Allseas Litigation: Top lawyer Mike Stubbs accused of relaying offer of £1m ‘bribe’ to police, say court transcripts

By John Donovan

Shell contractor, Allseas, is a key player in a continuing story of mystery and intrigue surrounding criminal court proceedings.

Top lawyer Mike Stubbs acted for Allseas at the time when, according to court transcripts, he allegedly relayed a £1m bribe offer to UK police detectives.

Victims of £73 m fraud

In 2011, Allseas invested £73 million with investors led by a conman claiming to have links to the Vatican and Spanish nobility. More information can be found in articles such as the June 2018 FT story: “The ship tycoon, the con men and a €100m scam”. read more

Shell prepares for major production cuts to refocus on green strategy

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

Exclusive: Shell launches major cost-cutting drive to prepare for energy transition

By Ron Bousso: SEPTEMBER 21, 2020

LONDON (Reuters) – Royal Dutch Shell is looking to slash up to 40% off the cost of producing oil and gas in a major drive to save cash so it can overhaul its business and focus more on renewable energy and power markets, sources told Reuters.

Shell’s new cost-cutting review, known internally as Project Reshape and expected to be completed this year, will affect its three main divisions and any savings will come on top of a $4 billion target set in the wake of the COVID-19 crisis. read more

The international oil giant will cut about 40pc of overheads including staff…

Shell cuts back on fracking to fund renewable energy drive

The oil giant is seeking to free up investment for early-stage carbon capture and hydrogen projects

Falling oil and gas prices due to the pandemic have taken the shine off many assets and triggered heavy write-downs.

By Rachel Millard: 19 September 2020 • 9:30pm

Shell is making deep cuts in its fracking business as it tries to free up cash to cope with the pandemic and invest in renewable energy. read more

‘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

Countries Need to Invest $55 Trillion to Reach Emissions Target

By Rajesh Kumar Singh 16 September 2020, 15:39 BST: Updated on 17 September 2020, 07:17 BST

Global economies will need to invest as much as $55 trillion through the middle of the century to meet an emissions goal and contain warming of the planet, according to a report by a group of executives from energy-intensive companies including ArcelorMittal SA, BP Plc and Royal Dutch Shell Plc.

Reaching net-zero carbon emissions target by 2050 will require large-scale electrification of industries, buildings and transport, as well as the use of hydrogen and biofuels in areas that can’t be electrified, according to the Energy Transitions Commission. Using less energy to produce more and recycling material will aid the efforts. Building renewable power plants will take up a bulk of the estimated investment. read more

Big Oil’s green makeover

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

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

Extinction Rebellion activists arrested after Shell’s London HQ vandalised

Several Extinction Rebellion activists have been arrested after the Shell Centre in central London was vandalised.

Green graffiti reading “stop ecocide” was sprayed on the outside of the building. One arrestee was seen with green hands.

Earlier, around 100 protesters had gathered in Jubilee Gardens opposite Shell’s London headquarters to demonstrate against the oil and gas company.

Some demonstrators also dropped a banner from Westminster Bridge which read “Shell = Death”. read more

Why The Oil Industry’s $400 Billion Bet On Plastics Could Backfire

Scott Carpenter: Senior Contributor: Energy Sept 5, 2020Key takeaways:

• Oil companies plan to invest $400 billion into new petrochemical plants, betting that demand for plastic will keep growing.
• Authors of a new report say the industry and other forecasters fail to consider that large majorities favor legislation to curb plastic use and waste and that governments are acting.
• Plastics impose a cost of $1000 per tonne — through CO2 emissions, air pollution, and collection costs. Calls to shift those costs onto producers through taxes are growing.
• Outside experts said the long-term outlook for plastics demand remains uncertain and will depend on consumer preferences and government actions.

The COVID-19 pandemic and accelerating green growth around the world have eviscerated many of the oil industry’s dogmas: that renewables would suffer from high costs, that governments would slow-walk environmental commitments, that investors would continue to reward long-term bets on oil with generous market values.

But one nugget of wisdom has survived everything the market has thrown at it, and now oil companies like ExxonMobil and Shell are wagering billions on it: that the world’s demand for plastics is still growing, with no end in sight. read more

The Guardian: ‘War on plastic’ could strand oil industry’s £300bn investment

Major oil firms plan to grow plastic supply to counter impact of shift against fossil fuels

Jillian Ambrose: Fri 4 Sep 2020 06.00 BST

The war on plastic waste could scupper the oil industry’s multi-billion dollar bet that the world will continue to need more fossil fuels to help make the petrochemicals used in plastics, according to a new report.

Major oil companies, including Saudi Aramco and Royal Dutch Shell, plan to spend about $400bn (£300bn) to help grow the supply of virgin plastics by a quarter over the next five years, to compensate for the impact of electric vehicles and clean energy technologies on demand for fossil fuels. read more

EXCLUSIVE: CORRIB GAS CONTRACTORS TEST POSITIVE FOR COVID-19

FRIDAY, SEPTEMBER 04, 2020

Three UK-based contractors who travelled to Ireland to work at the Corrib Gas terminal in north Mayo have tested positive for Covid-19.

Vermilion Exploration & Production Ireland Limited, which operates the Corrib gas field, has confirmed the positive case results this afternoon.

The individuals, all of whom were asymptomatic were tested on the same day they arrived in Ireland and restricted their movements while awaiting results, said Vermilion. One of the positive cases was returned on Tuesday and two were confirmed today. read more

Shell Brent legs: Decom decision ‘postponed’ for giant structures

A decision on whether Shell will be allowed to keep the giant legs of the Brent field in the North Sea forever has been “postponed”.

Allister Thomas: 4 Sept 2020

The Ospar Commission, the intergovernmental body to protect Europe’s marine environment, confirmed the UK Government has still not made a decision on the controversial plans, 11 months on since the last formal meeting on them.

The legs of the Shell Brent Bravo, Charlie and Delta, made of steel and concrete, each weigh around 300,000 tonnes and are taller than the Eiffel Tower. read more

An update on climate change litigation – no signs of cooling

Katharina Theil considers progress on legal moves around the world to bring companies to account for their contribution to climate change.

The COVID-19 pandemic has profoundly changed many aspects of our daily lives. However, one issue that remains firmly on the agenda is the urgent need for action to mitigate the worst consequences of climate change.

As the UK emerges from lockdown, the UK Committee on Climate Change has urged the Government to tackle the climate emergency in its attempt to revive the economy and has called for ‘a green, resilient COVID-19 recovery’. read more

Two Climate Protesters Arrested in London as Demonstrations Resume

By Reuters: Aug. 28, 2020, 7:54 a.m. ET

LONDON — Police arrested two climate activists on Friday as the resumption of Extinction Rebellion’s protests following a coronavirus-forced hiatus saw the pair target oil firm Shell’s main London office.

They had painted the word “lies” in large green letters on the glass front doors of the building as other protesters held up a banner.

“Officers attended and two women aged 33 and 47 were arrested on suspicion of criminal damage. Both remain in custody,” a police spokesman said. read more