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April, 2006:

The Guardian: Viewpoint: Oil price blame game misses point

Viewpoint Oil price blame game misses point
NILS PRATLEY
The Guardian – United Kingdom; Apr 25, 2006

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Blame the speculators. Blame the profiteering oil companies. Blame America's threats towards Iran. The hunt for a culprit for $75-a-barrel oil has begun and, as usual when the price is debated, the single biggest reason for the rise will probably be lost in rhetoric. read more

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Associated Press: Bush Orders Probe Into Gas Price Cheating

Apr 24, 11:02 PM EDT

Bush Orders Probe Into Gas Price Cheating

By NEDRA PICKLER
Associated Press Writer

AP Photo/ISAAC BREKKEN
AP VIDEO

Just the Facts: Gas Prices Worldwide

read more

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ShellNews.net: CORRESPONDENCE WITH SHELL INTERNATIONAL GENERAL COUNSEL RICHARD WISEMAN REGARDING DR JOHN HUONG

From: Wiseman, Richard RM SI-LMAPF [mailto:[email protected]]

Sent: 24 April 2006 08:48

To: Alfred Donovan

Subject: RE: Shell -v- Dr John Huong

Dear Mr Donovan

This is not my case.  I am sure that Dr Huong can direct you to the lawyers dealing with this matter.

Your sincerely

Richard Wiseman

RESPONSE EMAIL 24 APRIL 2006

From: Alfred Donovan [mailto:[email protected]] Sent: 24 April 2006 17:35To: ‘Wiseman, Richard RM SI-LMAPF’Cc:[email protected]’; ‘[email protected]Subject: RE: Shell -v- Dr John Huong read more

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ShellNews.net: SHELL ISSUES FURTHER HIGH COURT INJUNCTION PROCEEDINGS AGAINST DR JOHN HUONG

THE FOLLOWING IS A SELF-EXPLANATORY LETTER FAXED ON 20 APRIL 2006 TO LAWYERS ACTING FOR THE EIGHT ROYAL DUTCH SHELL GROUP MULTINATIONAL COMPANIES WHO HAVE JUST ISSUED FURTHER LEGAL PROCEEDINGS AGAINST DR JOHN HUONG INCLUDING A FURTHER HIGH COURT INJUNCTION IN RESPECT OF CORRESPONDENCE/INFORMATION PUBLISHED RECENTLY ON THIS WEBSITE.

20 April 2006  

T H Liew & Partners                                

Level 28 Central Plaza                              read more

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ShellNews.net: Dow Jones Company/Wall Street Journal threats against this website

ShellNews.net: Dow Jones & Company/Wall Street Journal threats against this website

Ms Selene Costello, Legal Counsel acting for Dow Jones & Company, sent what is known as a “cease and desist” letter to us in December 2005 in relation to images and content published on this website which were created by The Wall Street Journal.

One of the images was in relation to an article published by The Wall Street Journal about this website (accessible via the link below).

http://shell2004.com/week22/shell_wages_legal_fight_over_web2june05.htm read more

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The Independent: Shell urged to abandon $20bn Siberian pipeline that could drive whale species to extinction

The Independent: Shell urged to abandon $20bn Siberian pipeline that could drive whale species to extinction

 

By Jonathan Brown

Published: 25 April 2006

 

Spring is being keenly awaited on Sakhalin in Russia's far east after another long winter. But when it finally comes in June it offers little prospect of a thaw in relations between environmentalists and Shell.

 

With the melting of the ice after eight months, the Anglo-Dutch oil giant is set to enter a crucial offshore construction phase in the development of its $20bn [£11.2bn] oil and gas programme. Wildlife campaigners say the price of the pipeline could be the extinction of a species of whale. read more

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allAfrica.com: Nigeria: Shell Raises Alarm Over Vandalised Pipelines

Nigeria: Shell Raises Alarm Over Vandalised Pipelines

This Day (Lagos)

April 24, 2006
Posted to the web April 24, 2006

Segun James
Warri

Despite Federal Government’s unrelenting war against the vandalisation of petroleum pipelines, dare-devil vandals operating along the creeks of the Niger Delta continued to wreak havoc on the nation’s oil facilities, a situation which has forced the Shell Petroleum Development Company (SPDC), to raise an alarm over the imminent fire out break as vandals broke into its condensate line. read more

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BLOOMBERG: Shell Canada 1st-Quarter Profit Rises as Energy Prices Climb

BLOOMBERG: Shell Canada 1st-Quarter Profit Rises as Energy Prices Climb

 

April 24 (Bloomberg) — Shell Canada Ltd., the Canadian oil company controlled by Royal Dutch Shell Plc, said first-quarter net income rose to C$447 million ($393.5 million) from C$417 million as energy prices increased.

 

Per-share profit climbed to 53 cents from 50 cents a year earlier, the Calgary-based company said today in a statement.

 

The company was expected to earn 54 cents a share, the average estimate from eight analysts surveyed by Thomson Financial. Thomson has declined to comment on the parameters of its estimates. read more

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MSNBC: Shell refinery pumps $6M into security upgrades

MSNBC: Shell refinery pumps $6M into security upgrades

By Mavis Scanlon

Partly to curtail any risk of a terrorist attack, the Shell Oil Products US Martinez Refinery is undertaking a $6 million security upgrade.

The project includes new fencing around portions of the 800-acre refinery, upgrades to its camera system, and crash devices at gates. Some of the work has already been completed, but the majority of the project will be wrapped up this year.

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Nigeria Daily Independent: Dimming Peace Prospect Between Ogoni, Shell

Dimming Peace Prospect Between Ogoni, Shell

By Odudu Okpongete

Senior Correspondent,

Port Harcourt

If Royal Dutch oil giant, Shell, would have to return to its abandoned oil sites in volatile Ogoniland in Rivers State, it would certainly have to muster enough patience to cross the landmines on its path.

After the elevation of Mr Basil Omiyi, an indigene of the Niger Delta in 2004 as Shell’s first indigenous Managing Director, it looked as if the prospect for peace between the Ogoni and the oil firm was quite high. read more

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RIA Novosti (Russia): Sakhalin Energy inks deal with construction firms

Sakhalin Energy inks deal with construction firms

11:37 24/ 04/ 2006
Print version

YUZHNO-SAKHALINSK, April 24 (RIA Novosti) – Sakhalin Energy has signed a letter of intent with a consortium of construction firms that won a tender to build oil and gas pipeline infrastructure on the far-eastern island, the regional press department said Monday.

Sakhalin Energy, a Dutch-British-Japanese, venture is the operator of the Sakhalin-II energy project and developing two vast fields on the island that have estimated recoverable reserves of 150 million metric tons of oil and 500 billion cubic meters of gas. read more

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THE WALL STREET JOURNAL: Chávez Plans to Take More Control Of Oil Away From Foreign Firms

Chávez Plans to Take More Control
Of Oil Away From Foreign Firms

By DAVID LUHNOW and PETER MILLARDApril 24, 2006; Page A1

Venezuelan President Hugo Chávez is planning a new assault on Big Oil, potentially taking a major step toward nationalization of Venezuela's oil industry that could hurt oil-company profits, reduce production and put further pressure on global oil prices.

Venezuela's Congress, made up entirely of Mr. Chávez's allies, is considering sharply raising taxes and royalties on foreign companies' operations in the Orinoco River basin, the country's richest oil deposit. Major oil companies like Exxon Mobil Corp. and ConocoPhillips of the U.S. and Total SA of France have invested billions of dollars there to turn the basin's characteristically tar-like oil into some 600,000 barrels a day of lighter, synthetic crude. read more

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The Times: Britons are facing £1 a litre

Britons are facing £1 a litre

By Ben Hoyle and Rosemary Bennett

There’s no end in sight to rising prices

AVERAGE petrol prices are expected to pass £1 a litre for the first time as the oil price surge shows no sign of ending.

Gordon Brown led a chorus of concerned voices over the weekend about the economic effects of spiralling oil costs.

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Prices at British petrol stations have been climbing steadily at a rate of about a penny a litre every week since the beginning of this month.

Crude oil reached $75 a barrel in trading on Wall Street last Friday. The most recent figures available, from Thursday last week, showed that forecourt prices were only fractionally below the British record highs set on September 14 last year when about 3,000 service stations ran dry. read more

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Irish Independent: Oil consumers and producers talk – but will they listen?

Oil consumers and producers talk – but will they listen?
Irish Independent; Apr 24, 2006

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THE world's oil producers and consumers agreed yesterday that record $75-a-barrel crude was a danger to everyone, but appeared further apart than ever in their quest to bring prices down. read more

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Financial Times: A subtler force at the top of ExxonMobil

A subtler force at the top of ExxonMobil

By Thomas Catan

Published: April 24 2006 03:00 | Last updated: April 24 2006 03:00

On New Year's Day, Rex W. Tillerson woke up to find himself at thehelm of the world's largest publicly traded company. If that was not enough to worry about, he was stepping into a job vacated bya man widely regarded as one of the most successful chief executives in the oil business. 

But if Mr Tillerson is apprehensive, he is not showing it. Did he ever imagine that he would be heading ExxonMobil, the company he has been employed by for his entire adult life? read more

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Lanka Business Online: Jackpot: Oil companies rub hands over price jackpot while consumers fume

Jackpot
24 April 2006 09:52:18

Oil companies rub hands over price jackpot while consumers fume

PARIS, Apr.24 (AFP) – While governments and consumers weep over the rise and rise of fuel prices, oil companies are rubbing their hands in glee.

 

Last year the world's 250 top oil companies earned profits totalling 243 billion euros (300 billion dollars), a 35-percent increase on 2004, and that in spite of hurricanes in the Gulf of Mexico that undermined production, according to figures from French brokerage Aurel Leven.

With the new record highs in the price of crude, which topped 75 dollars a barrel for the first time ever in New York on Friday, these companies are guaranteed an even better harvest this year.

Analysts, who in February were predicting an average price over the year of 55 dollars a barrel, subsequently upped their forecasts to above 60 dollars.

They could raise their sights still further if the current price surge continues, said Aurel Leven analyst Christian Parisot.

The world's largest oil group, US giant ExxonMobil, posted a profit in 2005 of 36 billion dollars on turnover of 371 billion.

That is more than the gross domestic product of Saudi Arabia, the world's top oil producer.

The global number two, Anglo-Dutch company Royal Dutch Shell, broke the all-time profit record for a British firm in 2005, raking in 22.94 billion dollars.

Just behind Shell, France's Total made 15 billion.

According to a study by Moody's credit-rating agency, the 13 largest oil companies in the world gave around 100 billion dollars back to their shareholders.

But while the latter are smiling from ear to ear, consumers at petrol stations are pretty disgusted by the massive profits the big bosses are making.

Last summer, fuel topped the symbolic price of 1.50 euros (1.9 dollars) a litre in many European countries.

In France, where 65 percent of the price of petrol is tax, Finance Minister Thierry Breton tried in autumn 2005 to put pressure on oil companies to delay passing on crude price hikes to motorists.

He was convinced, he added, of the necessity for the oil giants to invest substantially in production, refining and research into alternative energy sources — something that largely fell by the wayside in the years of low oil prices.

Consumers are making similar demands in some countries.

In the United States, there is increasing clamour for oil firm profits to be taxed.

Democratic Senator Hillary Clinton asked President George W. Bush to create a special fund to help increase the States' energy independence, fed in part by such a tax.

In Britain, Chancellor Gordon Brown stepped in in December 2005, increasing the tax on profits gained by North Sea oil firms from 10 to 20 percent.

In France, consumer association UCF-Que Choisir is calling for Total to pay a one-off tax of five billion euros, to be creamed off its “astronomical” profits, which would be invested in public transport.

The oil companies are fighting back, pointing precisely to the fact that they are now, thanks to this manna, in a position to boost investments.

And the International Energy Agency — whose 26 member nations include the home countries of the world's three largest oil firms, the United States, Britain and France — tends to side with the boardrooms.

The oil companies' profits are “big in absolute terms but in proportion with their assets” and “not any bigger than those of other industrial or commercial activities”, said IEA executive director Claude Mandil.

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Financial Times: Shell goes back to business school

Shell goes back to business school 

Royal Dutch Shell has named the four schools that are to be “learning partners” at its global project academy.

//

Cranfield School of Management in the UK, Delft University of Technology in the Netherlands; the University of Texas at Austin/McCombs School of Business in the US and Australia’s Queensland University of Technology will all take part in the initiative. read more

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Reuters: Foreign cash still flows to Iran's oilfields

Foreign cash still flows to Iran's oilfields

 

Sun Apr 23, 2006 5:23 PM GMT  

 

 

By Ghaida Ghantous and Barbara Lewis

 

DOHA (Reuters) – Iran's dispute with the West over its nuclear work is not scaring foreign investors from the country's prized oil, which Tehran vows to keep exporting no matter what.

 

Iran stands accused of seeking to develop nuclear weapons and may face United Nations sanctions if it does not stop enriching uranium. Iran says it only wants to produce electricity. read more

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Associated Press: Repairs ahead of schedule at Shell rig

Updated 7:22 AM on Sunday, April 23, 2006

Repairs ahead of schedule at Shell rig

By ALAN SAYRE
Associated Press

NEW ORLEANS – The Gulf of Mexico's largest producing oil platform knocked offline by Hurricane Katrina could be running again in May, just before the start of this year's hurricane season.

Shell Exploration & Production Co., a unit of Britain's Royal Dutch Shell PLC, said repairs to its Mars platform will be finished this month, with partial production restored in late May. Hurricane season starts June 1. read more

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BREITBART.COM: Bush warns of 'tough summer' with higher petrol prices

Bush warns of 'tough summer' with higher petrol prices: Apr 22 10:54 PM

US President George W. Bush has warned rising oil prices will mean a “tough summer” for US consumers as the high cost of gasoline (petrol) showed signs of becoming a big political issue.

But even as more Americans expressed discontent over the price of filling up their gas tanks, Bush suggested there was little his government could do in the short term about the problem. read more

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The Business Online: Warning: oil will hit $85 a barrel this year

Warning: oil will hit $85 a barrel this year

By Allister Heath
23 April 2006

THE price of oil will hit $85 (E68.8, £47.6) by the end of the year, threatening an economic slowdown and pushing up the price of petrol at the pumps to more than £1 a litre, economists are warning this weekend.

The surging price will be caused by continuing buoyant demand caused by strong economic growth in Asia and across the world; as well as by rising tensions in Iran, Iraq and Nigeria.

The growing likelihood of a further rise in the price of oil was revealed in a poll by research house Ideaglobal this weekend. The average view was a peak of $85 a barrel this year but at least one respondent said the price of oil could go even higher to reach $90.

The poll follows another surge in the price on Friday. The June futures contract for crude-oil rose above $75 per barrel on the New York Mercantile Exchange, reaching a new high in nominal terms.

Prices jumped after US energy secretary Samuel Bodman warned that changes in specifications for petrol may cause brief shortages heading into the summer driving season.

Leading multinational companies are pushing through drastic improvements to their procedures to boost efficiency and reduce their need for oil.

The International Air Transport Association says efficiency improvements worldwide mean the industry would break even with oil priced at $48 a barrel in 2005, against $22 a barrel in 2003.

The soaring price of oil has so far not affected the performance of the US economy, which is expected to have grown by a buoyant 4.9% in the first quarter when early official estimates of the figures are released this week.

After adjusting for inflation, the price of oil reached a record of $97.55 in April 1980. But the current surge in the price of oil is also going hand in hand with strong price rises in other commodities and precious metals.

The price of gold bounced back to $635 an ounce in New York on Friday. Strong commodity price increases have fuelled fears of increased price pressures or at least diminishing corporate margins.

Outlook, The Investor

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THE WALL STREET JOURNAL: Shell CEO Says Oil Industry Will Remain Involved in Iran

Shell CEO Says Oil Industry
Will Remain Involved in Iran

A WALL STREET JOURNAL ONLINE NEWS ROUNDUP

OHA, Qatar — Though Iran's nuclear dispute with the West is growing more heated, the oil industry can expect to stay involved in the Islamic nation for decades, Royal Dutch Shell Plc chief executive Jeroen van der Veer said Saturday.

“One has to realize that with Iran when you look at both the oil and gas reserves that they have a very strong position as a country,” Mr. van der Veer said. Speaking to reporters on the sidelines of the 10th International Energy Forum here, the Shell executive said: “In the complete order of magnitude,” looking at Iran and the nuclear energy challenge “you see only the short-term politics.” read more

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The Observer: Airmiles takes off again to silence the critics

Airmiles takes off again to silence the critics

Gemma Bowes
Sunday April 23, 2006
The Observer

Airmiles is to relaunch its service tomorrow following complaints that the scheme has become worthless.

The scheme, where points awarded for money spent in shops can be swapped for flights and holidays, has been running since 1988 and has 8 million collectors. But critics say limited availability of flights makes Airmiles almost impossible to use and that you must spend vast amounts to get a flight that would cost peanuts with a low-cost airline.

'Over a year, I spent a lot of money in the supermarket, yet when I tried to buy a flight with the Airmiles I'd saved I realised I didn't even have enough for two return flights to Paris,' said Natalie Harper, 28, from West Sussex. 'There was very limited availability whenever I tried to book. I ended up paying for flights partly with Airmiles and the rest in cash, which worked out to be more expensive than just buying a cheap air fare anyway.' read more

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The Observer: From Iraq to Oman, the future is female

From Iraq to Oman, the future is female

Throughout the Arab world, an increasing number of women are taking on high-profile national roles in finance and commerce. Helena Smith reports

Sunday April 23, 2006
The Observer

Champagne, chandeliers and toastmasters might seem a long way away from the world inhabited by Arab women. Indeed, the City might seem an odd sort of place for Arab women to converge. And, as venues go, Mansion House, the official residence of the Lord Mayor of London, might seem stranger still. But it was to this grandest of Georgian houses that some 300 Arab women, not least Sheikha Lubna al-Qasimi, Arabia's first female economy minister, repaired on Thursday for a 'celebration dinner'.   Their mission? Not only to foster links with Britain's commercial heart but to prove that, from Morocco to Oman, women, in this field at least, are beginning to take the lead.

'If you look at the history of Islam, even the Prophet Muhammad married a businesswoman,' said al-Qasimi, who holds what is regarded as the most important cabinet post in the United Arab Emirates. 'Khadija was her name, she was his boss and she recruited him to work with her,' she smiled, as the likes of Cherie Blair worked the distinctly veil-less crowd. read more

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Reuters: Hard to say when Shell oil output to restart – Nigeria

Reuters: Hard to say when Shell oil output to restart – Nigeria

Sun Apr 23, 2006 7:18 AM BST

 

DOHA (Reuters) – It is hard to judge when Nigerian oil output shut by militant attacks will return and the industry has to win the acceptance of those living in the impoverished Niger delta, Nigeria's oil minister said on Sunday.

 

Nigerian Minister of State for Petroleum Edmund Daukoru told reporters last Tuesday's inaugural meeting of a council to speed development in the region went very well. The delta pumps almost all Nigeria's oil but most people live in poverty. read more

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The Sunday Times: Whales could sink Shell’s EBRD loan

 

The Sunday Times April 23, 2006

 

 

Whales could sink Shell’s EBRD loan

Tracey Boles 

 

SHELL’s environmental record on the Russian island of Sakhalin has come under attack ahead of a crucial decision by the European Bank for Reconstruction and Development (EBRD) on funding for the oil company’s $20 billion (£11.2 billion) project on the island.

 

The oil giant’s subsidiary Sakhalin Energy has applied for a loan of hundreds of millions of dollars from the EBRD as part of a $6 billion package of financing for the second phase of its Sakhalin II project.   read more

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Petroleum News: Husky adds to oil sands holdings

Husky adds to oil sands holdings

Husky Energy has built on its major role in Alberta’s oil sands, picking up almost 23,680 acres for C$10 million in a region that is attracting a flurry of attention.

The Saleski property gives Husky another 2.7 billion barrels of bitumen reserves and will allow the company to become “a dominant oil sands player,” President and Chief Executive Officer John Lau said in a statement April 17.He said the purchase allows Husky to consolidate its total Saleski leases to 178,560 acres and builds its potential resources to 19.5 billion barrels of original bitumen in place. read more

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Petroleum News: Contenders picked for shale development

Contenders picked for shale development

The U.S. Bureau of Land Management narrowed the field of oil companies hoping to exploit vast oil-shale reserves in Utah and Colorado, government officials said April 10.

In a second elimination round, ExxonMobil and a tiny Utah company, Oil-Tech, were knocked out of the running for research and development leases to work BLM’s 160-acre parcels.

Exxon wasn’t prepared to commence research until as late as 2014 for a government program meant to expedite experimental works by this summer, said Jim Edwards, chief of BLM’s solid minerals branch in Colorado. read more

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Petroleum News: Sand beats land in Canadian sales

Sand beats land in Canadian sales
For the first time in any three-month period, oil sands edged out conventional properties in Western Canada government auctions of exploration rights.

The northern Alberta swamps attracted spending of C$860.15 million on 428,868 hectares (1.06 million acres) in the opening quarter — 10 times greater than in the same period of 2005 — just over half the C$1.69 billion spent by companies across Canada.

The deciding factor was the C$467.7 million spent by Sure Northern Energy, a subsidiary of Shell Exploration & Production of the Americas, on 10 parcels in a new bitumen play. read more

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The Washington Post: Oil's top brass talk prices at summit

The Washington Post: Oil's top brass talk prices at summit

 

By Peg Mackey and Janet McBride

Reuters

Saturday, April 22, 2006

 

DOHA (Reuters) – Chief executives of the world's top oil firms met ministers from the biggest producers and consumers on Saturday as record crude prices of above $75 a barrel added urgency to consumers' calls for more supply investment.

 

A four-year rally, fueled by disruptions from the oilfield to the refinery gate, has led to bumper profits for Exxon Mobil , Royal Dutch Shell and BP and billions of dollars in oil revenues for producers like Saudi Arabia. read more

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Petroleum News: Venezuela takes back 10,700 sq. mi.

Venezuela takes back 10,700 sq. mi.

Venezuela reclaimed more than 27,000 square kilometers (10,700 square miles) in potential drilling acreage from private oil companies in March by requiring them to join new state-controlled joint ventures, a local daily reported April 17.

Amid efforts by the Venezuelan government to take greater control of the oil industry and boost its share of revenues, private companies operating 32 oil fields were required to form joint ventures with the state oil company Petroleos de Venezuela SA, or PDVSA. Under the new terms, PDVSA took at least a 60 percent stake in each field, hiked taxes and royalties, and took back drilling acreage that it claimed the companies had failed to invest in. read more

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Reuters: Oil's top brass talk prices at summit

Oil's top brass talk prices at summit
Sat Apr 22, 2006 10:05 AM BST7
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By Barbara Lewis and Deepa Babington

DOHA (Reuters) – Chief executives of the world's top energy companies met ministers from the biggest producers on Saturday with record oil prices of above $75 a barrel speeding the race for supply investment.

A four-year rally, fuelled by supply constraints from the oilfield to the refinery gate, has left both sides with bumper profits. This year, worries over Iran's exports and crises in Iraq's and Nigeria's industry have pushed oil to levels that threaten economic growth. read more

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The Washington Post: Leaders Question Gasoline Prices

Leaders Question Gasoline Prices

Hastert, Frist to Ask Bush for Probe

By Steven Mufson and Timothy Dwyer
Washington Post Staff Writers
Saturday, April 22, 2006; D01

Congressional leaders yesterday planned to ask President Bush to order investigations into possible price gouging by oil companies as crude oil prices hit new highs on world markets and average gasoline prices in the nation's capital blew through the $3-a-gallon mark.

House Speaker J. Dennis Hastert (R-Ill.) and Senate Majority Leader Bill Frist (R-Tenn.) are preparing to send a letter to the president Monday asking him to direct the Federal Trade Commission and Justice Department to investigate alleged price gouging and instruct the Environmental Protection Agency to issue waivers that might make it easier for oil refiners to produce adequate gasoline supplies, Hastert spokesman Ron Bonjean said. read more

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The Washington Post: Leaders Question Gasoline Prices

Leaders Question Gasoline PricesHastert, Frist to Ask Bush for Probe

By Steven Mufson and Timothy Dwyer
Washington Post Staff Writers
Saturday, April 22, 2006; D01

Congressional leaders yesterday planned to ask President Bush to order investigations into possible price gouging by oil companies as crude oil prices hit new highs on world markets and average gasoline prices in the nation's capital blew through the $3-a-gallon mark.

House Speaker J. Dennis Hastert (R-Ill.) and Senate Majority Leader Bill Frist (R-Tenn.) are preparing to send a letter to the president Monday asking him to direct the Federal Trade Commission and Justice Department to investigate alleged price gouging and instruct the Environmental Protection Agency to issue waivers that might make it easier for oil refiners to produce adequate gasoline supplies, Hastert spokesman Ron Bonjean said. read more

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Financial Times: G7 raises pressure on suppliers as oil tops $75

G7 raises pressure on suppliers as oil tops $75

 

By Chris Giles and Krishna Guha in Washington

Published: April 21 2006 19:05 | Last updated: April 22 2006 01:40

 

Finance ministers and central bank governors from the Group of Seven leading economies raised the pressure on oil producers to increase supplies after oil hit a new record of over $75 a barrel in New York on Friday. 

 

They called for further steps from producers to increase the transparency of their reserves and raise investment in exploration and refining capacity. read more

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THE NEW YORK TIMES: East Coast Gas Stations Face Shortages

East Coast Gas Stations Face Shortages

By THE ASSOCIATED PRESS Published: April 21, 2006

Filed at 6:44 p.m. ET

PHILADELPHIA (AP) — Scattered gas stations from New Hampshire to Virginia are facing temporary shortages as the industry grapples with a transition to more ethanol-blended fuel.

Analysts and industry officials said occasional shortages are possible for another few weeks, though they emphasized that the problem has more to do with delivery schedules than a dearth of fuel. Empty pumps are not nearly as frequent as they were after Hurricane Katrina, which knocked out the electricity needed to run pipelines delivering fuel from the Gulf Coast to the rest of the country. read more

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THE NEW YORK TIMES: Blame Game Begins as Oil Producers, Consumers Gather

Blame Game Begins as Oil Producers, Consumers Gather

By REUTERS Published: April 21, 2006

Filed at 12:45 p.m. ET

Skip to next paragraph Reuters

DOHA (Reuters) – The world's energy consumers and producers traded blame over record high oil prices they agree are a danger to all on Friday as they arrived here for three days of talks aimed at bringing the two sides closer together.

Oil raced to an all-time high above $74 a barrel this week as Iran defied world pressure to halt its nuclear programme, a quarter of Nigeria's output lay idle after rebel attacks and Iraq's once significant oil industry was mired in crisis. read more

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THE NEW YORK TIMES: Oil Prices Settle Above $75 a Barrel

Oil Prices Settle Above $75 a Barrel

By THE ASSOCIATED PRESS
Published: April 21, 2006

Filed at 6:35 p.m. ET

NEW YORK (AP) — Crude-oil prices broke through $75 a barrel to hit a new record Friday, fueled by concerns about Iran's nuclear ambitions and tight U.S. gasoline supplies.

Prices at the pump also kept rising, with the average price of a gallon of unleaded regular gasoline at $2.855, up 3 cents from a day earlier and more than 60 cents higher than a year ago, according to AAA's daily fuel gauge report. read more

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Petroleum News: Shell will offer to market State of Alaska’s natural gas

Shell will offer to market State of Alaska’s natural gas

Kristen Nelson

Petroleum News

Alaska Gov. Frank Murkowski met in The Hague April 11 with Malcolm Brinded, Royal Dutch Shell executive director, exploration and production.

The governor’s office said Shell expressed interest in marketing Alaska’s share of natural gas from the proposed Alaska natural gas pipeline and indicated it would soon submit an independent proposal to the state to market its gas. Shell is one of the largest transporters and marketers of natural gas in the world, the governor’s office said. read more

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INQ7.net – Philippines: Shell says performance will determine fate of refinery

Shell says performance will determine fate of refinery
Posted: 3:26 AM | Apr. 22, 2006

Abigail L. Ho
Inquirer

THE ROBUST financial performance of Pilipinas Shell Petroleum Corp. last year may prompt it to upgrade its refinery and even expand it with a fresh capital infusion, Shell country chairman Edgar Chua said.

The unit of Royal Dutch Shell is to decide on whether to close down or expand its Philippine refinery, and last year's strong performance will weigh heavily on its decision, Chua said. read more

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MarketWatch: Shell's service stations in SW China face tight supply

Shell's service stations in SW China face tight supply   E-mailPrint | RSS Feed | Disable live quotes Last Update: 9:44 AM ET Apr 21, 2006

BEIJING (MarketWatch) — Royal Dutch Shell PLC's (RSDB.LN) gasoline service stations in Chengdu, southwestern China, are mostly facing a shortage of supply, partly due to rising crude oil prices.   “Most of our local service stations are short of 90 RON and 93 RON gasoline, and I'm not sure when the company will resume supply,” a staff from a Shell service station in Chengdu, Sichuan province said Friday.   The shortage was “due to the tight supply (of oil products) at wholesalers in the southwestern region, partly caused by rising crude oil prices,” said Liu Xiaowei, a Beijing-based Shell official.   Shell's suppliers of oil products in Chengdu consist of PetroChina Co. (PTR), China Petroleum & Chemical Corp. (SNP), or Sinopec, and some independent suppliers, she said.   “We are seeking various channels to resume the supply. So far, our local company (Sichuan Shell Fuel Oil Co.) has been resuming filling service for most types of oil products (in Chengdu),” she said.   Shell's service stations in China mostly supply three types of gasoline – 90 RON, 93 RON and 97 RON – as well as diesel.   Shell's service stations in the country's other regions last year also suffered from unstable supply of oil products, partly because “Shell has no wholesale right in China so far,” she said.   China is expected to open up its domestic oil products wholesale market to foreign companies by the end of this year, as part of its World Trade Organization commitments. “We need to consider the market access criteria” before making any entry decisions, she said.   China's Ministry of Commerce is expected to announce the entry criteria sometime in the middle of the year.   Shell currently has around 70 service stations in the cities of Beijing and Tianjin in northern China, Guangdong province in the south and Chengdu city in the southwest, she said. Shell has also joined Sinopec in operating around 200 service stations in eastern China's Jiangsu province and plans to build another 500 stations in the province.   -Edited by George Bernard -Contact: 201-938-5400 End of Story

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MarketWatch: Security concerns continue to overshadow Shell's Nigeria oil operations

Security concerns continue to overshadow Shell's Nigeria oil operations   E-mailPrint | RSS Feed | Disable live quotes Last Update: 6:10 AM ET Apr 21, 2006

LAGOS (MarketWatch) — A spokesman for Shell Petroleum Development Co. in Nigeria said Friday that security concerns in the troubled oil-rich Delta region continued to hamper the restart of up to a fifth of the country's crude output.   “We are not in a hurry to start crude oil production,” said the official from SPDC, a Royal Dutch Shell PLC-led (RDSB.LN) joint venture with the state-run Nigerian National Petroleum Corp. (NNP.YY).   The SPDC spokesman added: “What we are looking for is security. We want to be assured that we can walk in there and clean up the place and remain there to produce,” he said.   A Shell spokeswoman in London reconfirmed Friday that 455,000 barrels a day of Nigerian production from its local joint-venture remained shutdown. Shell owns 30% in the venture, in which the Nigerian state oil company is a majority shareholder.   She added that the Forcados terminal and the offshore EA field remain under force majeure, a clause that allows suppliers of crude to halt deliveries to customers without a legal breach of contract.   In an e-mail late Thursday, the militant Movement for the Emancipation of the Niger Delta said: “For the errant oil companies that still choose to remain and operate in our lands and waters, we shall come like a thief in the night.”   Militants Wednesday changed tactics and carried out a car bomb attack at a military barracks in the oil center of Port Harcourt, killing at least one person. Previously, they have kidnapped foreign oil workers but released them unharmed.   Nigeria has also lost more than $1.5 billion in crude export revenues and the government recently moved in more troops to secure oil facilities in the Delta.   However, the Shell official said the presence of troops wasn't guarantee enough for the company to resume operations.   “Were the soldiers not there when the militants attacked the pipelines?” he asked. “There is a difference between guarding a flow station and a pipeline, which runs across several kilometers,” he noted.   Facilities attacked by the militants include flow stations and a pipeline belonging to SPDC; a pipeline belonging to the Nigerian Agip Oil Co., a unit of Italy's Eni SpA (E), and a gas pipeline belonging to Chevron Corp. (CVX) unit ChevronTexaco Nigeria.   The group has also said it would target ExxonMobil Corp.'s (XOM) operations. ExxonMobil said this week that crude output at its offshore Yoho facility is returning to normal following an “operational event” last weekend.   Its subsidiary, Mobil Producing Nigeria Unlimited, has developed the $1.3 billion Yoho project since 2002 and the shallow-water project currently produces about 150,000 b/d, with a peak production goal of 165,000 b/d, according to previous reports from the company.  

MEND said Wednesday: “In the coming weeks, we will carry out similar attacks against relevant oil industry targets and individuals. “At a time of our choosing, we will resume our attacks with greater devastation and no compassion on those who choose to disregard our warnings,' they warned in an e-mail signed by Jomo Gbomo. read more

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MosNews.com: Russia’s Gazprom Enters Booming LNG Markets with Giant Arctic Gas Field

Russia’s Gazprom Enters Booming LNG Markets with Giant Arctic Gas Field

Reuters

Giant Russian gas firm Gazprom will kick-start a late entry in the booming liquefied natural gas market within days, launching a huge Arctic project that it hopes will one day make it the dominant U.S. supplier.

After 15 years of delays, Gazprom —- a former Soviet ministry now worth over $240 billion —- is poised to start down the road to LNG by naming foreign partners whose know-how and capital is key to unlocking the vast Shtokman project.

Entering LNG will free Gazprom from its static pipeline network and allow it to ship gas globally for the first time, giving the export monopoly more bargaining power as it seeks to expand downstream into European markets.

“It should not be forgotten that we are actively seeking new markets such as North America and China,” CEO Alexei Miller said after meeting European Union ambassadors this week. “It’s no coincidence that competition for energy resources is growing.”

With gas reservoirs equivalent to Exxon’s oil reserves, Shtokman poses an alluring but technically daunting challenge for the five firms shortlisted as possible partners: U.S. majors ChevronConocoPhillips, France’s Total and Norway’s Statoil and Norsk Hydro.

Gazprom wants help producing gas in the iceberg-strewn seas around Shtokman, pumping it 550 km to shore, liquefying it and shipping it to the United States for re-gasification and sale.

In return, each must offer attractive projects of their own, a secretive negotiation that makes picking winners a tough call.
“I wouldn’t bet on this at all,” said Kaha Kiknavelidze at UBS. “It’s a blind bet unless you know what they’re offering.”

Most analysts polled by Reuters were reluctant to make a definite call, but several said the Norwegians’ offshore experience stood them in good stead, with Statoil ahead of Hydro because of its size and access to a U.S. re-gas terminal.

Total is least favored to be named, with the two U.S. firms well-placed by virtue of their presence in the target market.

If Shtokman’s size —- 3.7 trillion cubic meters of gas, equivalent to 23.3 billion barrels of oil —- makes oilmen gawp in wonder, its risks are almost equally unfathomable, with cost estimates ranging from $12 billion to beyond $34 billion.

Deutsche Bank says a 10 percent stake would be worth around $600 million, while Citigroup sees $1.9 billion nearer the mark.

Whoever Gazprom picks, it will retain control of Shtokman and use it as a battering ram to enter the U.S. market. It aims to pump 70 billion cubic meters of gas a year at Shtokman, providing 15 million tons of LNG in early years, and to grab a tenth of the U.S. market by 2010 and 20 percent later.

“To my mind, that’s extraordinarily ambitious,” said Patrick Nevins, a lawyer specializing in energy regulation at Hogan & Hartson in Washington DC. But U.S. gas players are bracing for Gazprom’s entry. “If you go into any LNG conference in America, Gazprom is the looming presence in the room.”

Gazprom forecasts that U.S. LNG demand will hit 40 million tons a year by 2011, a year after Shtokman is due to come on stream, and by 2030 demand will boom to 100-250 million tons, most of which is not covered by existing contracts.

It says Shtokman has the edge over Qatar, another gas hub, with lower shipping costs and a cold climate that makes freezing the gas easier. Gazprom says those advantages could make it the dominant supplier to the United States.
Russia’s vast gas reserves offer several other opportunities for LNG projects: the Yamal peninsula in northern Russia, remote east Siberia and Sakhalin Island in the Pacific.

The latter is already under development and Gazprom has found a way in, negotiating to take 25 percent of the $20 billion Sakhalin-2 project led by Royal Dutch/Shell.
East Siberian gas is likely to go into a big new project to supply China via two pipelines and Yamal is not being publicly discussed, although some say it is only a matter of time before Gazprom tries to open up another northern route.
Global warming could also help to free up more shipping.

“The way Arctic ice is developing, anywhere with sea access is becoming much more accessible at least for part of the year,” Shell’s Russia chief Chris Finlayson told Reuters recently.

To get yet more LNG, Gazprom has said it may swap piped gas with LNG bought by China under long-term contracts.
“It seems to me that what they’re looking to do is to effectively buy up LNG destined for China and sell it somewhere else,” said Julian Lee at the Center for Global Energy Studies.

But analysts say Gazprom is a long way from ruling the U.S. market, which is rich in domestic and Canadian gas and tends to rely more on spot trades than on the fixed long-term contracts favored in such LNG markets as South Korea.

The fight for the U.S. market may also be stiffer than in Europe, where Gazprom has 25 percent of the market and governments are courting it to secure future energy supplies.

“The Western Europeans have been much more malleable in their relationship with Russia, whereas in Washington the hawks are sharpening their talons as they look at Russia,” said Caius Rapanu, energy analyst at UralSib in Moscow.

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Lloyds List: Work starts on € 200m offshore wind farm

Work starts on € 200m offshore wind farm
Lloyds List; Apr 21, 2006

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AFTER years in the planning the Netherlands' first offshore wind farm, Egmond aan Zee, began to become a reality as the first foundation pile was driven in, writes Helen Hill in Amsterdam. read more

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AFX Asia (Focus): Shell's Philippine unit says 2005 net profit nearly doubles to 5.7 bln pesos

Shell's Philippine unit says 2005 net profit nearly doubles to 5.7 bln pesos
AFX Asia (Focus); Apr 21, 2006

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MANILA (AFX) – Royal Dutch Shell PLC subsidiary Pilipinas Shell Petroleum Corp posted net profit of 5.7 bln pesos last year, almost double the 2.98 bln it reported for 2004 due to positive refining margins and higher export revenues. read more

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Lloyds List: Mars platform repairs finish early

Mars platform repairs finish early
Lloyds List; Apr 21, 2006

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SHELL is ahead of schedule on repairing the Mars tension leg platform, damaged by hurricanes last year and expects it back online next month, writes Martyn Wingrove. read more

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Yahoo! News: The price of full service high octane gas reaches $4.049 dollars per gallon

AP – Thu Apr 20, 5:20 PM ET   The price of full service high octane gas reaches $4.049 dollars per gallon Thursday, April 20, 2006, at a gas station in Beverly Hills, Calif.   Oil prices held steady near record highs Thursday after weekly data showed a drop in U.S. gasoline stocks, raising worries that refiners don't have an adequate inventory cushion ahead of the peak summer driving season. (AP Photo/Damian Dovarganes)

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THE NEW YORK TIMES: Democrats Eager to Exploit Anger Over Gas Prices

April 21, 2006

Democrats Eager to Exploit Anger Over Gas Prices

By MICHAEL JANOFSKY

WASHINGTON, April 20 — Democrats running for Congress are moving quickly to use the most recent surge in oil and gasoline prices to bash Republicans over energy policy, and more broadly, the direction of the country.

With oil prices hitting a high this week and prices at the pump topping $3 a gallon in many places, Amy Klobuchar, a Democratic Senate candidate in Minnesota, is making the issue the centerpiece of her campaign. Ms. Klobuchar says it “is one of the first things people bring up” at her campaign stops. read more

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THE NEW YORK TIMES: Profit – Taking Drags on Oil

Profit – Taking Drags on Oil

 

By REUTERS
Published: April 21, 2006

Filed at 0:23 a.m. ET

Skip to next paragraph Reuters

SINGAPORE (Reuters) – Oil fell nearly $1 on Friday on profit-taking by fund investors after a rally to record highs, though prices held above $72 on tension over Iran's nuclear program and other supply disruption worries.

U.S. oil for new front-month June (CLM6) traded 75 cents lower at $72.94 a barrel by 0419 GMT, after hitting a new front-month record of $73.50. The May contract expired at $71.95. read more

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THE NEW YORK TIMES: Crude Oil Prices Rise Above $73 a Barrel

Crude Oil Prices Rise Above $73 a Barrel

 

By THE ASSOCIATED PRESS
Published: April 21, 2006

Filed at 12:27 a.m. ET

SINGAPORE (AP) — Oil prices touched a new record above $73 a barrel Friday amid concern about Iran's nuclear ambitions and declining U.S. gasoline stocks.

Light, sweet crude for June delivery, which became the front-month contract Friday, opened in electronic trading at a high of $73.50 a barrel — setting a new intraday record for a front-month contract on the New York Mercantile Exchange. read more

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