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Posts from ‘October, 2014’

Shell’s Simon Henry says its not difficult to drill in the Arctic Seas

Screen Shot 2014-10-31 at 17.18.55How reassuring.

According to a Bloomberg article, Simon Henry, a mathematician, accountant, and the Chief Financial Officer of Royal Dutch Shell Plc, has stated in relation to drilling for oil in Arctic seas,  off Alaska –

“Its not that difficult to drill up there.”

The long term bean counter is also quoted as saying “Thirty years ago we went there and drilled several wells pretty quickly.”

His bold statements would have more weight if uttered by someone with expertise in offshore drilling. read more

UK News Reports Royal Dutch Shell Quarterly Result

Screen Shot 2014-10-31 at 15.37.24DAILY EXPRESS: Oil giant Shell floats as prices sink

Extracts

ROYAL Dutch Shell unleashed an industry-beating rise in quarterly profit yesterday, despite falling oil prices, and vowed to keep slashing less-lucrative projects.

Finance chief Simon Henry said: “It’s quite likely we’ll take a very close look at investment levels where we have flexibility if we see oil price weakness persisting.”

FULL ARTICLE

Screen Shot 2014-10-31 at 15.40.26DAILY MAIL: Shell posts forecast-busting profit rise of 31pc despite slump in oil prices

Extracts

Shell has managed to weather the sharp drop in the price of oil since June, announcing forecast-busting results for the third quarter. read more

Shell Moerdijk Impact From Steam Leak

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Styrene prices shot up following a steam leak at Shell’s steam crackers at Moerdijk in the Netherlands early this month.

Shell had to declare force majeure on ethylene and propylene at the unit which makes basic materials for the chemical industry and employs about eight hundred people.

The main repairs will last until at least the end of 2014, with some work not completed until an unspecified date in 2015.

The plant supplies steam to all the plants at the complex.

A Shell spokesman admitted that the steam leak resulted in flaring activity. read more

American as Chairman Good Politics for Shell

Screen Shot 2014-10-30 at 11.28.57From a Regular Contributor

I see Shell got an American as its new chairman.

(Chad Holliday right).

Not certain that is good news for the shareholders, although it is clearly good politics.

Shell needs extensions to its leases in the Arctic and with an American arguing the issue they might succeed.

If he saves Shell’s $6 billion investment he will have earned his salary.

Shell also knows there is a bunch of oil and gas in those structures they want to drill. And so the rumors of a Shell/BP merger are not to be dismissed. A merger would give Shell BP’s interest in Alaska, unless the USG objected. read more

American, Chad Holliday, replacing Jorma Ollila as Shell Chairman

Screen Shot 2014-10-30 at 09.22.43By John Donovan

Chad Holliday, the former chairman of Bank of America, is replacing the Finn Jorma Ollila as chairman of Royal Dutch Shell Plc.

Before his four year stint as chairman at Bank of America, Holliday was chairman and chief executive of Dupont.

Commenting, Mr Ollila said, ‘I am delighted that the Board has appointed Chad Holliday to succeed me as Chairman. He has a distinguished track record as an international businessman and I am sure he is the right person to chair the Board going forward after the 2015 AGM.’ read more

OSSL Blackmail Plot Against Shell?

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By John Donovan

Since 22 October 2014 I have been updating an article posing the question: “Shell being blackmailed?”

Top people at Royal Dutch Shell  have all spoken directly to a director of a former Shell “Mr Fixit” company in Ireland, OSSL, which has bombarded Shell with money demands to settle a dispute that Shell says it has already settled.

To be specific, Desmond Kane of OSSL has spoken in person to Peter Voser, Ben van Beurden, Jorma Ollila, Michiel Brandjes, Michael Crothers (and other senior people at Shell). read more

Big oil is exposed to falling prices who can survive?

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BRENT CRUDE PRICES HAVE SLUMPED SINCE PEAKING AT $115 IN JUNE

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By John Donovan

The news media is waking up to the potential seismic impact on big oil from falling oil prices. Our headline – “Big oil is exposed to falling prices who can survive?” – is taken from an article by John Ficenec published today by the Telegraph, which poses the question:

Which FTSE 100 oil stocks to hold Shell v BP?

It mentions a prediction by Goldman Sachs “that the price for Brent Crude, will fall as low as $80 per barrel in the second quarter of next year.”

The article points out that according to analysis from Bloomberg “Of the two oil majors, Shell is slightly more exposed to a fall in the oil price as about 30pc of its future projects requires a price above $95 per barrel, compared to 20pc for BP.” read more

Shell’s Arctic Machinations

Screen Shot 2014-08-06 at 09.25.26The environmental group Oceana has obtained a copy of a letter from Shell to the U.S. Dept of the Interior revealing that the oil giant is seeking to pause Shell’s leases for five years. Approval would effectively extend the current drilling deadlines.  Shell’s plans to drill off the Alaska coast have already been heavily delayed by a series of avoidable mishaps, initially caused by negligence and incompetence, and subsequently by a desire to evade tax.

Extracts from a related Bloomberg article:

Shell Seeks 5 More Years for Arctic Oil Drilling Drive

Royal Dutch Shell Plc (RDSA) is asking the Obama administration for five more years to explore for oil off Alaska’s coast, saying set backs and legal delays may push the start of drilling past the 2017 expiration of some leases.

Shell, which has spent eight years and $6 billion to explore the Arctic’s Beaufort and Chukchi seas, said in letter to the Interior Department that “prudent” exploration before leases expire is now “severely challenged.”

“Despite Shell’s best efforts and demonstrated diligence, circumstances beyond Shell’s control have prevented, and are continuing to prevent, Shell from completing even the first exploration well in either area,” Peter Slaiby, vice president of Shell Alaska, wrote to the regional office of the Bureau of Safety and Environmental Enforcement. read more

Objection to Divestment of Shell Oil Blocks in Ogoniland

Screen Shot 2014-10-26 at 00.39.59National Union of Ogoni Students’ USA

3747 W. 138TH Street, Crestwood Illinois 60445, Tel. 1-(888) 610-5590, email – [email protected]

Press Release

10/25/2014

CAVERT EMPTOR: Divestment of Shell Oil Blocks: Oil Mining License 11 not for sale

We, the Ogoni students in Diaspora under the National Union of Ogoni Students’ (NUOS INTL), USA on behalf of the Ogoni people, distance ourselves from the ongoing Shell Oil Company’s secret divestment and sale of assets in oil and gas in Nigeria. These secret sales should not extend to Oil Mining License (OML) 11 in Ogoni its enclave. read more

Shell Accused of Unlawful Drilling in New Zealand

Screen Shot 2014-02-10 at 16.29.29MOSCOW, October 9 (RIA Novosti) – Oil and gas giant Shell and its New Zealand partner firm Todd Energy were accused of unlawful offshore drilling in New Zealand, but managed to evade court prosecution and only received a warning letter, New Zealand News UK reports.

According to the Environmental Protection Authority (EPA), Shell Todd Oil Services (STOS) violated the law while carrying out drilling in the Maui oil and gas field without prior approval. Maui is the largest and the most important of New Zealand’s gas and oil fields. To legally carry out drilling activities in the area, companies need to apply for a special resolution or marine permission from the EPA, according to new regulations. read more

Shell Announces Gabon Deep-Water Gas Discovery

Screen Shot 2014-02-10 at 16.29.29THE HAGUE, The Netherlands, October 22, 2014 /PRNewswire via COMTEX/ — THE HAGUE, The Netherlands, October 22, 2014 /PRNewswire 

Shell today announced a frontier exploration discovery offshore Gabon, West Africa. 

Leopard-1 is located around 145 kilometres off the Gabonese coast, west of Gamba. It was drilled in water 2,110 metres deep to a total vertical depth of 5,063 metres. Shell and partners are planning to undertake an appraisal programme to further determine the resource volumes. read more

Oil price slump to hit majors’ earnings

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WEDNESDAY 22 OCTOBER 2014

Reuters is reporting that oil companies have seen billions wiped off their stock market values as crude prices dropped over the past four months by 25 percent to a four-year low near $85 a barrel, due to slowing global demand particularly in China and ample supplies. Shares of BP, Royal Dutch Shell, Eni , Total and BG have dropped by 15 to 20 percent since late June.

FULL ARTICLE

Shell being blackmailed?

Screen Shot 2014-10-22 at 08.24.58UPDATED FRIDAY 24 OCTOBER 2014 – SEE BLUE TEXT BELOW

ORIGINAL ARTICLE PUBLISHED 22 OCTOBER 2014

By John Donovan

There is evidence, some of it covertly obtained, that Royal Dutch Shell Plc may be the victim of a sustained blackmail operation.

Shell has not called in the police to investigate. Why not? Because certain information held by the party making repeated money demands to Shell, including directly to Ben van Beurden and other senior Shell executives, is true and if the current cover-up unravels, will result in a scandal of epic proportion involving Shell and a host government. read more

Mixed Signals between China National Petroleum Corp and Shell

Screen Shot 2014-02-10 at 16.29.29The comment refuted media reports that Shell senior executives had showed signs of wanting to cut the company’s expenditures on the project many times…

China National Petroleum Corp (CNPC) said it was not informed that its Dutch partner would downsize the investment on their jointly explored shale gas project in Southwest China’s Sichuan Province, Shanghai-based newspaper China Business News reported on Monday.

An unnamed CNPC representative was quoted by the report as saying that the cooperation between CNPC and Royal Dutch Shell Plc remains the same. The two signed a shale gas production sharing contract in Sichuan in 2012.

The comment refuted media reports that Shell senior executives had showed signs of wanting to cut the company’s expenditures on the project many times due to the exploration difficulties as a result of complicated geological conditions and dense population. read more

More alleged fraud in Nigeria

Screen Shot 2014-02-10 at 16.29.29The trial of Chidi Adabanya, a former employee of Shell Petroleum Development Company (SPDC), who, along with some officials of the Bayelsa State Government, allegedly obtained the sum of N1.9 billion from the oil company through a phony consultancy contract for development permit in the Gbanran- Ubie project, has resumed  before Justice Adeniyi Ademola of the Federal High Court, Abuja.

MORE INFORMATION

Shell Sells More Nigerian Assets

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Screen Shot 2014-02-10 at 16.29.29By John Donovan

According to a report published by The Wall Street Journal, Shell has signed agreements to sell off all of the Nigerian oil assets it put on sale in 2013. Shell has now made sale and purchase agreements for four Nigerian oil blocks. 

FULL ARTICLE

Total CEO’s Larger-Than-Life Character Respected Across Energy Industry: Shell CEO

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Royal Dutch Shell’s CEO Ben Van Beurden speaks during a press conference.

MOSCOW, October 21 (RIA Novosti) – French oil and gas company Total CEO Christophe de Margerie was a larger-than-life character that was respected across the energy industry, energy group Shell CEO Ben van Beurden told RIA Novosti on Tuesday.

“I’m extremely sad to hear about the tragic loss of Christophe de Margerie. Christophe was a larger than life character, a leader respected across the energy industry and a friend,” Beurden said.

“My thoughts are with his wife and family, and his many thousands of colleagues at Total,” he added. read more

Shell Midstream Partners files for $750M IPO

Screen Shot 2014-02-10 at 16.29.29NEW YORK — Shell Midstream Partners LP filed for an initial public offering that could be worth about $750 million before expenses and discounts. Shell Midstream was formed by Royal Dutch Shell, and it will focus on acquiring pipelines and other midstream assets. Shell Midstream’s assets include stakes in Zydeco Pipeline Co., Mars Oil Pipeline Co., and Bengal Pipeline Co., which all operate in Louisiana, Texas, and Mississippi.

Read more here

Mixed Reaction to Shell’s Carousel Cleanup Proposal

Screen Shot 2014-10-20 at 22.21.25Extracts from an article in  the Daily Breeze.

Shell Oil Co.’s new $146 million proposal to remove contaminated soil beneath Carson’s Carousel Tract neighborhood has earned a thumbs-up from city officials, who until now have vigorously fought the oil giant’s cleanup plans.

Carson officials praise the plan because it includes an offer to temporarily relocate residents in hotels while 161,700 cubic yards of petroleum-soaked dirt are dug up from yards and trucked out. It also contains a guarantee that residents will get fair-market value if they sell their homes, despite the contamination history. read more

Mixed Reaction to Shell’s €750,000 investment in Irish Broadband

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By John Donovan

The Irish Examiner reports that Shell has announced that it will provide high quality broadband for Mayo and Galway in Ireland. The 132 kilometres of high capacity fibre optic cable will run alongside the Corrib Gas pipeline. The Irish Prime Minister Enda Kenny was present and gushing at the launch.

However, by a sheer fluke, “some people in the towns of Rossport and Pullathomas, north of the terminal, who have battled the pipeline for almost a decade, won’t see any of the benefit.” Betty Schult of the Kilcommon Lodge in Pullathomas told TheJournal.ie that the move is “propaganda”. “It’s a pittance in comparison to the damage they have done to the environment. It’s beside the point. (Extracts from a news report in the journal.ie) read more

Shell Arts Sponsorship Protest at the National Gallery

By John Donovan

Royal Dutch Shell has suffered a string of PR debacles. 

In October 2013, Shell Out Sounds, a group of singers, musicians and activists who opposed Shell’s sponsorship of Southbank Centre, staged an unsanctioned performance from the Royal Festival Hall’s choir seats in protest of a Shell Classic International concert. 

The campaigners condemned the so-called ‘oil-branded concerts’ and condemned Shell for its record of environmental damage.

The venue dropped Shell: “Campaigners celebrate end of Shell’s Southbank sponsorship”Screen Shot 2014-10-19 at 17.18.29 read more

Shell 15 page confidential statement about OSSL allegations

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By John Donovan

I have provided a link to a 15 page document dated 3 October 2014, which Shell supplied to OSSL, the Irish company that has made serious allegations against Shell.

The information in the document may be of interest to some readers who have followed the long running saga and likewise newspapers and TV and radio stations who have covered the story.

As will be seen, Shell repeatedly states that OSSL has demanded money from them when all claims by OSSL against Shell have, according to Shell, already been settled.  read more

Michiel Brandjes a key executive at Royal Dutch Shell

Screen Shot 2014-02-10 at 16.29.29By John Donovan

On 12 October 2014, The Sunday Times Business Section published a front page article about the departure of Jonathan Lloyd, the company secretary of Tesco:

See Tesco turmoil grows as key executive quits

His position at Tesco seems to have been identical to MIchiel Brandjes, the Company Secretary and General Counsel Corporate of Royal Dutch Shell Plc.

“…Lloyd was listed as part of the board on Tesco’s website…” He advised the board on legal and governance issues. read more

Oil Price Slump

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By John Donovan

I have already highlighted the recent wishful prediction by Shell CEO Ben van Beurden that oil will return to “very robust” pricing in the long-term.

We have all witnessed the subsequent slump in oil prices.

Some extracts from a current Bloomberg article:

The global crash in crude prices is reverberating through the oil and gas industry, pressuring producers to curtail investment to protect profits and avoid cuts to dividend payments.

Exxon Mobil Corp., Royal Dutch Shell Plc and Total SA are already paring back as new investment fails to yield positive returns. read more

Royal Dutch Shell News 15 Oct 2014

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By John Donovan

WHISTLEBLOWER ALLEGES ROYAL DUTCH SHELL TAX EVASION IN NIGERIA 

A former manager of Shell Production Development Company in Nigeria has accused Shell of massive tax evasion. He also alleges that the Nigeria Economic and Financial Crimes Commission demanded a bribe from him as part of a related cover-up plan for Shell. The whistleblower also claims that his safety is in jeopardy. All strangely reminiscent of allegations surrounding the Corrib gas project in Ireland. MORE INFORMATION HERE.

SHELL FIRE SALE OF NIGERIAN ASSETS

A consortium led by Aiteo Group has won the auction for Shell oil block OML 29 in Nigeria, with a bid of N434b. The total cost of the acquisition is said to be $2.7 billion, allowing for working capital. MORE INFORMATION read more

Shell legal machinations over Nigeria in the London High Court

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On 8 October, the High Court in London blocked an agreement between the oil giant Shell and the UK law firm CW Law in relation to thousands of Nigerians, which the Marble Arch based law firm claimed it represented, in a dispute over oil spills in Nigeria.

CW Law was accused, by law firm Leigh Day, of unlawfully entering into settlement talks with Shell Petroleum Development Company (SPDC) on behalf of many villagers of Bodo, in the Niger Delta, who they didn’t represent and who were not clients of the firm. read more

Will Shell try to crush Greenpeace again?

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By John Donovan

James Delingpole of Breitbart fame,”the world’s best political blogger”, says in an outspoken article about the Greenpeace Lego victory over Shell, that the oil giant should “crush” Greenpeace, who he describes as bastards.

Obviously not a man to mince his words. 

It is an article well worth reading. He is a brilliant writer.

SHELL OIL, LEGO, GREENPEACE AND THE ENVIRONMENTAL MOVEMENT’S WAR ON CAPITALISM

Some extracts

For too long, big businesses like Shell have sought to escape the attentions of leftist attack dogs like Greenpeace (much as shopkeepers in Little Italy used to pay protection money to the Mob) by paying lip service to all the green orthodoxies and sponsoring worthy green causes. But it just doesn’t work because however much greenwashing it attempts, Shell will always be an oil company. And Greenpeace will always hate it – and try to destroy it – because Greenpeace hates oil companies. So the first step towards escaping this cycle of humiliation is to recognise who your enemy is and, instead of appeasing him, to face up to him and crush him. Trust me, Shell. It’s the only language these bastards understand. read more

Arctic Drilling: a spectacular failure of good judgment by Shell

Screen Shot 2014-08-06 at 09.25.26Kim Elton accuses Shell’s management of “a spectacular failure of good judgment” and points out that “Company managers ordered the Kulluk towed south through the winter-storm-lashed Gulf of Alaska before the 2013 new year — partly to avoid Alaska taxes.”

By John Donovan

Kim Elton, a former senior adviser to the U.S. Department of the Interior, who was involved in oversight of Shell’s 2012 Arctic drilling plans, has made some very blunt comments about the debacle. 

Kim admits that she “fell for Shell’s promise that their drill fleet was ready to tackle the Arctic.”

She says Shell’s “dive into the Arctic Ocean was a spectacular belly flop”and lists the disastrous chain of events, reminding us that “Shell incurred more than $1 million in fines for air quality violations.” read more

EU investigates price fixing in energy markets

Screen Shot 2014-06-22 at 18.53.03The latest development follows the Libor rigging scandal and the raids carried out in May 2014 on the oil majors BP, Shell and Statoil, seeking evidence of manipulation of oil prices.

By John Donovan

On Tuesday, investigators for the EU Commission raided several companies producing and trading in biofuels.

According to the commission, the surprise inspections resulted from possible collusion when submitting price information to a price reporting agency.

The latest development follows the Libor rigging scandal and the raids carried out in May 2014 on BP, Shell and Statoil, in an investigation seeking evidence of oil price manipulation.

More information can be found in a Financial Times article by Alex Barker: read more

Shell CEO dubious prediction on oil prices

Today we have another forecast from a Chief Executive of Royal Dutch Shell Plc, no doubt based on an assessment by the crystal ball gazers at Shell, the famed Scenarios team. Is it a case of wishful thinking on the part of Shell? Can we have faith in the prediction made by the current CEO?

By John Donovan

Today we have another forecast from a Chief Executive of Royal Dutch Shell Plc, no doubt based on an assessment by the crystal ball gazers at Shell, the famed Scenarios team. 

According to Catherine Boyle of CNBC, Ben van Beurden, Shell’s current CEO is confident that oil will return to “very robust” pricing in the long-term.

This is despite the fact that as a result of increased production by Saudi Arabia and the USA, Brent crude dropped to less than $93 a barrel last week, the lowest price for two years.  read more

Lego surrender in Greenpeace anti-Shell Arctic drilling campaign 

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By John Donovan

The Greenpeace campaign demanding that Lego should end its 50 year partnership with Shell has resulted in a surrender by Lego.

According to a Guardian article published today, the toymaker will not renew the current multimillion pounds deal for Shell branded Lego to be sold at Shell petrol stations in 26 countries. 

Lego had previously resisted the relentless Greenpeace campaign protesting about Shell’s plans to drill in Arctic waters.

The campaign targeting the world’s biggest toy maker, included a popular YouTube video – “Everything is not awesome” – which has attracted nearly 6m views.  read more

Earthquakes shake NAM, the Shell/Exxon joint venture 

Screen Shot 2014-10-01 at 20.37.24Earthquakes linked to extraction in the area have led to a public backlash and a new production plan for the field will be presented by July 1, 2016. The venture has set aside 100 million euros for claims and has paid out about 50 million euros so far.

Extracts from a BloombergBusinessweek article

The Slochteren field is operated by the Nederlandse Aardolie Maatschappij BV, or NAM, the Dutch gas-production venture of Royal Dutch Shell Plc and ExxonMobil Corp.

Earthquakes linked to extraction in the area have led to a public backlash and a new production plan for the field will be presented by July 1, 2016.

The venture has set aside 100 million euros for claims and has paid out about 50 million euros so far.

The government will also need to spend about 1.2 billion euros to compensate for houses and buildings damaged by temblors in the area of the field. read more

Shell running out of steam

Screen Shot 2014-02-10 at 16.29.29By John Donovan

Styrene prices have shot up following a steam leak at Shell’s steam crackers at Moerdijk in the Netherlands. 

Shell has declared force majeure on ethylene and propylene at the unit. 

A Shell spokesman admitted that the steam leak resulted in flaring activity. 

News of the incident was posted on our Shell Blog early on 7 October by an anonymous source.

Extracts from related Wikipedia Styrene Article

“Styrene is regarded as a “hazardous chemical”, especially in case of eye contact, but also in case of skin contact, of ingestion and of inhalation, according to several sources. The International Agency for Research on Cancer considers styrene to be “possibly carcinogenic to humans”. read more

Shell, Eni and Nigerian Corruption

Malabu Oil Deal: prosecutors say that a senior official of Shell had a face-to-face meeting with Etete over expensive “lunch and lots of iced champagne”: Italian prosecutors said some of the $533 million slush money was used to buy private jets…

By John Donovan

The litigation involving former Nigerian oil minister, Dan Etete, who has already been convicted for money laundering in France, continues.

Etete tried to hide his link with the now notorious company, Malabu Oil and Gas, which he registered using a fictitious director, Kweku Amafegha, and a fake address.

According to a Reuters report, more than half of the $1.1 billion paid to Malabu Oil and Gas for the procurement of one of Nigeria’s richest oil fields, OPL 245 by Shell and Eni, was used to bribe Nigerian politicians and intermediaries who helped to secure the controversial deal. read more

Shell backs out of Russian oil projects

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In April 2014, following the Russian Annexation of Crimea, Shell COE, Ben van Beurden, was still bowing to Putin and full of ambition for Russian oil and gas projects. 

By John Donovan

In April 2014, Royal Dutch Shell Chief Executive Ben Van Beurden claimed that the company had no plans to change its work with its Russian partners, despite the conflict in Ukraine.

His resolve seems to have crumbled following the imposition of further sanctions by the USA and Europe against the Putin regime.

A number of news articles are reporting that Shell has followed Exxon in suspending tight oil projects in Russia.

According to Reuters, “Oil major Shell has suspended development of hard-to-recover oil in Russia’s Bazhenov formation with Gazprom Neft, Interfax cited Gazprom Neft’s head as saying on Friday, after the West imposed sanctions on Russia over Ukraine.” read more

Shell Ideas360 Global Search for Game Changing Ideas

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Screen Shot 2014-06-10 at 19.24.02The question arises of whether Ideas360 is a devious predatory operation by Shell, trawling for brain waves from bright but naive students unlikely to have the funds or wherewithal to sue if ideas are misappropriated.

By John Donovan

The Shell Ideas360 contest has been launched in Qatar, directed at university students.  This is first time the scheme has been introduced into the Middle East.

According to an article published in the Gulf Times: The competition allows participants to develop their ideas into a “potentially investment-worthy” business case with the support of mentors and subject matter experts.

A Shell spokesperson says: “The Shell Ideas360 is a great platform that will enable Qatar’s university students to collaborate with students from all around the world and develop game-changing ideas.” read more

Shell Corrib Gas Project Ireland: The Good News and the Bad News

Screen Shot 2014-10-04 at 13.47.39By Nick Gill

The Irish Independent has published an article providing an update on the delayed progress of the Shell led Corrib Gas Project in Ireland, which has been surrounded by controversy, including alleged corruption and persistent environmental protests from the outset. 

Basically, the good news is that the volume of gas at peak production is projected to be 8pc greater than originally forecast. 

The bad news is that the project is likely to end up 12 years behind the original schedule with the total outlay now expected to be four times the original estimate of €800m.  read more

Eni payments ‘used to bribe Nigeria officials’

Screen Shot 2014-09-11 at 23.20.44The article notes the involvement of the metropolitan police, but surely this is beyond the remit of the police involved? Where are the Dutch police, Interpol and Europol in this affair? Where is the SEC, and the authority that enforces the FCPA? It is simply not enough to say that Shell is “not under investigation”.

FROM A REGULAR CONTRIBUTOR

John

I don’t know if you saw yesterday’s article (below) in Upstream about the Nigerian OPL245 case, but it seems that a large number of the Malabu payments have been traced.

If the article is to be believed (and Upstream is usually quite good) it appears that Shell was unaware of the payments being made on behalf of their joint venture with ENI. If they really did not know that these payments were being made, Shell were not acting in the interests of their shareholders – it is hard to believe that Shell really agreed to pay their share of $600 million out of a total of $1.2 billion without investigating where the funds were going. read more

New earthquake in Groningen, city buildings shaken

Screen Shot 2014-10-01 at 20.37.24NAM, a 50:50 joint venture between Shell and ExxonMobil, is currently assessing claims from hundreds of people who say their homes have been damaged by the quakes.

Tuesday 30 September 2014

DutchNews.nl

An earthquake measuring 2.8 on the Richter scale was felt in Groningen province on Tuesday – considered a significant quake in the Netherlands.

Social media channels were buzzing with news from people who felt the quake, some of whom were in Groningen city itself. ‘I have never felt such a strong one,’ local councillor Paul de Rook said on Twitter. There have not yet been any reports of damage, news agency ANP said.

The quakes are caused by the ground settling following the extraction of natural gas from under the province. Gas extraction company NAM has not yet commented on the strength of Tuesday’s quake but the tremors are thought to have been strongest in the villages of Ten Boer and Bedum. read more

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