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Posts under ‘Carbon Capture’

Investors Demand Details On Shell’s Emission-Driven Bonus Pay

By Tsvetana Paraskova – May 17, 2017, 1:24 PM CDT

In March this year, Shell said that it is proposing a Directors’ Remuneration Policy, subject to shareholder approval at the 2017 Annual General Meeting (AGM) on May 23, 2017. The policy, if approved by shareholders, will be effective until the 2020 AGM, unless shareholders approve other policies in the meantime.

The proposed remuneration policy for executives includes, among other things, new metrics for greenhouse gas (GHG) management, and these now form 10 percent of the annual bonus scorecard, Shell said.

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Pressure on BP and Shell over executive pay

Michael Klimes: 08 May 2017

“We recognise that BP have taken action to reduce executive pay and link incentives more closely with carbon reduction targets, which is positive in our view, but we’re looking into whether it goes far enough. We’re more concerned about the lack of similar progress at Shell. It’s important to us that we’re reflecting all our members’ needs as best as possible so we welcome them raising issues with us.”

FULL ARTICLE

Oil and Mining Giants Detail Road Map to Reduce Carbon by Half

by Mark Chediak: 25 April 2017, 05:01 BST

A group of companies and non-profit agencies that includes energy giants Royal Dutch Shell Plc and BHP Billiton said global greenhouse gas emissions could be cut in half by 2040 without impeding economic development, in part by converting grids to use mostly renewable power.

The declining costs of wind, solar and batteries will make it possible within 15 years to build power networks that get as much as 90 percent of their power from renewable sources while providing electricity at a cost that’s competitive with fossil-fuels, according to a report released Tuesday by the Energy Transitions Commission, a group of energy companies, investors and non-profit organizations including the Rocky Mountain Institute.

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Canadian Natural Resources Limited Got a Steal of a Deal

Matt DiLallo | March 14, 2017

Canadian Natural Resources Limited (TSX:CNQ)(NYSE:CNQ) made a big splash last week when it signed agreements to acquire several oil sands assets from Royal Dutch Shell plc (ADR) (NYSE:RDS.A)(NYSE:RDS.B) and Marathon Oil Corporation (NYSE:MRO).

Overall, the Canadian oil giant paid a massive $12.74 billion to bulk up its position in western Canada, which marked the largest acquisition in the company’s history. However, what was more impressive about the deal wasn’t the size of the purchase price, but the size of the discount the company got on the assets, which was well below the replacement cost.

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Shell CEO’s plan for a smaller carbon footprint

Patti Domm: 9 March 2017

Royal Dutch Shell‘s announcement of the sale of $7.25 billion in Canadian oil sands assets Thursday is an important step to turning itself into a company of the future — with a broader mix of energy assets and a smaller carbon footprint.

Shell CEO Ben van Beurden said the company is committed to reshaping itself and believes that renewables and new energy will play a bigger role. The company is retaining just 10 percent of its Canadian sands assets.

“We are right in the middle of transforming the company into the company of the future,” he said at the CERAWeek conference in Houston, sponsored by IHS Markit.

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Shell cuts debt with US$7.25 billion sale of Canada oil sands

9 March 2017

TORONTO (BLOOMBERG) – Royal Dutch Shell will sell almost all its production assets in Canada’s oil sands in a US$7.25 billion (S$10.24 billion) deal that cuts debt and reduces involvement in one of the most environmentally damaging forms of fossil-fuel extraction.

The company will sell all of its oil-sands interests apart from a 10 per cent stake in the Athabasca Oil Sands mining project, The Hague-based Shell said on Thursday (March 9). It will also continue as operator of the Scotford upgrader and Quest carbon capture and storage project.

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We Must Harness the Power of Carbon Capture

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Ben Van Beurden

Van Beurden is the CEO of Royal Dutch Shell

“To make investments in clean energy technologies more attractive, governments must set an effective price on CO2 emissions”

Nobody can predict the future, but it is highly likely that global energy demand will grow for decades to come. There will be more people on this planet, more people will be living in cities, and more people will be seeking a better life. “A better life” in this context does not mean a tv in every room or a new smartphone every year. It does mean adequate housing, healthcare, sanitation, and modern transport.

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Shell ties in bonuses to reinforced emissions strategy

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By Ron Bousso and Karolin Schaps | LONDON

Royal Dutch Shell plans to link part of its executive bonuses to greenhouse gas emissions and conduct more active screening of future investments to further efforts to reduce the energy group’s carbon footprint, its CEO told Reuters.

The new initiative by the Anglo-Dutch group comes in response to mounting pressure from investors to adapt to an expected flattening in oil consumption within as little as five years and international plans to phase out fossil fuels by the end of the century to combat global warming.

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Shell Canada President Michael Crothers says Canada should stick to its values

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Shell Canada President Michael Crothers (above) says “Canada should stick to its values and do something to protect the environment, regardless of what policy tack the incoming U.S. president takes.”

See CBC News article: Canada shouldn’t lose resolve for a carbon tax, says Shell exec (Published 29 November 2016)

This is the most breathtaking hypocrisy on the part of Shell and Mr. Crothers.

Shell is responsible for nightmarish pollution of the Niger Delta in Nigeria. It has already settled related litigation and more is underway:

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Big Oil Slowly Adapts to a Warming World

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By CLIFFORD KRAUSSNOV. 3, 2016

In a warming world, Big Oil doesn’t look quite so big anymore.

A global glut of oil and natural gas has sent prices tumbling over the last two years, and profits are evaporating. Improving auto fuel efficiency standards threaten to depress oil consumption eventually, and fleets of electric vehicles are gradually emerging in China and a few other important markets.

Perhaps most troubling for oil companies over the long term is the goal — agreed to last December by virtually every country in the world at a climate conference in Paris — of staving off a rise in average global temperatures of more than 2 degrees Celsius above preindustrial levels.

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Shell and BP shareholders can use votes to make firms go green, campaign group says

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Screen Shot 2016-08-04 at 14.47.05Shell and BP shareholders can use votes to make firms go green, campaign group says

Written by Mark Lammey – 29/09/2016 7:42 am

A campaign group is urging Shell and BP shareholders to use binding votes on pay plans to encourage bosses to embrace green energy, a news report said yesterday.

ShareAction said sticking with old remuneration policies that reward executives for digging for oil would lead to both companies becoming obsolete and going bankrupt, The Guardian reported.

In line with rules introduced in 2013, large companies like Shell and BP face binding shareholder votes on three-year pay policies next year, the report said.

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Alberta NDP not celebrating carbon capture milestone

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cropped-Screen-Shot-2016-09-09-at-20.58.10.jpgFrom left, Alberta Minister of Energy Marg McCuaig-Boyd, Shell Canada President Lorraine Mitchelmore, CEO of Royal Dutch Shell Ben van Beurden, Marathon Oil Executive Brian Maynard, Shell ER Manager, Stephen Velthuizen, and British High Commissioner to Canada Howard Drake open the valve to the Quest carbon capture and storage facility in Fort Saskatchewan Alta, on Friday November 6, 2015. Quest is designed to capture and safely store more than one million tonnes of CO2 each year an equivalent to the emissions from about 250,000 cars. JASON FRANSON / THE CANADIAN PRESS

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Shell to support low carbon tech companies with £350k funding

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Written by Mark Lammey – 26/09/2016 4:30 am

Shell will fork out £350,000 this year to support pioneering UK companies which develop low carbon technology.

The Shell Springboard scheme will hand £150,000 to a national champion and £40,000 each to five regional winners.

The victors will also get advice from academics, investors and policy makers, as well as access to Shell exhibitions and workshops.

The application period closes on October 28 and the winners will be announced in spring 2017.

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First carbon capture project in oilsands passes one million tonne milestone

screen-shot-2016-09-14-at-18-38-44The company, which developed the $1.35-billion Quest project with the help of $745 million from the Alberta government and $120 million from Ottawa, says the project is operating ahead of schedule and under budget.

“There isn’t a metric that hasn’t finished very strongly in green,” said Zoe Yujnovich, executive vice-president for heavy oil at Shell.

“I don’t think we can say that about many projects.”

The Quest project is designed to capture about a third of the emissions from Shell’s Scotford Upgrader near Fort Saskatchewan, Alta., turn that into a near-liquid, and then pump it over two kilometres underground into porous rock formations.

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Shell’s Ben van Beurden calls on industry to be “contrarian in the room”

Screen Shot 2016-08-29 at 18.40.18Written by Rita Brown – 29/08/2016 12:27 pm

Shell’s chief executive Ben van Beurden called on the industry to be the “contrarian in the room” and speak the “undeniable truth” about energy’s future.

The company leader addressed the delegation at this year’s ONS, tackling climate change and the influence of the Paris climate agreement.

The chief executive opened by saying: “There is a classic story about one of the most famous Norwegians of all time, the playwright Henrik Ibsen. Lying on his sickbed, he overheard his nurse saying that he was a bit better that day.

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CO2 disposal

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I read this article this morning in Google News. I thought your readers might find this interesting. The author of the article is somewhat ignorant about geology, which is why I included a number of links for further reading.

Scientists turn CO2 to stone in just two years: a solution for climate change? (+video)

Researchers at the world’s largest geothermal power plant have found a way to store carbon dioxide underground and turn it to rock.

Related articles:

As it happens to be there are very large basalt deposits in the US, India, and Siberia. In the US these are found in the central and eastern part of the state of Washington. These basalts are up to 2 miles thick in places. RDS drilled through them in the mid – 1980’s looking for oil and gas. There are also massive basalt deposits in the Snake River plain of Idaho. Basalts in the Snake River plain may be up to 5 miles in thickness. Here are some references :

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Shell CEO warns renewables shift could spell end if too swift

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By REUTERSPUBLISHED: 15:23, 24 May 2016

By Ron Bousso

THE HAGUE, May 24 (Reuters) – Royal Dutch Shell cannot switch too quickly to producing renewable energy without risking its dividend payments and even its very existence, the oil and gas group’s chief executive warned.

Major investors, including Dutch pension fund PGGM, have criticised Shell’s climate change policy in recent months, saying it should do more to mitigate climate change risks.

However, 97 percent of Shell shareholders at its annual meeting on Tuesday rejected a resolution to invest profits from fossil fuels to become a renewable energy company. The Anglo-Dutch firm had previously said it was against the proposal.

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Climate change puts trillions of dollars of financial assets at risk: study

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OSLO | BY ALISTER DOYLEMon Apr 4, 2016 4:40pm BST

Trillions of dollars of non-bank financial assets around the world are vulnerable to the effects of global warming, according to a study on Monday that says tougher action to curb greenhouse gas emissions makes sense for investors.

Rising temperatures and the dislocation caused by related droughts, floods and heatwaves will slow global economic growth and damage the performance of stocks and bonds, according to the report, led by the London School of Economics.

“It makes financial sense to a risk-neutral investor to cut emissions, and even more so to the risk-averse,” lead author Professor Simon Dietz, an environmental economist, told Reuters.

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Shell ‘failing to plan for green future’

Screen Shot 2016-05-23 at 07.34.07A statement tabled by Aiming for A, a coalition of investors, with the backing of asset managers with $5 trillion under management, calls on Shell to do more to model the impact of reduced demand for oil and gas because of new technologies.

FULL ARTICLE (PAYWALL)

Green really is the new black as Big Oil gets a taste for renewables

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Terry MacalisterSaturday 21 May 2016

The world’s largest oil companies have in recent weeks announced a series of “green” investments – in wind farms, electric battery storage systems and carbon capture and storage (CCS). These unexpected moves come hot on the heels of revelations by Saudi Arabia, the world’s biggest crude exporter, that it plans to sell off parts of its national oil company and diversify its economy away from petroleum.

They also come in the aftermath of a United Nations climate change agreement and before annual general meetings for Shell and Exxon Mobil this week, meetings at which shareholders will demand that more be done to tackle climate change.

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Oil giants should ditch high-cost projects, thinktank says

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Terry Macalister Energy editor: Thursday 5 May 2016

These leading energy companies including Exxon Mobil should ditch high-cost projects in deep water and Canadian tar sands to concentrate on cheaper schemes that make money at low crude prices, says the report, Sense and Sensitivity, by the Carbon Tracker Initiative.

The report follows shareholder resolutions calling on oil companies to undertake “stress tests” on operations in the face of stronger carbon regulation and weakening fossil fuel demand as countries move to lower-carbon economies.

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SHELL ‘NO LONGER’ SEE FUTURE IN NORTH-EAST CARBON CAPTURE PROJECT AFTER £1BN FUNDING AXED

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Screen Shot 2015-11-20 at 08.55.47BY JENNIFER MCKIERNAN POLITICAL REPORTER, 26 NOV 2015

PLANS for a £1 billion carbon capture and storage plant at Peterhead have been axed by Chancellor George Osborne in his autumn spending review.

The project, which would have been the world’s first CCS plant, had been expected to create 600 jobs in the North-east.

A spokesman for energy giant Shell said the project was not viable without UK Government funding.

He said: “While we acknowledge this decision has been made in the context of a difficult spending review, without that funding, we no longer see a future for the Peterhead project in the near term.”

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UK scraps one billion pound carbon capture technology scheme

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Screen Shot 2015-11-20 at 08.55.47“Without that funding, we no longer see a future for the Peterhead project in the near term,” a spokesman for Shell said.

LONDON | BY SUSANNA TWIDALE: Wed Nov 25, 2015

Britain has scrapped plans to spend up to 1 billion pounds ($1.5 billion) to help commercialize the technology for capturing carbon dioxide emissions from power plants and storing them underground, the government said on Wednesday, putting two major projects at risk of being canceled.

The announcement comes just days before negotiators from more than 190 countries are due to meet in Paris to thrash out a global deal to cut greenhouse gas emissions blamed for rising temperatures.

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UK government carbon capture £1bn grant dropped

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Screen Shot 2015-11-20 at 08.55.47A Shell spokesman said: “Shell is disappointed at the withdrawal of funding for the CCS Commercialisation Competition…

25 November 2015

The UK government has announced it is axing a £1bn grant for developing new carbon capture and storage (CCS) technology.

Peterhead power station and the White Rose scheme in North Yorkshire were the bidders in the competition.

Shell and SSE are behind the Aberdeenshire plans.

The energy company Drax had announced in September it was abandoning plans to introduce CCS technology in North Yorkshire.

‘Engage on implications’

In stock exchange announcement, the government said: “Today, following the Chancellor’s Autumn Statement, HM Government confirms that the £1bn ring-fenced capital budget for the Carbon Capture and Storage Competition is no longer available.

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Shell Oil Co. president touts carbon tax over piecemeal regulations

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Marvin Odum Shell Oil

Marvin Odum President Shell Oil Co

Posted on November 10, 2015 | By Jordan Blum

A carbon tax or cap-and-trade system in the U.S. — and globally — would serve the energy industry better than the current slate of piecemeal state and federal regulations, Shell Oil Co. President Marvin Odum  said Tuesday.

He acknowledged that Congress won’t take action soon in gridlocked Washington, but said that people should move beyond sound bites. Odum spoke at University of Houston’s energy symposium focusing on whether now is the right time for a carbon tax.

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Shell CEO says company committed to oilsands despite Carmon Creek decision

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LAUREN KRUGEL, THE CANADIAN PRESS: November 10, 2015

FORT SASKATCHEWAN — The CEO of Royal Dutch Shell Plc says a decision to back away from its Carmon Creek oilsands project last month does not mean it’s backing away from the oilsands in general.

Ben van Beurden told reporters last week that his company ranks investment opportunities in its global portfolio project-by-project, not region-by-region — so the whole industry cannot be painted with the same brush as the halted 80,000-barrel-a-day Carmon Creek project in northwestern Alberta.

More important than its upfront cost was the project’s “resilience” under a variety of different scenarios, said van Beurden.

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Shell says $60-$80 carbon price needed to justify carbon storage

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Screen Shot 2015-10-28 at 08.03.29Nov 6 2015, 16:59 ET | By: Carl Surran, SA News Editor

Royal Dutch Shell (RDS.A, RDS.B) unveils a $1.3B carbon capture storage project for Alberta, but says future efforts to curb greenhouse gases will continue to need financial support from governments.

Shell CEO Ben van Beurden says carbon capture and storage projects need a $60-$80 price for carbon dioxide to justify building them, more than 5x the current price of C$15/ton (US$11.27) in Alberta.

Shell’s Quest facility will extract 1M tons of the gas from its Scotford refinery each year, and the carbon dioxide will be injected into an underground saline formation ~50 miles from the plant – it is the first in North America to store CO2 in a deep saline formation.

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Screen Shot 2015-09-17 at 07.55.40DAVID HOWELL, EDMONTON JOURNAL: November 6, 2015

Fort Saskatchewan — Shell and its partners Friday opened the $1.35-billion Quest carbon capture and storage project.

It is designed to capture and store more than one million tonnes of carbon-dioxide emissions a year from the bitumen upgrader at Scotford.

Built with financial help from the Alberta and federal governments, Quest is the world’s first oilsands CCS project. Shell says it can reduce CO2 emissions from the upgrader by up to 35 per cent, an amount equal to the annual emissions of 250,000 cars.

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Exxon Inquiry Both Mirrors and Contrasts With Tobacco Industry Case

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By JOHN SCHWARTZNOV. 6, 2015

The New York attorney general’s decision to investigate Exxon Mobil over whether the company lied to the public and investors about the risks of climate change has raised questions about possible similarities to the Justice Department’s successful suit against the tobacco industry in 1997.

The new case has reprised the famous question from Watergate — What did they know, and when did they know it? — which also was an important element of that tobacco lawsuit.

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Keystone rejection tied to climate inaction frustration-Shell CEO

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Markets | Fri Nov 6, 2015 3:38pm EST

By Mike De Souza

Nov 6 (Reuters) – The U.S. rejection of the proposed Keystone XL pipeline was driven in part by protesters who are increasingly frustrated with inaction on climate change, Royal Dutch Shell Plc Chief Executive Ben van Beurden said on Friday.

Speaking at the launch of Shell’s new carbon capture and storage project in Alberta, the first Canadian project of its kind in the oil sands industry, van Beurden said anti-fossil-fuel movements are growing because of anxiety and resentment about a failure to reduce greenhouse gas emissions.

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