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Posts from ‘June, 2016’

Saudi-Iran tensions threaten $5.4bn Japanese refinery merger

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  • MAYUMI NEGISHI
  • The Wall Street Journal
  • 12:00AM July 1, 2016

The battle for hegemony in the Middle East between Saudi Arabia and Iran threatens to up-end a $US4 billion ($5.4bn) merger in Japan.

The family of the late founder of Idemitsu Kosan is opposing a planned merger between the oil refiner — Japan’s second-largest behind JX — and Showa Shell Sekiyu, its smaller rival. Idemitsu has maintained close ties with Iran since the 1950s while Showa Shell is 15 per cent owned by Saudi Arabia’s state-owned Saudi Arabian Oil Co, known as Aramco.

The Idemitsu family said a merger would be “inappropriate” given the growing tensions between the two countries. The two Persian Gulf nations, which belong to rival sects of Islam, are jockeying for political influence in the region and have recently clashed over the question of a cap on crude output.

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Shell CEO Urges European Governments to Keep Economy Steady After Brexit

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Ben Van Beurden, chief executive officer of Royal Dutch Shell PLC, is seen here in Perth, Australia in April 2016. Mr. Van Beurden urged Europe’s governments to keep the economy steady despite the turbulence created by the U.K.’s referendum. PHOTO: AARON BUNCH/BLOOMBERG NEWS

By SARAH KENT: June 30, 2016 5:49 a.m. ET

Speaking at a conference in London, Ben Van Beurden emphasized the benefits of a single market and free movement of people. “I hope that the future relationship between the U.K. and the rest of Europe will continue to provide conditions for economic growth,” he said.

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BRIEF-Shell CEO says UK investment programme remains at $4 bln by 2018

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Screen Shot 2016-05-21 at 10.18.28June 30 (Reuters) –

* Shell CEO says will continue to invest in the UK despite Brexit vote

* Shell CEO says $4 billion investment programme in UK by 2018 will not change

(Reporting by Ron Bousso)

SOURCE

Shell boss keen to help UK with climate change, “when it makes business sense”

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Written by Mark Lammey – 30/06/2016 5:59 am

The boss of Royal Dutch Shell (LON: RDSB) wants the oil and gas giant to play a big part in the UK’s quest to meet climate change targets, “when it makes business sense”.

Shell chief executive Ben van Beurden also expects the UK’s energy demand to level off as the country becomes more fuel efficient.

“Social, political and geographical conditions differ from country to country,” Mr van Beurden will say today at the company’s Powering Progress Together Forum. “In other words, the energy transition is likely to play out in a different way and at a different pace in different places.

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Royal Dutch Shell says UK energy demand set to fall in future

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Jessica Morris is City A.M.’s industrials reporter. Thursday 30 June 2016 12:06am

The boss of oil major Royal Dutch Shell is set to say that energy demand in the UK will fall, while urging the government to help meet the world’s climate change goals.

Ben van Beurden, chief executive of Shell, will tell an audience at a forum in London later today: “In the UK … demand for energy is likely to level off as a result of, for example, energy efficiency.

“But this does not mean the UK can sit back and relax. It has a legally binding commitment to reduce its carbon emissions by 80 per cent by 2050, from the 1990 level.”

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Royal Dutch Shell’s Recovery Will Strengthen The Rally

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Jun. 29, 2016 4:22 PM ET|

Summary

Royal Dutch Shell’s upstream business has struggled on account of lower oil price realizations, but this is about to change going forward.

With Brent now hovering around $50, the average price of oil has improved in the second quarter and this will help Shell improve its realizations in the upstream.

Shell’s upstream performance could improve further as higher inventory drawdown on the back of weakening production and stronger demand will lead to higher prices.

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Indonesia’s Pertamina picks Shell to process Iraqi crude -official

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By Wilda Asmarini: Markets | Wed Jun 29, 2016 

Indonesia’s Pertamina has selected Shell to process a million barrels per month of Iraqi crude at a Singapore refinery, a senior official at the state-owned company said on Wednesday.

The quest for oil-processing capacity abroad is partly spurred by a lack of investor interest in building domestic refineries because of unfavourable investment conditions set by the government.

“We’ve selected Shell because they are the most competitive,” said Daniel Purba, senior vice president of Pertamina’s Integrated Supply Chain unit.

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EI appoints Malcolm Brinded as president elect

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Written by  OE Staff Date created Wednesday, 29 June 2016 

The Energy Institute (EI) has appointed former executive director for Shell Upstream International, and current chairman for the Shell Foundation Malcolm Brinded CBE FREng FEI as president-elect, in addition to the announcement of several other EI appointments.

Brinded, who joined the EI’s Council in 2013, will succeed Professor Jim Skea CBE FEI as EI President in 2017 for a two-year term. He was main board executive director of Royal Dutch Shell for a decade until retirement in April 2012. His last role in a 38-year career at Shell was as executive director for Upstream International. He was previously executive director for global exploration and production from 2004 to 2009, managing director of Royal Dutch Shell from 2002, and Shell UK chairman from 1999. He is currently chairman of the Shell Foundation, a non-executive director of Network Rail, CH2M HILL and BHP Billiton.

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Shell exec expands on plan to build cracker plant in Beaver County

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Screen Shot 2016-05-21 at 10.18.28BY DAVID CONTI | Tuesday, June 28, 2016, 6:36 p.m.

Royal Dutch Shell’s decision to build a multibillion-dollar petrochemical plant in Beaver County came down to three key considerations: location, location and tax incentives.

Pennsylvania lies above the ethane the facility will consume, is close to most customers of the polyethylene it will produce, and offered the global energy giant a package of credits worth as much as $1.6 billion over 25 years.

“I can tell you, hand to my heart, that without these fiscal incentives, we would not have taken this investment decision,” Shell Appalachia Vice President Ate Visser told industry officials who gathered Downtown on Tuesday for the Northeast U.S. & Canada Petro­chemical Construction Conference.

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Idemitsu, Showa Shell Fall as Merger at Risk Amid Opposition

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By Tsuyoshi Inajima: Emi Urabe and Stephen Stapczynski: June 29. 2016

  • Idemitsu founding family opposes merger with Showa Shell

  • Family owns 33.9% stake in Japan refiner Idemitsu: statement

Japanese refiners Idemitsu Kosan Co. and Showa Shell Sekiyu KK fell one day after descendants of Idemitsu’s founder said they oppose a merger between the two companies because of Showa Shell’s ties with Saudi Arabia.

Idemitsu in Tokyo fell as much as 10.4 percent to 2,063 yen as of 11:59 a.m. local time, the biggest intraday drop since March 2011. Showa Shell fell as much as 6.6 percent, extending a 10 percent decline on Tuesday after the family announced its opposition.

Idemitsu has maintained a close relationship with Iran and descendants of the company’s founder oppose a deal in part because of heightened tensions between Iran and Saudi Arabia, according to a statement from the Daiichi-Chuo Law Office, which is representing the family. The descendants own 33.9 percent of Idemitsu, which means they may be able to use veto power on the merger at a special shareholder meeting.

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Royal Dutch Shell plc and Gemfields plc: the perfect resources partnership?

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By Peter Stephens – Wednesday, 29 June, 2016

With the price of oil having made a storming comeback since earlier this year, Shell (LSE: RDSB) now has a much brighter future than it did just a few months ago. Clearly, there are still challenges ahead for the oil major, with there being a very real possibility that the price of oil could come under further pressure. That’s especially the case if Brexit acts as a negative catalyst on global economic growth and demand for oil falls yet further.

However, even in such a situation, Shell remains an appealing play due to its size and scale. In fact, Shell would be likely to benefit from such a situation, since it could likely outlast most of its sector peers and emerge in a stronger position with greater market share when oil eventually recovers.

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Japan’s Idemitsu denies report to dilute founding family stake

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Japan’s Idemitsu denies report to dilute founding family stake

TOKYO | BY OSAMU TSUKIMORI AND TAIGA URANAKA: Wed Jun 29, 2016

Japanese oil refiner Idemitsu Kosan Co denied it plans to issue new shares to dilute its founding family’s one-third ownership, after the family issued a threat to derail a $4 billion takeover of rival Showa Shell.

Idemitsu was responding to a Kyodo News report earlier on Wednesday that said the company planned to issues new shares to an unidentified third party. Kyodo did not cite a source for its information nor the size of the potential allotment.

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Shell, BP defy market-sell off on dollar income, dividends

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Business | Mon Jun 27, 2016 7:26pm IST

** Royal Dutch Shell and BP defy a broad market sell-off after Britain’s vote to leave the EU

** Investors cite oil majors’ dollar dividends and income as key attraction points

** A weaker pound makes Shell and BP a cheaper alternative to U.S. peers Exxon Mobil and Chevron

** With dollar-based dividends, which both companies chose due to the underlying oil price, the depreciation of the pound offered automatic gains

** “The oil sector has been the perfect hedge against Brexit,” says Richard Hulf, co-manager of the Artemis Global Energy Fund, which holds shares in Shell and BP

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Will Buhari’s Visit to Niger Delta Solve Shell and Chevron Problems?

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By Staff Writer on Jun 27, 2016

Screen Shot 2016-05-21 at 10.18.28Problems of international oil and gas companies, including Shell and Chevron Corporation (NYSE:CVX), in Nigeria might end in the near future as the militant group, Niger Delta Avengers, has asked the Nigerian President Muhammadu Buhari to visit the southern region of the Niger Delta. The group has asked the President to hold a referendum in the country and to assess how the multinationals and the government are adversely impacting the locals. The talks between the two parties are expected to bring an end to the political turmoil in the country, which has been haunting Africa’s biggest economy for the past few months.

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Why Royal Dutch Shell plc’s share price could collapse 60%!

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…with the fossil fuel giant battling a gigantic $70bn debt pile as well as a sickly revenues outlook, I believe asset sales alone may not be enough to keep the balance sheet afloat, and that dividend cuts could still be on the cards.

By Royston Wild – Monday, 27 June, 2016

Despite the volatility smashing financial markets on Friday — Britain’s decision to exit the European Union caused the FTSE 100 to shunt 3.2% lower — oil sector shares proved to be extraordinarily robust.

Indeed, fossil fuel giant Shell (LSE: RDSB) saw its share price slip just 0.3% on the day. This is despite wide risk-aversion pushing Brent back below $50 per barrel, the crude benchmark shedding 5% of its value to rest at $48.50.

Steady… for the moment

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Shell drops legal attempt to extend offshore lease terms in the Arctic

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Author: Yereth Rosen: 24 June 2016

Months after abandoning its plans for oil exploration in Arctic waters off Alaska, Royal Dutch Shell has dropped its legal effort to hold onto those offshore leases.

Shell notified the Interior Department it will no longer pursue its appeals of a decision that denied extension of the company’s oil leases in the Chukchi and Beaufort seas off Alaska. The department’s Board of Land Appeals on Thursday granted Shell’s request and dismissed the case.

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Police Confirm Attack On Shell Facility In Nigeria

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Screen Shot 2016-06-07 at 23.34.38By Lincoln Brown – Jun 24, 2016

Police in the area of Imo in Nigeria have confirmed that there has been an attack on a Shell Petroleum Development Company (SPDC) facility there. The attack, which was in the Ohaji/Egbema Local Government area took place early Thursday.

One source told the News Agency of Nigeria that the attack came at 5:30 in the morning and reported an explosion that created a great deal of flame. That source could not confirm if anyone was killed in the incident.

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Oil Prices and the Brexit: What Just Happened

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IMAGE SOURCE: GETTY IMAGES.

By Matthew Dilallo: 24 June 2016

What: Crude prices tumbled on Friday after Britain’s stunning decision to leave the European Union. By mid-afternoon, oil was down 4.5% and back below $50 a barrel. The sell-off washed over into oil stocks, with British giants BP (NYSE:BP) and Royal Dutch Shell (NYSE:RDS-A)(NYSE:RDS-B) both following crude downward by more than 5% as of 12:30 p.m. EDT.

Those moves, however, were tame compared to the sell-offs of other European oil stocks, with Statoil (NYSE:STO) and Total (NYSE:TOT) down nearly 6% and 9%, respectively. Even large independent U.S. oil companies were taking it on the chin, with ConocoPhillips (NYSE:COP) just one among the many oil stocks sliding in parallel with the price of crude.

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Dutch government lowers Groningen gas output cap to 24 bcm

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Reuters: Friday, June 24, 2016

THE HAGUE, June 24 The Dutch government said on Friday it would lower the cap on production at the Groningen gas field, which has supplied up to 10 percent of European demand, to 24 billion cubic metres a year for the next five years.

The decision to lower the ceiling from 27 bcm, beginning on Oct. 1, follows a recommendation by the Dutch National Mines Inspectorate.

The Dutch government has been steadily reducing output at Groningen, prompted by a spate of earthquakes linked to production that caused extensive property damage in the northern province.

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Goldman Sachs Says Oil Isn’t Recovering

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By James Burgess – Jun 15, 2016

Goldman Sachs has rejected analysts’ opinions that the global oil market is recovering, noting that while it expects a “modest” deficit in the coming months based on the slight rebound in oil prices, the market will again be in a state of surplus by early next year.

It may seem as if oil is recovering on the back of supply disruptions that have helped to chip away at the global glut and push prices close to $50, but Goldman says that in the best-case scenario this isn’t a rebound—it’s just the first signs of one.

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Brexit and Brent

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Screen Shot 2016-05-30 at 15.37.19By Ed Crooks: June 24, 2016

In the market maelstrom that followed the UK’s referendum vote to leave the EU, the oil price took some collateral damage, with Brent crude dropping below $48 for the first time in a week. As the country sat up to watch the results come in, National Grid had to cope with the largest ever spike in night-time electricity demand.

The longer-term implications of Brexit for energy in the UK and Europe, like most other consequences of the decision, are highly uncertain. Politico and others sketched out some of the main issues, with news outlets taking a range of differing perspectives. Norton Rose Fulbright published an excellent primer, focusing on some of the key legal questions. BusinessGreen rounded up reaction from environmental campaigners and renewable energy businesses. Christiana Figueres, executive secretary of the UN Framework Convention on Climate Change, suggested before the result was known that a vote for Brexit would mean the Paris agreement on tackling global warming would “require recalibration”.

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Shell says will work with UK, EU on Brexit implications

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Business | Fri Jun 24, 2016 3:07am EDT

Royal Dutch Shell (RDSa.L) said it will work with the British government and European institutions on any implications for its business from Britain’s decision to leave the European Union, a spokesman said on Friday.

Shell, which was in favor of Britain remaining part of the EU, said its priority was to continue supplying energy to customers in Europe and the United Kingdom.

“We will work with the UK government and European institutions on any implications for us,” a spokesman said.

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The sustainability of Royal Dutch Shell’s dividend

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It is not quite true to say that the stock market is relying on the Royal Dutch Shell dividend, but since the oil company accounts for over a tenth of the total dividends paid by UK companies, a cut would be quite a shock. The shock would be terminal for Ben van Beurden, since the Shell CEO would have broken the promise made during the takeover of BG Group.

FULL FT ARTICLE

Royal Dutch Shell Has Served Notice – The Deepwater Drillers Are In Big Trouble

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June 23, 2016

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  • Eighteen months ago Shell was considering exiting shale plays and focusing on its deepwater and LNG opportunities.
  • Shell’s recent analyst day presentations revealed a company that is shifting its long term focus towards shale.
  • We think that going forward the offshore drilling rig companies have major long term challenges and investors need to be aware that pre-crash cash flows aren’t coming back.

For the small sliver of global oil production that U.S shale oil actually represents it certainly has been a disruptive force.

Total shale production (there is no significant amount outside of the United States) is currently somewhere around 4.5 million barrels per day.

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That is not much more than four percent of total current production which checks in at over 96 million barrels per day.

After having a look at Shell’s (NYSE:RDS.A) 2016 capital markets day presentation we think shale oil is going to become even more disruptive going forward for a select group of companies.

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Shell’s Ambitious Plan To Topple Exxon

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By Rakesh Upadhyay – Jun 22, 2016, 5:17 PM CDT

Ben Van Beurden, Chief Executive Officer of Royal Dutch Shell has laid out an ambitious plan to overtake ExxonMobil as the number one oil company in the world.

Prior to the 1990s, Shell was the leader in total shareholder returns, however, its rivals went on a deal-making spree to gain the lead, while Shell shied away from making any acquisitions. Now, Mr. Beurden believes that Shell will be able to regain its lost glory post the acquisition of the BG group.

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Shell works to simplify organization to compete with independents

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By Mella McEwen [email protected]: 22 June 2016

Too big. Too rigid. Not nimble enough.

Those are reasons why integrated oil companies could have a difficult time competing with independents in the unconventional shale plays that have led to a resurgence in the nation’s oil and gas industry.

Royal Dutch Shell, however, disagrees with that reasoning and this week held an event to reaffirm its commitment to the shales business, including its holdings in the Permian Basin.

Shell officials discussed how its recent $70 billion acquisition of the BG Group has impacted its outlook. The event was a mixer at Shell’s Drilling Automation & Remote Technology (DART) Center located on its Houston campus and was webcast and available by telephone.

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Shell Canada approved to resume drilling off Nova Scotia

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By Brett Ruskin, CBC News Posted: Jun 22, 2016 

Nova Scotia’s offshore regulator has given Shell Canada permission to resume drilling the first of two exploratory wells, following an incident earlier this year which saw a two-kilometre-long pipe to fall to the ocean floor.

The Canada-Nova Scotia Offshore Petroleum Board (CNSOPB) said drilling can resume Wednesday, but Shell Canada faces new restrictions that will remain in place until the regulator completes further reviews.

Shell Canada’s contracted drill ship, the Stena IceMAX, will now have to disconnect from the sub-sea well head once waves reach five metres in height. Previously, the limit was eight metres.

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Dutch Winter Gas Rises to Six-Month High Before Output Decision

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Screen Shot 2016-06-22 at 10.28.33Netherlands may decide on Groningen field production on Friday

By Rob VerdonckFred Pals: June 22, 2016 – 11:17 AM BST

Dutch natural gas advanced to the highest since December before a government decision on production from Europe’s biggest field expected on Friday.

The winter contract, for the six months from October, gained as much as 5.1 percent, according to broker data compiled by Bloomberg. Dutch Economy Minister Henk Kamp expects the government to decide on output from the Groningen field on Friday, the ANP news agency reported late Tuesday after De Telegraaf newspaper said gas extraction linked to earthquakes would be curbed by another 11 percent.

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Dutch agency calls for further cut in Groningen gas production

Screen Shot 2016-06-22 at 10.29.52The agency declined to comment.

The Cabinet is expected to announce its production plans for the field for the period after Oct. 1, 2016 on Friday, after several cuts in the past year have left it at the rate of 27 bcm on an annualized basis.

The final decision will be based on the recommendations from the agency, Groningen’s operator NAM, a joint venture of Royal Dutch Shell and Exxon, and six other parties.

A majority of lawmakers Dutch parliament have called for production to be cut as far as possible to reduce earthquakes in the northern province caused by the gas extraction.

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Oil Explorers Embrace the Sharing Economy to Drill Cheaper Wells

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Screen Shot 2016-06-07 at 23.34.38By Rakteem KatakeyJune 22, 2016 — 12:01 AM BST

The biggest oil-industry downturn in a generation has companies collaborating in ways they never thought possible.

In this global effort, one of the world’s most expensive oil regions intends to lead the way. Last month companies operating in the North Sea started pooling spare parts and tools, and they are even sharing plans on how to drill wells so they can work faster and cheaper, said Paul Goodfellow, Royal Dutch Shell Plc’s vice president for the U.K. and Ireland.

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This is a big change from oil’s boom, when costs weren’t such an issue as long as $100-a-barrel crude kept flowing. As companies focus on adapting to prices closer to $50 by making their spending less wasteful, they also aim to boost profitability for years to come by keeping costs low as markets recover.

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Shell Sees Strong Potential for Permian Basin Assets

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Bruce Palfreyman, general manager of Shell’s Permian asset group, said the company believes it has the best position in the Delaware, part of the Permian Basin in West Texas, in terms of size and rock quality. The company holds 300,000 net acres in the Delaware through its joint venture with Anadarko Petroleum Corp., with more than 5,000 future well locations on a risk basis.

Shell acquired the acreage in 2012 from Chesapeake Energy, and has spent the past three years maturing and de-risking the acreage, Palfreyman told reporters during a media event Monday in Houston to outline Shell’s strategy on its unconventional oil and gas business. The company has pursued a high-grade strategy for its Permian acreage, selling off peripheral acreage. Shell’s position in the Delaware contains 2 billion barrels of oil.

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Russia’s Gazprom eyes asset swap deals with Shell, OMV by year-end

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ST PETERSBURG, RUSSIA | BY DENIS PINCHUK AND DMITRY ZHDANNIKOVMon Jun 20, 2016 8:29am EDT

Russia’s state-controlled gas giant Gazprom (GAZP.MM) could gain control over some of the assets that Shell (RDSa.L) acquired earlier this year from BG group, a senior Gazprom executive said in an interview.

Gazprom’s Deputy Chief Executive Alexander Medvedev said the BG holdings could be included in an asset swap deal between Gazprom and Shell that was announced last year. He did not say what the BG holdings were or where they were located.

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Shell puts revamped shale arm at heart of growth drive

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Having turned round its North American shale business, Royal Dutch Shell (RDSa.L) is putting so-called unconventional energy at the heart of its growth plans, and believes lessons from the revamp can be applied across the company.

Greg Guidry, head of the Anglo-Dutch group’s unconventionals business, told Reuters a drive to slash costs and streamline decision-making had put his division largely on a par with leading rivals in terms of productivity and efficiency.

And now the rest of Shell could reap the benefits too.

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Militancy: Shell Suspends Further Repairs, Clean Up

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Militants of the Movement for the Emancipation of the Niger Delta travelling between camps. Photograph: Veronique de Viguerie/Getty Images

June 19, 2016

Sopuruchi Onwuka

Screen Shot 2016-05-21 at 10.18.28Shell Petroleum Development Company (SPDC) Limited has declared suspension of further interventions in pipeline repairs and environmental remediation in Niger Delta following relentless attacks on facilities by militants in the region.

The decision which has grim implication on government revenue, according to the company, followed second attack on the company’s Forcados export pipeline just after repairs on the first damages by militants on the offshore section of the line.

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Carbon capture: UK pays firms £30m despite scrapping projects

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Terry Macalister Energy editor: Sunday 19 June 2016

The government has handed out almost £30m to Shell and other companies for work on carbon capture and storage (CCS) despite scrapping their projects that could have played a role in beating climate change.

The National Audit Office is already investigating the way CCS has been handled but a spokesperson for the Department of Energy and Climate change said the latest tranche of cash to Shell and Drax was necessary and the knowledge could be put to good use.

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Shell spends N39 billion on social investment in Nigeria in 2015 – Official

Screen Shot 2016-06-20 at 08.19.00June 19, 2016: Premium Times

The Managing Director, Shell Group of Companies in Nigeria, Osagie Okunbor, on Sunday said that the group spent no less than $195.5 million (N39 billion) on social investments in the country in 2015.

Mr. Okunbor, who is also Shell Country Chair, disclosed this in an interactive session with newsmen in Lagos.

He said the amount made Nigeria the largest concentration of social investments spending in the Shell Group.

He said that $145.1million of this amount was paid to the Niger Delta Development Commission (NDDC) as required by law.

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Report: Shell’s Martinez refinery could be sold

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By Sam Richards , [email protected]

Screen Shot 2016-05-21 at 10.18.28MARTINEZ — Two published reports Friday say the Shell Martinez Refinery is up for sale, prompted by what are expected to be crude oil prices rising faster than gas prices at the pump.

The reports, one of them from the international news agency Reuters, say the Netherlands-based global energy company Royal Dutch Shell is looking to shed some of its smaller, less profitable refineries ahead of the anticipated price hike for crude.

The Reuters story said Shell and at least three other major oil companies, including San Ramon-based Chevron, have seen dropping profit margins from their refining operations since a peak in 2015 and want to shed some lower-profit operations before crude oil prices rise much further from recent low levels.

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Shell Midstream Partners

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No. 10: Pipeline spinoff gets off to a robust start

Robert Grattan, Houston Chronicle: June 18, 2016

Royal Dutch Shell owns one of the United States’ essential pipeline networks, transporting oil and gas from the seafloor of the Gulf of Mexico to its refineries and beyond.

But for decades, that network was a secondary interest for investors, most of whom focused on Shell’s global drilling and refining operations. So in late 2014, Shell set out to push those pipelines out of the background by spinning off Shell Midstream Partners as a public company, in which Shell holds a controlling interest.

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Short term strength

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By Ed Crooks: June 17, 2016

This week has brought evidence of contrasting short-term and long-term trends in the oil market. In the short term, demand and supply are both turning out to be stronger than many had expected. The IEA revised up its forecast for oil demand growth this year in its monthly oil market report, but added that rising production would mean global oversupply could persist into 2017.

There are early indications of an upturn in activity in the US shale industry, still faint so far, but ominous for anyone relying on a sharp rebound in crude. And Iran said its oil production had reached 3.8m barrels per day, confirming the strong growth following the lifting of sanctions that was already visible last month. Iran’s oil exports have tripled since late 2015.

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Global oil majors look to shed refineries as crude prices rebound

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NEW YORK | BY JESSICA RESNICK-AULTFri Jun 17, 2016

Global oil majors Chevron Corp and Royal Dutch Shell Plc are putting small refineries on the auction block as they look to trim lower-margin assets in the face of headwinds from rising crude oil prices.

Chevron, the second largest U.S. oil company, is soliciting interest in its Burnaby, British Columbia, refinery and gasoline stations, the company told Reuters. Shell is looking for buyers for its Martinez, California, refinery, two people familiar with the situation told Reuters. Shell declined to comment.

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Latin America must safeguard energy investors: industry leaders

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Thu Jun 16, 2016 5:48pm EDT

Latin America offers ample opportunities for the energy sector, but governments must make changes to protect investors from legal headaches, industry leaders at the World Economic Forum’s Latin America meeting in Colombia said on Thursday.

Judicial rulings regularly halt energy and mining operations in countries including Colombia, sparking worries that legal tangles would spook foreign investors as many Latin American countries battle high inflation and slowing economic growth.

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Gazprom and Shell committed to broader cooperation in LNG sector

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Gazprom and Shell committed to broader cooperation in LNG sector

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Greenpeace image relating to Shell/Russia Arctic Drilling Plans

June 16, 2016, 17:30

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Ben van Beurden, Chief Executive Officer of Shell, took place today at the St. Petersburg International Economic Forum 2016.

The parties discussed the progress of and prospects for strategic cooperation in the LNG sector, paying particular attention to the construction project for the third production train of the LNG plant on Sakhalin Island (Sakhalin II project). Design and FEED documentation are currently being prepared for the new production train.

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Western leaders, CEOs visit Russia amid sanctions fatigue

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Shell CEO Ben van Beurden bows to President Putin of Russia.

NATALIYA VASILYEVA, ASSOCIATED PRESS: June 15, 2016 Updated: June 16, 2016 1:29pm

Following a meeting with Putin, Royal Dutch Shell’s CEO Ben van Beurden and state-owned gas giant Gazprom announced plans to build an LNG plant in Russia together. France’s Total is working with Russia’s largely private gas producer on a liquefied natural gas project.

The fact that the CEOs of top American companies have in a sense defied their government shows that they put their business interests before any political considerations, analysts say.

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Militants Claim Responsibility for Another Attack in Nigeria

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By Staff WriterJun 16, 2016

Oil majors including Chevron Corporation (NYSE:CVX) and Royal Dutch Shell plc (ADR) (NYSE:RDS.A) heaved a sigh of relief when militant group, Niger Delta Avengers (NDA) agreed to hold peace talks with the Nigerian government. However, the relief was short-lived when on Thursday the militant group claimed to have blown up another pipeline owned by the Nigerian National Petroleum Corporation (NNPC).

The attack comes as a great setback for oil producers and the Nigerian government as the militant group had agreed to hold talks with them, provided certain conditions were met. The NDA tweeted from one of its unverified accounts:

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Gazprom, Shell to invest $13 bln in projects in Russia – Russian Energy Minister

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Shell CEO Ben van Beurden bows to Russian President Putin at the Kremlin: April 2014

Thu Jun 16, 2016

ST PETERSBURG, Russia, June 16 (Reuters) – Energy major Shell and Russia’s gas major Gazprom will jointly invest $13 billion in three projects in Russia, Russian Energy Minister Alexander Novak said on Thursday.

Novak said that Shell would take part in the development of Gazprom’s Yuzhno-Kirinskoye gas field offshore Russia’s Sakhalin island in the Pacific.

The two companies will also jointly invest in the Baltic Sea Liquefied Natural Gas plant and in the Sakhalin-2 LNG plant expansion.

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Gazprom, Shell sign memo on Baltic LNG project

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Shell CEO Ben van Beurden bows to President Putin

Thu Jun 16, 2016 8:11am EDT

Gazprom and Shell signed on Thursday a memorandum of understanding on construction of a liquefied natural gas (LNG) plant on the Russian coast of the Baltic Sea.

The memorandum says the companies will look into possibilities of building the LNG plant in the port of Ust-Luga with an annual capacity of 10 million tonnes.

Gazprom and Shell are already partners in Russia’s only LNG plant on the Pacific island of Sakhalin which has a capacity of 10 million tonnes per year.

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Shell & Gazprom agree Baltic LNG project

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Screen Shot 2016-05-21 at 10.18.2816 June 2016 

Russia’s Gazprom and Anglo-Dutch energy major Shell have inked a letter of understanding to begin a liquefied natural gas project at the Russian port of Ust-Luga on the Baltic Sea.

CEOs Aleksey Miller and Ben van Beurden signed the agreement at the 20th International Economic Forum in St. Petersburg.

The project aims to diversify Gazprom’s LNG sales operations and to boost its LNG portfolio.

The enterprise will reportedly include a two-train LNG plant as well as a pipeline connected to the Gazprom network. The Baltic LNG Plant will have a capacity of about 10 million tons of gas annually with an option to expand to 15 million tons. The new plant will start operating in December 2021.

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Russia’s Putin says Shell is long-term, reliable partner

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Screen Shot 2016-05-21 at 10.18.28Thu Jun 16, 2016 11:29am GMT

ST PETERSBURG, Russia, June 16 (Reuters) – President Vladimir Putin said on Thursday Royal Dutch Shell was a long-term and reliable partner for Russia.

Putin, who is attending the annual St Petersburg International Economic Forum, made his remarks after Shell CEO Ben van Beurden asked the Russian leader to help support the company’s Russian business.

Van Beurden said Shell had made a lot of progress in its Sakhalin-2 LNG project with Russian gas giant Gazprom.

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Royal Dutch Shell plc (ADR) to Increase Exposure to LNG Market

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By Staff WriterJun 15, 2016

Royal Dutch Shell plc (ADR) (NYSE:RDS.A) plans to further strengthen its foothold in the liquefied natural gas (LNG) market, as according to Reuters, the company will sign the Baltic LNG project deal with Russian energy giant, Gazprom in the coming days. The multi-billion dollar deal with London-based BG Group has already increased the company’s exposure to the LNG segment.

According to news sources, Shell CEO, Ben van Beurden, will sign the deal at the International Economic Forum in St. Petersburg. Russian President, Vladimir Putin, is also expected to attend the meeting.

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Dividends higher than pension deficits at FTSE firms

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By Simon Read: Personal finance reporter: 15 June 2016

Some 35 of the biggest UK firms with pension deficits pay more in dividends than their shortfalls, analysis shows.

Pension firm AJ Bell calculated that 54 FTSE 100 companies had paid out £48bn to shareholders a year in the past two years.

That’s almost equal to the total £52bn recorded deficit of their combined pension schemes in 2014.

“The plights of BHS and Tata Steel have brought this into focus,” said Russ Mould, investment director of AJ Bell.

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