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Shell’s woes mount as it admits cost overruns and delays

FROM OUR JULY 2005 SHELL NEWS ARCHIVES…

THE TIMES: Shell’s woes mount as it admits cost overruns and delays

“FURTHER delays and soaring expenditure in big energy projects emerged at Royal Dutch Shell yesterday when the company admitted that the start-up of Bonga, a giant offshore Nigerian oilfield, had been pushed back until late this year.“: “Bonga’s budget has already swelled from a $2.7 billion estimate in 2001 to about $4 billion (£2.3 billion).”: “In a reference to the Sakhalin cost overruns, admitted by Shell a fortnight ago, Mr van der Veer said: “It is clear we must improve project management.”

Friday 29 July 2005

By Carl Mortished, International Business Editor

FURTHER delays and soaring expenditure in big energy projects emerged at Royal Dutch Shell yesterday when the company admitted that the start-up of Bonga, a giant offshore Nigerian oilfield, had been pushed back until late this year.

The billion barrel oilfield was expected to start producing in the summer but Peter Voser, Shell’s finance director, said that production would not get going until the fourth quarter. Bonga’s budget has already swelled from a $2.7 billion estimate in 2001 to about $4 billion (£2.3 billion). 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 completes Bonga deepwater 4D survey

Royal Dutch Shell PLC's Nigerian subsidiary completed 4D seismic acquisition over deepwater Bonga oil and gas field off Nigeria in an effort to maximize ultimate recovery from the field.

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.

Nigeria’s Navy Struggles with Attacks on Offshore Oil Facilities

According to the source, the incident occurred when 55 security personnel, members of a private security outfit operated by a retired senior naval captain, deliberately shut down the FPSO to protest Shell’s treatment of Nigerian workers and the non-payment of salaries.

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 ends force majeure on Nigeria Bonga exports

Royal Dutch Shell lifted force majeure on oil exports from its Bonga offshore field in Nigeria on Wednesday, three weeks after an attack by militants forced it to shut the facility for several days.

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: time to deliver

GOOD things come to those who wait. No pain, no gain. Every cloud has a silver lining. For investors in Royal Dutch Shell in need of a pep talk, these might be clichés worth repeating.

There is a chance – however remote – that growth might come inorganically, says ABN Amro, describing a merger with BP or Total as "possible and desirable"

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.

ISN Security Watch: Niger Delta: Nowhere to hide

Royal Dutch Shell's Bonga field, the biggest deep offshore field in Africa and holding more than 1 billion barrels of crude reserves, thus became a showpiece of success in the Gulf of Guinea. Other oil majors such as Chevron Corp, Exxon Mobil Corp and Total also followed with huge offshore oil discoveries that helped make the waters offshore Nigeria a leading global oil exploration hotspot.

However, the aura of invincibility that surrounded the deep-water oilfields in Nigeria is no more. It was shattered on 19 June when the main guerrilla group in the oil region, the Movement for the Emancipation of the Niger Delta (MEND), launched an overnight raid on the Bonga oilfield's floating, storage, production and offloading vessel, forcing it to shut down.

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 shuts oilfield after gun attack

Gunmen in powerboats sped across more than 100km of open sea to attack a giant oil production vessel off Nigeria yesterday, forcing Royal Dutch Shell to shut down one of Africa's biggest oilfields

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.

Nigeria seeks arrears from Shell and Exxon

Nigeria is seeking $1.91 billion (965 million pounds) it says it is owed by Royal Dutch Shell and ExxonMobil under the terms of oil production sharing contracts governing two offshore fields, the presidency said on Tuesday.

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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