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Shell plays down risk of stranded oil and gas reserves

Shell plays down risk of stranded oil and gas reserves

Ron Bousso: April 15, 2021 Royal Dutch Shell said on Thursday the majority of its oil and gas reserves will be produced by 2050, playing down the risk of stranded assets as it prepares to reduce its greenhouse gas emissions in the coming decades.

The disclosure is a rare admission by a major oil and gas company that some of its reserves may be worthless in a world shifting to renewable energy from fossil fuels in an effort to stem global warming.

The Anglo-Dutch company said in a document to investors summarising its climate strategy that around 75% of its proved oil and gas reserves will be produced by 2030, with an additional 3% produced after 2040.

Since late 2019, Shell has wiped out over $20 billion from the value of its oil and gas reserves after lowering the outlook for commodity prices because of the energy transition and the impact on demand of the COVID-19 pandemic. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell flags shrinking oil, gas reserves life in energy transition document for shareholders

Shell flags shrinking oil, gas reserves life in energy transition document for shareholders

HIGHLIGHTS

Two-thirds of proved reserves to be produced by 2040

Comes amid rising concerns over future asset write-offs

Shell expects oil production to slide by 1-2% in coming years

London — Shell expects to have produced about two-thirds of its existing oil and gas reserves over the next two decades, the company said April 15, highlighting its falling exposure to future oil prices as the major shifts focus to renewable energy and electricity supplies. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell threatens to leave US trade groups over climate disagreements

Shell threatens to leave US trade groups over climate disagreements

Shell admits its oil production is now on the decline European oil major Royal Dutch Shell on Wednesday urged U.S. oil and gas trade groups to take stronger positions in the fight against climate change under the threat of leaving them.

The Netherlands-based oil major took aim at the American Petroleum Institute, the Texas Oil & Gas Association and the U.S. Chamber of Commerce, pushing them to support and advocate for climate policies in line with the Paris climate agreement. The 2015 agreement aims to limit the rise in the average global temperature to 1.5 degrees Celsius above pre-industrial levels.

Shell’s move reassessing its trade group memberships comes as the European oil giant moves from its longtime fossil fuels business to meet its goal of achieving net-zero emissions by 2050. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil giant Royal Dutch Shell says it will take a £145m first-quarter hit from Texas freeze that left nearly 200 dead

Oil giant Royal Dutch Shell says it will take a £145m first-quarter hit from Texas freeze that left nearly 200 dead

  • Severe freezing weather hit Texas in February this year triggering many deaths
  • Millions of people were also left without power and Shell’s operations were hit 

Royal Dutch Shell has warned that the severe winter storm in Texas earlier this year looks set to hit its bottom line for the fist quarter.

In February, a snowstorm swept across Texas and swathes of North America, knocking out sections of the former’s electricity grid, leaving millions without power and nearly 200 people dead. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

SHELL COMMENTS ON THE VERDICT FROM THE MILAN TRIBUNAL OVER OPL-245

SHELL COMMENTS ON THE VERDICT FROM THE MILAN TRIBUNAL OVER OPL-245

Mar 17, 2021

Ben van Beurden, Chief Executive of Royal Dutch Shell plc (“RDS” or the “Company”), today made the following statement after the Milan Tribunal acquitted the company of charges related to Oil Prospecting Licence (OPL) 245 in Nigeria:

“We welcome today’s decision by the Milan Tribunal. We have always maintained that the 2011 settlement was legal, designed to resolve a decade-long legal dispute and unlock development of the OPL 245 block. At the same time, this has been a difficult learning experience for us. Shell is a company that operates with integrity and we work hard every day to ensure our actions not only follow the letter and spirit of the law, but also live up to society’s wider expectations of us.” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Eni and Shell Acquitted of Nigeria Bribery Charges in Milan

Eni and Shell Acquitted of Nigeria Bribery Charges in Milan

Alberto Brambilla, Laura Hurst: Mar 17 2021, 9:24 PM Mar 18 2021, 4:43 AM

(Bloomberg) — Eni SpA, Royal Dutch Shell Plc and several of their current and former executives were acquitted of corruption charges related to a Nigerian oil deal by a court in Milan.

The verdict ends a three-year legal saga that loomed large over the tenure of Eni Chief Executive Officer Claudio Descalzi, who was among those found not guilty on Wednesday. Italian prosecutors had sought an eight-year jail term for him. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Russia’s Gazprom, Shell ink 5-year ‘strategic’ deal

Russia’s Gazprom, Shell ink 5-year ‘strategic’ deal

By New Europe Online/KG: PUBLISHED 21:57 MARCH 17, 2021

Gazprom and Royal Dutch Shell signed on March 16 an Agreement of Strategic Cooperation for a five-year period, the Russian gas giant said.

The signing ceremony was held via a video link in the presence of Gazprom CEO Alexey Miller and Shell CEO Ben van Beurden.

The newly signed document, which expands the interaction between the two companies, focuses on research of energy markets, implementation of projects along the entire value chain, cooperation in digitalization of technologies, and reduction of greenhouse gas emissions, Gazprom said. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Andrew Mackenzie named new Shell chairman

Andrew Mackenzie named new Shell chairman

Amanda Jordan: March 11, 2021

Royal Dutch Shell announced the appointment of Andrew Mackenzie as chairman with effect from the conclusion of the annual general meeting on May 18.

Mr Mackenzie will succeed Chad Holliday, who will step down the same day having served as chairman for six years, Shell said Thursday in a statement.

Mr Mackenzie, a British national, joined Shell’s board in October after a career in the energy, petrochemicals and resources sector, latterly as chief executive officer of mining giant BHP from 2013 to 2019. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell Names Mackenzie as New Chairman, Proposes 50% Female Board

Shell Names Mackenzie as New Chairman, Proposes 50% Female Board

Bloomberg: Laura Hurst: Thu, March 11, 2021, 8:43 AM

(Bloomberg) — Royal Dutch Shell Plc appointed former BHP Group executive Andrew Mackenzie as chairman, and said its board would have as many women as men on it for the first time.

Mackenzie, who oversaw BHP’s retreat from shale, takes over from Chad Holliday, whose departure had been flagged since last year. It also appointed cyber expert Jane Lute, a move that will take its board to gender parity, the company said.

“Andrew brings to Shell his experience of leadership, his global outlook, and a deep understanding of the energy business and climate action,” the company said in the statement. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell CEO takes pay cut in 2020 for the second straight year

Shell CEO takes pay cut in 2020 for the second straight year

By Reuters Staff: MARCH 11, 2021: 8.30 am

March 11 (Reuters) – Royal Dutch Shell’s Chief Executive Ben van Beurden pay package nearly halved in 2020, a year in which the oil major’s profit tumbled because of low oil prices and the COVID-19 pandemic.

Van Beurden, who became CEO in 2014, oversaw sharp growth in Shell’s oil and gas output following the 2016 acquisition of BG Group for $53 billion.

But an unprecedented hit to the energy sector last year, knocked oil prices into negative territory for the first time in history, and forced major players to cut dividend payouts and management pay to weather the storm. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell changes senior UK leadership in global overhaul

Shell changes senior UK leadership in global overhaul

Ron Bousso: Thu, 4 March 2021, 11:40 am·2-min read

LONDON (Reuters) – Royal Dutch Shell is changing the senior leadership of its operations in Britain as part of a global overhaul to cut costs and shift away from oil and gas to renewables and power.

Under the changes, which have been announced internally, country chair Sinead Lynch will become Shell’s global head of low-carbon fuels, a company spokeswoman said.

Lynch, who joined the Anglo-Dutch company in 2016 following its acquisition of BG Group, will be replaced by David Bunch who currently runs Shell’s retail business across Europe and South Africa. Bunch joined Shell in 1997. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Despite Its Pledges, Shell Funded Anti-Climate Lobbying Last Year

BUSINESS: 25/02/2021 10:45 GMT

Despite Its Pledges, Shell Funded Anti-Climate Lobbying Last Year

The oil giant belonged to one group that pushed for a rule designed to preempt banks’ policies against lending for Arctic drilling and coal mining.

Royal Dutch Shell vowed last September to reach net-zero carbon pollution in its business by 2050. The goal was vague but notable, and seemed to become more realistic when the corporation announced earlier this month that its crude oil production had peaked in 2019 and would likely never increase again. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell turns to forests and the earth to soak up its emissions

LONDON (Reuters) – Royal Dutch Shell set out plans on Thursday to boost the use of nature-based carbon offsets and carbon capture and storage (CCS) technology, two climate solutions in their infancy but seen crucial to controlling global warming.

Both technologies can mitigate the greenhouse gas emissions Shell and its customers cannot eliminate on the path to the group’s 2050 net zero carbon target.

Shell wants to ramp up its use of nature-based carbon offsets, which include forestation projects, to 120 million tonnes a year by 2030, a big jump given the entire voluntary carbon offset market reached 104 million tonnes in 2019, Ecosystem Marketplace figures show. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell unveils green strategy after oil output peak

Shell unveils green strategy after oil output peak

Energy giant Royal Dutch Shell declared Thursday that its oil output is locked in decline after peaking in 2019 as it outlined green plans to switch away from fossil fuels.

Shell said in a statement that it will invest up to $6.0 billion (4.9 billion euros) per year in green energy projects developing and promoting biofuels, electric car charging and renewables.

More than half the amount could end up being spent on marketing, Shell said.

In addition, Shell plans to still invest $8 billion annually on new oil and gas exploration. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell Freezing Salaries for Majority of Staff

Shell Freezing Salaries for Majority of Staff

by Bloomberg: Laura Hurst Thursday, February 11, 2021

(Bloomberg) — Royal Dutch Shell Plc will not raise salaries for most of its employees this year, according to people with knowledge of the matter, as it looks to save cash amid an overhaul of the company.

In a note to staff, Chief Executive Officer Ben van Beurden wrote that while the company had previously told employees to have low expectations for salary increases, most wouldn’t get a salary increase this year.

Shell is starting one of the biggest reorganizations in its history as it pivots from a century-long structure that prioritized oil and gas production. There will be as many as 9,000 job losses over the next two years, with cuts already announced in The Netherlands, the U.K. and Malaysia. A second round of voluntary redundancies is also underway, Van Beurden said last week. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell, in a Turning Point, Says Its Oil Production Has Peaked

Shell, in a Turning Point, Says Its Oil Production Has Peaked

Europe’s largest oil and gas producer said oil production would gradually decline 1 or 2 percent annually, underscoring the company’s desire to shift to greener energy.

: Feb, 11, 2021

Royal Dutch Shell on Thursday made the boldest statement among its peers about the waning of the oil age, saying its production reached a high in 2019 and is now likely to gradually decline.

Shell’s “total oil production peaked in 2019” and will now drop 1 or 2 percent annually, the company said in a statement. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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