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Marvin Odum

Goodbye Marvin Odum

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Screen Shot 2016-02-24 at 17.16.30Marvin Odum, unconventional resources director and U.S. country chair for Royal Dutch Shell, left the company. He joined Shell as an engineer in 1982. Concurrent with his departure, and in a move that will simplify Shell’s structure, the Athabasca Oil Sands Project and the Scotford Upgrader in Canada will join the global Downstream organization under Downstream Director John Abbott.

In addition, the Shale Resources business will join the global Upstream organization under Upstream Director Andy Brown. As a result of these changes, the unconventional resources director position is eliminated. read more

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Shell worries about climate change, but decides to continue making it worse

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Screen Shot 2016-02-17 at 08.47.47By Katie Herzog on 14 Mar 2016

Shell Oil released its 2015 annual review last week, and the most surprising thing in it may be how concerned the company is with climate change. It’s hardly what you’d expect from Big Oil, and yet the words “climate change” occur 15 times in the 228 page report. While this may seem minor, it’s a hell of a lot more than climate change is discussed by most other oil monsters (Looking at you, Exxon). Shell, unlike many oil giants, actively acknowledges and even embraces climate action — at least, on paper. “It was encouraging to see governments reach a global climate agreement in Paris in December,” the report reads. “The agreement should now encourage countries to develop policies that balance environmental concerns with enabling a decent quality of life for more people.” read more

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An oilman’s $7 billion refresher course in the economics of drilling and climate change

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To many analysts, it looked like Odum was pushed into leaving.

Steven Mufson March 11, 2016

Marvin Odum, president of Shell Oil, was attending a meeting of the parent company’s executive committee in Singapore when word trickled in that an exploration well drilled in Alaska’s Chukchi Sea — the crowning step in a multi-year $7 billion quest — was a dry hole.

Maybe not bone dry. In a recent interview, Odum wouldn’t say. But in the oil business glossary, a dry hole is one that can’t pay off commercially, and Shell’s hole definitely qualified. The parent company, Royal Dutch Shell, abruptly dropped any further drilling — a setback for the industry, though a relief for environmentalists.

For years, they had fought a vigorous, litigious and politically intense battle over the Chukchi. Meanwhile Shell, lured by potentially rich rewards, had overcome a couple of embarrassing rig mishaps at sea and patiently navigated the courts and the Obama administration’s permitting process. Now, geology had rendered its verdict. read more

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Marvin FINALLY got called out for his incompetence

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Marvin FINALLY got called out for his incompetence.

His presiding over the disasters in the Arctic and in the $40 billion shale misadventure finally caught up with him as all those who took the fall earlier had gone and BvB finally saw him as the liability he was.

That was why he was ‘moved’ into the departure lounge position in the first place.

I cannot think of a single executive offhand who willingly got off the gravy train before their time regardless of what Corporates press writers spin. read more

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The Allure Of Shale Is Wearing Off

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Screen Shot 2016-02-17 at 08.47.47By Nick CunninghamThu, 25 February 2016

Royal Dutch Shell revealed its plans to downgrade its emphasis on expensive shale operations, although it was not worded in those terms.

The Anglo-Dutch supermajor says that it would fold its “unconventional” unit (i.e. shale) into its broader upstream business. Shell also announced that Mavin Odum, long-time top official from the North American arm of Royal Dutch Shell, will retire after more than three decades at the company.

The two announcements are consistent with Shell’s decision to takeover BG, which was a large bet on LNG and offshore oil plays, particularly in Brazil and Australia. It is also evidence that Shell is deemphasizing its attention and resources on North America, where it has placed several costly bets that have soured. In 2013, Shell cancelled plans to build a $20 billion gas-to-liquids plant in Louisiana. In 2014, Shell sold off shale acreage in Texas, Colorado, and Kansas, according to Reuters, while also divesting itself of Pennsylvania and Louisiana shale gas assets. read more

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Alaska failure not behind exit – Shell’s outgoing U.S. chief

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Royal Dutch Shell’s (RDSa.L) costly flameout in Alaska last year was “a huge disappointment,” but did not push top North American executive Marvin Odum to exit the company, he said.

Odum made the comments hours after the company announced he would leave next month after 34 years.

“This should not be interpreted as, ‘Alaska didn’t work, so Marvin’s leaving,” Odum, 57, said in an interview.

Instead, he said he decided it was time to move on after heading Shell Oil Co, the Anglo-Dutch company’s U.S arm, since 2008. He later became head of exploration and production operations in the Americas as well. read more

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Arctic Was a Bet That Didn’t Pay Off, Departing Shell Chief Says

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Jennifer A Dlouhy: Bloomberg.com: 24 FEB 2016

The departing chief of Royal Dutch Shell Plc’s U.S. division, who presided over its failed quest to find crude in Arctic waters off Alaska, said the effort was still a point of pride because it demonstrated the company’s technical expertise.

Marvin Odum, 57, is leaving the company in a reorganization announced Wednesday. He has been with the company for 34 years and held the post atop its U.S. division, Shell Oil Co., since oil prices were at record highs.

The Arctic was “a big bet,” Odum said in a telephone interview Wednesday.  read more

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Shell replaces U.S. chief, splits unconventionals unit

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HOUSTON | BY KRISTEN HAYS AND RON BOUSSO: Wed Feb 24, 2016 3:42pm EST

Royal Dutch Shell’s U.S. head Marvin Odum will step down after the company abandoned a troubled drilling project offshore Alaska, and the global oil company said on Wednesday it will split up its U.S. shale and Canadian oil sands unit.

Stung by a 70 percent slide in crude prices since mid-2014, Shell this month reported its lowest annual income in more than a decade and pledged further cost saving measures.

The Anglo-Dutch company said on Wednesday its shale resources unit would become part of the global upstream business led by Andy Brown, and its Athabasca Oil Sands Project and Scotford Upgrader in Canada would be folded into the global downstream unit, headed by John Abbott. read more

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Royal Dutch Shell’s U.S. Chief Leaving in Leadership Shuffle

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The president of Royal Dutch Shell Plc’s U.S. division is leaving the company as part of a reorganization announced Wednesday, and Executive Vice President Bruce Culpepper was named as his successor.

Marvin Odum, 57, has been with the company for 34 years and held the post at its U.S. division, Shell Oil Co., since oil prices were at record highs. He also was in charge during Shell’s failed Arctic drilling bid. Culpepper, who will become the U.S. country chairman and the president of Shell Oil on April 1, has been overseeing human resources in the Americas.

“Marvin has had a long and distinguished Shell career and I’m grateful to him for the central role he’s played in the company’s success,” said Ben van Beurden, chief executive officer of Royal Dutch Shell, in a news release Wednesday. “He leaves our important businesses in the Americas well positioned for the next phase of their development.” read more

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Shell announces senior staff and organisational changes in North America

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24-Feb-2016

Royal Dutch Shell (Shell) today announced that after a 34-year career with the company, Unconventional Resources Director and U.S. Country Chair, Marvin Odum, will leave Shell at the end of March, 2016.

Concurrent with Marvin’s departure, and in a move that will simplify Shell’s structure, the Athabasca Oil Sands Project and the Scotford Upgrader in Canada will join the global Downstream organisation under Downstream Director, John Abbott; and the Shale Resources business will join the global Upstream organisation under Upstream Director, Andy Brown. As a result of these changes, The Unconventional Resources Directorate will cease to exist. read more

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Royal Dutch Shell says U.S. Country Chair, Marvin Odum, to leave Shell

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Feb 24 Shell

* Royal Dutch Shell (Shell) today announced that after a 34-year career with the company, unconventional resources director and U.S. Country chair, Marvin Odum, will leave Shell at the end of March, 2016. 

* As a result of these changes, the unconventional resources directorate will cease to exist

* Marvin Odum will be replaced as U.S. Country chair and President of Shell Oil Company by Bruce Culpepper

* Athabasca oil sands project and Scotford upgrader in Canada will join global downstream organisation under downstream director, John Abbott read more

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LIVELY POSTINGS ON SHELL BLOG 1 FEB 2016

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“TEXVETTE”

Looks like Marvin Odum was stripped of key responsibilities and placed in a lame Role. Ironically he will have to clean up the messes he left in Alaska and Unconventionals. A bit of Karma, but he should no longer be on the payroll after all his major mistakes.

“OUTSIDER”

The merger of Shell T&T and Royal Dutch in 2004 resulted in a major loss to the UK exchequer, as the taxes previously paid by Shell T&T went to the Dutch government instead. Presumably the taxes previously paid by BG will now go to the Dutch government too? read more

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The Inside Story of Shell’s Arctic Assault

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Screen Shot 2015-11-03 at 08.42.45A months-long investigation shows how the energy giant pressured the Interior Department during the company’s gung-ho Arctic push—and got most of what it wanted (except oil).

By Barry YeomanDecember 08, 2015

Last May, four months before the oil giant Royal Dutch Shell suspended exploration in offshore Alaska, Christopher Putnam needed to get something off his chest.

Putnam is 44, originally from Texas, a trained wildlife biologist who also served as an Army infantry sergeant during the Iraq War. For almost six years he has worked in Alaska for the U.S. Fish and Wildlife Service, protecting marine mammals. It has been his job to ensure that Shell’s plans to drill more than 60 miles offshore in the Chukchi Sea—the wild Arctic water between Alaska and Siberia—wouldn’t harm Pacific walruses, particularly the juveniles, calves, and nursing mothers that dominate the Chukchi during the drilling season. read more

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HERE FIRST TEN DAYS AGO: Lorraine Mitchelmore Fired

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Michael Crothers at Shell E&P Ireland Limited

By John Donovan

On 7 November, we published the first news of the firing of Lorraine Mitchelmore, the President and Country Chair of Shell Canada.

The information, which came from a Shell insider source, was posted on our Shell Blog under the alias of “Manny”

The departure of Lorraine Mitchelmore has been confirmed today by the mainstream media, 10 days later.

She claims that she was not sacked, but stepped down to spend more time with her children.  read more

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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. read more

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Royal Dutch Shell plc Management Day November 2015

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LONDON, November 3, 2015 /PRNewswire/ —

NOT FOR RELEASE, PRESENTATION, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISIDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.  

  • Competitive underlying performance in low oil prices – planning for prolonged downturn 
  • Both net investment and dividends have been covered by operating cash flow over the last year to Q3 2015, when oil prices have averaged $60 per barrel 
  • Delivering our commitments to reduce costs and spending – $11 billion reduction in 2015 
  • Reorganisation of Shell upstream increases accountability for performance and aligns us to deliver on the strategy  
  • Further analysis and Shell’s integration planning for the recommended combination with BG has enabled us to identify a $1 billion (40%) increase in pre-tax synergies to $3.5 billion 
  • BG transaction on track for completion in early 2016, leading to a simpler and more profitable Shell  

Royal Dutch Shell plc (Shell) (NYSE: RDS.A)(NYSE: RDS.B) today presents a strategic update to shareholders and investors in London. Speaking at the presentation, Shell’s CEO Ben van Beurden will say:

“Low oil prices are driving significant changes in our industry. I am determined that Shell will be at the forefront of that, and emerge as a more focused and more competitive company as a result.” read more

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In defence of Shell CEO Ben van Beurden

By a regular contributor

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Only one member of the EC is directly involved in North American activities, Marvin Odum. 

Perhaps worth noting is that investment decisions on the scale of the recent Shell write-offs would have required approval by the entire EC in the Hague long before BvB was around. Few of the EC members who made those decisions are still present. 

It seems strange that so many of the huge projects which have been abandoned are in North America, and serious questions need to be asked about why approval was given by the EC for these huge projects. Only one member of the EC is directly involved in North American activities, Marvin Odum.  read more

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Why Shell Quit Drilling in the Arctic

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By Paul Barrett: BLOOMBERG.COM: 28 SEPT 2015: 6:12 PM BST

Royal Dutch Shell’s abrupt announcement today that it would cease all offshore drilling in the Arctic is surprising for several reasons. One is the unusual degree of confidence the company expressed as recently as mid-August that it had identified 15 billion barrels of oil beneath the well known as Burger J it’s now abandoning. 

What on earth happened?

Mistaken geology

After spending $7 billion over several years to explore a single well this summer, Shell said in a statement that it “found indications of oil and gas … but these are not sufficient to warrant further exploration.” This contrasts sharply with Shell officials’ statements as recently as July and August that based on 3D and 4D seismic analysis of core samples, its petroleum geologists were “very confident” drillers would find plentiful oil. read more

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Shell Exits Arctic as Oil Slump Forces Industry to Retrench

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By CLIFFORD KRAUSS and STANLEY REED

As oil prices have continued their steady decline this year, rig after rig has been shut down, costing thousands of jobs in the United States. Yet major oil producers have been loath to pull the plug on their most ambitious projects — the multibillion-dollar investments that form the backbone of their operations.

Until now. On Monday, Royal Dutch Shell ended its expensive and fruitless nine-year effort to explore for oil in the Alaskan Arctic — a $7 billion investment — in another sign that the entire industry is trimming its ambitions in the wake of collapsing oil prices. read more

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Shell Abruptly Abandons Arctic Drilling, Finding It Too Costly

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BY ZOË SCHLANGER
9/28/15

After a season spent drilling an exploratory oil well in one of the harshest environments on Earth, Royal Dutch Shell announced Monday morning it was abandoning its attempt to develop the Alaskan Arctic “for the foreseeable future.”

The exploratory well 150 miles offshore in the Chukchi Sea did not turn up enough oil to warrant the expensive and “unpredictable” enterprise, Shell said in a statement. It will be sealed and abandoned “in accordance with U.S. regulations,” the company said. read more

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Shell move dims oil prospects, delights environmentalists

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Screen Shot 2015-09-28 at 23.21.47ANCHORAGE, Alaska (AP) — Royal Dutch Shell has abandoned its long quest to become the first company to produce oil in Alaska’s Arctic waters, darkening the nation’s long-term oil prospects and delighting environmental groups that tried to block the project.

After years of effort, Shell is leaving the region “for the foreseeable future” because it failed to find enough oil to make further drilling worthwhile.

The company has spent more than $7 billion on the effort, slogged through a regulatory gauntlet and fought environmental groups that feared a spill in the harsh climate would be difficult to clean up and devastating to polar bears, walruses, seals and other wildlife. read more

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Tapped out? Shell ending Arctic offshore oil exploration after test well disappoints

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Screen Shot 2015-08-13 at 11.35.25FoxNews.com: Sept 28, 2015

Royal Dutch Shell said early Monday that it was ceasing offshore oil and gas exploration in Arctic waters after a test well yielded unsatisfactory amounts of oil and gas.

The announcement was a huge blow to Shell, which was counting on offshore drilling in Alaska to help it drive future revenue and had poured billions in investment and years of work into the exploratory well. Environmentalists, however, had tried repeatedly to block the project, and welcome the news.

A statement from the company’s headquarters in The Hague said Shell was ending exploration off Alaska “for the forseeable future” after what it called “a clearly disappointing exploration outcome.”

Shell said it had found indications of oil and gas in the well in the Chukchi Sea, about 80 miles off Alaska’s northwest coast. However, the petroleum was not in quantities sufficient to warrant additional exploration in that portion of the basin, the company added. read more

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Shell’s Arctic oil well comes up dry

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Screen Shot 2015-08-13 at 11.35.25September 28, 2015 | By Jennifer A. Dlouhy

WASHINGTON — After spending $7 billion and seven years searching for oil under Arctic waters, Royal Dutch Shell on Monday said its quest had come up dry.

Shell announced that its exploratory oil well in the Chukchi Sea north of Alaska encountered “indications of oil and gas” that are “not sufficient to warrant further exploration” — a significant blow for the Anglo-Dutch firm that had hoped to find a multibillion barrel crude reservoir in those remote waters.

“Shell continues to see important exploration potential in the basin, and the area is likely to ultimately be of strategic importance to Alaska and the U.S.,” said Marvin Odum, director of Shell Upstream Americas. “However, this is a clearly disappointing exploration outcome for this part of the basin.” read more

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Shell ceases Alaska Arctic drilling after exploratory well disappoints

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Screen Shot 2015-09-17 at 07.55.40Associated Press: Monday 28 September 2015 07.04 BST

Royal Dutch Shell PLC has said it is ceasing exploration in offshore Alaska for the foreseeable future, saying an exploratory well drilled to 6,800ft (2,100m) found oil and gas but not in sufficient quantities.

Shell USA’s president, Marvin Odum, said in an announcement early on Monday in the Netherlands that it was a disappointing outcome for that part of the Chukchi sea basin.

Shell drilled in 150ft (45m) of water about 80 miles (130km) off Alaska’s north-west coast. The exploratory well was the first in the Chukchi in 24 years. read more

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Actors join campaign to draw attention to Arctic issue

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Screen Shot 2015-08-29 at 23.17.56By DAN JOLING: 18 Sept 2015

ANCHORAGE, Alaska (AP) — Critics of Arctic offshore petroleum drilling have used climbing gear, kayaks and polar bear costumes to protest industrial activity in the Arctic. They’re now trying humor.

Actors Alexander Skarsgard of “True Blood” and Jack McBrayer of “30 Rock,” along with Andy Bichlbaum of “The Yes Men” activists, are on a Greenpeace ship in the Greenland Sea with a team from the Funny or Die production company to make a comedy series focused on industrial threats to the Arctic. read more

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Optimism & Outrage: Shell’s $7 Billion Arctic Oil Gamble

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Screen Shot 2015-09-01 at 23.33.36by CYNTHIA MCFADDEN and JAKE WHITMAN: SEP 17 2015

At Royal Dutch Shell’s operations center in Anchorage, the cries of outrage that greeted the start of offshore drilling in the Arctic are drowned out by optimism.

The energy giant’s president, Marvin Odum, told NBC News that he’s confident that the $7 billion already spent to find oil under the sea — a bet that no other company is making in the American Arctic — was the right business decision.

And he says he’s also certain that Shell can handle any accident that might unfold during exploration or extraction, which wouldn’t even happen until 2030. read more

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Shell President: ‘Oil Will Be Required for a Long Time’

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Screen Shot 2015-09-01 at 23.33.36ANCHORAGE, Alaska — Sep 2, 2015, 12:31 AM ET

By DAN JOLING Associated Press

The president of Shell Oil Co. said Tuesday exploratory drilling off Alaska’s northwest coast is going well despite stormy weather last week that caused the company to halt operations for a few days.

And in an interview with The Associated Press Marvin Odum said he expects further protests against the company’s plans for Arctic drilling like the ones in Seattle and Portland where activists in kayaks tried to block Shell vessels. read more

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Shell to drop ‘Oil’ from its name? Um, no.

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By Tony Dokoupil: 15 July 2015

It seemed like a hopeful sign of the times: News that Shell Oil might soon drop the word “oil” from its name. British Petroleum made a similar move not long ago, rechristening itself as BP, a company with a vision “beyond petroleum.”

But alas, Shell is not changing its name. “We are not,” Shell spokesperson Curtis Smith told msnbc in a brief statement, the company’s first definitive denial of the rumor.   

As if to prove the point, Shell Oil—the U.S. unit of Royal Dutch Shell, Europe’s biggest oil company—is right now amassing a multi-billion dollar team in Alaska. In the days to come, it plans to drill in the icy waters offshore, opening the largest untapped oil reserve on the planet. While in the area, it will not be putting up solar panels and praying to the sun gods. read more

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Here’s How Shell Can Restart Its Tar Sands Projects In Canada

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By: MICHEAL KAUFMAN

Exploring for new oil has now become a difficult task for the oil majors. Oil and gas are now mostly situated in the deep-waters, Canadian tar sands and the Arctic waters where the cost of exploration and production is very high. These high costs coupled with the lower crude oil prices make the task difficult for oil companies.

Crude oil prices last week fell again following claims by Iran to double its production if a nuclear deal was reached. The US benchmark for crude oil, West Texas Intermediate (WTI) which had gone high at $60 per barrel, has plunged again to less than $45 per barrel. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell U.S. Unit May Drop ‘Oil’ From Name in Sign of Times

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by Gerrit De Vynck: 9 July 2015

The U.S. unit of Royal Dutch Shell Plc may soon drop the word “oil” from its name in a move that would symbolize its transition to other sources of energy, an executive said.

With Shell Oil Co.’s parent focusing more on natural gas and looking at other energy alternatives, the oil in the name “is a little old-fashioned, I’d say, and at one point we’ll probably do something about that,” Marvin Odum, director of the company’s upstream Americas business, said Thursday at the Toronto Global Forum. read more

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Shell’s Arctic extraction to take decades before oil flows

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Marvin Odum, Shell’s head of oil and gas production in the Americas, told the Financial Times that the company’s success or failure this year and next in making a significant discovery was critical for the future of Arctic oil development.

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FULL FT ARTICLE WITH WORKING LINKS.

WARNS THAT PRODUCTION IS UNLIKELY TO COMMENCE UNTIL THE “2030s”

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Shell considers small North America energy deals even after BG

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Shell considers small North America energy deals even after BG

Deals | Thu May 14, 2015 12:58am BST

Royal Dutch Shell Plc (RDSa.L) will consider small additions to its North America oil and gas business, despite ruling out large acquisitions after its deal to buy BG Group Plc (BG.L), Marvin Odum, director of Shell’s Americas exploration and production business, said in an interview Wednesday.

Shell has said its cash reserves are limited after the $70 billion deal announced on April 8, the first major energy industry merger in more than a decade that will bolster Shell’s global presence and increase its proven oil and gas reserves by 20 percent. read more

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SPECULATION: Announcement of a Shell BP merger later today?

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By John Donovan

On 29 Jan I published the comments from a former Shell employee who advised, based on Shell insider information, that Ben van Beurden and Marvin Odum would be ringing the bell at the New York Stock Exchange to day, celebrating the launch of SHLX (Shell Midstream Partners LP) on the NYSE.

That seemed unlikely since Shell Midstream Partners rang the closing bell at the NYSE on Friday 16 Jan 2015 for that same purpose.

The source speculated that there is something bigger going on – perhaps the announcement of a Royal Dutch Shell BP merger? read more

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Ben Van Beurden Ringing NYSE Bell on Monday?

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Hi John,

I am an ex-Shell employee and appreciate your site very much. I still keep in touch with friends at Shell, and one of them is traveling to New York this weekend ahead of the NYSE bell ringing ceremony on Monday. My friend was told that BVB and Marvin Odum would both be in attendance. Apparently this event has been described as celebrating the launch of SHLX (Shell Midstream Partners LP) on the NYSE, however I am wondering if it could be about something bigger since Ben and Marvin are both going to be there. (Perhaps a merger Monday BP takeover?) Do you have any ideas? read more

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Shell BP Mega Merger: Fact, or extremely well informed conjecture?

It was this article, followed by the oil price crash, which led to the growing speculation about a Shell BP Mega Merger.

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By a confidential contributor.

Shell BP Mega Merger: Fact, or extremely well informed conjecture?

…its a typical dark, smoke-filled room where two teams of senior people – top echelon, Board level types, not the operational guys who run organizations these days – are discussing a thorny problem. The structure of the industry is changing: the mega-mergers of the 1990s, which brought BP to scale, saw ExxonMobil become the world’s biggest company and made Chevron and Texaco join hands are almost forgotten and a new world order has emerged. The state oil companies from the resurgent Russian and nascent Chinese super-powers now sit at the head of the negotiating table and the rules of the game are changing. Some of the world’s oldest and largest IOCs are no longer big enough to compete and its time, according to the bankers and consultants, for a ‘game changer’. Unless there a bold move is made, the under-funded pension pots and comfy Board appointments – not to mention more than one Royal family investment portfolio – are all at considerable risk. People are worried. read more

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Royal Dutch Shell Plc News Roundup Sat 4 Sept 2014

Screen Shot 2014-09-06 at 15.28.04Royal Dutch Shell Plc CEO Ben van Beurden says he can’t deny returns are too low

By John Donovan

Mixed fortunes for Shell in the last few days. 

Ben van Beurden says he can’t deny returns are too low

Royal Dutch Shell CEO Ben van Beurden has admitted to the Wall Street Journal that he cannot deny that investor returns are too low. He has also reportedly stated: “We don’t have a [production] volume or capital-employed target. What I want to show is that we can grow free cash flow.”

Shell ending JV with Saudi Aramco for Kidan Gas project

According to Oil and Gas Insight, Royal Dutch Shell is ending its joint venture (JV) with Saudi Aramco for the Kidan gas development project in the Empty Quarter. This continues a string of disappointments following the opening of Saudi Arabia’s upstream to foreign participation in a bid to boost domestic gas exploration and production. Now, with Shell’s looming exit, Aramco’s ambitious efforts to draw foreign players into development of the Kingdom’s gas reserves seem set to fail. read more

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Shell drills deeper in the Gulf of Mexico to meet demand

MARVIN ODUM ,  DIRECTOR OF UPSTREAM AMERICAS

MARVIN ODUM , DIRECTOR OF UPSTREAM AMERICAS

Extracts from a Telegraph article by Scott Campbell published 19 July 2014

It is with some pride that Marvin Odum, the president of Shell Oil and director of its upstream business in the Americas, talks about the rapid pace at which his company is reaching new depths in the Gulf of Mexico. “More people have walked on the moon than have been at the depths we’re exploring,” he boasts.

But standing on the platform – Shell’s sixth-largest tension leg project – Odum, in full fluorescent gear, is keen to emphasise that when it comes to safety, there are no compromises. “It’s the most important thing that we deal with out here and it’s always front of mind for us,” he explains. read more

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Shell Tackles Climate Change

Extract from an article published 1 July by Financialbuzz.com read more

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Marvin Odum speaks out

Article by M. Nadeem published 27 June 2014 by insider monkey.com under the headline: “Royal Dutch Shell plc’s Subsidiary Shell Oil Company President Marvin Odum Discusses Energy Industry State”

In a Fox News’ Opening Bell program on June 27, Shell Oil Company’s, a subsidiary of Royal Dutch Shell plc), President, Marvin Odum, talked about the current energy industry situation. Mr. Odum said that they are worried about raising oil prices, but, at the same time, they also understand that geopolitical events and other dynamics across the industry.

Talking about oil supply, Mr. Odum stated that there is no production impact as a result of what is going on in Iraq, and hopefully it will never happen. He also noted that “energy demand is doing nothing but increasing. And that’s even with tremendous efforts around efficiency, alternative fuels and everything else.” read more

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Shell Oil Boss Marvin Odum Should Resign after Alaskan Debacle

Screen Shot 2014-04-04 at 18.33.20Now we have further confirmation that Shell was trying to dodge a multimillion tax bill. This time confirmation comes from the findings of an investigation by the Coast Guard division of US Homeland Security. There are going to be more Royal Dutch Shell executives looking for alternative employment… And Marvin Odum, Shell’s boss in the USA, should be top of the list.

By John Donovan

After Shell’s Arctic ambitions hit the rocks at the end of December 2012, Shell initially conceded that the ill-fated Kulluk drilling rig had left port under tow to avoid taxes.

Shell then backtracked. Shell’s chief executive Peter Voser rejected accusations that tax issues were a factor in the move.

We subsequently had confirmation from one of the honest people at Shell, Sean Churchfield, its operations manager in Alaska, that the first admission was correct. The Kulluk had indeed left port in order to avoid “millions” in annual state taxes. read more

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Why wasn’t Marvin Odum fired after the Alaskan debacle?

MARVIN ODUM ,  DIRECTOR OF UPSTREAM AMERICAS

MARVIN ODUM , DIRECTOR OF UPSTREAM AMERICAS. ROYAL DUTCH SHELL PLC

Extracts from an article published on Thursday 13 March 2014 by Rigzone.com under the headline: “Shell Looks for Tighter Grip on Upstream Americas”

Shell CEO Ben van Beurden commented: “Shell has a strong asset base and industry leadership in many of its growth themes. While this position of strength gives confidence for the future, it is also clear that we need to get a tighter grip on performance management in Shell. I am determined that, by focusing sharply on our three key priorities – better financial performance, in particular in our Upstream Americas and Downstream businesses, enhanced capital efficiency, and continuing strong project delivery, we will continue to grow our cash flow and improve our returns.”

FULL ARTICLE

Comment from a well-informed reliable source

The losses in upstream in the US are only partially related to the Alaska fiasco.

The amount rumoured to have been lost by Shell on unconventionals in the US may actually be far higher than the amount spent in Alaska, even though the figures have not been widely publicised.

While Alaska was a very public debacle, the cost to date is perhaps $5 billion, which may yet be recoverable if production ever takes place. In contrast, unconventionals have cost a total of about $25 billion, much of which will never be recovered. read more

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Shell halts work on Pierre River oil sands mine in northern Alberta

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| February 12, 2014 5:18 PM ET

Screen Shot 2014-02-13 at 00.32.08CALGARY – Royal Dutch Shell PLC told regulators it is halting work on its Pierre River mine in northern Alberta’s oil sands and that it has no idea when it may revive the blueprints. The Hague-based company this year cancelled plans to drill in Alaska’s Arctic and postponed development of a liquefied natural gas venture offshore Australia. The company issued a rare profit warning last month before reporting a 49% plunge in quarterly earnings to $2.9-billion. read more

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Shell EP: The lame being led by the blind

Screen Shot 2014-01-14 at 14.34.31So the shock of not becoming number one was too big for Andy Brown. I wish him a speedy recovery and thereafter he should go spend quality time with his family and enjoy his earnings. Wetselaar is no doubt a brilliant finance man. But a finance man is really a failed banker, not good enough for the real thing… And this brilliant fellow will ‘lead’ the whole upstream as a part-time job? Has Shell not learned from the past what happens if you put beancounters in charge?

Comment from an old EP hand on Jan 21st, 2014 at 16:19 

The lame being led by the blind: So the shock of not becoming number one was too big for Andy Brown. I wish him a speedy recovery and thereafter he should go spend quality time with his family and enjoy his earnings.

On shell.com I read the following:

‘During Andy’s recuperation and until his return to work, Maarten Wetselaar, Executive Vice President Integrated Gas and former head of finance for Upstream International, will serve as acting Upstream International Director, in addition to carrying out his regular duties.’ read more

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Shell CEO Peter Voser: Did he jump or was he pushed?

Screen Shot 2014-01-02 at 11.51.16Why would the issue of payment for loss of office even arise? Perhaps I am wrong but I am left with the impression that his early departure was by mutual consent and on the basis of no compensation for loss of office? In other words the board wanted him to leave early and he agreed?

By John Donovan

I was intrigued by the inclusion of the following statement by Shell in the Remuneration Disclosure for Peter Voser published earlier today:

Payment for loss of office
No payment for loss of office is made or will be made to Peter Voser.”

Consequently I sent the following email to a source with Shell insider knowledge:

Wording seems odd to me?

Why would the issue of payment for loss of office even arise?

Perhaps I am wrong but I am left with the impression that his early departure was by mutual consent and on the basis of no compensation for loss of office? read more

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Shell train wreck in sight?

Screen Shot 2013-07-15 at 07.03.50TIME TO PUT ON THE HARD HATS?

Overall, Shell’s strategy now seems to involve stopping capex and unloading assets in something resembling a fire sale – perhaps to cover the losses in the US, perhaps because it sees a need to fight off a hostile takeover, or perhaps because of the potential liabilities if it is found to have been manipulating the oil price.

ARTICLE BY A SHELL RELATED SOURCE

John

The issue of the licence to operate the Corrib plant should be no more than a formality, but it seems that the EU has become involved in the matter. Giving approval to operate the plant prior to the environmental impact assessment is not very clever, as it implies that the EIA is a formality. On its own, this would be less significant but taken with the warning from the Norwegian government that Shell is in danger of being removed from their list of approved investments, the recent refusal by the UK government to agree to the planning approvals for Shell Centre, and the cancellation of the Chinese project suggests that something more serious is going on.
 
Of course it may be the potential liabilities associated with the EU price fixing investigation (and the EU has shown repeatedly that it is not beholden to Shell in the same way as the UK and Dutch governments) and it may also be the scale of the US shale gas and Arctic losses. The costs of these losses will fall partly on shareholders, but also to a large extent on the Dutch and UK  governments in the form of reduced tax receipts.
 
Shell (Voser) has admitted that its investments in unconventionals are not performing and will be sold – although Shell have acknowledged “impairments” of about $2bn this would represent less than 10% of the amount invested: it should be fairly obvious to anyone that after Voser’s comments a much larger loss should be anticipated. Added to the $5bn spent in Alaska, the losses are comparable in magnitude to BP’s losses on Macondo… The difference seems to be that the stock market (but presumably not sovereign wealth funds) does not realise that there is a train wreck coming, or is deluded by Shell’s maintenance of its share price by its continuous stock repurchases. Shell may actually have been operating at a loss for the past couple of years as a result of the Odum/Lawrence US projects.
 
Total has made no secret of its desire to break free from its franco-centric roots, and has announced that it will be moving some of its operations from Paris to London. Total also complained to the EU about the oil price issue, initiating the current investigation. Could a merger be on the horizon? Perhaps headquartered in London? There is space available! Normally any merger of this nature would involve disposal of some assets, and perhaps Corrib is now on the block along with the Nigerian assets – Chevron might also be interested, but with their ongoing problems in Ecuador and their own disposals in Nigeria, it should not be a surprise that they would not want to take on Shell’s Niger Delta assets.
 
Overall, Shell’s strategy now seems to involve stopping capex and unloading assets in something resembling a fire sale – perhaps to cover the losses in the US, perhaps because it sees a need to fight off a hostile takeover, or perhaps because of the potential liabilities if it is found to have been manipulating the oil price.
 
All of this is summed up quite well in the series of articles from the Daily Telegraph, together with your links at the end of the article. What a mess…. read more

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Voser’s on the way out…. let’s book the losses!

Screen Shot 2013-09-30 at 08.37.38The people who will really be laughing are those who sold the US prospects to Shell over the past few years. These assets were acquired by Shell at a cost of several billion dollars right at the top of the market.

FROM A SHELL RELATED SOURCE

Looks like Ben van Beurden is going to be starting with a clean sheet – wholesale disposals (and huge write-offs) in Voser’s last quarter as chairman of the CMD…which of course starts tomorrow.
 
Today’s press mentions disposals of the Eagle Ford shale interests in Texas, shale prospects in Colorado and Kansas, the Chukchi sea prospects off Alaska (interests acquired at enormous cost), and onshore assets in Nigeria – essentially everything that Marvin Odum and Dave Lawrence built up over the past few years plus the Niger delta… And these are just the ones we know about.
 
The people who will really be laughing are those who sold the US prospects to Shell over the past few years. These assets were acquired by Shell at a cost of several billion dollars right at the top of the market. read more

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Shell shock as new boss is appointed

ROYAL DUTCH SHELL sprang another surprise on the City yesterday by naming its head of refining Ben van Beurden as its new chief executive to succeed Peter Voser next January.

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Published: Wed, July 10, 2013

Dutchman Van Beurden, 55, who has been with the Anglo-Dutch oil giant for 30 years but only appointed to the board in January as boss of its downstream operations, had not been touted as a likely contender to replace Voser, whose decision to stand down after less than five years in the top job had stunned investors.

Analysts had focused on chief financial officer Simon Henry and other divisional heads including Marvin Odum and Andy Brown as potential successors, although Shell also reviewed outside candidates. read more

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Shell: New Boss required but limited choices

Screen Shot 2012-09-19 at 09.13.48As for Commander Odum, he of the theatre of Operations, only a marine incident etc school he was doomed not by the grounding of the good ship Kulluk, but in the lie telling that followed.  It was not I fear just poor Lawrence of Alaska who suffered from this misadventure. 

COMMENT RECEIVED FROM BILL CAMPBELL, RETIRED HSE GROUP AUDITOR, SHELL INTERNATIONAL:

Dear John

It was not a surprise to me that Simon Henry was not in the running, the Head Shed watchers of this website would have realised that he carried heavy baggage from the reserves affair, also Shell does not appreciate the washing of its dirty linen in public, the stories for example from the lips of Simon that Pastor Phil (did he have an out of spacesuit experience when he passed through the heavenly layer on his way back to ground at Maastricht and was thus converted) was carrying a huge chip on his shoulder because he was not an Oxbridge man, who knows.  Henry, as the Bedouin are fond of saying say, was outside the tent pissing in, an unforgivable sin. read more

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Shell picks Ben van Beurden as surprise new chief

Royal Dutch Shell has named Ben van Beurden, a 30-year company veteran, as its new chief executive in an unexpected appointment.

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By : 9:21AM BST 09 Jul 2013

The Anglo-Dutch energy giant said on Tuesday morning that Mr Van Beurden, 55, will take charge at the start of next year, with current CEO Peter Voser remaining at Shell until May.

When Mr Voser stunned investors by resigning two months ago, Mr Van Beurden (pictured right) was not believed to be one of the frontrunners, with chief financial officer Simon Henry touted as a likely successor. Mr Van Beurden runs Shell’s downstream business, which sells petrol to consumers and industry, and is a relative unknown. read more

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Shell names van Beurden as surprise choice for CEO

“It’s initially something of a surprise. The question is, who is this guy,” Royal Bank of Canada analyst Peter Hutton said.

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LONDON | Tue Jul 9, 2013 4:55am EDT

(Reuters) – Royal Dutch Shell (RDSa.L) named head of refining Ben van Beurden to replace chief executive Peter Voser, a surprise appointment to steer Europe’s biggest oil firm through an industry-wide battle to replace reserves and control costs.

Analysts and investors had not considered van Beurden, who has worked for the company for 30 years, as a possible contender to replace Voser next year.

Their early focus was on Finance Director Simon Henry and other divisional heads Marvin Odum, Matthias Bichseland and Andrew Brown. read more

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