Seeking a preliminary injunction to prevent seismic surveying in the Arctic Ocean, the lawsuit alleges the federal government violated the National Environmental Policy Act by issuing permits to Shell Oil and British Petroleum prematurely, before completing an Environmental Impact Statement.
May 7th, 2008:
Lawsuit Filed to Block Loud Oil Exploration in Arctic Seas
Oil president wants more access to energy resources
COEUR D'ALENE, Idaho -- The United State's reliance on foreign oil is being increased because of limits placed on where companies can search for resources, the president of Shell Oil Co. says. "The U.S. prohibits access to its own natural resources," John Hofmeister said. "We need more oil and gas, whether it's onshore Alaska, or offshore Alaska."
Taxing oil profits: Proceed with caution
"If our profits are taxed, that means we'll have less capital to invest in new production" and it could raise gas prices, John Hofmeister, president of Shell U.S., recently told CNNMoney.com.
Shell executive to chair state’s oil and gas association
Frank Glaviano Sr., Shell's vice president of exploration and production, has been selected as the new Chairman of the Louisiana Mid Continent Oil and Gas Association, the group announced this morning.
Total CFO sees oil and gas output rising in 2008
LONDON, May 7 (Reuters) - Total expects production of oil and gas to rise in 2008, even if oil prices stay high, the French oil major's Chief Financial Officer said on Wednesday.
FTC begins rule on oil manipulation
WASHINGTON - The Federal Trade Commission said Thursday it hoped to complete rules by the end of the year on how it plans to enforce a new law against price manipulation and deception in the oil-trading markets.
Another broken promise to stop gas flaring in Nigeria: Shell pleads poverty and other excuses
Indeed, even if the violence subsided, allowing work crews to safely return to the field, funding is another stumbling block. More than an additional $3 billion needs to be spent to complete the programme to build gas gathering facilities and pipelines. Reduced funding from Shells government partner has already delayed work on several projects.
Shell Says Nigeria Security, Funding Gap Prevent End to Flaring
May 7 (Bloomberg) -- Royal Dutch Shell Plc, Europe's biggest oil company, said it's unable to meet a 2008 deadline to end gas- flaring in Nigeria because of a lack of security in the region and funding shortfalls
Nigeria: ExxonMobil, Shell Resume Production
After an eight-day strike, ExxonMobil has returned its oil production output in Nigeria to normal operating levels, while Shell plans to kick off a partial resumption of production after it shut down operations following militant attacks.
Petrobras Hiring 14,000 Geologists, Roughnecks for New Fields
May 7 (Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-controlled oil company, plans to add 14,000 engineers, geologists and roughnecks within three years as it develops the biggest crude discovery in the Western Hemisphere since 1976.
Some See Oil At $150 a Barrel This Year
A growing number of oil-market watchers say voters riled by soaring fuel costs may face far worse this summer, as factors ranging from unrest in Nigeria to slumping production in Russia could shove benchmark oil prices over $150 a barrel.
Are retention bonuses the right way to lock in staff?
Last month Shell and BP roused the ire of investors when they announced plans to award some of their executive directors "retention bonuses", that is, payments for staying in the job. Companies typically offer such bonuses in the hope of holding on to managers who may have missed out on senior jobs.
Start-ups seek prize pay-off
James Smith, chairman of Shell UK, which runs competitions LiveWire, for entrepreneurs between the ages of 16 and 30, and Springboard, aimed at companies with services or products that help to combat climate change, says competition winners are well placed to raise money from banks and other investors. Other benefits include expert advice, coaching and publicity.
BAEs long shadows
Financial Times: BAEs long shadows
Published: May 6 2008 19:50 | Last updated: May 6 2008 19:50
More than window-dressing but not enough to draw a line under sustained criticism: Lord Woolfs report on ethical business conduct at BAE Systemscontains 23 specific recommendations to bring about and underpin a serious change of culture at Europes largest defence contractor. Yet the Woolf committees authority is inevitably diminished by a remit that meant it could not address past corruption allegations, notably in Saudi Arabia.
The report has several practical ideas about how to make ethical behaviour a priority at BAE. It sets new terms for the use of advisers and seeks to end facilitation payments. It gives the board an explicit role in assessing ethical and reputational risk. It demands that BAE commission and publish an independent audit of its conduct within three years. If fully implemented, the report would make BAE a benchmark of best practice in a sector not known for openness.
BAE chairman seeks end to graft claims
A report by Lord Woolf, the former lord chief justice, into the companys business ethics on Tuesday revealed its top management had admitted failing to pay sufficient attention to ethical standards that could have damaged its reputation.
Financial Times: Top UBS banker detained by US
One of the most senior private bankers at UBS, the worlds leading wealth manager, has been detained by authorities in the US investigating whether the Swiss bank helped its American clients evade tax.
Gas Prices Expected to Peak in June
Nigerian production dropped by 160,000 barrels, to an average of 1.88 million barrels a day, the countrys lowest level since August 1999. The countrys output suffered from a strike by Exxon Mobil workers. Adding to these troubles, rebel militants have apparently resumed their attacks on oil companies in the Niger Delta, forcing Royal Dutch Shell to reduce production.
Oil price jumps to record over $120 a barrel
A weekend attack by militants on a Royal Dutch Shell plant in the Niger Delta and fighting in northern Iraq combined to intensify supply worries in oil markets.
BAE Systems admits to ethical failings as investigations into corruption continue
BAE Systems, the arms giant accused of making corrupt payments worldwide to win lucrative contracts, has admitted it acted unethically in the past.
Oil could hit $200 in ‘super-spike’
Oil prices threaten to hit $200 a barrel in a final "super-spike" over coming months as producers fail to keep pace with blistering demand from China and the Middle East, according to a controversial report by Goldman Sachs.
Iran supply problems add to fears of oil hitting $200 a barrel
To maintain its present capacity of about four million barrels of crude oil per day representing about 5 per cent of daily global output Iran is pinning its hopes on the development of huge new fields and is in talks with big Western oil companies, including Shell and Total. However, those companies are under mounting political pressure from the United States to withdraw from those negotiations.
Nigeria oil rebels offer to halt attacks if Jimmy Carter is allowed to help talks
...a Royal Dutch Shell base was bombed in the state of Bayelsa at the weekend. Attacks by the Movement for the Emancipation of the Niger Delta have raised the price of oil to a record $122 (£62) a barrel.
Woolf report into BAE throws a cloak of goodwill over an immoral trade
Lets be honest: privately, we would rather that BP or Shell got the oil deal than did some less friendly Russian or Chinese company. If the price for petrol is an under-the-table payment to a dictator, so be it.