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Europe faces long-term pain from energy crisis: Shell CEO

AFP

Europe faces long-term pain from energy crisis: Shell CEO

23 Oct 2022

Doha (AFP) – Europe faces painful “industrial rationalisation” due to its energy crisis that risks political trouble, the head of Shell warned Sunday, as the oil giant joined a natural gas project in Qatar.

Shell chief executive Ben van Beurden agreed a deal for a 9.3 percent stake in Qatar Energy’s North Field South project, that will play a major role in the Gulf state’s effort to increase liquefied natural gas (LNG) production by 50 percent in the next five years.

At the signing ceremony in Doha, van Beurden said European industry face taking a major hit from the energy crisis, worsened by the Russian invasion of Ukraine.

Europe has reduced consumption “quite effectively, quite significantly” following the loss of 120 million tonnes of Russian gas a year, van Beurden said, but “a lot of this reduction is achieved by switching off industry”.

Europe has desperately searched for quick alternatives to Russian gas, but van Beurden said Europe would need large amounts of LNG for decades. 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’s £80m boss Ben van Beurden preparing to join stream of FTSE100 bosses heading for the door

This is MONEY

Shell’s £80m boss Ben van Beurden preparing to join stream of FTSE100 bosses heading for the door

The £80million boss of Shell is preparing to join the stream of FTSE100 bosses heading for the door. 

Ben van Beurden – who, it emerged in March, bagged £4.6million in bonuses on top of his £1.4million salary last year, taking his total pay and bonuses to almost £80million during his nine years at the helm – could step down as soon as 2023 as the oil giant begins its search for a replacement. 

His departure will mark the end of an era for Shell, as it tries to toe the tricky line of boosting Britain’s energy security with embracing sustainable technologies. While Van Beurden’s legacy includes a commitment to reduce oil production, he has been criticised for failing to take more drastic action. 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 Walks Away From Major Russian LNG Project With Nothing

Bloomberg

Shell Walks Away From Major Russian LNG Project With Nothing

By Will Mathis: 1 September 2022 at 17:30 BST

Shell Plc will walk away from Russia’s Sakhalin-2 liquefied natural gas project with nothing after President Vladimir Putin transferred the major facility to a new operating company.

The London-based firm’s decision is the latest indication that Putin won’t allow international energy companies to realize big financial gains as they exit Russia over the invasion of Ukraine.

Shell had already written off the $1.6 billion value of its 27.5% stake in Sakhalin-2 earlier this year. T 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 gas shortages to last several winters, Shell boss warns

Sunday Telegraph

Europe gas shortages to last several winters, Shell boss warns

Ben van Beurden says energy rationing will be needed for a number of years

By Rachel Millard: 29 August 2022 • 12:54 pm

Europe’s energy crisis will last for several winters, the boss of Shell has said, as he warned it is “fantasy” to think shortages caused by Russia cutting supplies can be resolved quickly.

Ben van Beurden told a conference in Norway that power rationing will be needed for a number of years as electricity prices hit fresh record highs. 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’s gas crisis could last several winters, Shell CEO says

REUTERS

Europe’s gas crisis could last several winters, Shell CEO says

Aug 29, 2022

STAVANGER — Europe could face several winters of gas shortage as a result of the cuts to Russian supplies, Shell Chief Executive Ben van Beurden told a news conference in Norway on Monday.

“It may well be that we will have a number of winters where we have to somehow find solutions,” van Beurden said.

(Reporting by Terje Solsvik, editing by Gwladys Fouche)

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.

Russian court rules local Shell JV to move under Moscow control -Ifx

Reuters

Russian court rules local Shell JV to move under Moscow control -Ifx

By Reuters: Updated: 22/08/2022 – 16:45

MOSCOW – A Russian court ruled on Monday that Salym Petroleum Development (SPD), a joint venture between Shell and Gazprom Neft, should be transferred to Russian jurisdiction, Interfax news agency reported, citing the verdict.

Kommersant daily reported last week that Gazprom Neft was suing to have its Salym Petroleum Development joint venture with Shell be transferred to Russian jurisdiction, and for Shell’s shareholding rights to be suspended. 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.

PURE GREED: How fatcat energy bosses will bank a staggering £15 MILLION as terrified hard-up Brits choose heating or eating

The Sun

PURE GREED: How fatcat energy bosses will bank a staggering £15 MILLION as terrified hard-up Brits choose heating or eating

IT is High Noon for the energy fatcats today as they drag their expensively-dressed behinds into showdown talks with the Chancellor.

As The Sun revealed yesterday, Nadhim Zahawi has summoned gas and electricity bosses in to explain just how much cash they are making out of the energy crisis.

It comes as energy experts at Auxilione revealed energy bills could reach over £5,000 next year and Martin Lewis warned the crisis could put lives at risk. 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.

£7.5bn taxpayer handout for oil titans Shell and BP

This is MONEY.co.uk

Shell and BP to share in huge giveaway that will blow hole in gains from windfall tax: £7.5bn taxpayer handout for oil titans

  • Energy giants already receive Treasury incentives to invest in the North Sea 

  • Fresh changes have been ushered in that will turbocharge the subsidies 

  • Plans introduced at same time as Government’s £5bn ‘windfall tax’ 

  • City sources describe exceptionally high incentives as ‘beyond believable’ 

Oil and gas titans are set to reap a mammoth taxpayer giveaway of up to £7.5billion despite making record profits.

BP and Shell are among the firms that will benefit from new tax breaks, despite BP boss Bernard Looney comparing his firm to a ‘cash machine’.

Energy giants already receive Treasury incentives to invest in the North Sea, but fresh changes have been ushered in that will turbocharge the subsidies. The plans have been introduced at the same time as the Government’s £5billion ‘windfall tax’ – billed as taxing energy firms to help pay for the cost-of-living 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 staff land bonus windfall equating to 8% of their salary as profits surge to £9.5bn

This is MONEY.co.uk

Shell staff land bonus windfall equating to 8% of their salary as profits surge to £9.5bn

  • The oil giant has awarded most of its 82,000 staff a bonus equal to 8 per cent of their annual salary 

  • Executive vice-presidents or higher will not receive the bonus

  • The average salary for Shell UK employees is around £52,000 per year, meaning a British worker will get £4,200

Shell has handed out a bonus to its employees following bumper profits amid surging energy prices.

The oil giant has awarded most of its 82,000 staff a bonus equal to 8 per cent of their annual salary after reporting a record profit of £9.5bn in the second quarter of this year as it cashed in on higher oil and gas prices.

Executive vice-presidents or higher will not receive the bonus. The average salary for Shell UK employees is around £52,000 per year, meaning a British worker will get £4,200. 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 to give staff 8% bonus after record profits

The Guardian

Shell to give staff 8% bonus after record profits

Julia Kollewe: Wed 3 Aug 2022 16.50 BST

Payout comes after oil firm reported $11.5bn second-quarter profits amid soaring energy prices

Shell is handing nearly all its 82,000 staff a bonus equivalent to 8% of their salary after the oil company reported record profits amid soaring energy prices.

The British multinational is making the one-off payment to the vast majority of its employees around the world, only excluding those on its executive committee, executive vice-presidents and contractors.

The oil firm said: “In recognition of the contribution our people have made to Shell’s strong operational performance against a recent challenging backdrop, our executive committee has decided to make a special recognition award of 8% of salary to all eligible staff across the world. 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 staff get profits bonus as energy bills soar

BBC NEWS

Shell staff get profits bonus as energy bills soar

4 August 2022

Energy giant Shell is to give its workers a one-off 8% bonus after the company reported record profits from high oil and gas prices.

Most of the 82,000 staff it employs worldwide will get the pay boost but top executives will be excluded.

Shell said the award reflected its financial success and was “not a response” to the rising cost of living.

Energy firms’ bumper profits have prompted calls for tougher taxes to help families with rising bills. 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 dishes out bonuses after huge profits while energy crisis hits Britons’ pockets

EXPRESS

Shell dishes out bonuses after huge profits while energy crisis hits Britons’ pockets

SHELL is passing on some of its record profits to its staff in a one-off bonus, but claimed it was “not a response” to cost of living crisis spurred on by high energy prices.

UN Secretary General Antonio Guterres said that it was “immoral” for oil and gas firms to profit from the invasion of Ukraine, adding that the “grotesque greed is punishing the poorest”.

By ALEKS PHILLIPS

Most of the energy giant’s 82,000 staff worldwide will get an 8 percent boost, after the company doubled its profits in the past three months alone to £9.4billion. Fossil fuel companies have been accused of profiteering from a crisis.

It comes as energy bills are expected to soar to well over £3,000 this winter, with the increase in energy costs being seen as the “main driver” of inflation.

Shell said top executives will be excluded. Its CEO, Ben van Beurden, currently makes an estimated £6.2million.

In the first three months of the year, Shell made $9.1billion (£7.4billion) as the commodity price shot up amid Russia’s invasion of Ukraine. 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.

Amid Climate Crisis, Shell’s Financial Windfall Is Profiteering At Its Most Grotesque

Common Dreams

Amid Climate Crisis, Shell’s Financial Windfall Is Profiteering At Its Most Grotesque

We may be in the dying days of the fossil fuel empire, but those companies are enriching themselves like never before, as people die from our climate crisis.

ANDY ROWELL: July 31, 2022

Oil giant Shell has just posted record profits for a second consecutive quarter, smashing its previous record from earlier this year.

Shell posted adjusted earnings of a staggering USD 11.5 billion for the second quarter of this year, beating the USD 9.1 billion from the first three months of 2022.

Europe’s largest oil group was boosted by the sky-rocketing energy prices caused by the Ukraine war.

This means in the first six months of this year the oil giant has earnings of over USD 20 billion. This is profiteering at its most greedy and grotesque. 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 CEO Sees Risk of Even Higher Oil Prices

Shell CEO Sees Risk of Even Higher Oil Prices

Oil prices are more likely to rise than fall as the tightness in supply outweighs any risks to demand, said the boss of Shell Plc. 

“Where we are today, there is more upside than downside when it comes to the oil price,” Shell Chief Executive Officer Ben van Beurden said in an interview with Bloomberg TV on Thursday. “Demand hasn’t fully recovered yet and supply is definitely tight.”

The Shell CEO spoke after the company reported record-breaking profits for a second consecutive quarter due to high oil and gas prices. Even with Brent crude remaining above $100 a barrel there’s little sign of demand destruction, and consumption continues to recover from the pandemic, van Beurden said.

“I’m quite optimistic, both on the energy system as well as the global economy,” he said.

There’s limited scope for extra oil supplies from the Organization of Petroleum Exporting Countries or US shale producers, and the full effect of sanctions on Russia’s production may not yet have been felt, Van Beurden 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.

Shell vows a return for investors from its ‘obscene’ profits

THE TIMES

Shell vows a return for investors from its ‘obscene’ profits

Emily Gosden: Energy Editor:

Shell’s profits more than doubled to a high of $11.5 billion in the second quarter as it benefited from surging oil, gas and fuel prices after Russia’s invasion of Ukraine.

The FTSE 100 oil company said it would increase returns to investors by buying back $6 billion of shares over the coming three months.

Shell faced a backlash for what critics called “obscene” profits, which come after petrol prices hit record highs and as households face a crippling rise in energy bills that is forecast to push millions of people into poverty this winter.

Ben van Beurden, the chief executive, admitted it was “a difficult period for a lot of people” because of high energy prices, but said: “These are global phenomena, there’s… 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 posts record earnings again as energy prices soar

The Washington Post

Shell posts record earnings again as energy prices soar

By Associated Press: July 28, 2022 at 7:25 a.m. EDT LONDON — Shell posted record profits Thursday for a second straight quarter as the energy giant benefited from soaring prices of oil and natural gas fueled by Russia’s war in Ukraine.

London-based Shell said it’s second-quarter adjusted earnings — which exclude one-time items and fluctuations in the value of inventories — rose to $11.5 billion from $5.5 billion in the same three-month period last year.

The latest earnings smash its record set in the previous quarter, when the company recorded $9.1 billion in adjusted earnings.

Shell also said it would buy back another $6 billion in shares, underlining its healthy cash position. 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.