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Posts on ‘April 6th, 2017’

Union boss hits out over Shell boss’s bumper pay deal

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The huge increase was revealed in the Anglo-Dutch energy giant’s latest annual report, published yesterday.

Mr van Beurden, who took over as chief executive at the start of 2014, received a £9million-plus boost to his pension in his first year – taking total remuneration to £19.5million – followed by a pay package worth about £4million in 2015.

The big payouts coincide with a severe downturn in the oil and gas industry. Shell has already shed more than 1,000 jobs in its North Sea operations alone. read more

BP slashes CEO Bob Dudley’s pay packet by 40%

Written by Alan Shields – 06/04/2017 11:55 am

The 40% reduction, revealed today in the supermajor’s 2016 annual report, comes after a number of cost-cutting changes, including a 25 per cent reduction in bonuses handed out for hitting targets.

Dudley’s maximum payout under the firm’s long-term incentive plan is to drop from a seven times to five times his basic annual salary of $1.9million.

Last year, around 59% of shareholders opposed Dudley’s $19.4 million pay and benefits package, including his pension. read more

Shell sues former head of security for threatening to reveal secrets

By L.M. SixelApril 5, 2017

Crockett Oaks III, a former FBI agent who led the U.S. security operations of Shell Oil Co., was part of a selection committee that last year recommended the hiring of a 53-year-old man with a military background as a security adviser. But when the company directed the committee to find a younger female candidate, Oaks objected to hiring based on age or gender and was subsequently fired.

Those allegations are contained in a lawsuit filed by Oaks that is testing the limits of employee confidentiality agreements. Shell Oil, the U.S. subsidiary of Royal Dutch Shell, last week obtained a temporary court order blocking Oaks from revealing potentially damaging information about Shell’s personnel practices to support his claim. read more

Shell switches New Zealand holdings ahead of possible divestment

By Charlotte Greenfield | WELLINGTON

Royal Dutch Shell (RDSa.L) sold its stake in a New Zealand gas field while taking over the field’s operating company as part of a plan to possibly divest its holdings in the country later on, the company said Thursday.

Shell has sold its 50 percent stake in the Kapuni Gas Field, New Zealand’s second-largest, for an undisclosed price and has increased its holding to 100 percent in the joint venture that operates the field, Shell Todd Oil Services (STOS), it said in a statement. read more

Shell starts offloading its New Zealand assets

By Ben Collins: Published: Apr 5, 2017 10:13 p.m. ET

WELLINGTON, New Zealand–Royal Dutch Shell PLC (RDSA) has taken a step toward an exit from its New Zealand assets with a deal to sell its 50% stake in a natural-gas field to its local venture partner, Todd Energy.

The agreement will also see Shell take full control of a joint venture company that operates two further gas ventures in New Zealand, simplifying Shell’s operating structure as it looks to offload the assets. Financial terms weren’t disclosed. read more

Shell agrees gas supply deals in Australia

By Robb M. Stewart: Published: Apr 6, 2017 2:20 a.m. ET

MELBOURNE, Australia–Under pressure to ensure industry in Australia isn’t hit with a shortfall of natural gas, Royal Dutch Shell PLC (RDSA) said it had agreed short-term sales deals with a power supplier and a maker of explosives.

The energy company is reducing exports of gas from its QGC operation in tropical Queensland in order to supply additional gas to the domestic market this year, said Zoe Yujnovich, the recently appointed chairwoman of Shell’s Australian business. read more

Shell sells New Zealand’s oldest gas field in Taranaki to long term partner

LEIGHTON KEITH: Last updated 16:18, April 6 2017

The head of Venture Taranaki sees the sale of New Zealand’s oldest natural gas field in the region as a positive development.

Shell New Zealand country chairman Rob Jager announced the sale of the onshore Kapuni field, which was discovered in 1959, to Todd Energy on Thursday which is part of the oil giants ongoing review of its operations, announced in December 2015.

The field, 85km south of New Plymouth, was uncovered by a joint venture between Shell, BP and Todd and went into full production in 1969. read more

Shell’s QGC to sell gas to Orica, Engie as trims LNG exports

Shell’s QGC to sell gas to Orica, Engie as trims LNG exports

Shell has signed two new deals to supply gas to east coast buyers in response to mounting pressure on the Queensland LNG exporters not to let industrial customers on the east coast go short.

The short-term agreements to supply gas to Orica and power producer Engie mean that Shell’s LNG venture in Gladstone will trim LNG exports to make more available for local users, said the oil major’s new Australia chair, Zoe Yujnovich.

However Shell wouldn’t disclose its revised forecasts for LNG exports from its $25 billion Queensland Curtis venture which typically ships about eight cargoes a month from its 8.5 million tonnes a year Curtis Island plant. read more

Shell to fuel world’s first LNG-powered Aframax oil tankers

Published April 5, 2017, 10:01 PM

By Reuters 

Dubai – A unit of Royal Dutch Shell will fuel the world’s first LNG-powered Aframax crude oil tankers under a deal signed with Russian shipping company SCF Group (Sovcomflot).

Shippers are looking to liquefied natural gas (LNG) to help them meet stricter emissions regulations in 2020.

Oil tankers are “another marine segment embracing the benefits of LNG fuel,” Maarten Wetselaar, Shell’s integrated gas and new energies director, said in an announcement released on Monday. read more

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