MOSCOW (Reuters) – Russia’s competition watchdog said on Thursday it had decided to delay by three months Shell’s (RDSa.L) purchase of 9.3 billion roubles ($145.73 million) worth of shares in a subsidiary of Russian oil producer Gazprom Neft (SIBN.MM).
Shell is expected to buy a 50% stake in Meretoyakhaneftegaz, a Gazprom Neft subsidiary which holds licensing rights to the Meretoyakhinskoye oil field.
Reporting by Darya Korsunskaya and Gabrielle Tétrault-Farber; Writing by Polina Ivanova; Editing by Jan Harveyread more
RIO DE JANEIRO, Nov. 14, 2019 /PRNewswire/ — New, deep-water production has come online from the Brazilian pre-salt Santos Basin. Shell Brasil Petróleo Ltda. (Shell Brasil) and its consortium partners today announced the start of oil and natural gas production at the P-68 floating production, storage, and offloading unit (FPSO), located in BM-S-11A Concession in Berbigão, Sururu and West Atapu.
The FPSO can process up to 150,000 barrels of oil and 6 million cubic meters of natural gas daily. Operated by Petrobras, P-68 features ten producing wells and seven injection wells.read more
Royal Dutch Shell (RDS.A-0.4%) is staying in Canada even as others pull up stakes, Shell Canada head Michael Crothers tells Bloomberg.
Shell’s future in the country is largely as a natural gas producer and exporter focused on the US$30B LNG Canada project, though the company also is committed to its local chemicals and retail businesses, Crothers says.
Aside from LNG Canada – which is 40%-owned by Shell – and the Groundbirch gas production complex in British Columbia that will partly supply it, the company has some light oil production, the Scotford refinery, two chemicals plants and a carbon capture facility in Alberta, plus the Sarnia refinery and a lubricants plant in Ontario.
Shell also still owns a 10% stake in the Athabasca oil sands after selling most of its holdings in 2017; Crothers says the company has no plans to sell the rest because it is a core asset which provides feedstock for the Scotford complex.read more
Despite the many mistakes and poor management in Shell in the mid 90s leading up to the reserves scandal in 2004, a truly dark period in the leadership of Shell, we are still proud of some huge projects as shown in the clips.
Perhaps of use for your site. And as you so often point out, the majority of the Shell staff are decent hardworking people doing a good job. The fact that management went off the rails starting with Herkstroter and culminating in the reserves scandal which was an inevitable conclusion of the Phil Watts regime does not diminish the efforts of the engineering by the staff. Even Shell got it sometimes wrong to appoint the right leaders!read more
A raft of measures have been put in place to reduce the amount of ethane Shell is being forced to flare while the Mossmorran plant in Fife is shut.
Shell has been left with a surplus of ethane since its customer Exxonmobil temporarily closed the plant in August.
Now Shell said it had switched from powering its furnaces with propane to using ethane and reduced the amount of North Sea gas it receives.
Residents said they had not noticed much change in flaring.
However, Shell said it had managed to reduce flaring of ethane “significantly” as a result of the new measures, which also include adding ethane into household’s supply of methane.read more
Below is a translation of a news brief issued today 7 Nov 2019 – by NAM, the Shell/Exxon Joint Venture company responsible for the earthquake blighted Groningen Gas Field. And also for the consequential potential bill for untold billions to deal with damaged residences like the example in the photograph. Someone forget to mention in the news brief the shocking reason why the Dutch government ordered the closure. The word “earthquake” does not appear anywhere.
TRANSLATION
Close gas field Groningen started in Ten Post
It seems only a signature, but it marks the start of the closure of the Groningen field. At the end of October, NAM transferred the Ten Post gas extraction site to Meuva. This company will start cleaning up the location around 11 November.read more
The Hague, Netherlands — The Dutch Advertising Code Commission reprimanded Shell on appeal for its misleading advertising at Shell’s Generation Discover 2018 children’s festival.
The Board of Appeals ruled that Shell misled children between the ages of 8 and 14 by suggesting its Gas-to-Liquid (GTL) technology would contribute to a better environment and to attaining UN Sustainable Development Goals. The Board strongly recommended that Shell “no longer make advertisement campaigns in this manner.”read more
The carbon bubble “continues to inflate,” according to a new report from Carbon Tracker. And yet no major oil company has aligned its operations with the goals set out in the Paris Climate Agreement.
This is not just a matter of bad corporate behavior. The oil industry is charging ahead with oil and gas projects that completely defy climate targets, which means that they are taking on serious financial risk. “Companies who continue to sanction higher-cost projects which do not fit with a lower demand scenario risk destroying significant shareholder value through the creation of stranded assets,” Carbon Tracker warned. The more companies delay, the greater risk they take on.read more
Reporting by Ron Bousso; Editing by Dale Hudson and Mark Potter: 1 Nov 2019
LONDON (Reuters) – Royal Dutch Shell (RDSa.L) faced a torrent of criticism from analysts on Friday for warning of possible delays to its $25 billion share buyback program, with some saying the move had undermined the credibility of the oil giant’s management.
Shell, the world’s second-largest listed oil and gas company, saw its shares close more than 4% lower on Thursday, wiping out $10 billion of its market value. It had earlier reported stronger-than-expected third-quarter profits which were, however, overshadowed by Chief Executive Ben van Beurden’s warning about shareholder returns.read more
Russia’s Gazprom PJSC owns the project, with Royal Dutch Shell Plc and four other investors…
A new natural gas pipeline into Europe from Russia is shaking up geopolitics. Nord Stream 2, as it’s called, worries leaders in Eastern Europe, has put German Chancellor Angela Merkel on the hot seat and has prompted calls for sanctions from U.S. senators. Denmark gave approval on Oct. 30 for the pipeline to traverse its sub-sea territory, removing the final hurdle to its completion. Russian gas could be flowing through the conduit as soon as early next year.
1. What is Nord Stream 2?
It’s a planned 1,230-kilometer (764-mile) undersea pipeline that will carry natural gas from Russian fields to the European network at Germany’s Baltic coast. It will double the capacity of an existing undersea route — the original Nord Stream — that opened in 2011. Russia’s Gazprom PJSC owns the project, with Royal Dutch Shell Plc and four other investors including Germany’s Uniper SE and Wintershall AG providing half of the 9.5 billion-euro ($10.7 billion) in cost. As of the end of October, the link was 87% complete, according to Nord Stream.read more
Oil giant Royal Dutch Shell spooked investors on Thursday by warning that bleaker economic conditions could slow a major share buyback plan.
The company hinted a $25 billion buyback scheduled to be finished by 2020 may extend into 2021 because of worsening economic conditions, which could force the firm to keep more money back as a precaution.
The buyback plan was launched in July 2018 and the timeline signalled Shell’s confidence in the oil price and outlook for the company. The shares today fell 2.5%, or 59p, to 2270p.read more
Oil giant Shell has experienced a large fall in third-quarter profits due to weaker oil prices.
Earnings after stripping out fluctuating expenses fell 15 per cent to £3.7billion, well below estimates it might reach almost £5billion.
Shell was able to charge an average of £43.25 per barrel of oil it produced in the quarter, down from £52.69 in the same three months last year. It was even more than a dollar lower than the second quarter price.read more
Net income attributable to shareholders on a current cost of supplies (CCS) basis, used as a proxy for net profit, and excluding identified items, came in at $4.767 billion for the third quarter of 2019.
That compared with a profit of $5.624 billion in the same quarter a year ago and $3.462 billion in the second quarter.
Shares of the Anglo-Dutch oil company are down more than 1% when compared to the same period in 2018.
Oil giant Royal Dutch Shell reported weaker-than-expected third-quarter net profit on Thursday, citing lower energy prices and chemicals margins.
Net income attributable to shareholders on a current cost of supplies (CCS) basis, used as a proxy for net profit, and excluding identified items, came in at $4.767 billion for the third quarter of 2019. That compared with a profit of $5.624 billion in the same quarter a year ago and $3.462 billion in the second quarter.read more
EXTRACT FROM ROYAL DUTCH SHELL PLC 3RD QUARTER 2019 UNAUDITED RESULTS
31 Oct 2019
Compared with the third quarter 2018, CCS earnings attributable to shareholders excluding identified items were $4.8 billion, reflecting lower realised oil, LNG and gas prices, as well as weaker realised refining and chemicals margins. This was partly offset by significantly stronger contributions from LNG and oil products trading and optimisation as well as higher realised margins in retail and global commercial.
Compared with the third quarter 2018, cash flow from operating activities excluding working capital movements was $12.1 billion, reflecting lower earnings, higher pension contributions and lower dividends received.read more
Ron Bousso: OCTOBER 31, 2019LONDON (Reuters) – Royal Dutch Shell’s third-quarter profit dropped by 15% on weaker oil prices but easily beat expectations thanks to a boost from oil and liquefied natural gas (LNG) trading.
The better than expected results in the face of oil prices that fell 17% year on year underscores Shell’s tranformation in recent years, with deep cost cuts and a focus on returns after the 2014 industry downturn.
Net income attributable to shareholders, based on a current cost of supplies (CCS) and excluding identified items, fell to $4.8 billion from a year earlier.
That compared with a profit forecast of $3.91 billion in a company-provided survey of analysts.
“This quarter we continued to deliver strong cash flow and earnings, despite sustained lower oil and gas prices, and chemicals margins,” Chief Executive Ben van Beurden said in a statement.read more
What seemed like the perfect route to a low-carbon world now looks like a risky bet, writes John Collingridge
What do the former Redcar steelworks on Teesside, a university in the Midlands and forests in the Scottish Highlands have in common? Answer: Big Oil is praying they hold the key to its future.
Strikes by schoolchildren, the rise of “flight-shaming” and an exodus of investors have left the energy industry reeling. Oil giants’ multibillion-pound bet — that gas will power the global economy into a low-carbon future — now looks risky.
As the mood changes, Big Oil is making increasingly ambitious — and desperate — attempts to clean itself up and reduce or trap carbon emissions. For giants including Shell, Total and BP, that means carbon capture and storage (CCS) at Redcar, promoting hydrogen as an alternative fuel, such as a pilot at Keele University — and even planting forests in Scotland.read more
LondonLad: Well “Theo” when you say that “I know for sure the following” followed by a former director said “Black Gold we are digging up” then I think perhaps you are making this up. Most directors of an oil company (even including Shell) would not use the word “digging”! “Drilling” or “producing” yes but certainly not “digging” - exception being the muppets in the HR departments perhaps. In addition your last two sentences are irrelevant to the usual attacks on Shell and are somewhat waffle and insulting to most readers here. You clearly have a problem. I await the onslaught!!
Bogus Group: There are normally two sides to every story, but Mike Curless’ version of his termination employment under the pretext of the takeover of BG reorganisation could hold some credence. However, if there was a fair and transparent succession strategy, Sarah Franklin’s self-promotion, see previous post and article, https://www.accdocket.com/articles/tips-and-insights-a-world-class-combination.cfm must have made her a good candidate for one of the “vacant” roles within the Shell legal team. Time will tell if the relevant due diligence was done on Ms Franklin, considering her escapades with a previous company.
Theo Benschop: I know for sure the following. A former director of Royal Dutch Shell had said: it is a simple problem with the Black Gold that we are digging up and selling. All what the government has to do is fix the price of the Black Gold at a level nobody will notice. Maybe add something. But there you have the money to pay for the transition to a more sustainable energy. So actually what everybody wants in the agreements in Paris.
Also I know for sure that beloved sister Rep. Ilham Omar was perfectly right in her conclusion that a few guilty criminals did something to create the chaos of nine eleven, so not the rest of the world.
So that about 7 Billion simple descendants of the first human beings not being a monkey are supporting her for keep on being the one and only first president of all sovereign or not sovereign United Nations.
jaun carlos: Good day
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Bill Campbell: Caution needed over false almost hysterical claims about current Brent Structures
It was a long time ago but as London Lad highlights in his blog post the onshore disposal of Brent Spar Greenpeace apologised formally to Shell for its claims during that period of intense scrutiny and public interest that the Spar could not be disposed of at sea because it held over 5000 tons of crude oil when in fact it was found to have contained 100 tons of oily sludge much of which was inert silt.
We currently see the emergence again of false and highly emotive claims about what remains in the Brent structures despite Shell and independent published reports being available with assessments of what remains in the cells. These assessments indicate that the environmental impact of leaving these structures in situ is negligible compared to the safety risks to personnel involved in the attempted removal and disposal on land.
Money in the pockets: The next round of Nigerian "engagements" are well and truly happening now. Bonga SW/A has been a great tool for regulators and others to return to the potential contractors for additional assistance to progress the project.
It might just fly in 2020, and get on stream 20 years after the initial project.
This will be a real money maker to everyone that can participate (staff, EPC contractors, fabricators, installers, regulators, etc.) just not the nation that continues to suffer.
John Donovan: Hello LondonLad.
Good to see that you still visit. Hope you are well. Glad you have felt sufficiently motivated to post a comment again, the first one since 2013 if I recall correctly.
Under your former alias as MUsaint and your current alias LondonLad we have argued extensively about Shell's track record in Nigeria.
I know you speak with authority given your own years in a senior position with Shell in Nigeria.
Suffice it to say that Shell has already paid out over £15 million in compensation to some relatives of the Ogoni 9 and millions more in fines relating to Shell corruption in Nigeria.
The posting of articles and other evidence dating back to those days have emerged from the current Dutch litigation against Shell brought by Esther Kiobel and two other Ogoni 9 widows who have yet to be compensated for the loss of their beloved husbands. Most of the archived articles supplied to me via Amnesty International have never been posted online. There are more to follow.
I note your mention of Greenpeace, the unfortunate subject of undercover activity by Shell's cherished MI6 hires via Hakluyt & Company. No doubt that situation continues.
These companies, including Shell, admitted they “approved of or condoned the payment of bribes on their behalf in Nigeria and falsely recorded the bribe payments made on their behalf as legitimate business expenses in their corporate books, records and accounts”.
Shell must pay a $30million “criminal penalty” over charges it paid $2million to a sub-contractor “with the knowledge that some or all of the money” would be used to bribe Nigerian officials to allow equipment into the country without paying duty. Shell, which has not admitted guilt, must pay a further $18million to repay profits and interests.
LondonLad: Oh, and while I'm on my soapbox why don't those idiots at Greenpeace learn from their mistakes? Now claiming that various Shell North Sea production platforms contain this and that amount of crude should trigger someone in the German Government to question their numbers. Greenpeace were completely wrong with their figures quoted for Brent Spar.
LondonLad: Jeeeez Mr.D you really are scraping the barrel. Articles from the "Tempo" dating from 1996 with still unproven (so one might assume false) claims about corruption in Ogoniland. Have to say that it's still clear that Nigerians remain convinced that the best way to extort money is by attacking Shell (SPDC/SNEPCO) rather than the real culprits which still remain as the State Government, DPR, NAPIMS etc. etc.
Bogus Group: https://www.accdocket.com/articles/tips-and-insights-a-world-class-combination.cfm
Sarah Franklin, Shell’s Associate General Counsel for Safety & Environment and her new team still don’t appear to have a focus on “complex safety matters”. As noted in the article, she would still appear to be “getting her Shell sea legs” despite being in the role for nearly 3 years.
Yesterday’s announcement that the HSE had issued Shell with an Improvement Notice for failing to ensure that the Temporary Refuge on the Gannet Alpha Installation was capable of remaining effective in an emergency, must question the validity of Shell’s focus on safety. TR compliance is not complex, it’s a fundamental prerequisite for the safety of the installation’s personnel in the event of an emergency, anything less is tantamount to dereliction.
If they can’t get basic safety requirement’s right, what chance have they with something more complex. Word of advice to Shell, employ more technically competent people who disclose and address safety concerns and fewer lawyers who suppress them.
This is not a Shell website. Click on Disclaimer link at top of page for more information.
OPL 245 CORRUPTION SCANDAL: LATEST NEWS
$1.3bn Malabu Oil Scandal: Italy Protests Swiss Delay in Releasing Evidence against Shell, Eni 22 Jun 2019 04:10 This Day Chika Amanze-Nwachuku with agency report
Italian prosecutors have expressed dissatisfaction about lengthy delays in obtaining evidence they have requested from Switzerland in the criminal charges against Royal Dutch Shell and Italy’s Eni with regard to …
FG names Shell, Eni executives in $1bn bribery case – The Punch 08 May 2019 11:43 Google ’Femi Asu with agency report
Royal Dutch Shell Plc and Eni SpA face additional corruption allegations over a Nigerian oil deal, after the Federal Government said in a London lawsuit that it believed a handful of executives, including Chief Executive …
FG files fresh charges against Shell executives, JPMorgan over Malabu Oil scandal 08 May 2019 10:01 Herald Sequel to the lawsuit filed last year against Royal Dutch Shell Plc, Eni and JP Morgan for being involved in a $1bn oil block bribery case, the Federal Government has submitted new case documents that indict their top executives.
FG said in the court files …
FG names Shell, Eni executives in $1bn bribery case 08 May 2019 08:09 Punch Newspapers ’Femi Asu with agency report
Royal Dutch Shell Plc and Eni SpA face additional corruption allegations over a Nigerian oil deal, after the Federal Government said in a London lawsuit that it believed a handful of executives, including Chief Executive …
Dutch Prosecutors to Arraign Shell over $1.3 billion Acquisition of OPL 245 02 Mar 2019 10:19 Biz Watch Nigeria Dutch Prosecutors to Arraign Shell over $1.3 billion Acquisition of OPL 245
Dutch prosecutors are preparing criminal charges against Royal Dutch Shell over its $1.3 billion acquisition of Nigerian offshore oilfield OPL 245 in 2011.
Shell said in a …
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Russia’s Gazprom PJSC owns the project, with Royal Dutch Shell Plc and four other investors…
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EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON
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EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.