Greenwashed rhetoric is such a staple of the oil industry that it’s easy to assume every energy executive talking about climate and the transition to a zero-carbon economy is just mouthing words.
Barely a year after BP Plc Chief Executive Officer John Browne promised “action and solutions” on climate change in a 1997 speech, he led the then-biggest oil takeover in history with the acquisition of Amoco Corp. On his retirement a decade later, after years of rebranding about moving “beyond petroleum,” he left a base of oil and gas reserves more than twice the size of the one he inherited.read more
About 100,000 barrels of crude are being taken daily: SBM
Oil-theft is now an industry employing thousands in Nigeria
Just as Nigeria gets to grips with militants who brought the nation’s oil industry to its knees a few years ago, another group of longstanding foes are slowly making a comeback: thieves.
Saboteurs including thieves caused an 80% increase in the number of spills in 2018, Royal Dutch Shell Plc, the largest international producer in the West African country, said in a report last month. By contrast, there have been no militant-related halts to operations since 2016.read more
LONDON, June 4 (Reuters) – Shipment of the first liquefied natural gas (LNG) cargo from the long-awaited Prelude floating production project in Australia is “imminent”, Royal Dutch Shell said on Tuesday.
Prelude – the world’s biggest floating LNG production unit and the biggest maritime vessel ever built – is expected to have an annual LNG production capacity of 3.6 million tonnes.
It will also produce 1.3 million tonnes a year of condensate and 400,000 tonnes a year of liquefied petroleum gas (LPG).read more
Royal Dutch Shell PLC RDSB expects to return $125 billion or more to shareholders from 2021 to 2025 via dividends and buybacks, the Anglo-Dutch company said Tuesday.
The integrated energy giant raised its guidance for organic free cash flow in 2025 to $35 billion at an oil price of $60 a barrel.
Shell said the expected shareholder returns are an increase on the period ending in 2020, where shareholder returns are anticipated at around $90 billion.
The company said it expects to raise its dividend when it is closer to completing the current $25 billion share-buyback program. Shell maintained its quarterly dividend in the first quarter of the year at 47 cents a share.read more
The Anglo-Dutch energy major has, like its peers, spent the last few years cutting costs as it recovered from the 2014 oil price crash. It has also sought to cut debt after its $53bn deal for BG Group in 2016. Shell, in strategy update on Tuesday, said it planned to invest $30bn per year between 2021-25, up from a prior range of $25—30bn.
The market greeted the oil major’s latest update with a sceptical shrug
Shell CEO Ben van Beurden’s attempt to power up the company’s share price with a much-ballyhooed strategic update didn’t do much to energise the markets.
The oil giant held out the prospect of a gusher of money for investors between 2021 and 2025, promising to return $125bn (£99bn) in dividends and share buybacks, more than double the number of a decade earlier. It also increased its capital investment estimate a bit, to an average of $30bn in the five years to 2025.
A neat looking trick the company says it can pull off with oil at $60 a barrel, with cash expected to flow freely from new projects. But the shares still fell in response.read more
Shell refreshes strategy for the energy future as it builds on strong foundation
The company is on track to deliver on its 2020 commitments; now increases organic free cash flow outlook to around $35 billion for 2025 at $60 per barrel (real terms, 2016)
Shell’s expected cash delivery creates the potential to distribute $125 billion or more to shareholders (dividends and share buybacks) over the five-year period of 2021-2025read more
LONDON (Reuters) – Royal Dutch Shell on Tuesday outlined plans to increase spending and dividends after 2020 in a show of confidence by the energy company despite an uncertain outlook for oil and gas prices.
In a strategy update, the Anglo-Dutch company said it was on track to deliver its previous commitments to increase cash generation and carry out one of the world’s largest share buyback programs of $25 billion by the end of next year.
Shell, the world’s second-largest listed oil and gas company after Exxon Mobil, underwent deep cost cuts following the 2016 acquisition of smaller rival BG Group for $53 billion and the collapse of oil prices in late 2014.read more
U.S. President Donald Trump, First Lady Melania Trump, and his adult children were treated on Tuesday night to a royal banquet hosted by Queen Elizabeth II during the American leader’s state visit to the U.K.
In footage from the event at Buckingham Palace, President Trump is seen seated next to Queen Elizabeth II to his left, and Camilla, Duchess of Cornwall, to his right. Melania Trump is seated to the left of Prince Charles, who is also seated by his mother.read more
The MOSOP president said the Ogoni struggle for justice in Nigeria has consumed over 4,000 lives and currently endangers the lives of over 1,000,000 people owing to Shell and Nigeria’s unjust practices and unfair laws that oppress indigenous communities like the Ogoni people.read more
“I understand that for many people… being seen to make profits here in the Netherlands and not having any profit to pay tax on can be odd.”
29 MAY 2019: AMSTERDAM (Reuters) – Oil and gas giant Royal Dutch Shell PLC will disclose how much tax it pays in every country in which it operates, an executive told a Dutch parliamentary panel on Wednesday, in a report to be published later this year.
Shell’s vice president for taxation Alan McLean made the promise at a hearing on taxation of multinationals called by parliament after reports emerged last year that Shell does not pay any corporate tax in the Netherlands, despite being headquartered in The Hague.
Ahead of Wednesday’s panel, Shell disclosed that it does not pay Dutch corporate taxes apart from at its NAM gas subsidiary, a joint venture with Exxon.
Worldwide, Shell reported it paid $10 billion (7.92 billion pounds) in corporate tax in 2018 and that it had an effective tax rate of 33 percent.
However, in the relatively small Dutch market it was able to use deductions on loss-making operations elsewhere to reduce its corporate tax bill to zero.
“When there’s a loss there’s no profit tax to be paid, so the arithmetic is simple,” Alan McLean told sceptical lawmakers.read more
Production at the Groningen natural gas field in the Netherlands needs to be cut faster than planned, Dutch gas sector regulator SodM says after a 3.4 magnitude earthquake hit the region last week.
“From a safety perspective, SodM recommends that not more than 12B cm be extracted from the Groningen gas field in the following gas year in the event of an average winter,” the regulator says.read more
Earlier this month, a Dutch court ruled that it had the jurisdiction and would hear a damages lawsuit against Shell brought by the widows of activists executed by Nigeria’s government after the protests in Ogoniland in the 1990s.
The Nigerian unit of Royal Dutch Shell doesn’t have any plans to return to exploring or producing oil in Ogoniland in Nigeria’s Rivers state after it ceased operations there in the 1990s, Igo Weli, General Manager, External Relations, at the Shell Petroleum Development Company (SPDC) said this weekend at the release of Shell Nigeria’s 2019 Briefing Notes.
SPDC, as operator of the SPDC Joint Venture, carried out exploration and production operations in Ogoniland from the 1950s until the early 1990s. Production ceased in 1993 following a rise in violence, threats to staff, and attacks on facilities, Shell said.read more
Nigeria has begun renegotiating oil contracts with Royal Dutch Shell that could lead to major energy companies generating billions of dollars less in revenues from lucrative offshore blocks in Africa’s largest producer.
New terms will affect Shell’s final investment decision on developing the new $10bn Bonga Southwest deepwater project…
Last year, Nigeria’s Supreme Court ruled in favour of a group of oil-producing states that had sued the federal government for not collecting enough of the proceeds from the country’s oil wealth, which the lawsuit estimated at about $20bn.read more
Reading Rob Jäger, who I knew in Shell many years past, is like listening somewhat to my comments about Prelude starting way back in 2012 or so being replayed and replayed………suddenly, everything is not so tickety-boo. Think it’s telling that this historically proud, nay boastful and confident project so sure and aware of itself in the past is so reluctant to give a firm start-up date for LNG and so reluctant to just tell the world why?
By retired Shell Global Safety Consultant, Bill Campbell
Just some background thoughts, we all wish this project well but there is a lot that doesn’t appear to stack up in the Jager piece
Reading Rob Jäger, who I knew in Shell many years past, is like listening somewhat to my comments about Prelude starting way back in 2012 or so being replayed and replayed………suddenly, everything is not so tickety-boo. Rob talks about safety and risk so underplayed before, he talks about large vessel but small area for LNG plant so underplayed before, he talks about risk almost discounted before because Prelude was so safe , now Safety, safety is the key, its the first project by the way in the long history of Shell that is in his words NOT driven by milestones and schedule, sorry don’t believe a word of it.read more
Bogus Group: In 2015 this prospect was given a production life of "at least 10 years"Did Shell expect such an early exit, or was this another BG Group recoverable miscalculation?https://www.upstreamonline.com/hardcopy/1805800/shell-to-pull-plug-at-knarr
uscitizen: Shell, the world’s second-largest listed oil and gas company after Exxon, cut costs heavily following its 2016 acquisition of BG Group for $53 billion and the 2014 oil crash.
Despite a slow and bumpy recovery in oil prices, it reported the largest profit among its peers last year and a jump in revenue from previous years.
Shell said its free cash flow - cash available for dividends and share buybacks - was set to rise to around $35 billion per year by 2025 based on a Brent crude oil price of $60 per barrel.
That compares with $28-33 billion in free cash flow it expects to deliver by the end of next year. Brent is currently trading just under $61 per barrel.
Shell, the world’s biggest dividend payer at $16 billion in 2018, expects to increase its dividend payouts to shareholders once it completes the $25 billion share buyback by the end of 2020 that it promised following the BG acquisition.
Shell last increased its quarterly dividend in the first quarter of 2014 to $0.47 per share.
uscitizen: All of the folks bashing Shell for the BG merger, I think we can now say this has been a very good financial move. Shell has overtaken Exxon and Integrated Gas is a big reason why. I am sure there are examples where some good people got pushed out, and I hate to hear that. However, lets not pull the wool over folks eyes and say this business decision was not sound.
Bonus Group: Further to yesterday's post.
Sound Energy plc
("Sound Energy" or the "Company")
Director/PDMR Shareholding
Sound Energy, the Moroccan focused upstream gas company, announces that it has been notified that Brian Mitchener, Executive Director, has today purchased 150,000 ordinary shares in the Company ("Ordinary Shares") at a price of 12.04 pence per Ordinary Share. As a result of this purchase, Mr Mitchener is interested in 150,000 Ordinary Shares, representing 0.0142% of the Company's issued ordinary share capital.
Bonus Group: UnSound Energy?
Readers may wonder why the darling of the AIM Market is now preparing itself for a sale of its Eastern Morocco acreage.
Perhaps, the answer may be found in the Annual Report 2018 available to download as a .PDF from the Sound Energy Website:
Page 49
Loss of Office and Change of Control Provisions
In the event of a change of control of the Company, the CEO, CFO and Exploration Director have the option to give notice and receive a lump sum equivalent to 18 months’ salary for the CEO, 12 months’ salary for the CFO and 8 months’ salary for the Exploration Director.All of the Company’s current share plans contain provisions relating to a change of control.
On a change of control, outstanding awards would normally vest and become exercisable, subject to the satisfaction of any performance conditions at that time.
Page 50
Summary Of Actual Remuneration (including Benefits in Kind and Performance Awards) Of Directors
Executive Directors
James Parsons £995,000
Brian Mitchener £323,000 (RSU Awards No. of Shares 862,682, Granted 26.04.18 Settlement date 01.01.21)
JJ Traynor £168,000 (RSU Awards No. of Shares 961,194, Granted 26.04.18 Settlement Date 01.01.21)
It should be remembered that Brian Mitchener is of the failed BG Group stable. It would seem that Bonus Group habits are hard to let g0!
Bogus Group: I concur with Bonus Group recollection of the tin pot, lacklustre, parvenu outfit. There was no place in BG Group for experienced professionals if they didn’t possess the sycophant tendencies required to stoke the egos of those deluded by corporate grandeur.
Large remuneration packages were not uncommon then too, the chief executive received circa £13mm (published) in bonuses throughout his 12 year tenure. During that period there were 26 fatalities, roughly £500k for each. That was more than distasteful.
Bonus Group: Today is the anniversary date of the agreement on terms of the takeover of BG Group (a tin pot, lacklustre, parvenu outfit) by Royal Dutch Shell plc in 2015. In consequence of BG Group's consistent failures to meet targets and the engineered predatory takeover by Royal Dutch Shell plc the careers and professional lives of many experienced Geoscientists and Engineers were brutally butchered, terminated, and cast aside like so much offal, so it is rather distasteful to see the size of Ben van Beurden's remuneration package being flaunted in the press by Royal Dutch Shell plc.
CEP Problems: It seems to be impossible right now to get any chance of landing a job inside Shell these days. Everytime people apply for jobs unless they have high potential or a diversity point they get rejections. I got told recently that the hiring manager was looking for someone with high potential. Don't these people realise that they also need QUALIFIED people to actually do the work. Ridiculous but it almost getting to age discrimination these days. Rant over.
Shell Canada Insider: SHELL CANADA
...they are wanting to sell their Alberta operations..... because there is no money left in it...they have syphoned it all off.....
I think also on 2010-2011 they had multiple explosions at their Caroline facility supposedly an employee during an explosion at the south compressor station had to be airlifted to hospital and was seriously injured.
The aer/ govt shut it down. it was closed for 6 months and half of the plant was decommissioned when it restarted.
That must have cost them millions of dollars.....there should be government records of this stuff....
The description of the fairleads causing the mooring ropes to chafe to such an extent is almost so ridiculous to render ex-seafarer speechless. The fitting of nylon liners inside the fairleads is something new for me but the idea behind it would may be to reduce the friction of the mooring lines when running through the fairlead thus reduce any temperature potential in a zone 2 area. Fixing one potential risk appears to have created another one of greater risk potential. I am not sure how the nylon liners in the fairleads would have such sharp edges to chafe the mooring lines on their own and perhaps there may have been something else to which the journalist has missed out. The reported leakage of LNG in the manifold area from a flange should not have happened but the liquid transfer areas are all bunded in low-temperature materials and provided with a constant supply of running water during cargo handling activities. Power outages during start-up operations and ongoing are nothing new and others can be expected, hopefully not very often as the restart of such a complicated process system takes a long time and much effort. The problem with firewater deluge over the LNG storage tanks reported is of considerable concern but the journalist does not mention if this was during the period when systems were being tested prior to the introduction of LNG or after. If before then this section of the report is just journalistic license and of no consequence whatsoever. The other issues as reported can be considered minor during the preparation phase before the introduction of hydrocarbons in any form but definitely of concern if these incidents were after the introduction of hydrocarbons. I wish the people who are experiencing the startup of such a complicated and complex plant every success. Take the time that is needed to be successful by being safe, good luck.
John Donovan: Irish Backstop Update
According to a Sunday Times article two days ago, "Ireland continues to dodge difficult questions about how it will protect the single market and also maintain an open border under a no-deal."
IRELAND has been warned it faces the difficult choice between implementing a hard border or being forced out of the EU’s single market in an unprecedented move to protect the bloc from a no-deal Brexit.
Dublin will be forced to make the tough choice if Britain quits the EU without a deal, according to a number of senior EU figures.
The European Commission sparked fury from Ireland after declaring Dublin would have to implement a hard border in the event of a no-deal Brexit. After significant protests from, which involved a heated debate between Leo Varadkar and Jean-Claude Juncker, Michel Barnier, the EU’s chief negotiator, suggested “operational solutions” would have to be found in order to prevent a hardening of the border.
But now high-ranking MEPs have hardened their position, insisting the single market must not be compromised even to maintain peace on the island of Ireland.
Elmar Brok, a German MEP with close ties to Angela Merkel, insisted that if Ireland failed to police its own borders the EU would have to take its own protectionist action.
“We would have to set up a customs border with Ireland,” the German said.
He also warned that if Brussels didn’t make the demands then "we will soon have American chlorine chicken in the EU".
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 …
EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON. EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.
By David Fickling | Bloomberg: June 5 at 7:03 AM
By 
03 JUNE 2019
The MOSOP president said the Ogoni struggle for justice in Nigeria has consumed over 4,000 lives and currently endangers the lives of over 1,000,000 people owing to Shell and Nigeria’s unjust practices and unfair laws that oppress indigenous communities like the Ogoni people.
29 MAY 2019: 
Comments RSS Feed
EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON
EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON.
EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.