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California cities sue big oil firms over climate change

Gary McWilliams: SEPTEMBER 21, 2017 / 2:34 AM

(Reuters) – California cities San Francisco and Oakland filed separate lawsuits against five oil companies on Wednesday seeking billions of dollars to protect against rising sea levels they blamed on climate change, according to public documents.

The lawsuits, filed in state courts in San Francisco and Alameda Counties, alleged Chevron Corp, ConocoPhillips, Exxon Mobil Corp, BP Plc, and Royal Dutch Shell Plc, created a public nuisance and asked for funds to finance infrastructure to deal with rising sea levels. read more

San Francisco sues Big Oil for billions over climate change claiming they knew the dangers for decades

‘Instead of owning up to it, they copied a page from the Big Tobacco playbook,’ says San Francisco’s city attorney

The Golden Gate Bridge across San Francisco Bay

The US cities of San Francisco and Oakland are suing five of the world’s largest oil companies for the coasts of walls and other defences against rising sea levels, saying the industry made vast profits from fossil fuels while knowing they were causing “an existential threat to humankind”.

Drawing a direct comparison to the tobacco industry’s sale of cigarettes despite knowledge of the health risks, the city attorneys announced they had filed separate lawsuits against BP, Royal Dutch Shell, Exxon Mobil, Chevron and ConocoPhillips. read more

SF, Oakland sue top five oil and gas companies over climate change

San Francisco and Oakland on Wednesday announced lawsuits against five major oil and gas companies. (Courtesy photo)

The lawsuits against Chevron, ConocoPhillips, Exxon Mobil, BP and Royal Dutch Shell claim the companies have known for decades that global warming and sea level rise were accelerated by the investor-owned producers of fossil fuels, but the companies still continued to “aggressively produce, market and sell vast quantities of fossil fuels for a global market”

By on September 20, 2017 10:59 am

The cities of San Francisco and Oakland have filed separate lawsuits against five major oil and gas companies for allegedly contributing to the costs of climate change and sea level rise by producing massive amounts of fossil fuels, city leaders announced Wednesday.

The lawsuits against Chevron, ConocoPhillips, Exxon Mobil, BP and Royal Dutch Shell claim the companies have known for decades that global warming and sea level rise were accelerated by the investor-owned producers of fossil fuels, but the companies still continued to “aggressively produce, market and sell vast quantities of fossil fuels for a global market,” according to a news release from the San Francisco City Attorney’s Office. read more

Total overtakes Shell in North Sea where appetite for assets remains high

AUGUST 22, 2017 / 2:13 PM

LONDON (Reuters) – French oil major Total (TOTF.PA) has overtaken rival Royal Dutch Shell (RDSa.L) to become the second-largest producer in the North Sea with its acquisition of Maersk’s (MAERSKb.CO) Norwegian and UK producing assets.

The $7.45 billion deal by Total was welcomed by the market, with analysts saying it helped the French company rebalance its portfolio by adding assets in developed countries after going for projects in riskier places such as Iran and Russia. read more

Canada’s Oil Industry Doomed If Prices Fall Lower

By Nick Cunningham – Aug 20, 2017, 6:00 PM CDT

Canada’s oil industry has faced a lot of strain lately. The list of oil majors selling off assets and withdrawing from high-cost oil sands is long. ConocoPhillips, Royal Dutch Shell, Marathon Oil, Murphy Oil and Statoil have sold upwards of $25 billion worth of oil sands assets this year. ExxonMobil also wrote down more than 3.5 billion barrels of oil reserves in Canada at the beginning of 2017. The companies viewed Alberta’s bitumen and heavy oil as no longer competitive in a $50 market, and many of them are focusing on other types of production, such as shale. read more

The Oil Price Tug Of War

Shell pivots to electricity. The FT reports on the strategic shift underway at Royal Dutch Shell, which is moving to sell electricity to industrial consumers. The move highlights the potential for an oil major to adapt to a rapidly changing energy landscape. Beginning next year, Shell will sell electricity in the UK, but the company has said it would like to expand to the U.S. In the past, oil companies have declined to enter the electricity business, but with long-term oil demand uncertain, oil producers can hedge their bets by getting into electricity.

By Tom Kool – Aug 15, 2017, 3:00 PM CDT

Oil prices remain in a game of tug of war as conflicting news sends both the bears and the bulls to the sidelines.

• In 2015, the U.S. spent the least on energy in over a decade, largely due to the collapse of oil prices.

• In real terms, the U.S. spent $1.27 trillion on energy in 2015, down 20 percent from a year earlier.

• In inflation-adjusted terms, as well as in terms of percentage of GDP, the expenditures were the lowest since 2004. read more

Exxon Knew, Shell Knew, They All Knew

08/09/2017 07:17 am ET

In 2015, the Union of Concerned Scientists published its landmark exposé“The Climate Deception Dossiers,” which show that not only Exxon, but also Shell, BP, ConocoPhillips, Chevron and coal giant Peabody Energy were aware of the climate change reality since the 70s. Even so, through special interest groups, they invested tens of millions “to sow doubt and promote contrarian arguments they knew to be wrong.”

The fuel that powers this planetary sabotage is called greed. The fossil fuel industry worldwide has accumulated stratospheric levels of wealth over the decades. Moreover, according to a report just published by World Development, in 2015, fossil fuels received a staggering $5.3 trillion in subsidies around the world. This includes not only taxpayer money but also the costs of deaths caused by pollution and these fuels’ contribution to the climate crisis. read more

Who Stands To Gain The Most From Oil’s Rise In Price?

: 20 July 2017

Summary

*Five of the largest oil sector firms all move directly with the price of oil, but at varying degrees.

*ConocoPhillips has historically moved at an almost dollar per dollar ratio to oil.

*Shell and BP are far less sensitive to the change in oil prices as their American counterparts.

*BP has a quarter of the sensitivity to the price of oil as ConocoPhillips does.

By Eric Mason

As oil approaches its consensus floor for price per barrel, the next move can only be upwards. To take advantage of this pending uptick, which of the major oil sector firms offers the best growth relative to the price of oil? This article will help shine some light on which stock is the best pick for gains. read more

Canada M&A Hits Decade-High as Foreign Owners Flee Oil Sands

Mergers and acquisitions in Canada are set for the strongest start in a decade as foreigners sell their oil sands investments. ConocoPhillips and Royal Dutch Shell Plc are leading the exodus amid a bear market for crude. However, Canadian producers are responding by pumping money into oil deposits in the remote boreal forests, which trail only Saudi Arabia and Venezuela in proved reserves but are more expensive to extract.

FULL ARTICLE

Canadian Oil Sands Brace As Oil Majors Dump Shares

By Tsvetana Paraskova – May 30, 2017, 5:00 PM CDT

Royal Dutch Shell and ConocoPhillips struck deals in March to sell Canadian oil assets to two Canada-based producers. In both deals, parts of the consideration for the transactions were shares of the Canadian companies that Shell and ConocoPhillips received.

Although the share transactions are subject to lock-up periods of up to six months following the closing of the deals, Shell and ConocoPhillips are getting ready to sell those shares—possibly months after acquiring them—regulations and agreements permitting. read more

Shell, ConocoPhillips oil sands share selloff risks flooding market

By Nia Williams

CALGARY, Alberta, May 24 (Reuters) – Canadian equity markets risk being swamped with oil sands company shares this year as Royal Dutch Shell and ConocoPhillips prepare to offload C$6.8 billion ($5.1 billion) worth of stakes in two domestic producers, just months after acquiring them.

The two firms acquired shares in Canadian Natural Resources Ltd and Cenovus Energy as part of deals struck earlier this year to sell off oil sands assets.

Sources told Reuters on Tuesday that Shell has decided to sell its C$4.1 billion stake in CNRL while ConocoPhillips has said it is not a long term investor in Cenovus. read more

Royal Dutch Shell – Income Investors Should Look Elsewhere

Casey Hoerth: Dec. 14, 2016 11:09 AM ET

Summary

Shell plans on between $25 billion and $30 billion in capex next year, with flexibility to the downside.

I do not expect Shell to achieve cash flow balance in 2016, even with asset sales.

I continue to recommend other energy companies over Royal Dutch Shell, until either oil prices recover more or until Shell does something else to achieve balance.

Over the course of 2016 I haven’t recommended much when it comes buying to upstream or integrated oil companies. The reason was that I felt many still weren’t doing enough to balance their money coming in versus money going out. The CEO of one of my favorite companies, in their latest analyst day, recently quipped that energy companies couldn’t afford to wait to be ‘bailed out’ by higher oil prices. read more

Hold the champagne

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screen-shot-2016-11-03-at-14-50-16By Ed Crooks, November 4, 2016

If you are looking forward to the oil industry recovery, you shouldn’t break out the champagne just yet.

Over the past eight days, the world’s largest listed oil companies have released third quarter earnings reports. From all of them, the message was that while the worst might be over, they were still facing a long hard road ahead.

The snap reactions from the stock market were mixed: positive for  ChevronRoyal Dutch ShellTotal and ConocoPhillips; negative for ExxonMobilBPEniStatoilPetrochina and Cnooc. read more

Shell and other oil majors slip down in energy rankings

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Shell and other oil majors slip down in energy rankings

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Written by Rita Brown – 02/10/2016 6:09 pm

Shell was one of a handful of oil majors, which tumbled down the charts for this year’s Platts Top 250 Global Energy Company Rankings.

The survey considers four metrics – revenues, profits, return on invested capital and asset worth.

Shell, Chevron and ConocoPhillips all missed out on top 10 spots.

Shell slid 28 places to 31st on the list, Chevron fell 15 spaces to the 17th and ConocoPhillips tumbled a whopping 122 places, falling from seventh to the 129th spot. read more

Shell Looking Beyond Petroleum

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There are many players looking to enter the oil markets thanks to the raft of deals available as the oil price crash appears to be over. For the oil majors, this will likely mean major opportunities to snap up unconventional producers and assets at low valuations. One “oil” major that may not be participating is Shell. The Anglo-Dutch oil giant is increasingly turning away from its roots in oil and moving towards natural gas as an alternative.

In the year 2000, 37 percent of Shell’s production was from natural gas. By 2015, that number had risen to 49 percent. For ExxonMobil, those figures were 40 percent in 2000 and 43 percent in 2015. For Chevron and BP, the 2000 figures were 27 percent and 40 percent respectively, and for 2015, it was 33 percent and 38 percent. Among oil majors, only ConocoPhillips has seen a comparable shift to gas going form 33 percent to 43 percent gas production between 2000 and 2015. read more

Shell CEO sees oil demand up by 1-1.5 mln barrels/day per year

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Screen Shot 2016-07-29 at 16.46.22The CEOs of Shell and ConocoPhillips made the following comments to the ONS oil conference in Stavanger, Norway, on Monday:

* Shell CEO Ben van Beurden says sees increase in oil demand of 1-1.5 million barrels per day per year

* Shell CEO says sees future oil demand more dictated by consumer decisions rather than producers’ decisions

* ConocoPhillips CEO Ryan Lance says carbon price needs to be $100 or more to reach climate target read more

Is Gas The Future? Shell Seems To Think So

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By Gregory Brew – Jul 20, 2016

The world’s second largest private oil company sees a new future, and it’s not in oil.

Shell has made a concerted effort to shift the bulk of its business from oil-related projects to natural gas, LNG and renewables. Coming on the heels of its February purchase of BG Group (a $54 billion acquisition), Shell has organized a division focused solely on renewable energy. It announced new investment for its LNG facility on Curtis Island in Australia, where natural gas has enjoyed $180 billion in new capital. It has emerged as a stronger voice on global climate change than its competitor ExxonMobil and the company’s website proposes a number of “Shell Scenarios” that could allow for a growing energy market while creating less CO2. read more

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

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Screen Shot 2016-06-25 at 10.21.36Shell drops legal attempt to extend offshore lease terms in the Arctic

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. read more

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. read more

Chevron Corporation: Another Day, Another Attack In Nigeria

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Shell, ConocoPhillips and Total are also considering to divest their assets in the Niger Delta.

By Micheal Kaufman: Jun 1, 2016

Operations of international oil & gas companies seem to be in a lot of trouble in Nigeria as militant activities have accelerated in the past few weeks. The militant group, Niger Delta Avengers, has again targeted a Chevron Corporation (NYSE:CVX) facility today, pressurizing it to leave the impoverished area. This is the fourth attack on a Chevron facility in Africa’s biggest economy.

The militant group said on Twitter that it blew up the energy company’s RMP 23 and RMP 24 crude oil wells in the Niger Delta at 3:44 AM. According to the Niger Delta Avengers, these two wells are Chevron’s largest oil producing wells. read more

BP, Shell among bidders to run Qatar oil field – sources

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DOHA | BY TOM FINNBusiness | Wed May 25, 2016 5:20pm BST

Six international oil firms including BP and Royal Dutch Shell Plc have bid to operate Qatar’s largest offshore oil field, two people with knowledge of the matter told Reuters.

The other bidders are the field’s current operator Maersk, as well as Total SA, Chevron Corp and ConocoPhillips, said the people who spoke on condition of anonymity as the information was private.

The people said state-owned Qatar Petroleum (QP) would award the contract for the oil field, which is 80 kilometres (50 miles) off Qatar’s coast and currently produces around 300,000 barrels per day (bpd), in the second half of the year. read more

Shell’s fleet of ancient rust buckets fit only for the scrapyard

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By John Donovan

In June 2015, I published an article by a regular contributor about the notorious Noble Discoverer, one of two drill ships used by Shell in their notorious offshore Alaska drilling campaign.

The insider described Shell’s fleet of five vessels sent into Arctic waters as ancient rust buckets fit only for the scrapyard.  

Apparently an entirely appropriate assessment, as I understand from a different source that the Noble Discover may well be on her way now to the infamous Alang shipbreaker yards in India. read more

Big Oil Abandons $2.5 Billion in U.S. Arctic Drilling Rights

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Screen Shot 2016-05-10 at 08.42.36Jennifer A Dlouhy: May 10, 2016

Drillers forfeit millions of acres amid slump in oil prices

Royal Dutch Shell still holding on to one lease in Chukchi Sea

After plunking down more than $2.5 billion for drilling rights in U.S. Arctic waters, Royal Dutch Shell, ConocoPhillips and other companies have quietly relinquished claims they once hoped would net the next big oil discovery.

The pullout comes as crude oil prices have plummeted to less than half their June 2014 levels, forcing oil companies to slash spending. For Shell and ConocoPhillips, the decision to abandon Arctic acreage was formalized just before a May 1 due date to pay the U.S. government millions of dollars in rent to keep holdings in the Chukchi Sea north of Alaska. read more

Shell gives up on all but one Chukchi Sea lease

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Yereth Rosen: Alaska Dispatch News: May 9, 2016

Royal Dutch Shell has decided to give up all but one of its federal offshore leases in the Chukchi Sea, bringing what appears to be an anticlimactic end to its multibillion-dollar effort to turn those icy Arctic waters off northwestern Alaska into a new oil-producing frontier.

“After extensive consideration and evaluation, we have made the decision to relinquish all but one of our federal offshore leases in Alaska’s Chukchi Sea. This action is consistent with our earlier decision not to explore offshore Alaska for the foreseeable future,” company spokesman Curtis Smith said in an email on Monday. read more

Canadian Crude Prices Surge as Fire Hits Shell, Suncor Output

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  • Oil-sands output may be down by 1 million barrels a day: RBC

  • Suncor, Shell, Husky, ConocoPhillips cut production amid blaze

By Robert Tuttle and Rebecca Penty: May 6, 2016

The worst wildfire in Alberta history is boosting Canadian crude prices as oil companies evacuate workers and shut in as much as 1 million barrels a day of output.

Western Canadian Select, the benchmark for oil sands production, strengthened $1 to an $11.85-a-barrel discount to U.S. West Texas Intermediate on Thursday, the narrowest spread since July, data compiled by Bloomberg show. The absolute price rose $1.54 to $32.47 a barrel.

Suncor Energy Inc., Royal Dutch Shell Plc and Husky Energy Inc. are among companies that shut plants or reduced production. Cnooc Ltd.’s Nexen, ConocoPhillips, Imperial Oil Ltd. and Statoil ASA were also affected. The shutdowns follow supply disruptions in places like Nigeria and Iraq earlier this year that have helped global prices rebound from a 12-year low. read more

Not-so-Big Oil

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May 7th 2016

IT HAS been a grim decade for investors in international oil firms—among them, many of the world’s biggest pension funds. Even before oil prices started to fall in 2014, the supermajors threw money away on grandiose schemes: drilling in the Arctic and building giant gas terminals. Their returns have trailed those of other industry-leading firms by a huge margin since 2009.

In the past 18 months things have gone from bad to worse. The Boston Consulting Group, a consultancy, calls it the industry’s “worst peacetime crisis”. That is evident in first-quarter results released in the past week by Exxon Mobil and Chevron of America, and European rivals, Royal Dutch Shell, BP and Total, which bear the scars of a collapse in oil prices to below $30 a barrel in mid-February (see chart). read more

Shell gets go ahead for Draugen wells

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Screen Shot 2016-04-20 at 13.50.03Written by Phil Allan – 02/05/2016 12:20 pm

Shell has received consent to use two subsea wells on the Draugen field in the Norwegian Sea.

Norway’s Petroleum Safety Authority has given Shell consent to commission the last two wells, designated G2 and G3 after the company began its programme to drill four subsea wells on the field in 2013. The first two came on stream in 2014.

The PSA consent also covers underwater equipment, subsea pumps and equipment on board the Draugen facility linked to these wells. read more

FT Energy Source: Saudi Reform

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By Ed Crooks: April 29, 2016

When Saudi Arabia’s oil minister raises an eyebrow, the world pays attention. So when the kingdom launched a hugely ambitious economic reform programme this week, it naturally attracted enormous interest.

The FT in an editorial praised what it described as “a bold bid to transform Saudi Arabia’s economy”, but highlighted the challenges Deputy Crown Prince Mohammed bin Salman would face in making his vision a reality. Simeon Kerr and Anjli Raval described the plans as “highly ambitious – some would say unrealistic”. read more

Shell Seen as Best Oil Major Wager by Analysts After BG Deal

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Screen Shot 2016-02-17 at 08.47.47By Rakteem Katakey: Bloomberg.comMarch 9, 2016

Ben Van Beurden staked his reputation on Royal Dutch Shell Plc’s $53 billion acquisition of BG Group Plc as crude slumped. Analysts are rewarding the chief executive officer by putting the enlarged company in pole position to exploit a market upturn. 

Shell’s shares will rise about 12.2 percent in the next 12 months, the most among the world’s six biggest non-state oil companies, according to the target prices of analysts compiled by Bloomberg. More than 65 percent of analysts who cover Europe’s largest oil producer recommend buying the stock, the highest share among its peers. read more

For Exxon and Shell, Age of Ultramajors Comes at the Wrong Time

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As oil and gas prices have tumbled, Exxon and Shell have been forced to retreat. With oil barely above $30 a barrel, they’re cutting spending, including some costly, high-risk mega-projects. Photographer: George Osodi/Bloomberg

By Javier Blas: Bloomberg.com: 24 FEB 2016

Despite their size, both companies suffering with cheap oil

Exxon and Shell cutting spending as fast as everyone else

Screen Shot 2016-02-24 at 07.54.19This may not be the best time to be bigger than big.

The $64 billion tie-up of Royal Dutch Shell Plc with BG Group Plc and the steady growth of Exxon Mobil Corp. are creating a new league of two: the ultramajors. Executives at smaller companies are even starting to joke that Chevron Corp., Total SA, BP Plc, ConocoPhillips and ENI SpA are merely the mid-cap sector of Big Oil. read more

As Big Oil shrinks, boards plot different paths out of crisis

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Screen Shot 2016-02-07 at 09.14.51* Companies seek to safeguard growth for when market recovers

* U.S. firms abandon deepwater projects for shale oil fields

* Britain’s BP bets on Egyptian gas, Shell on major acquisition

By Ron Bousso and Terry Wade

LONDON/HOUSTON, Feb 7 As oil and gas companies cut ever-deeper into the bone to weather their worst downturn in decades, boards have adopted contrasting strategies to lead them out of the crisis.

Crude prices have tumbled around 70 percent over the past 18 months to around $35 a barrel, leading to five of the world’s top oil companies reporting sharp declines in profits in recent days.

Executives at energy firms face a tough balancing act: they must cut spending to stay financially afloat while preserving the production infrastructure and capacity that will allow them to compete and grow when the market recovers. read more

Corporate earthquakes

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By Ed Crooks: February 5, 2016

Earnings reports from the largest listed oil companies have this week given a series of seismograph readings on the upheaval in the crude market. The implications for investors, employees and suppliers are grim. Worse, those earnings were all recorded in a period when oil and gas prices were significantly higher than they are now.

In a run of generally grim reports, BP’s was perhaps the worst: in 2015 it made a $5.2bn loss, the largest in its history. ConocoPhillips of the US, which after spinning off its refining business in 2012 became the world’s largest pure exploration and production company, was another standout, cutting its dividend by 66 per cent just two months after promising that the payout would be its “highest priority”. read more

OPEC Won’t Cut Drilling, and Prices Plunge 5%

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By CLIFFORD KRAUSSA version of this article appears in print on December 8, 2015, on page B1 of the New York edition

HOUSTON — Crude oil prices slid a further 5 percent on Monday to fall to their lowest levels since the 2009 global recession, pummeled by the fading chance that Saudi Arabia would cut production to halt the commodity’s yearlong slide.

In only 16 months global oil prices have collapsed from over $110 a barrel to less than half that, and the oil industry in the United States and around the world is reeling from its worst crisis since the late 1990s. On Monday, the American benchmark broke the $38-a-barrel mark, a price that makes drilling and completing wells a losing proposition in almost all oil fields around the country. read more

Even as it walks away from Arctic drilling, Shell keeps door open for future work

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Screen Shot 2015-10-05 at 14.03.31Posted on October 29, 2015 | By Jennifer A. Dlouhy

WASHINGTON — Shell is walking away from oil exploration in Arctic waters north of Alaska, but it isn’t ready to close the door completely.

Disappointing results from a critical test well at the company’s Burger prospect in the Chukchi Sea, combined with the high costs of developing the region and an “unpredictable regulatory environment” have prompted Royal Dutch Shell “to cease further exploration activity offshore Alaska for the foreseeable future,” CEO Ben van Beurden told reporters Thursday. read more

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Shell had to write-down some of its shale assets in the U.S., after spending $24 billion on a bet that failed to pay off, with company executives regretting ever having made the investment.

By James Stafford: Wed, 14 October 2015

A new report finds that the largest oil companies are set to cut spending on exploration by at least half, potentially leading to very few new oil discoveries in the years ahead.

The report from investment bank Tudor, Pickering, Hold & Co., and reported by Fuel Fix, estimates that exploration budgets among the oil majors will drop to $25 billion in 2016, down from $50 billion from just a few years ago. Obviously, low oil prices are taking their toll, forcing deep spending cuts in a desperate attempt to shore up profitability. But the cuts have large implications for the energy sector, increasing the chances that some large oil fields remain undeveloped for years. read more

IF SHELL FINDS OIL IN CHUKCHI SEA, WHAT NEXT?

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Screen Shot 2015-06-13 at 09.26.5318 September 2015

The short drilling season for oil exploration in U.S. Arctic offshore waters will reach one stopping point Sept. 28 and a complete halt Oct. 31 for Royal Dutch Shell Plc. The company has been drilling since July 30 at the Burger prospect in the Chukchi Sea north of Alaska. If oil is discovered, it will require some very interesting and complicated development decisions and regulatory considerations.

Shell has come a long way to get this far. It acquired a set of leases over the Burger prospect in 2008 and has spent about $7 billion on trying to develop the leases. Shell, operating through its subsidiary Shell Gulf of Mexico Inc., did not report a discovery from the well it drilled in 2012, and no one has ever yet discovered oil in the Chukchi — not oil in commercial quantities, at any rate. A dry hole is always a possibility. read more

Emma Thompson broke a legal injunction at Shell Centre

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  • The actress broke a legal injunction aimed at stopping Greenpeace activists from crossing a line drawn around the South Bank building 
  • She stuck a giant paw print on the offices with the names of opponents of drilling in the Arctic
  • Shell has been given permission by the US government to drill for oil and gas in Arctic waters off Alaska 
  • Greenpeace a giant model polar bear and placed it outside Shell’s HQ
  • The envoronmentalists aim to keep it there for 27 days, which will mark the end of the window for drilling in the Arctic

By ANTHONY JOSEPH FOR MAILONLINE: 2 September 2015

Emma Thompson and a roaring giant model polar bear led the protests against Shell’s plans to drill in the Arctic outside its London headquarters.

The actress broke a legal injunction, aimed at stopping Greenpeace activists from crossing a line drawn around the South Bank building, to stick a giant paw print on the offices with the names of opponents of drilling in the Arctic.

The paw carries thousands of names which make up some of the seven million people worldwide, including 600,000 signatures from the UK, who have pledged support to save the Arctic from drilling for oil and gas. read more

Inside Shell’s Extreme Plan to Drill for Oil in the Arctic

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by Paul Barrett and Benjamin Elgin: 5 August 2015: BLOOMBERG.COM

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Protesters near the Polar Pioneer.: Photographer: Keri Coles/Greenpeace

Ann Pickard

Ann Pickard – Shell VP Arctic Drilling

In a windowless conference room in Anchorage, a dozen Royal Dutch Shell employees report on the highest-profile oil project in the multinational’s vast global portfolio. Warmed by mid-July temperatures, Arctic ice in the Chukchi Sea, northwest of the Alaskan mainland, is receding. Storms are easing; helicopter flights will soon resume. Underwater volcanoes—yes, volcanoes—are dormant. “That’s good news for us,” Ann Pickard, Shell’s top executive for the Arctic, whispers to a visitor. read more

Shell Cleared For Exploration Off Nova Scotia

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Screen Shot 2015-06-11 at 19.31.15By Andy TullyPosted on Wed, 17 June 2015

Shell Canada Ltd. is ready to begin exploratory drilling off the coast of Nova Scotia now that it has received conditional approval for the project from the country’s environmental minister.

Canada’s Environmental Assessment Agency issued the decision the night of June 15 after the environmental minister, Leona Aglukkaq, found that the project in the Shelburne Basin, 125 miles south of Nova Scotia’s southwestern coast, would not have a major impact on the local environment. read more

Shell gets environmental ok for Canada offshore drilling project

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Screen Shot 2015-06-11 at 19.31.15Shell gets environmental ok for Canada offshore drilling project

Markets | Mon Jun 15, 2015 

Canada’s environment ministry on Monday said it had approved an East Coast offshore drilling project led by Royal Dutch Shell Plc, saying the exploration project was “not likely to cause significant adverse environmental effects.”

The approval is contingent on the company meeting numerous conditions, including mitigating the potential impact on fish and marine habitats, among other things, the government said in a statement.

The Shelburne Basin Venture Exploration Drilling project, which is operated by Shell, consists of up to seven exploration wells located some 250 kilometers (155 miles) off the coast of the province of Nova Scotia, on Canada’s East Coast. read more

Oil companies reach $345 million settlement with Quebec train crash victims

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Screen Shot 2015-05-13 at 21.47.32Victoria Young; 11 June 2015

A group of oil companies has come to an agreement with victims of the 2013 oil train derailment in Quebec, Canada.

The train had been carrying 7.7 million litres of crude oil when it crashed, resulting in a massive spill and an explosion that killed 47 people.

Royal Dutch Shell, Marathon Oil Corp, Conoco Phillips and Irving Oil were all named by The Wall Street Journal as contributing. It is not clear how much each company will contribute.

It has been reported the settlement was reached in bankruptcy court to avoid costly and lengthy court processes. read more

Saudi Arabia Lets The World Drown In Oil

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Article by Nathan Vardi: Forbes Staff: Friday 5 June 2015

To the surprise of nobody, Saudi Arabia and the other OPEC member states decided in Vienna on Friday to maintain production targets of 30 million barrels a day, making sure the world remains flooded with oil. The fact that OPEC—particularly the core countries of Saudi Arabia, Kuwait and the United Arab Emirates—have refused to play their traditional stabilizing role and cut oil production makes it less likely that oil prices will rebound to the $115 a barrel level that was reached about one year ago. read more

BG deal disguises a hole in Shell’s financial projections

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Screen Shot 2015-06-05 at 13.56.07The market is having one of its periodic anxiety attacks about Big Oil. 

BG deal disguises a hole in Shell’s financial projections and the dividend is not sustainable.

Shell shares have slumped by 14%.

Screen Shot 2015-06-05 at 13.46.27sort of yield may not come again.

FULL FT ARTICLE:  5 June 2015 (WITH WORKING LINKS)

Oil industry rebuts proposed Arctic drilling mandates

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Oil industry rebuts proposed Arctic drilling mandates

May 28 2015, 18:58 ET | By: Carl Surran, SA News Editor

  • Oil companies and industry trade groups lash out against the Obama administration plan to require rigs and time to drill relief wells in case of emergencies at their operations in U.S. Arctic waters, claiming the proposed rules would shorten an already brief window for exploratory drilling while dramatically boosting the costs of the operations.
  • The group also says the proposal would lock in the “same-season relief well” requirement even though rapidly evolving technologies might be a better solution when companies lose control of an Arctic well.
  • Similar arguments were delivered today by Royal Dutch Shell (RDS.A, RDS.B) and Statoil (NYSE:STO), which both hold active leases in the Chukchi and Beaufort seas north of Alaska; ConocoPhilllips (NYSE:COP), another leaseholder in the area, filed comments that are not yet available.
  • A key sticking point is the same-season relief well requirement – not just the proposed rules for it, but whether it should be allowed in the first place; Shell is asking the Interior Department to replace the requirement with a mandate that oil companies demonstrate they have “assets that can address a source-control event.”
  • read more

    We May Not See Arctic Oil For Decades

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    Screen Shot 2015-05-19 at 18.39.24We May Not See Arctic Oil For Decades

    SHELL MAY END UP WITH NOTHING

    By Nick CunninghamPosted on Wed, 27 May 2015

    Shell’s Arctic campaign this year will be pivotal. If the company cannot find large reserves of oil, it will likely set back Arctic oil development for a generation.

    The Financial Times reported that Royal Dutch Shell will not see Arctic oil come online anytime soon, even in the best of scenarios. Even Shell officials think that the oil major will not be able to see Arctic oil hit the market until sometime in the 2030s.

    Related: Shell Approval May Trigger Resource Race In The Arctic

    There are a few reasons for this. Finding and developing offshore oil can typically take around a decade. First there is a long lead time before any drills hit the waters – analyzing data, purchasing acreage, planning, doing seismic surveys, getting permits, moving equipment into place, and finally deploying rigs. Shell first started buying up Arctic leases in 2007. After years of preparation (and huge setbacks), Shell has done most of this pre-drilling work. read more

    Energy groups ax $100B in total spending after oil rout

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    Article by: Carl Surran, SA News Editor, Seeking Alpha: 18 May 2015

    Energy groups ax $100B in total spending after oil rout

    • More than $100B of spending on at least 26 major projects by the world’s energy companies has been slowed, postponed or canceled in the wake of plunging oil prices, including Royal Dutch Shell (RDS.A, RDS.B), BP, ConocoPhillips (NYSE:COP) and Statoil (NYSE:STO), according to a Financial Times analysis.
    • One of the biggest developments to be shelved, Shell’s Arrow liquefied natural gas plant in Australia, accounted for almost a quarter of the planned spending reduction.
    • Western Canada is suffering the most from the retrenchment, with nine Canadian oil sands projects pulled back, each ranging from $1B-$10B in planned expenditure, the analysis says.
    • According to Morgan Stanley, which looked at capex guidance for 2015 from more than 120 companies, investment is expected to drop by a quarter this year to $389B from $520B.

    SOURCE

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    Shell might have to sell BG “cash-cow” in Kazakhstan read more

    Shell oil rig arriving Thursday is just the start of Arctic drilling fleet

    Screen Shot 2015-05-13 at 21.09.23By Coral Garnick and Hal Bernton: Seattle Times staff reporters: Published 13 May 2015

    Shell oil rig arriving Thursday is just the start of Arctic drilling fleet

    The Polar Pioneer oil rig expected to arrive in Seattle on Thursday is the biggest piece of a 25-vessel fleet Shell Oil has mustered to resume its oil exploration effort in the Chukchi Sea off Alaska.

    The Polar Pioneer oil rig expected to arrive in Seattle on Thursday is the biggest piece of a muscular fleet Shell Oil has mustered in the Pacific Northwest to resume its controversial high-stakes oil-exploration effort in the Chukchi Sea off Alaska’s North Slope.

    The company will have 25 vessels in and out of the Pacific Northwest in preparation for the season, according to spokeswoman Kelly op de Weegh, but Shell has been tight-lipped about detailing its plans.

    At Terminal 5 — now the center of a legal and political standoff between the city and the Port of Seattle — Shell contractor Foss Maritime plans to load drilling equipment and supplies for the two main vessels, the Polar Pioneer and the Noble Discoverer. read more

    Energy earnings run dry in Americas

    Screen Shot 2015-04-26 at 18.35.06FT: Energy earnings run dry in Americas

    By Ed Crooks, Christopher Adams and David Crouch

    ExxonMobil and ConocoPhillips of the US on Thursday reported that they lost money on oil and gas production in their home country in the first quarter.

    Meanwhile, Royal Dutch Shell disclosed a $1.1bn loss at its upstream exploration and production business in the Americas, and suggested that came mostly from its shale oil and gas operations.

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    FULL FT ARTICLE

    Oil firms face further cuts as low prices linger

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    Oil firms face further cuts as low prices linger

    Commodities | Fri Apr 24, 2015 12:23pm BST

    * Big oil using spending cuts to increase efficiency

    * Q1 earnings set to drop by more than 50 pct, tracking oil price

    * Strong refining margins set to continue

    By Ron Bousso

    LONDON, April 24 (Reuters) – Oil majors may need deeper cuts to oil and gas exploration and production spending as they grapple with an extended period of low crude prices.

    The industry is expected to reveal another set of grim earnings for the first quarter when benchmark Brent prices averaged $55 a barrel, almost half the level of a year ago. read more

    How The Majors Are Playing The Oil Price Slump

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    Screen Shot 2015-02-01 at 14.48.37Article by Nick Cunningham published 22 April 2015 by OilPrice.com

    How The Majors Are Playing The Oil Price Slump

    The largest oil and gas companies are employing different strategies to weather the downturn and plan for the future. Each strategy has its risks, and not all may work out. Which companies will emerge stronger after an oil price rebound and which will fall further behind because of bad decisions?

    There are different ways to play a down cycle. With oil prices half of what they were in 2014, revenues are significantly lower for everyone across the board. As a result, the oil industry has collectively implemented an estimated $114 billion in spending cuts. But oil executives are also trying to figure out how to grow over the next five or ten years. read more

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