nuisance and should pay for damage from climate change and help build sea walls and other infrastructure to protect against future impact — construction that could cost tens of billions of dollars. 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.

Oil Won’t Get a Post-Virus Lift From Public Transport

By David Fickling | Bloomberg: May 11, 2020 at 8:09 a.m. GMT+1 There’s one hope for oil market bulls facing into the abyss of the 9.3 million barrels-a-day demand slump from the spread of Covid-19: The aftermath will see a renaissance in car-driving.

“People will use public transport less” because of fears about picking up infection on crowded trains and buses, Cuneyt Kazokoglu, head of oil demand analysis at energy consultancy FGE, wrote in the Financial Times this month. “Increased reliance on cars once the lockdown measures ease will support petrol demand, potentially for years to come.”

There’s an intuitive logic to that proposition, and even signs that it might be backed up by data. Chinese cities are already seeing traffic jams on a par with pre-coronavirus times, according to data from TomTom International BV. With the pandemic still raging, the U.S. Energy Information Administration’s weekly petroleum status report has been showing a pick-up in gasoline consumption since its lows last month, though it’s still running 40% below where it was a year ago. 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 Hands Out a Dose of Oil-Price Reality

By Chris Hughes | Bloomberg: April 30, 2020 at 11:33 a.m. GMT+1

Hats off to the board of Royal Dutch Shell Plc for letting reality rather than hope determine the oil major’s dividend. Thursday’s historic and hefty cut to the payout recognizes that the pandemic is likely to change the dynamics of energy demand for some time. The hope now must be that Shell resists any pressure to reverse the reduction in a hurry. Instead, it should use the breathing space to reset more fundamentally how it allocates financial resources to investment, debt reduction and paying out to shareholders. 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.
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