News and information on Royal Dutch Shell Plc
NL TIMES
Shell: Gas field in Groningen must be completely closed this year, in light of earthquakes
SUNDAY, 26 MARCH 2023
The gas field in Groningen must be completely closed this year, said the CEO of Shell Netherlands, Marjan van Loon. Currently, the gas field is still supplying minimal amounts of gas to keep the wells usable, but she doesn’t think that’s necessary. “It can and must be done, so the field has to be closed,” Van Loon said on the TV program WNL Op Zondag.
OILPRICE.COM
Shell Considered Relocating To The U.S. In Pursuit Of Higher Value
Shell’s executive leadership discussed leaving Europe and relocating to the United States, the Financial Times has reported, citing unnamed sources familiar with the discussion.
According to the FT’s sources, the supermajor’s new chief executive, Wael Sawan, was part of a team of top executives that two years ago considered moving Shell’s headquarters to the U.S. and listing the company there, too.
The relocation idea was ultimately dropped but the FT notes that Shell’s chief executive remains worried about the difference in valuation between Shell and its U.S. peers.
BP and Shell could be takeover targets if Exxon and Chevron snatch opportunity for ‘industry arbitrage’ – Citi
BP PLC (LSE:BP.) and Shell PLC (LSE:SHEL, NYSE:SHEL) may find themselves at the negotiating table as American peers Exxon Mobil Corporation (NYSE:XOM) or Chevron Corporation (NYSE:CVX) could come calling, that’s the view of analysts at Citigroup.
A megamerger between either London-listed oil major and either of America’s largest oilers appears increasingly attractive, on valuation terms at least, according to the Wall Street bank.
OILPRICE.COM
Netherlands To Shut Down Europe’s Largest Gas Field
The Dutch government plans to close the Groningen gas field this year despite Europe’s precarious supply position. Groningen is the largest gas field in Europe.
The field is dangerous, a government official from the Hague told the Financial Times, and the government has no plans to boost production from it.
“We won’t open up more because of the safety issues,” Hans Vijbrief told the FT. “It is politically totally unviable. But apart from that, I’m not going to do it because it means that you increase the chances of earthquakes, which I don’t want to be responsible for.”
cnbc
Shell to take $2 billion fourth-quarter tax hit after new EU, UK levies
Oil and gas major Shell said Friday it expects to take a $2 billion hit for the fourth quarter as a result of new taxes in the European Union and U.K.
“The Q4′22 earnings impact of recently announced additional taxes in the EU (the solidarity contribution) and the deferred tax impact from the increased UK Energy Profits Levy is expected to be around $2 billion,” the company said in a trading update.
The EU agreed in September that oil and gas companies will pay a levy on surplus profits made in 2022 or 2023. The “solidarity contribution” will see firms pay 33% of profits above their average taxable profits.
CITYA.M.
Shell could start profit slowdown as Labour pushes to expand windfall tax
In an update earlier this month, it revealed indicative refining margins dropped to $15 a barrel compared with $28 a barrel in the previous three months of trading.
The energy giant will update investors on its performance this Thursday, the first in a wave of results from oil and gas giants over the coming days.
Rivals BP, Chevron, Exxon Mobil, Equinor and Saudi Aramco will also announce their results over the coming days – offering markets a flurry of data on the latest conditions in the fossil fuel sector.
Dutch prosecutors to pursue pollution case against Shell-Exxon gas venture
A spokesperson for NAM said the company would respond later on Wednesday.
Reuters reported last month that Shell And ExxonMobil have put their 50-50 venture up for sale, with expected proceeds of over $1 billion.
NAM started producing natural gas in 1963 following the discovery of the giant Groningen field, which was a major source of gas for the Netherlands and Europe for decades.
But extraction has been almost completely wound down in the past 10 years as tremors blamed on drilling damaged buildings and prompted protests by residents and campaigners.
REUTERS
Shell should have quit Groningen gas project in Netherlands earlier -CEO
“We had to continually ask what makes sense,” as production was dialled back to levels at which NAM made little to no profit, Van Beurden told lawmakers.
“What made sense for Shell was to quit. In any other country we would have stopped this operation. But in the Netherlands that was impossible because the Netherlands was dependent on Groningen gas.”
A damning report in 2015 from the independent Dutch Safety Board had accused the government and the field’s operators of ignoring the threat of earthquakes linked to the field for years. As vast amounts of gas were removed from under the province since 1963, the ground sank and settled above empty pockets, triggering quakes.
Reuters
Shell, Exxon launch joint sale of UK, Dutch North Sea assets -sources
In July, Shell and Exxon launched the sale of the 50-50 NAM joint venture in the Netherlands, operator of the Groningen gas field and one of Europe’s largest and oldest natural gas production companies.
The two companies have also separately put up for sale their stakes in their British southern North Sea gas hub, which include the Clipper Leman Alpha hubs as well as the Bacton terminal in eastern England, the sources said.
Dutch limit Groningen gas production despite energy crisis
AMSTERDAM -Gas production at the Groningen field in the Netherlands will be lowered to the minimal amount needed to keep wells operational in the coming year, as extraction is expected to end by 2024 at the latest, the Dutch government said on Monday.
The Groningen field, operated by a joint venture of Shell and Exxon Mobil, still holds massive reserves of natural gas.
yahoo!
Oil giant Shell is leading the way on this $4 trillion climate change solution some say won’t work
Fossil fuel companies are leading the way when it comes to a climate change solution that, despite its backing from multiple governments, has faced criticism as an ineffective way to reach net zero.
Carbon capture and storage (CCS) allows industries that burn fossil fuels to trap carbon emissions and transport them via pipelines, trucks, or ships for geological storage. The carbon dioxide is injected underground into rock formations, usually at depths of one kilometer or more.
The energy crisis in Europe and the buried treasure of the Netherlands of 1000 billion
Despite skyrocketing energy prices and a shortage of natural gas supplies in the European Union, the Dutch government has taken the decision to go ahead with shutting down the natural gas wells in the Groningen region. The field is one of the largest in the world, with a value of up to 1,000 billion euros. But for now, it is a treasure that will remain untapped for the foreseeable future.
DutchNews.nl
Regulator receives 136 damage claims after two earthquakes strike Groningen
SEPT 26, 2022
More than 100 claims for structural damage have been filed since two earthquakes, the largest measuring 2.7 on the Richter scale, hit Groningen province on Saturday.
The larger of the two quakes struck the village of Uithuizermeerden, on the north coast, at around midday, followed by a smaller one measured at 1.7 in Uithuizen.
The Institute for Mining Damage in Groningen (IMG) said it had received 136 reports of damage over the weekend, including three saying there was an acute risk to safety. Inspections at two of the three sites established that there was no immediate danger, while a third is ongoing.
The Guardian
Governments urged to act after oil giants accused of misleading public
Documents suggest Shell and BP staff privately downplayed public commitments on climate crisis
The memo claimed that internal BP documents highlighted how carbon capture and storage (CCS) – a nascent technology that involves inserting CO2 emissions into underground rock formations – could “enable the full use of fossil fuels across the energy transition and beyond”.
Congressional investigators also unearthed an internal Shell email discussing carbon capture, utilisation, and storage (CCUS) in which an executive said: “We want to be careful to not talk about CCUS as prolonging the life of oil, gas or fossil fuels writ large.”
The Guardian
Criticism intensifies after big oil admits ‘gaslighting’ public over green aims
Fury as ‘explosive’ files reveal largest oil companies contradicted public statements and wished bedbugs upon critical activists
“First they ignore you, then they laugh at you, then they wish bedbugs on you, then you win,” said Varshini Prakash, executive director of Sunrise. The organization accused Shell of a “legacy of violence and of ignoring the wellbeing of communities across the globe”.
Big Oil Companies Are Greenwashing, Congress Committee Says
A House congressional committee said internal documents from Exxon Mobil Corp., Chevron Corp., Shell Plc, and BP Plc reveal that their public promises to fight climate change amount to greenwashing.
A cache of emails, lobbying and preparation materials for senior executives obtained by the Committee on Oversight and Reform show that Big Oil climate pledges rely on “unproven technology, accounting gimmicks, and misleading language to hide the reality,” Subcommittee Chair Ro Khanna said in an emailed statement.
: They really are useless little or no customer service. If you do get to talk to someone they haven't got a clue how to solve things. Never been happy since first signing. I never thought I would admit this but they make TalkTalk seem good. I am now fighting against the cost of 39 po7nd because I haven't returned it. Once again they are lying saying they sent out a self addressed envelope for the return of the modem. Must have got lost in the post.Also my contract ended 8th January it is now 24th and they only just let know. As a company they are devious untrustworthy and morally corrupt. They DO NOT deserve even 1 customer
: 29th July 2020 Tailwind Energy Investments Ltd (Co. Reg. No.12776446) was incorporated with one ordinary share of £1 issued to Tailwind Energy Holdings LLP (Co. Reg. No. OC430905) for a consideration of £1 23rd December 2020 Tailwind Energy Investments Ltd issued 290 shares of £1 each to Tailwind Energy Holdings LLP in return for 290 shares of NSV Energy Ltd (Co. Reg. No. 06220464) representing a 100% interest in that entity. Following the transaction, Tailwind Energy Holdings LLP became the parent company of Tailwind Energy Investments Ltd. On the date of issue, the shares of NSV Energy Ltd were valued at $479.9 million resulting in the recognition of an investment of $479.9 million. On 1st November 2021, Tailwind Energy Investments Ltd declared a dividend of $36.4 million. Tailwind Energy Investments Ltd entered into an agreement with its now subsidiary NSV Energy Ltd to pay the dividends directly to its parent's ultimate shareholders. For the period ended 31st December 2021 Tailwind Energy Investments Ltd recorded a profit of $36.4 million arising from a dividend declared by its subsidiary in November 2021. Dividends of $36.4 million ($125,245.7 per share) were declared by Tailwind Energy Investments Ltd for the period ended 31st December 2021. Companies House records show for Tailwind Energy Holdings LLP under 'People' the following: Cavendish Energy Holdings Ltd (Co. Reg No.12154073) Mecuria Asset Holdings (Hong-Kong) Ltd A Private Ltd Company Mercuria Holdings (UK) Ltd (Co. Reg. No. 123718128) Companies House Records show that Tailwind Energy Holdings LLP is the 'Designated Member' and only 'Designated Member' for each of the above three companies. There is a 'circularity' here that does not seem correct. Where did the dividend go? Tailwind Investments Ltd Annual Report and Financial Statements period ended 31st December 2021 indicates Page 16 7. Tailwind Energy Investments Ltd is a wholly owned subsidiary of Tailwind Energy Holdings LLP itself a 51% subsidiary of Cavendish Energy Holdings Ltd (Co. Reg. No. 12154073) . Cavendish Energy Holdings Ltd is also the ultimate parent company and ultimate controlling party which prepares consolidated financial statements. Companies House Records show under 'Appointments' for Cavendish Energy Holdings Ltd that Tailwind Energy Holdings LLP is the 'Active LLP Designated Member'. Where did the $36.4 million dividend go?
: Thanks to Wrath for the clarification. I recall a lot of competent and committed people at BG Group, I also recall a toxic culture among those aspiring to climb the leadership “greasy pole” at all costs. If Mr Gould’s disparaging comments were not aimed at the latter group, it’s no surprise the meeting ended on a low note. These are the people that set targets, but if they can’t perceive how to deliver, someone (not them) has to be held to account. Seems like the pressure was being felt regarding Queensland Curtis LNG and the toxic ‘blame culture’ was in full-swing. I understood the cost overrun on this project was in the region of £3.3bn, which is surprising as their General Counsel at the time had written the highly regarded book ‘Project Finance’. It must have been left behind in TVP in preference for “back-end loading”.
: In response to Bogus Group's enquiry. The reference to Contractors being given 'equal' status to Employees refers to a speech given by Andrew Gould, then Executive Chairman of BG Group, at a Townhall meeting in the BG cafeteria in the Hutton Building, Thames Valley Business Park, in Q4 2014. At that Townhall meeting Mr Gould, during his speech to the assembled staff, made many references to 'you' (meaning BG Group Staff) failing to meet targets. (A Freudian slip, perhaps, given his ambition for a knighthood?). Eventually, a senior staff member in the audience corrected Mr Gould and said that he (the senior staff member) would feel happier if Mr Gould used the pronoun 'we' instead of 'you', at which point Mr Gould accepted the criticism and corrected himself. During that speech, Mr Gould also said that it was vital that BG Group meet their targets, especially first export of QC LNG coalbed methane to LNG, by year end. In order to achieve this he said that BG Group Contractors would have 'equal' status to BG Group Employees i.e. 'all hands to the pumps'. That meeting was recorded. Shell makes $70bn BG offer (oedigital.com) It was at the end of that meeting, that Sami Iskander, then Chief Operating Officer, stood up and to whoever would listen as they 'fled' the cafeteria with their ears burning made the statement that BG Group, the previous year (?) had spent £200MM assuring work which later cost the company £2Bn because it was wrong.
: Would like to hear more on the thread of these interesting comments. Contractors were not always on ‘equal status’, particularly when it came to safety. In the BG Group 2010 annual report, Chapman’s statement that contractor safety would be a particular focus in 2011, seemed to infer that contractor performance was the issue, however, BG Group were ultimately responsible for those at the worksites, including contractors. In 2012, his “deep regret” of the unacceptable safety performance deterioration in 2011, would appear to indicate the “particular focus” was misconceived.
: Andrew Gould, former Executive Chairman of the failed BG Group, whose motives were questionable, would be well reminded that putting contractors on equal status as company employees in order to meet 'stretch' targets is in direct conflict with the 'Constitutions' of the various 'Bodies Corporate', despite alignment through 'bridging' documents.
: Technical safety across the board has suffered a similar mindset... "as long as it doesn't blow-up on my watch, it's <>." the new SEAM organization has made it abundantly clear, that safety has to be in "balance with business drivers of production and affordability." When it eventually goes boom, it will be blamed on TSE not the folks who are sweeping the concerns under the rug. the new emperors have no clothes!
: Subsurface Technical Staff at Shell who previously worked for BG Group would be well advised to remember that reserves should not be booked on subjective technical workflows and furthermore that both the technical workflows used in calculating reserves and their results should be reproducible by the Auditors. The BG philosophy of 'it's alright as long as the oil and/or gas is flowing out of the ground and we don't know where it is coming from' is irresponsible, short sighted and to the detriment of Shell's shareholders. This attitude should be dropped pronto!
: Internet down 3 times for a day at a time. Reported it never had any contact back or reason given. Useless company out at end of contract.
: RE: Nigerian oil export terminal had theft line into sea for 9 years Sometimes I think I have seen it all and then this comes along Nigeria is simply doomed with all the corruption. Take it from me, this is a major operation to fix. So the top brass must have been involved. Half or more of the population is scratching a living in miserable circumstances, there is no more rule of law and these gangsters lay a pipeline from a terminal and steal oil. Simply beyond what I can imagine.
: They cut off my 87 year old moms phone. This isn't just a phone for people of that age its and essential lifeline. After spending an hour on hold I eventually got through to the customer service department. They said a bill hadn't been sent because of billing issues. That's why it wasn't paid. So, I settled the bill over the phone. The following day the service was resumed and a demand for the money paid over the phone was sent to her house. How incompetent are these people. I spent another hour on hold. No reply to the call at all this time. No response to my emailed complaint. Obviously I now have to find another provider. But a lot of stress for my mother. DO NOT DEAL WITH THESE PEOPLE. They are the worst of the worst. Date of experience: 10 September 2022
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