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Posts from ‘October, 2016’

Dutch Royals head to the races in Perth

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The Dutch King and Queen will head to the racetrack on day two of their Perth visit.

King Willem-Alexander and Queen Maxima will meet with trainers, owners and jockeys in the mounting yard, walk through the crowd and grandstand before watching the Melbourne Cup.

Fashion aficionados will be keen to see what the glamorous Argentinian-born Queen Maxima wears, given she is known for her chic sense of style.

On Monday, she stood out in a beige and green dress by Dutch designer Mattijs van Bergen with a matching fascinator, gloves and jewel-encrusted necklace. read more

Shell, Vitol boost UAE storage to handle Iraqi crude-sources

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By REUTERSPUBLISHED: 14:40, 31 October 2016

By Rania El Gamal

DUBAI, Oct 31 (Reuters) – Royal Dutch Shell and trading house Vitol are stepping up their operations in the port of Fujairah to store Iraqi crude as production from the OPEC member rises, industry sources said.

Iraq is OPEC’s second largest producer after Saudi Arabia and its output has almost doubled since the start of the decade at 4.7 million barrels per day (bpd).

With a target of 5.5-6 million bpd by 2020, Iraq wants to be exempt from the cartel’s bid to boost oil prices with production cuts to reduce a global surplus. read more

Shell eyes next oil licensing round in Norway after pulling out of latest one

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Royal Dutch Shell (RDSa.L) expects to take part in the next bidding round for exploration licences offshore Norway, after dropping out of the latest one, the head of its Norwegian unit said on Monday.

The oil major pulled its application from Norway’s 23rd Arctic-focused oil licensing round in April, saying it needed to take a break to assess its exploration plans after the acquisition of BG, and due to low oil prices.

“We are looking forward to the 24th round in order to increase our activity on the Norwegian continental shelf (NCS),” Tor Arnesen, the head of Shell’s Norwegian unit, told an oil conference in northern Norway. read more

Can Royal Dutch Shell plc Regain Its Mojo?

screen-shot-2016-10-31-at-19-00-26By Reuben Gregg BrewerOct 31, 2016

Royal Dutch Shell plc (NYSE:RDS-B) is one of a small and elite group of energy giants, competing with companies such as Chevron (NYSE:CVX) and ExxonMobil (NYSE:XOM). While this group is often, and correctly, thought of collectively as oil companies, Shell is pushing hard in a slightly different direction. So if you, as an investor, are wondering if Royal Dutch Shell can regain its mojo, you need to frame the answer in a slightly different way than you might have just a couple of years ago. read more

Confidence in enlarged Shell-BG entity

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The week ahead in business and finance

By Tara Cunningham, business reporter: 30 OCTOBER 2016 • 11:41PM

Third Quarter Results: Tuesday, November 1

Confidence in enlarged Shell-BG entity was rattled after a very disappointing set of second quarter results, when it missed consensus forecasts by 52pc. Ahead of Tuesday’s interim results, analysts at UBS warned: “We don’t think it is reasonable to expect a significant uptick in earnings”.

Even though Royal Dutch Shell has a track-record of “volatile” quarters across the year, the bank highlighted that management have already been “quite explicit” in indicating that 2016 is likely to be “quite messy”. read more

Gas station loses Shell branding after controversial pro-Trump sign

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Jessica Jaglois, WKRN: Published: October 29, 2016, 8:35 pm

NASHVILLE, Tenn. (WKRN) – A Tennessee gas station that’s received national attention for a pro-Trump sign is now getting major backlash.

According to the owners of Lewis Country Store in Nashville, Shell Corporation ended its contract with them because of the sign.

The sign in question said “The only p**** Trump ever grabbed was Paul Ryan. #Trump that b****.”

As of Midnight Friday, Shell allegedly ended its contract with the store. read more

Faster transition

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By Ed Crooks: 28 October 2016

The lesson of history is clear: energy transitions take a long time. Sometimes, though, the world passes a milestone that gives a sense of how the energy system is progressing. The news this week that global power generation capacity in renewable energy is greater than in coal-fired plants looked like one of those signs that the industry really is changing.

Now, capacity is one thing and generation is another. Renewables still provided only 23 per cent of the world’s power last year, well behind coal’s 39 per cent.  But the data published by the International Energy Agency are a reminder that, in the words of BP chief economist Spencer Dale, “it’s possible that we will see forces leading to a faster transition coming from a number of different fronts”. He still expects wind, solar and biomass to be only 10 per cent of the world’s energy by 2035, though.  read more

‘We sold Shell as its dividend looks shaky’

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Shell’s acquisition of rival company BG is likely to hurt its finances, making its dividend look more uncertainCREDIT: ARND WIEGMANN

By Laura Suter28 OCTOBER 2016 • 8:59AM

Tom Walker, manager of the Martin Currie Global Portfolio, has 59pc of his fund’s assets in American companies. While he is concerned about the outcome of the election, he does not think a Trump win will necessarily be terrible for the American economy or for the companies he invests in.

Mr Walker, who has run the fund since its launch, tells Telegraph Money why he recently invested in one giant Chinese firm and why he cut Royal Dutch Shell from the portfolio. read more

The Niger Delta Avengers are back — and they’ve got big oil in their crosshairs

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Tom DiChristopher: 26 Oct 2016

The Niger Delta Avengers resumed their campaign of sabotage on Tuesday, potentially kicking off a return to the serial bombings the militant group carried out earlier this year.

Those attacks sent Nigerian crude output to a more than decade-low and deepened an economic crisis in the Western African nation brought on by persistently low oil prices. Analysts say the government has been slow to advance a coherent response, and in the absence of an effective strategy, the conflict will likely escalate, putting Nigeria’s recovery in question and global oil supply at risk. read more

Shell threatened with Dutch lawsuit over activist’s death in Nigeria

screen-shot-2016-10-26-at-17-50-47By Kathryn Higgins: 26 Oct 2016

Esther Kiobel has accused Shell of being complicit in the murder of her husband, anti-oil activist Barinem Kiobel who was executed by the Nigerian military in 1995. Court documents filed in New York last week show that Ms Kiobel plans to commence legal action against the company before the end of this year, with Shell’s home country the Netherlands the most likely setting for the legal showdown. The application in New York is an attempt to secure key documents from Shell’s lawyers that could be of use in the Dutch action. read more

Contractor fatally injured at Shell Canada Alberta frack site

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Written by Niamh Burns – 26/10/2016 7:35 am

An energy contractor working at a Shell Canada site has been killed in an accident, according to reports.

The 47-year-old was fatally injured in the workplace incident near Fox Creek, Alberta, on Sunday.

He was an employee of Secure Energy Services and was working at the Shell Canada site 260km northeast of Edmonton.

It’s understood the man had been struck by a hose.

An Occupational Health and Safety spokeswoman said: “The work site was situated by the side of a river and the workers were pumping water to a different location for wellsite activities. read more

Shell To Resume Exports From Terminal Attacked By Militants

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By Erwin Cifuentes – Oct 25, 2016, 5:26 PM CDT

The Nigerian presidency on Tuesday issued a statement affirming that Royal Dutch Shell will resume exports from the Forcados terminal in the Niger Delta region.

“The Shell Director, Mr. Andrew Brown, informed the President of the resumption of oil exportation through the Forcados terminal following its restoration,” the Nigerian presidency said following a meeting between Brown and President Muhammadu Buhari.

Operations at Forcados had been halted after an attack last February against the facility attributed to the Niger Delta Avengers (NDA). Some 250,000 to 300,000 barrels of crude were produced prior to the assault. read more

BP, Shell Help Lift Oil-Trading Profitability to 6-Year High

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By Javier Blas and Andy Hoffman: October 26, 2016

The trading arms of Royal Dutch Shell Plc and BP Plc enjoyed their best year ever in 2015, helping push the combined gross margins of oil merchants to a six-year high, according to a closely watched report.

Oil traders last year “stormed ahead, thanks to low, volatile spot prices that created cash-and-carry opportunities,” consultancy Oliver Wyman said in its annual review of the commodities-trading industry published Wednesday.

These gross margins — a rough measure of profitability — rose to a combined $19 billion, the highest since 2009, when oil traders benefited from big price swings and oversupplied markets. For commodities traders in general, total gross margins stagnated at $44 billion for the second consecutive year as natural gas, power and other markets underperformed oil. read more

Shell resumes crude exports from Nigeria’s Forcados terminal-Nigerian government

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by Reuters: Tuesday, 25 October 2016 18:42 GMT

By Felix Onuah

ABUJA, Oct 25 (Reuters) – Royal Dutch Shell has resumed crude exports from the Forcados terminal in Nigeria’s restive Niger Delta following repairs after a militant attack, the Nigerian presidency said on Tuesday.

There was no immediate comment from Shell.

“The Shell Director, Mr. Andrew Brown, informed the President of the resumption of oil exportation through the Forcados terminal following its restoration,” the presidency said after a meeting between Brown and President Muhammadu Buhari. read more

Offshore drilling ‘incident’ a harrowing warning

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By PETER PUXLEY: Tues., Oct. 25, 2016

Shell Oil’s Stena IceMAX drill ship, drilling for oil on March 5th, two kilometres below the surface of the Atlantic on the edge of the Scotian Shelf, was the site of what regulators euphemistically call an “incident.”

Battling unexpectedly high waves, the drill ship crew successfully secured the well and disconnected the ship from the wellhead to protect the operation. Shortly after, the riser, a 2,100 metre-long protective series of 21-inch diameter pipes, each weighing 20 tonnes, broke free of the drill ship before it moved clear of the site. The riser pipes fell to the ocean floor missing the wellhead by a mere 12 metres. read more

Royal Dutch conspired with the Nigerian government

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Esther Kiobel filed a briefin the Southern District of New York on October 12 seeking permission to issue subpoenas against Cravath, Swaine & Moore. The request was for the production of documents for a lawsuit expected to be filed in the Netherlands. The lawsuit is connected to a previous case in which Kiobel was a lead plaintiff, Kiobel v. Royal Dutch Petroleum. In this case, Kiobel alleged human rights and civil liberty violations against the oil and gas giant’s operations in Nigeria’s Ogoni region. The Dutch case, expected to be filed in late 2016, intends to allege that Royal Dutch conspired with the Nigerian government to commit human rights violations against the Ogoni people. Cravath represented Royal Dutch in the U.S lawsuits and this application intends to obtain the discovery from those cases. read more

Dutch companies want next government to focus on shift to clean energy

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screen-shot-2016-10-20-at-23-00-27Dozens of Dutch companies called on the country’s next government on Tuesday to establish an independent climate authority, environment minister and national investment bank to speed up the shift to clean energy.

The rare call for more government came from 39 companies, including oil giant Royal Dutch Shell, insurer Aegon and engineering consultancy Arcadis.

They argued that future Dutch leaders must adopt a comprehensive “climate law” after the general elections next March 15 that would establish bodies to oversee policies needed to meet targets set out in the 2015 Paris climate accord. read more

Malabu malady

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October 24, 2016

Dan Etete was the miserable fellow who as Minister of Petroleum Resources under the late junta Gen. Sani Abacha in 1998 awarded this massive oil block to his firm, Malabu Oil and Gas. But he was not alone, he had numerous other cronies, including Abacha’s son.

Shell Petroleum Development Company is the conniver-in-chief and perhaps the lead player in this graft theatre.

Today, a committee of the House of Representatives is reviewing the Malabu malfeasance. But Mr. Abubakar Malami, the Minister of Justice and Attorney-General of the Federation, says the matter is too complex if not confusing for his office to understand. read more

Shell Among New LNG Sellers for Asia Gas Hub Contender Singapore

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By Ann KohSerene Cheong and Dan Murtaugh: Oct 24, 2016

Singapore, which is vying to become a regional center for the trading of liquefied natural gas in Asia, picked Royal Dutch Shell Plc and Pavilion Gas Pte Ltd. as its next suppliers of the fuel.

The companies will have exclusive rights to sell 1 million metric tons of LNG annually for up to 3 years, with imports beginning in 2017, the city-state’s Energy Market Authority said in a statement. The country will also consider spot purchases of the supercooled fuel and piped natural gas on a case-by-case basis, S. Iswaran, the Minister of Industry, said at the Singapore International Energy Week conference on Monday. read more

Singapore awards new LNG import licences to Pavilion Gas and Shell Eastern Petroleum

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By Ann Williams

SINGAPORE – Pavilion Gas and Shell Eastern Petroleum have won exclusive contracts to supply Singapore with its next tranche of liquefied natural gas (LNG), beating out Sembcorp Industries and BG Singapore Gas Marketing.

“These two companies were selected on the basis of the reliability, flexibility and competitive-pricing of their LNG supplies,” said Mr S. Iswaran, Minister for Trade and Industry (Industry). “They have also secured strong support from buyers.” read more

Singapore awards LNG import licences to meet future demand

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* Pavilion Gas, Shell win Singapore LNG import licences

* Importers offer shorter term contracts, alternate indices

* Immediate rise in LNG demand unlikely – traders (Updates story with Shell’s comments, details)

screen-shot-2016-10-20-at-23-00-27By Mark Tay: SINGAPORE, Oct 24

Pavilion Gas and Shell Eastern Petroleum have been appointed as importers of liquefied natural gas (LNG) into Singapore, the trade minister said on Monday, as the city-state gears up to take more LNG.

Singapore, which relies almost exclusively on gas for electricity generation, currently takes the bulk of its gas via pipelines from Malaysia and Indonesia but is expected to boost LNG shipments in coming years. read more

Shell’s $30bn divestment programme: What we know so far

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Written by Mark Lammey – 22/10/2016 5:30 am

Oil and gas giant Shell plans to sell $30billion worth of assets from 2016 to 2018 to offset the cost of its $50billion takeover of BG Group, which was completed in February.

By the end of June, 2016, Shell had completed deals worth $1.5billion, according to its half-year results update.

Of that sum, $820million was generated by offloading interests in Shell Midstream Partners, while $560million came from the sale of property, plant and equipment and businesses. read more

BRIEF-Brazil’s Cosan, Shell negotiate new Raizen ownership deal – paper

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screen-shot-2016-10-20-at-23-00-27Brazil’s Cosan SA and Royal-Dutch Shell are in advanced talks to define the ownership of their joint venture Raizen formed in 2011, according to a story published in the Valor Economico newspaper on Friday

* A new accord between the two stakeholders of the 50-50 joint venture Raizen has not be formalized

* Cosan did not comment on the report and Shell is in its quiet period ahead of earnings, the paper said

* The current accord between the parners gives both sides the right to buyout the other after the 10th and 15th year from the formation of Raizen read more

Irish Supreme Court orders that Peter Sweetman must pay Shell’s costs in challenge to Corrib planning

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Here (Sweetman v Shell), the Supreme Court held that Part 2 of the Environmental (Miscellaneous Provisions) Act 2011 (Costs of Certain Proceedings to be Borne by Each Party in Certain Circumstances) (link) does not act retrospectively. Charleton J stated: This is because the award of costs is not essentially procedural. An expectation as to the recovery of costs affects both the decision to commence a case and the necessary and legitimate prediction that it would be funded if successfully prosecuted or successfully defended by the party required to answer a legal action. Laffoy J and Dunne J concurred.  read more

Royal Dutch Shell – Additional Divestments In Order To Sustain The Dividend

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Oct. 21, 2016 10:17 AM ET

Summary

  • Shell is announcing further divestments, this time selling part of its shale operations in Canada.
  • These moves do little to address the giant debt load, although they allow for cash flow neutrality this year.
  • Asset sales, resulting in smaller operations, combined with shareholder dilution hurt the long term potential as management stubbornly tries to preserve the dividend.

Royal Dutch Shell (RDS.A) announced another round of divestments in order to keep leverage under control, even as oil prices have rebounded a bit in recent times. These modest divestments are countercyclical and hurt production quite a bit in relation to the proceeds. At best cash outflows come to a standstill this year following these moves, although they result in a smaller business going forward, while investors see dilution of the shareholder base in order to sustain the unsustainable dividend. read more

Survival in the harsh conditions of the oil downturn

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By Ed Crooks: October 21, 2016

The mood at the Oil and Money conference in London, the big energy event of the week, was a case of mixed emotions: cheer over signs of a near-term pick-up in the market, and concern over longer-term threats to demand.

The headlines were made on Wednesday by a clash between two of the biggest names in energy: Khalid al-Falih, energy minister of Saudi Arabia, and Rex Tillerson, chief executive of ExxonMobil. In his keynote speech, Mr al-Falih warned of the risk of “a shortage of supply” in future years because of plunging investment in oil production. Speaking minutes later, Mr Tillerson suggested he did not expect a collapse in supplies, because US shale provided “enormous spare capacity” to meet rising demand. read more

Shell divests non-core shale acreage in Western Canada for total consideration of US$1 billion

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Oct 20, 2016, 17:26 ET

CALGARY, Oct. 20, 2016 /PRNewswire/ – Royal Dutch Shell plc, through its affiliate Shell Canada Energy (“Shell”) today announced it has agreed to sell approximately 206,000 net acres of non-core oil and gas properties in Western Canada to Tourmaline Oil Corp. for a total consideration of approximately $1,037 million (C$1,369 million). The consideration is comprised of $758 million in cash and Tourmaline shares valued at $279 million. Subject to regulatory approvals the transaction is expected to close in the fourth quarter of 2016. read more

Court fixes date for FG’s suit against Shell over $406.7m crude oil theft

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Court fixes date for FG’s suit against Shell over $406.7m crude oil theft

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By NAN   |   20 October 2016   |   11:36 am

A Federal High Court in Lagos on Thursday fixed Dec. 8 for the hearing of a suit filed by the Federal Government against Shell Western Supply & Trading Ltd over alleged 406. 75 million crude oil theft.

The suit no. FHC/L/CS/336/16 was filed by FG’s Counsel, Prof. Fabian Ajogwu (SAN) before Justice Mojisola Olatoregun.

Defendants in the suit are Shell Petroleum Development Company of Nigeria Ltd and its subsidiary — Shell Western Supply & Trading Ltd. read more

Shell selling 16 upstream assets worth more than $500 mln

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cropped-Screen-Shot-2016-09-09-at-20.58.10.jpgRoyal Dutch Shell is currently offering 16 assets worth more than $500 million for sale as part of its vast $30 billion three-year asset sales programme, the oil and gas company’s head of upstream Andy Brown said on Wednesday.

The Anglo-Dutch company launched the programme to reduce its debt following the acquisition of BG Group earlier this year. Uncertainty over the future oil price has led to a sharp slowdown in deal making in the sector in recent years.

“There are 16 assets currently in the market that are above $500 million in value,” Brown told the Oil and Money conference in London. read more

Son of Nigeria’s Ken Saro-Wiwa dies

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The son of renowned Nigerian environmental activist Ken Saro-Wiwa, who was executed more than 20 years ago, has died in London.

Ken Saro-Wiwa Jr, 47, passed away after suffering a stroke, his family say.

He was a journalist who became a presidential adviser.

The 1995 execution of his father by a military government for leading protests against environmental degradation caused by the oil industry sparked global outrage.

Saro-Wiwa Sr led the Movement for the Survival of the Ogoni People (Mosop), which accused oil multinational Shell of destroying the environment in his home region of Ogoniland in south-eastern Nigeria. read more

Fitch: Batteries could be key disruptor to oil industry in “investor death spiral”

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Oct 18 2016, 12:45 ET | By: Carl Surran, SA News Editor

Oil producers such as ExxonMobil (NYSE:XOM), Chevron (NYSE:CVX) and Royal Dutch Shell (RDS.A, RDS.B) must prepare for radical change as adoption of new technologies like electric cars could happen faster than originally anticipated, according to a new report from Fitch Ratings.

“Widespread adoption of battery-powered vehicles is a serious threat to the oil industry,” and an acceleration of the electrification of transport infrastructure could create an “investor death spiral” as investors flee the oil patch, Fitch warns. read more

How electric cars could smash BP plc and Royal Dutch Shell plc

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By Harvey Jones – Tuesday, 18 October, 2016

Investors in UK-listed oil giants (LSE: BP) and Royal Dutch Shell (LSE: RDSB) have been paying close attention to the oil price because they know that unless it climbs higher, their juicy 7%-plus dividend yields will be in jeopardy. However, they need to look to more distant horizons, because even if the oil price does climb a little higher this year, the long-term outlook is mixed.

Golden years

I’ve always thought ‘black gold’ to be a rather daft a description for oil, given that gold has few practical uses but the global economy runs on crude. However, that may not always be the case, due to the rise of electric vehicles and renewable energy. A new report from the World Energy Council suggests these two trends could hit demand for oil sooner and harder than expected. Oil consumption could actually start falling within the next 10 to 15 years and if correct, this would play havoc with the investment case for BP and Shell. read more

Shell retains Deutsche Bank to seek buyer for California refinery

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By Jessica Resnick-Ault | NEW YORK

Oct 18 2016

Royal Dutch Shell plc has retained Deutsche Bank to sell its Martinez, California refinery, according to three people familiar with the matter.

Shell is in the midst of a three-year, $30 billion divestment plan following the company’s purchase of BG Group earlier this year.

A Shell spokesman said the company would not comment on “rumor or speculation.” Deutsche Bank declined to comment.

The refinery, located 30 miles (48 km) northeast of San Francisco, has been operating since 1915. It can process about 165,000 barrels of crude oil daily into gasoline, jet fuel, diesel and other refined products. It has a coker unit used for processing heavy grades of crude. read more

Esther Kiobel Torture Case Against Shell Returns to NYC: John Donovan’s role

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US COURT DOCUMENT FILED 12 OCTOBER 2016

Published Friday 14 October 2016.

MANHATTAN (CN) — Dusting off Supreme Court defeat following one of biggest human-rights battles in decades, a Nigerian woman accusing Royal Dutch Shell of conspiring to torture environmental activists in her homeland returned to New York to prepare for new litigation in the Netherlands.

Esther Kiobel filed her latest lawsuit in Manhattan Federal Court on Wednesday, seeking information to take on the oil giant near its international headquarters. read more

This Billionaire Just Joined The Race For A Major Shell North Sea Oilfield

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By Irina Slav – Oct 17, 2016, 8:55 AM CDT

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Jim Ratcliffe, the billionaire owner of chemicals conglomerate Ineos, will bid for Shell’s Buzzard oilfield in the North Sea valued at around US$2.2 billion (GBP 1.8 billion). The sale is part of Shell’s debt reduction plans, following its multibillion acquisition of gas major BG Group earlier this year. Total proceeds from asset sales are seen at up to US$30 billion (GBP 24.6 billion).

For Ratcliffe, if his bid wins, the deal would represent a much sought-after expansion into the energy industry of the country. His bid for Buzzard is the latest in the North Sea, after last year, Ineos acquired all the gas fields operated by German DEA Group in the U.K. North Sea shelf. The Buzzard field became property of Shell after the acquisition of BG Group. Ineos is also the owner of the only oil refinery in Scotland. read more

Japan deal complications put Shell asset sales goal at risk

screen-shot-2016-10-18-at-10-39-37by: Andrew Ward, Energy Editor: 18 Oct 2016

Fresh from completion in January of its $50bn takeover of BG Group in the biggest oil and gas deal for a decade, Royal Dutch Shell is trying to sell $30bn of assets to pay off some of the debt that helped finance the acquisition.

Unfortunately for Shell, raising money from M&A is proving harder than it was to spend. At the end of June, proceeds from completed disposals stood at just $1.5bn.

FULL FT ARTICLE

Shell faces possible Dutch lawsuit over Nigerian activist’s execution

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By Tom Bergin | LONDON

The widow of a Nigerian activist is planning to sue Royal Dutch Shell in the Dutch courts alleging the oil company was complicit in the execution of her husband by the Nigerian military in 1995, court documents filed in the United States last week show.

Esther Kiobel has filed an application in New York to secure documents from Shell’s U.S. lawyers, which she could use in the Dutch action.

The filings with the U.S. District Court for the Southern District Court of New York said she planned to begin that action before the end of the year. read more

Shell struggles to keep lavish divis gushing

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Danny Fortson: October 16, 2016

Something, at some point, has to give at Shell.

Chief executive Ben van Beurden made an epic bet last year when he agreed to pay £35bn to take over rival BG. The deal, struck in the midst of an oil and natural gas price downturn, was predicated on a recovery that has yet to materialise.

The longer the price slump goes on, the greater the strain on Shell’s balance sheet. And the harder it will be to make good on van Beurden’s pledge to sell $30bn (£24.6bn) of assets by 2018 to offset the cost of BG. read more

Lament for Royal Dutch Shell

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Kashagan AKA “Cash All Gone”

Forgot the initial cost estimate, probably around $8-10 billion. Now 10+ years too late and ballooned to $50 billionMost normal companies would have gone bust long ago.

Shell inherited some beauties from the boys of the roaring 90s. I hope someone will write a book one day on this era. 

Reserve crisis, Pearl, Sakhalin, Kashagan, Alaska, tarsands, and I must have forgotten a few. Repeated over-promise and under-delivery. All many billions over budget, extreme overruns in startup, loss in AAA status, removal of operational and technical expertise. I find the silence on Prelude ominous. Probably goes the same way as the others. read more

The global market is still awash with crude

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By Ed Crooks: 14 October 2016

As the new Nobel prize-winner for literature once put it, something is happening here. The successful IPO this week by a US exploration and production company, Extraction Oil & Gas, was the first in the sector since crude prices started to slide in the summer of 2014. Along with the slide in energy junk bond yields, and signs of a corresponding thaw in E&P junk bond issuance, which has been essentially frozen all year, it is clear evidence that investor confidence in the US oil industry is returning. read more

Nigeria: U.S.$1.1 Billion Malabu Oil Deal – Investigations Are Ongoing, Says AGF

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By Damilola Oyedele: 14 October 2016

Abuja — The Attorney General of the Federation, Mr. Abubakar Malami, has said investigations are still ongoing into the controversial $1.1 billion award of Oil Prospecting Licence 245, also know as the Malabu oil deal, with no conclusive position by the federal government.

Malami said this yesterday when he appeared before the House of Representatives ad hoc committee mandated to re-open investigations into the sale of the controversial oil block, where he added that the government would not take a position until all complexities in the deal are resolved. read more

Oil From $50 Billion Kashagan Field Starts Flowing to Export

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By Nariman Gizitdinov: 14 October 2016

Kashagan, a vast oil field in the Caspian Sea, sent its first crude for export after about 16 years in development and more than $50 billion of investments.

The venture loaded 26,500 metric tons of crude for export into the country’s pipelines, Kazakhstan’s Energy Ministry said in an e-mailed statement. Of that, 7,700 tons was sent to the Caspian Pipeline Consortium. Reaching stable production will take “some time” as commissioning work continues both offshore and onshore, the ministry said.

The project has been plagued by multiple delays and cost overruns. A 2008 budget estimate of $38 billion jumped to $53 billion by the end of last year as the partners replaced undersea links after sour gas cracked the pipes. The crude from Kashagan is reaching an already saturated market, with prices at less than half the level of 2013 when the project hit a setback. Expectations for the field’s exports even prompted OPEC to flip supply predictions for next year. read more

Shell Said to Consider Sale of $1 Billion Malaysia LNG Stake

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cropped-Screen-Shot-2016-09-09-at-20.58.10.jpgBy Elffie Chew and Joyce Koh: 14 October 2016

Royal Dutch Shell Plc is considering a sale of its stake in a Malaysian liquefied natural gas export plant, which could fetch more than $1 billion, people familiar with the matter said.

Shell is gauging interest in its 15 percent stake in MLNG Tiga Sdn., which owns an LNG terminal in Sarawak on the island of Borneo, according to the people. The sale may draw interest from private-equity firms, the people said, asking not to be identified as the process is private. Malaysia’s state-owned Petroliam Nasional Bhd., which holds 60 percent of MLNG Tiga, has pre-emptive rights on the stake, one of the people said. read more

Shell May Snag 95% Discount on Next-Generation Ethanol Plant

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cropped-Screen-Shot-2016-09-09-at-20.58.10.jpgBy Mario Parker: 13 October 2016: Updated onOctober 14, 2016

Royal Dutch Shell Plc is set to pay $26 million for Abengoa SA’s ethanol plant that cost it and taxpayers about $500 million to build.

Shell’s so-called stalking-horse bid, which is subject to court approval, was disclosed in documents filed Wednesday with Kansas District’s U.S. Bankruptcy Court. If Abengoa receives competing bids, an auction will be held Nov. 21 for the 25 million-gallon-a-year-plant, the filings show. The bid was confirmed by Mark Kisler, managing director at Ocean Park Advisors, Abengoa’s consultant. read more

Shell Oil bids $26 million for Abengoa’s advanced biofuel plant

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By Chris Prentice | NEW YORK

Royal Dutch Shell Plc’s U.S. arm has offered more than $26 million to buy Abengoa SA’s cellulosic ethanol plant in Kansas, according to documents filed late Wednesday in bankruptcy court.

Shell’s initial bid on Abengoa’s bankrupt biofuels asset marks the oil major’s latest push into renewable fuels as the U.S. government is getting its over decade-old biofuels policy back on track following years of regulatory delays.

“This move is in line with Shell’s strategy to develop biofuels” that use sustainable feedstocks, Shell spokeswoman Natalie Mazey said in an emailed statement. read more

Shell says it remains committed to Showa Shell stake sale despite hangup

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Oct 13 2016, 14:58 ET | By: Carl Surran, SA News Editor

Royal Dutch Shell (RDS.A, RDS.B) says it remains committed to selling the majority of its stake in Japanese venture Showa Shell to refiner Idemitsu after the Japanese entities announced an indefinite delay of a planned merger.

The founding family of Idemitsu, which controls a 33.9% stake in the refinery, opposes the merger, although the company says it has not changed its plan to buy a one-third stake in Showa Shell for ~¥170B ($1.7B) this month or next. read more

Shell North Sea Sale Said to Draw Ineos, Siccar Point Bids

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cropped-Screen-Shot-2016-09-09-at-20.58.10.jpgBy Dinesh Nair: 12 October 2016

Royal Dutch Shell Plc has invited binding bids from parties including Ineos AG and Blackstone Group LP-backed Siccar Point Energy for the sale of some of its U.K. North Sea assets worth about $2 billion, according to people familiar with the matter.

North Sea-focused energy explorer Chrysaor Holdings Ltd. has teamed up with U.S. private equity firm EIG Global Energy Partners to submit a second-round bid before the Wednesday deadline, the people said, asking not to be identified as the information is private. No final agreements have been reached, they said. read more

Royal Dutch Shell: The Turnaround Will Continue

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screen-shot-2016-10-06-at-13-11-55Alpha Investor: 12 October 2016

Summary

Royal Dutch Shell shares have received a boost in the past month on the back of an improvement in oil prices, a trend that is likely to continue.

There was excess oil demand of 500,000 bpd in the third quarter as against supply due to production cuts across the globe and robust demand, leading to an inventory correction.

Oil prices will rise further as Saudi Arabia, Russia, and the U.S. are all intent on reducing the industry oversupply, which will lead to further inventory declines. read more

Shell, BP Hold Lure of Higher Payouts After Brexit Hurts Pound

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screen-shot-2016-10-06-at-13-11-55By Rakteem Katakey: October 12, 2016

The British pound’s slump to a 30-year low is handing a windfall to U.K.-based shareholders of Royal Dutch Shell Plc and BP Plc.

The currency’s decline means the two oil companies are making higher payouts to U.K. investors when they distribute their dollar dividends in pounds. Shell and BP have pledged to prioritize defending their dividends through oil’s biggest downturn in a generation.

The companies have maintained their payouts for the past two years and shareholders who have stayed invested through crude’s slump are likely to get additional cash in the U.K. currency as the pound remains weak following Britain’s June 23 decision to exit the European Union. The potential for higher cash payouts is driving up the companies’ London-listed shares. U.S. investors get no benefit from the currency’s more than 17 percent slide against the dollar in the period, which makes the pound the worst performer among major currencies. read more

Shell Says Aluminum Ruling Helps Kill Oil Antitrust Claims

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Law360, New York (October 12, 2016, 9:50 PM EDT) — Two Royal Dutch Shell PLC affiliates accused of market manipulation told a New York federal court Wednesday that derivative traders lack standing to assert antitrust claims, citing another judge’s recent decision nixing claims in multidistrict litigation accusing Goldman Sachs & Co. and others of manipulating aluminum prices.

The Shell companies are part of multidistrict litigation accusing various oil companies of manipulating the price of North Sea Brent crude oil and Brent crude oil futures, by engaging in fraudulent physical trades and systematically submitting information about those… read more

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