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Posts on ‘August 24th, 2017’

Harvey, Biggest Hurricane Since 2005, Spiraling Toward Texas Coast

According to Reuters, oil and gas companies, including Exxon Mobil and Royal Dutch Shell, have halted production and are evacuating employees from their facilities in the Gulf of Mexico. 

Posted By on Thu, Aug 24, 2017 at 2:50 pm

What was a mere “tropical depression” on Wednesday has quickly turned into a grown-ass, potentially life-threatening hurricane. The National Hurricane Center has now predicted that Hurricane Harvey, the storm brewing the the Gulf of Mexico, will the Texas shores Friday night with 125 mph winds, drenching the coastline from Corpus Christi east to the Louisiana border with up to 2 feet of rain.

The NHC predicts Bexar County will be hit with up to 10 inches of rain over the weekend, and the county’s officially under a flash flood warning. Monica Ramos, a county spokeswoman, said that public works crews are preparing for heavy flooding  — especially in the city’s south side — by  monitoring creeks, drainage ways, and low water crossings as the storm grows near. read more

Oil companies evacuate workers as storm takes aim at Texas

AUGUST 24, 2017 / 12:43 AM

HOUSTON (Reuters) – Royal Dutch Shell, Anadarko Petroleum and Exxon Mobil announced they were curbing some oil and gas output on Wednesday at facilities in the Gulf of Mexico ahead of a storm expected to hit the Texas coast later this week.

The U.S. National Hurricane Center (NHC) issued a hurricane watch Wednesday for much of the Texas coast, calling for slow-moving Tropical Depression Harvey to intensify as it nears landfall.

Shell said it was evacuating all personnel from the roughly 100,000 barrel-per-day (bpd) Perdido oil and gas production platform as a precaution. Anadarko said it had shut in production and was evacuating workers from its Boomvang, Gunnison, Lucius and Nansen platforms in the Gulf of Mexico. read more

BHP Billiton unveils board shake-up as two directors depart

Shell, where Mr Brinded was a director for 10 years until 2012, is facing an investigation over alleged corrupt payments to acquire an oilfield off the shore of Nigeria in 2011.

23 AUGUST 2017 • 11:07AM

The world’s largest mining company is to shake up its board after two directors announced they would be stepping down – one after just six months.

The FTSE 100 group also announced that former Shell executive Malcolm Brinded would be stepping down after three years on the board as a non-executive.

Mr Brinded would not be seeking re-election “given his involvement in ongoing legal proceedings in Italy relating to his prior employment with Shell”, Mr Nasser said. read more

Shell Plans to Double Number of Gasoline Stations in Russia to 450

Sergey Starodubtsev, the CEO of Shell NeftRoyal, said that Dutch Shell plans to increase the number of its gasoline stations in Russia to about 450.

24.8.2017: MOSCOW (Sputnik) — Anglo-Dutch oil giant Royal Dutch Shell intends to double the number of its gasoline stations in Russia to about 450, the CEO of company’s Russian subsidiary Shell Neft, Sergey Starodubtsev, said Wednesday.

“In Russia, Shell has 227 filling stations at the moment — in Moscow, St. Petersburg and other regions of Russia, for example, in Tatarstan. Do we plan to expand the network? Yes, we plan…. Shell considers Russia one of the priority regions… At least, we are planning to double the number of gas stations in Russia in the near term,” Starodubtsev said at a press conference. read more

Shell plans to double retail sites in Russia

MOSCOW, August 23. /TASS/. Global oil major Shell will double the number of its retail sites in Russia in midterm, chief executive of Shell Neft, its Russian affiliate, Sergey Starodubtsev said on Wednesday.

“We plan to double the number of retail sites in Russia in midterm,” Starodubtsev said.

Shell now has 227 retail sites in its chain.

The company’s plants in Russia

Multinational oil and gas major plans to bring its lubricants plant in Torzhok, Tver Region, to the design capacity of 200 mln liters per year in five years, Starodubtsev has added. read more

Oil companies evacuate workers as storm takes aim at Texas

Oil companies evacuate workers as storm takes aim at Texas

AUGUST 23, 2017

HOUSTON (Reuters) – Royal Dutch Shell, Anadarko Petroleum and Exxon Mobil announced they were curbing some oil and gas output on Wednesday at facilities in the Gulf of Mexico ahead of a storm expected to hit the Texas coast later this week.

The U.S. National Hurricane Center (NHC) issued a hurricane watch Wednesday for much of the Texas coast, calling for slow-moving Tropical Depression Harvey to intensify as it nears landfall.

Shell said it was evacuating all personnel from the roughly 100,000 barrel-per-day (bpd) Perdido oil and gas production platform as a precaution. Anadarko said it had shut in production and was evacuating workers from its Boomvang, Gunnison, Lucius and Nansen platforms in the Gulf of Mexico. read more

Shell starts new work in Nigeria’s Niger Delta

Shell starts new work in Nigeria’s Niger Delta

Aug. 23 (UPI) — The Nigerian subsidiary of Royal Dutch Shell said Wednesday that hundreds of thousands of new barrels of product are expected from a project in the Niger Delta.

Shell said it started production from the second phase of its Gbaran-Ubie project in Nigeria’s Niger Delta region. The company said 18 wells have been drilled at the site already and a new pipeline connects it to a nearby plant.

Peak production is forecast at 175,000 barrels of oil equivalent per day by 2019, though most of that would be in the form of natural gas. read more

Royal Dutch Shell In The Clear

: Aug 23, 2017

Summary

  • Shell’s latest quarter was marked by successful cost reductions and acquisition-related synergies.
  • Shell seems to be able to meet its cash flow obligations without much trouble.
  • I recommend Shell for income investors, but with a few caveats.

Back on May 24th I “sounded the all clear” on Royal Dutch Shell (RDS.A) (NYSE:RDS.B). Shell, I felt, would henceforth be able to pay its dividends and capital expenditure from operational cash flow. Shell’s latest quarter was another continuation of that, with ongoing synergies from the huge BG Group acquisition two years ago and also continued opex savings. Shell’s pro-forma workforce is about 30% smaller than it was in the beginning of 2016, and while that may not be good for employees who were laid off, it is a reflection of impressive modernization and productivity gains from the company itself. read more

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