Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room. As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go.
Posts under ‘International Herald Tribune’
Out of 541 multinationals surveyed, Royal Dutch Shell has an overall ranking of 510, alongside the likes of the tobacco companies and Halliburton.
Foreigners were prime targets in the years of bloodshed unleashed by the 2003 U.S.-led invasion of Iraq, and videos of the beheading of kidnapped Westerners shocked the world.
Shares in other oil companies also declined over the last year amid concern the global recession will continue to weigh on oil prices. Shell last week posted its first quarterly loss in ten years while France's Total reported a 25 percent drop in revenue.
Shell gets tough on costs as oil prices bite
Royal Dutch Shell has intensified its cost-cutting efforts in response to the collapse in oil prices and also plans to step up efforts to improve what it said was a “mixed” safety record.
Shell’s head of Exploration and Production Malcolm Brinded told employees in an email seen by Reuters that staff had to make “tough choices.”
“We simply need much higher sustainable savings this year and I ask for real actions from all of you …. Shed contractor staff, challenge requirements, eliminate consultancy work, reduce travel massively, cut overheads everywhere,” he said.
The Associated Press
Published: January 29, 2009
AMSTERDAM, Netherlands: Royal Dutch Shell PLC, Europe’s largest oil company, has reported a $2.81 billion net loss for the fourth quarter as the price of oil fell sharply and it wrote down the value of its inventory.
The company had $8.47 billion in net profit in the same period a year earlier.
The company said Thursday sales fell 24 percent to $81.1 billion. Crude production was down less than one percent to 3.42 million barrels per day, but Shell’s selling price fell 29 percent to $58.40 as the global economic slowdown hit demand.
...faced with the plunge in oil prices and a decline in domestic production, senior officials here have quietly begun soliciting some of the largest Western oil companies in recent weeks, including Chevron, Royal Dutch Shell and Total, in the hope of getting them to invest in Venezuela again.
In Europe, the Dutch pension fund of Royal Dutch Shell said it had a $45 million exposure.
International Herald Tribune: Royal Dutch Shell's Dutch pension fund has fallen into deficit as share market turmoil knocked 40 percent off the fund's value, forcing the oil major and employees to increase contributions
Oil prices hit four-year lows Friday as employers cut the highest number of jobs in 34 years. The continuing decline in prices is so dramatic and so sudden that it is raising the prospect that gas prices could soon fall below $1 a gallon.
Oil majors like Royal Dutch Shell and other companies are re-examining the viability of oil sands development in an area that could hold as much as 175 billion barrels of oil. Only Saudi Arabia has more than Alberta.
ABU DHABI, United Arab Emirates: Abu Dhabi National Oil Co. and a division of Royal Dutch Shell say they have signed a deal to explore the possibility of developing deep natural gas fields off the emirate's coast.
Companies like Shell are facing new threats to their business. Communities that oppose big mining and drilling projects have caused costly delays...
The Associated Press
Published: October 9, 2008NEW YORK: A February date has been set for a trial of claims that Royal Dutch Shell PLC was complicit in decisions by Nigeria’s military government to hang oil industry opponents. Playwright Ken Sara-Wiwa and eight other oil industry opponents were executed in November 1995, after a military tribunal convicted them of murdering four political rivals. Their heirs filed a lawsuit in federal court in Manhattan the next year.
Shell was once a major driller in Nigeria’s oil-rich Ogoni region. The lawsuit alleged Shell made payments and provided arms to security forces that it knew was abusive to local communities.
A Shell lawyer said at a hearing Tuesday that the plaintiffs have never identified anyone with personal knowledge of the allegations in the lawsuit.
LAGOS, Nigeria: Militant fighters battled Nigerian troops for a second day Sunday, and the main militant group said the rare clashes represented a state of war in Africa's biggest crude producer.
BAGHDAD: Iraq's Cabinet approved an initial gas agreement Sunday between the Oil Ministry and Royal Dutch Shell to invest in a joint venture to tap natural gas in southern Iraq, a government statement said.
The two naval vessels were heading to a base near a Royal Dutch Shell PLC installation in the Niger Delta when attackers riding in speedboats fired on the convoy, prompting a counterattack that left 12 assailants dead...
Shell: record 2Q net profit of $11.6 billion
The Associated Press Published: July 31, 2008 AMSTERDAM, Netherlands
...the troubles are growing so rapidly at some small and midsize banks that as many as 150 out of the 7,500 banks nationwide could fail over the next 12 to 18 months, analysts say.
The head of the Organization of Petroleum Exporting Countries warned Thursday that oil prices would see an "unlimited" increase in the case of a military conflict involving Iran, because the group's members would be unable to make up the lost production.
Suddenly, the economics of American suburban life are under assault as skyrocketing energy prices inflate the costs of reaching, heating and cooling homes on the outer edges of metropolitan areas.
Exxon Mobil, Shell, Total and BP ? the original partners in the Iraq Petroleum Company ? along with Chevron and a number of smaller oil companies, are in talks with Iraq's Oil Ministry for no-bid contracts to service Iraq's largest fields, according to ministry officials, oil company officials and an American diplomat.
BAGHDAD: The Iraqi Oil Ministry is negotiating with Royal Dutch Shell on a joint venture deal to develop natural gas associated with oil production in southern Iraq, two officials said Tuesday.
Oil rose to a new record above $129 a barrel on Tuesday, spurred by strength in refined oil products markets, led by diesel, and a weak dollar.
UBS Swiss bank sued by claimants alleging it financed terrorism by doing business with Iran: Shell CFO Peter Voser is a UBS director
US victims of attacks in Israel and their families are suing Swiss bank UBS for 500 million dollars, alleging it financed terrorism by doing business with Iran, their lawyer told AFP Tuesday.
Companies including ConocoPhillips, Chevron Corp., BP PLC's BP America Inc., Royal Dutch Shell PLC's Shell Oil Co., Valero Energy Corp. and Marathon Oil Corp. agreed to pay $422 million (275 million) to settle lawsuits claiming wells were contaminated by MTBE, a chemical that was once a key gasoline ingredient.