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North Sea Oil

SHELL’S PROFITS HIT £49m A DAY

Oct 28th, 2011
by John Donovan.
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By STEVE HAWKES, Business Editor: Friday 28 October 2011

*£12.5bn cash in the bank

*90,000 staff around the world

*3m output in millions of barrels a day

SOARING oil and gas prices have sent profits surging to £49million a day at SHELL.

The energy giant made a whopping £4.5billion over the three months to October — DOUBLE the same period a year ago.

Yesterday’s figures come as drivers are being forced off the road by soaring petrol prices as the cost of oil hits record highs.

AA chiefs claim a quarter of motorists are cutting back.

AA president Edmund King said motorists “will not be pleased” to see oil giants making a killing.

But he insisted many now blame the Chancellor more than oil companies for the huge prices they pay at the pump. read more

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BP unveils North Sea investment programme

Oct 13th, 2011
by John Donovan.
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13 October 2011

BP has been given the go ahead to proceed with a new £4.5bn oil project west of the Shetland Islands.

The BP-operated scheme is an extension of the existing Clair oil field, and will also include investment by fellow oil firms Shell, ConocoPhillips and Chevron.

David Cameron said the news was a “massive boost for jobs and growth”.

BP said it and its partners were now investing almost £10bn in North Sea oil and gas work over the next five years.

‘Maintaining production’ read more

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Shell fights spill near North Sea oil platform

Aug 13th, 2011
by John Donovan.
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13 August 2011 Last updated at 03:02

Oil giant Royal Dutch Shell has said it is working to stop a leak at one of its North Sea oil platforms.

The leak was found near the Gannet Alpha platform, 180 km (113 miles) from Aberdeen, Scotland.

The company would not say how much oil may have been spilt so far, though it said it had “stemmed the leak significantly”.

One of the wells at the Gannet oilfield has been closed, but the company would not say if production was reduced.

The company says it has sent a clean-up vessel to the location and has a plane monitoring the surface. read more

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Shell Fighting Oil Spill At North Sea Platform

Aug 12th, 2011
by John Donovan.
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AUGUST 12, 2011 12.23 P.M. ET

LONDON (Dow Jones)–Royal Dutch Shell PLC (RDSB) Friday confirmed that an oil spill has occurred at its Gannet Alpha platform in the U.K. North Sea.

“We can confirm we are managing an oil leak in a flow line that serves the Shell-operated Gannet Alpha platform,” said Shell spokesman Kim Blomley.

“We have stemmed the leak significantly and we are taking further measures to isolate it,” he said. “The subsea well has been shut in, and the flow line is being depressurized. We continue to monitor the situation on the surface and subsea.” read more

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Shell is sure of its future investment in the North Sea

Jun 1st, 2011
by John Donovan.
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mark williamson QATAR

1 Jun 2011

THE chief executive of Shell said the North Sea was still important for the oil and gas giant, which could invest in the province for decades to come.

Peter Voser reiterated Shell’s concerns that the controversial Budget tax hike could make some small developments unviable.

However, he said the company would still go ahead with big investments in the kind of bumper projects that could generate the returns it targets.

Asked where the North Sea fit with Shell’s strategy, Mr Voser said: “It’s an important area for us still. read more

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Shell slammed on safety

May 21st, 2011
by John Donovan.
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upstreamonline: In-depth revision ordered at Brent Charlie following major gas leaks

The UK Health & Safety Executive (HSE) has taken the rare step of ordering a thorough safety review at Shell’s Brent Charlie platform following two major gas leaks.

ROB WATTS London  06 May 2011 01:53 GMT

The HSE has told Shell to submit a revised safety case for the Brent Charlie platform after gas was detected on its topsides following leaks on 12 January this year and 27 September 2010, Upstream can reveal.

Shell, which took the decision itself to close the platform after the January incident, has been battling for some time to resolve technically complex issues related to the venting of gas from inside one the platform’s huge concrete legs — Column 1 (C1) — and dispersing it effectively away from the platform. read more

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Shell scared away by British tax?

Apr 29th, 2011
by John Donovan.
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April 29, 2011

LONDON, April 29 (UPI) — Royal Dutch Shell suggested it might pull out of developments in the North Sea because of a tax increase imposed by the British government, a director said.

British Chancellor of the Exchequer George Osborne imposed a duty on oil and gas producers in an effort to take advantage of massive oil profits reported by international energy companies.

Oil and gas developers posted record first quarter profits as energy prices soar in response to global economic recovery, a weak U.S. dollar and unrest in some of the Middle East’s largest oil-producing nations. read more

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Shell make £4.1bn…and axe North Sea fields

Apr 29th, 2011
by John Donovan.
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SHELL is slashing investment in the North Sea over a Budget Day tax hike – despite making £1.9million an hour.

The giant yesterday revealed the rise meant it was now “uneconomic” to develop smaller UK oil and gas fields.

Shell’s quarterly profits were up forty per cent and totalled £4.1billion.

Chief finance officer Simon Henry said the group would only invest in two new projects. Other work has gone. He said: “The irony is we were just beginning to look at what opportunities there were in the North Sea again. We hadn’t worked up the projects yet and that work now stops.” read more

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Shell may have to sell North Sea assets after tax raid

Apr 29th, 2011
by John Donovan.
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Published Date: 29 April 2011 By Martin Flanagan City editor
ROYAL Dutch Shell warned yesterday that it may have to sell some assets in the North Sea and reduce investment in the region because of the Chancellor’s tax raid and higher industry decommissioning costs in the Budget. Simon Henry, chief financial officer, revealed that the changes could cost the group $1 billion (£600m) in extra charges, a similar sum to that facing rival BP.

He said that Shell had taken a $60 million hit in the first quarter of this year on the extra tax levy on North Sea production and would face a further $150m impact over the rest of 2011. There will be another $400m charge in 2012.

In addition, reduced tax breaks for decommissioning rigs was likely to lead to another charge of up to $500m.

“It’s a fact of the business we are in. Not just governments but suppliers look for a share of higher revenues,” Henry said.

He added that big Shell interests in the North Sea, such as the Clair and Schiehallion fields to the west of Shetland that are operated by BP, were unlikely to be affected by the tax raid. read more

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Shell chief condemns tax hike as profits surge 30%

Apr 29th, 2011
by John Donovan.
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mark williamson

29 Apr 2011

THE chief financial officer of Royal Dutch Shell has warned , the surprise hike in tax on North Sea profits will hit investment in the area, after the company unveiled a 30% leap in profits on the back of surging oil prices.

Simon Henry said the hike, announced by George Osborne’s had already impacted on planning. and it may result in the company investing much less in future than it would have done.

His criticism comes in the wake of similar warnings from other big firms. read more

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A near miss for Shell in the North Sea

Mar 24th, 2011
by John Donovan.
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By John Donovan

Remember the current Shell CEO Fat Cat super critical of BP, claiming the Gulf of Mexico disaster couldn’t happen to Shell with their Utopian well and Utopian standards? It seems it almost did, with an uncanny similarity between events in the North Sea and in the Gulf, the difference being the former ended quietly.

The incident occurred on 23rd December 2009.

A near miss for the North Sea oil industry

Tom Feilden | 09:21 UK time, Tuesday, 7 December 2010

An internal safety review passed to the Today programme shows that Transocean – the company operating BP’s Deepwater Horizon oil rig in the Gulf of Mexico – narrowly avoided a similar accident in the North Sea, four months earlier. read more

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Shell: Brent Platforms Shut For Undisclosed Period

Jan 18th, 2011
by John Donovan.
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JANUARY 18, 2011

By Sarah Kent Of DOW JONES NEWSWIRES

LONDON (Dow Jones)– Royal Dutch Shell PLC (RDSB) Tuesday said its four platforms in the North Sea’s Brent field will be shut for an undisclosed period while it investigates the causes and impact of an accident Saturday.

The four platforms were shut after a fender fell off the Brent Bravo platform, the company told Dow Jones Newswires.

No people were hurt in the incident, but Brent Bravo and three other platforms, Brent Alpha, Brent Charlie and Brent Delta were shut as a precautionary measure, the company said. read more

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North Sea Protection: U.K. Oil Industry Seeks Aid

Apr 17th, 2009
by John Donovan.
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New discoveries are miniscule compared to the big finds of its heyday and are harder to develop. Some of the world's biggest oil companies, such as BP PLC and Royal Dutch Shell, have reduced their exposure to the North Sea and have shifted their focus to places like Canada and offshore Angola.

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

More North Sea Crude Oil Heading To US, Asia – Trade

Apr 15th, 2009
by John Donovan.
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This month, the VLCC Front Shanghai, booked by Royal Dutch Shell PLC (RDSA), left the North Sea for Galveston.

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Oil and gas sector welcomes North Sea relief

Nov 25th, 2008
by John Donovan.
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A tax break from next year for North Sea oil and gas companies was welcomed by the industry on Monday as a chance to stimulate investment, hit by falling oil prices, high costs and a shortage of finance.

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

On its last legs: North Sea Oil in Terminal Decline

Jul 12th, 2008
by John Donovan.
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A report last November from the Health and Safety Executive, which has responsibility for safety in Britain's sector of the North Sea, was scathing about the state of some platforms.

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
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