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Peter Voser

Energy giants battle to pump profits

Screen Shot 2013-11-13 at 07.38.22At 55, Van Beurden, who replaced Peter Voser earlier this month, is a 30-year veteran at Shell where his career has mainly been focused on managing downstream businesses such as refining and chemicals. This week, as he announces full-year earnings, City analysts expect him to unveil details of a potential $15bn to $30bn (£9.1bn to £18.1bn) garage sale… Shell has a reputation for gluttony when it comes to tackling giant energy projects, betting billions of dollars on strategic investments aimed at building reserves and capturing future demand decades in advance. Those days may be over.

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By 8:00PM GMT 25 Jan 2014

On the face of it, Royal Dutch Shell’s new chief executive, Ben van Beurden, and Bob Dudley, his counterpart at , are a world apart.

At 55, Van Beurden, who replaced Peter Voser earlier this month, is a 30-year veteran at Shell where his career has mainly been focused on managing downstream businesses such as refining and chemicals.

This week, as he announces full-year earnings, City analysts expect him to unveil details of a potential $15bn to $30bn (£9.1bn to £18.1bn) garage sale, signalling a new era of capital discipline and streamlining at the Anglo-Dutch supermajor. 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.

CFO Simon Henry: Just how many lives has this Shell fat cat got?

Simon Henry was CFO when the ship was set on its disastrous course of over-promise and under-delivery, beset by project delays and cost overruns, resulting in the recent profits warning and the dramatic advice just issued by Zacks Investment Research that Royal Dutch Shell Plc is “a risky bet that ordinary investors should exit.” He has had a hand on the helm throughout the long voyage, during the Sakhalin2 debacle, the Corrib Gas Corruption scandal and more recently, Shell’s Arctic ambitions hitting the rocks. As I have previously pointed out, he also had a starring role in the reserves scandal and managed to evade the flak on that occasion as well. Just how many lives has this Shell fat cat got?

By John Donovan

The role of RDS Chief Financial Officer, Simon Henry, in the instability that has overtaken Shell, thus far seems to have largely escaped scrutiny and blame?

He is the most senior remaining Royal Dutch Shell executive spanning the tenure of the last three top executives at Shell, Sir Philip Watts (dishonest bullying egomaniac), Jeroen van der Veer (dishonest and out of his depth) and Peter Voser (incompetent and ill-advised).

Simon Henry was CFO when the ship was set on its disastrous course of over-promise and under-delivery, bedeviled by project delays and cost overruns, resulting in the recent profits warning and the dramatic advice just issued by Zacks Investment Research that Royal Dutch Shell Plc is “a risky bet that ordinary investors should exit.” 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 sells £700m of natural gas assets to Kuwait

Screen Shot 2013-10-01 at 07.56.54Chief executive says disposal of stakes in two Australian businesses, which follows shock profit warning last week, is evidence of ‘hard choices’ being taken

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By 9:24AM GMT 20 Jan 2014

Royal Dutch Shell has sold its stakes in two Australian natural gas businesses to Kuwait’s state energy giant.

The company announced on Monday the $1.135bn (£691m) disposal of its 8pc interest in the Wheatstone-Iago joint venture and 6.4pc in the Wheatstone liquefied natural gas (LNG) project in Western Australia to the Kuwait Foreign Petroleum Exploration Company (KUFPEC), a subsidiary of the Gulf state’s national oil company.

Ben van Beurden, who recently took over from Peter Voser as chief executive, said Shell was “refocusing our investment to where we can add the most value with Shell’s capital and technology”. 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 to Sell Stake in Australian Gas Field

Screen Shot 2013-01-23 at 13.17.19“All too often, Shell’s answer to an issue or problem is that the market is being too short term; that Shell takes the long term view, and that in the long term, the company’s approach will be proved right,” Lucas Herrmann, an analyst at Deutsche Bank in London, wrote in a note to clients on Monday. “Sadly, we would argue that the weight of evidence is, if anything, against the company.’’: Mr. Rats estimates that Shell will have to sell $14 billion worth of assets over the next two years to keep its commitments on reining in capital spending. He forecasts that it will sell oil fields in the North Sea, where it owns a smorgasbord of stakes in oil and natural gas fields; in Nigeria, where Shell’s production has been cut by unrest; and in North America, where the company has been losing money.

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By STANLEY REED: JAN. 20, 2014

LONDON — Royal Dutch Shell said on Monday that it would sell its minority interest in an Australian liquefied natural gas project to the Kuwait Foreign Petroleum Exploration Company for about $1.1 billion.

The sale is likely to be one of many in the oil industry this year, as companies try to raise cash for other projects or to finance share buybacks and higher dividends.

Even though global oil prices are relatively high, with Brent crude trading at about $106 a barrel, profit at many oil companies has been disappointing and the stock performance of some companies, including Shell, has been lackluster. Shares of Shell were slightly lower on Monday afternoon in London. 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.

The destabilisation of Royal Dutch Shell gathers pace

Screen Shot 2014-01-20 at 15.21.18While speculation still swirls about the unexpected early exit by Peter Voser and the abrupt departure by Peter Rees, we can now add the name of Andy Brown to the mystery about the seismic developments and uncertainty that has engulfed Royal Dutch Shell Plc. 

By John Donovan 

Three weeks ago I published an article under the headline Voser wisely abandons an unstable ship.

I listed some of the factors that led me to make that assessment.

Since then the destabilisation of Royal Dutch Shell has gathered pace with the profits warning that shocked the markets on Friday. 

Today, Shell made an announcement about Andy Brown, the third exit (in his case extended medical leave after heart surgery) from the committee of executive directors in as many weeks.

While speculation still swirls about the unexpected early exit by Peter Voser and the abrupt departure by Peter Rees, we can now add the name of Andy Brown to the mystery about the seismic developments and uncertainty that has engulfed Royal Dutch Shell Plc.  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’s Oil Production Director Andy Brown Takes Medical Leave

Screen Shot 2013-10-01 at 07.56.54“First Voser, then Rees and now Brown…would the last one to leave the CMD please remember to turn out the lights?”: “Just read the news on your site! What is happening??? Never heard any rumour he was not well. And to quote Yogi Berra: ‘It ain’t over till it’s over’…. Who is next?”

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By Eduard Gismatullin January 20, 2014

Royal Dutch Shell Plc (RDSA), the biggest oil company in Europe, said its production director Andy Brown is taking leave to recuperate from recent medical treatment.

Maarten Wetselaar, executive vice president for integrated gas projects, will be acting upstream chief in addition to his duties until Brown returns, The Hague-based Shell said today in a statement without indicating when that might be.

Brown, at Shell for about 30 years, became head of upstream operations in 2012. He has led the Pearl gas-to-liquids project in Qatar, the Anglo-Dutch company’s most expensive, and was responsible for the Qatargas-4 liquefied natural gas venture. 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.

Wake up, Shell, the days of big spending are over

Screen Shot 2014-01-03 at 14.32.05“On Friday the chickens came home to roost, with Ben van Beurden, who took over from Peter Voser last year, having to announce a painful profits warning just 11 days before the year-end results.” The article says that Shell shareholders are fractious, and if Ben van Beurden ignores their concerns, Royal Dutch Shell Plc will be a prime target for activist investors. I have news for The Sunday Times. That is already the case. No wonder Mr Voser was content to fly off early.As for BvB, it must be the shortest honeymoon in corporate history for the CEO of a multinational. The phrase “poisoned chalice’ comes to mind.

By John Donovan

Dominic O’Connell, the Business Editor of The Sunday Times has today sent a strong message to Royal Dutch Shell in his Agenda column under the headline: “Wake up, Shell, the days of big spending are over.”

The article says that although major shareholders have had a soft spot for Shell, even through the reserves scandal, “that love affair is on the wane.”

He says Shell seems to have missed the change in policy by other oil and gas producers in response to shareholder demands, who have stopped squandering cash on expensive new projects and instead are returning it to the owners. 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 shock as oil giant posts profit warning and expects to make £6BILLION less this year

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Screen Shot 2013-10-01 at 07.56.54Industry experts say Shell had never before issued a profit warning ahead of its full-year earnings as the news wiped a massive £3.9billion off its share price

Oil giant Shell is set to make a staggering £6billion LESS this year, it emerged today.

In a shock profit warning, the mega firm said it had been hit by everything from lower production to higher costs for finding oil and gas.

Oil analyst Neill Morton, at Investec Securities, said Shell had never before issued a profit warning ahead of its full-year earnings. He added: “Shell has broken with its recent custom of disappointing on earnings day – it is now dishing up the bad news ahead of time.” 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’s profit warning linked to cost of drilling in Arctic waters

The costs of a trouble-prone drilling programme in Arctic waters off Alaska have contributed to Shell being forced to issue a shock profit warning which has shaken investor confidence. Shares in the Anglo-Dutch oil group slumped in early trading after its newly-installed chief executive admitted that fourth quarter earnings would be around 70% lower than the same period last year. …van Beurden is expected to announce a string of divestment targets at the end of this month.

Sources say financial writedowns come from costs associated with the Alaskan drilling operation

The costs of a trouble-prone drilling programme in Arctic waters off Alaska have contributed to Shell being forced to issue a shock profit warning which has shaken investor confidence.

Shares in the Anglo-Dutch oil group slumped in early trading after its newly-installed chief executive admitted that fourth quarter earnings would be around 70% lower than the same period last year.

“Our 2013 performance was not what I expected from Shell,” Ben van Beurden said. “Our focus will be on improving Shell’s financial results, achieving better capital efficiency and on continuing to strengthen our operational performance and project delivery.” 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.

Royal Dutch Shell Profits Slump Debacle

Screen Shot 2013-10-01 at 07.56.54Based on our insider information, we, and only we, raised the question of whether Royal Dutch Shell CEO Peter Voser jumped ship or was pushed. I think we now have the answer that explains his unexpected early retirement under the cloak of a change of lifestyle. How do you know that Shell is run by clowns? The continued existence of this website over the last decade proves that this is the case. One miscalculation after the other. Just over 2 months ago, we raised the profits warning issue:Why no profits warning from Shell?

By John Donovan

Just over 2 months ago, we raised the profits warning issue: “Why no profits warning from Shell?

I would now like to put a simple question to our visitors.

What news source has provided the most accurate assessment about Royal Dutch Shell Plc and the senior management?

Not the BBC, The Wall Street Journal, the Financial Times, The Guardian, The Telegraph, The Motley Fool or any other source. Certainly not shell.com.

The most accurate assessment and information has consistently emanated from this website. 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.

Royal Dutch Shell issues profit warning

Screen Shot 2013-10-01 at 07.56.54Oil giant Royal Dutch Shell has issued a profit warning after it made less money than expected in the final quarter of 2013. “Fourth-quarter 2013 figures… are expected to be significantly lower than recent levels of profitability,”; Shell’s shares fell more than 4% at the beginning of trading in London.

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Oil giant Royal Dutch Shell has issued a profit warning after it made less money than expected in the final quarter of 2013.

“Fourth-quarter 2013 figures… are expected to be significantly lower than recent levels of profitability,” the company said in a statement.

It now expects profits for the quarter to be about $2.2bn (£1.3bn) and profits for 2013 as a whole to be $16.8bn.

Shell’s shares fell more than 4% at the beginning of trading in London. 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.

ROYAL DUTCH SHELL PROFITS WARNING DEBACLE

Screen Shot 2013-10-01 at 07.56.54Message from one of our sources…

John

How many warnings did we give about taking the financial hits in the final quarter before Voser left?

And yet the analysts are surprised!

(AND THIS MARKET SHOCKING NEWS ALMOST EXACTLY TO THE DAY, ON THE TENTH ANNIVERSARY OF WHEN NEWS FIRST BROKE OF THE ROYAL DUTCH SHELL RESERVES SCANDAL)

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.

Royal Dutch Shell to sell North Sea fields as it shifts $15bn assets

ROYAL Dutch Shell could look to sell $15bn worth of assets over the next two years including some North Sea fields, a media report said yesterday, expanding on its existing guidance that divestments would accelerate this year.

Shell, whose new chief executive Ben van Beurden took over two weeks ago, will sell some of its North Sea oil fields as well as parts of its refining portfolio and some early-stage projects, reported the Financial Times, citing a person close to the company.

The oil company, the world’s number-three among investor-controlled energy firms, declined to comment on the report.

Shell and its peers in the industry are facing increasing investor pressure to hold down spending as costs rise and prospects for oil prices wane. 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.

Sudden departure of Shell global legal boss Peter Rees QC

Screen Shot 2013-10-01 at 07.56.54Under the headline “Exclusive” Shell legal boss Rees in Shock departure” The Lawyer reports “Shell legal director Peter Rees QC has today left the oil giant, just three years after joining the company.” The “abrupt move” was announced in an email from the new CEO Ben van Beurden and is said to have taken the legal team by surprise. 

By John Donovan

Today there is further news reinforcing the impression that Royal Dutch Shell is an unstable ship, with one surprise development after another.

Under the headline “Exclusive” Shell legal boss Rees in Shock departure” The Lawyer reports “Shell legal director Peter Rees QC has today left the oil giant, just three years after joining the company.”

The “abrupt move” was announced in an email from the new CEO Ben van Beurden and is said to have taken the legal team by surprise. Van Beurden became CEO on 1 Jan, just 10 days ago.  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.

Aus petrol industry set for shake-up

Shell chief executive Peter Voster said in November the company was “entering into a divestment phase” amid rising costs for energy projects and investor concern about capital expenditure.

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January 7, 2014

Australia’s A$50 billion (NZ$54b) petrol industry is set for its biggest shake-up in decades, with energy majors Royal Dutch Shell and BP considering the sale of refineries and petrol stations in order to free up cash for their core energy production businesses.

It is understood Shell is in talks with at least two parties – a large private equity firm and a consortium including investment bank Macquarie Group – over the A$3b sale of 900 petrol ­stations and its refinery in Geelong. 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 boss Peter Voser set to earn £16m

Screen Shot 2014-01-03 at 14.32.05Shell boss Peter Voser set to earn £16m as he steps down from oil giant to enjoy ‘change in lifestyle’

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PUBLISHED: 22:26, 2 January 2014 

Departing Shell boss Peter Voser stands to earn around £16million from his last 15 months running the oil giant and a series of bonus schemes due to pay out after he leaves.

Voser, who retires at the end of March, will not receive any compensation for loss of office, having surprised the markets by stepping down earlier this year to pursue a ‘change in lifestyle’.

But existing pay deals for 2013 and the first three months of 2014 are due to net him £5.2million, while deferred bonuses from previous years are worth around £1.7million. 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.

LNG deal ushers in tighter Shell spending regime

Screen Shot 2014-01-03 at 14.32.05In a separate announcement on Thursday, Shell revealed that Voser, who surprised investors last year with news of his early retirement, will be repatriated to his native Switzerland, where he will work for the local subsidiary on his full group chief executive pay and with a full pro-rata bonus.

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Thu Jan 2, 2014 11:02am EST

* Outgoing CEO Voser to work in Switzerland on full pay

* Deal accounting flatters spending for new boss’s first year

* New CEO faces Q4 results Jan 30, investor day March 13

* Shell has $55 bln to spend in next 2 years under plan

By Andrew Callus

LONDON, Jan 2 (Reuters) – Royal Dutch Shell’s new boss Ben van Beurden will be able to point to a clear downward trend in spending this year, thanks in part to the way the oil company is accounting for an acquisition completed this week. 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 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

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 eyes $7.4bn Woodside selldown

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ANDREW BURRELL AND PAUL GARVEY: JANUARY 02, 2014

ROYAL Dutch Shell’s new chief executive, Ben van Beurden, could move within weeks to order a sale of the oil giant’s unwanted $7.4 billion stake in Woodside Petroleum, a move likely to attract interest from some of the world’s biggest sovereign wealth funds.

More than three years after Shell sold down an initial $3.3bn stake in Woodside, speculation is building that Mr van Beurden, who formally took over from Peter Voser yesterday, will move to sell the remainder of its 23.1 per cent interest in the Perth-based oil and gas producer. 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.

Voser wisely abandons an unstable ship

I have bad news for Shell. A whistleblower who has major safety concerns with the Prelude flagship vessel destined for Australia, has supplied me with potentially explosive information. I am in possession of a considerable amount of internal information and photographic material. The person in question has been intimately involved in the project at a high level and is deeply concerned that warnings issued to Shell (and other parties) have been ignored and financial considerations are taking priority over safety issues. The whistleblower is very concerned about mismanagement and the alleged use of totally unqualified personnel.   

By John Donovan

Peter Voser could not wait to ease Jeroen van der Veer out of the top job at Royal Dutch Shell Plc.

He was full of enthusiasm and itching to implement his plans, which included making hundreds of Shell executives reapply for their own jobs.

Mr. Voser now has only days left as Chief Executive, with Ben van Beurden about to receive what he may view as a poisoned chalice.

Voser’s sudden decision to jump ship for a “lifestyle change”, announced several months ago, took many by surprise. 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 paves way for share buyback in 2014

Screen Shot 2013-07-28 at 18.29.07The company has recently come under fire from major investors for allegedly not treating British investors on a par with Dutch shareholders. Shell cancelled a London event last year that provided a live TV link-up to its annual meeting in the Hague, angering British-based investors. Shell’s head of refining and marketing chief, Ben van Beurden is due to take over from Peter Voser as chief executive on January 1…

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By Andrew Critchlow: 27 Dec 2013

Royal Dutch Shell has said that it plans to continue with its share buyback programme in 2014.

Europe’s largest oil company by market value has already returned about $5bn (£3bn) to shareholders this year through the scheme.

In a stock market filing Friday the company said: “it has entered into an irrevocable, non-discretionary arrangement with an independent third party to enable the purchase of `B’ ordinary shares, for cancellation, during the period from 2 January 2014 up to and including 13 March 2014 which period includes the 2013 fourth quarter results close period.”

A spokesperson for Shell said that the announcement enables the company to extend its buyback scheme into next year, subject to board approval. 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 to sell off £18bn in assets after profits tumble

Screen Shot 2013-12-22 at 19.09.52OIL giant Shell is to start a sale of up to $30bn (£18bn) of assets next year after weak refining margins and oil theft in Nigeria caused a sharp fall in profits, it can be disclosed. Mr Voser, a Swiss national, is to step down at the end of the year and will be succeeded in January by Shell’s Dutch refining and marketing chief, Ben van Beurden. The company came under fire from major investors over the weekend for allegedly not treating British investors on a par with Dutch shareholders. Shell cancelled a London event last year that provided a live TV link-up to its annual meeting in the Hague, angering British-based investors.

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By John Ficenec | Telegraph

OIL giant Shell (LSE: RDSB.Lnews) is to start a sale of up to $30bn (£18bn) of assets next year after a sharp fall in profits, it can be disclosed.

OIL giant Shell is to start a sale of up to $30bn (£18bn) of assets next year after weak refining margins and oil theft in Nigeria caused a sharp fall in profits, it can be disclosed.

Assets on the chopping block include a $7bn stake in Woodside Petroleum (Other OTC: WOPEFnews) , Australia’s second largest oil and gas producer; oil assets in the Niger Delta worth $2bn; and other assets totalling $20bn, according to oil and gas analysts from JP Morgan Cazenove. 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 CEO says an Arctic offshore oil find would take years to bring on line

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By ALAN BAILEY: Petroleum News: December 20, 2013

Shell CEO Peter Voser said Dec. 11 that he anticipates oil production from the Alaska Arctic offshore to start during the second half of the next decade, if the company makes a discovery. For several years the company has been engaged in an exploration program on the outer continental shelf of the Alaska Chukchi and Beaufort seas but has yet to drill an exploratory well into a potential hydrocarbon zone.

Voser is leaving Shell in March and his remarks about his company’s Alaska plans came as part of an interview, posted on the Shell website, in which he commented on Shell’s business strategy and some of the issues facing the company as he prepares to hand over the management reins to his successor at the top. 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 ‘is getting far too Dutch’

Screen Shot 2013-12-21 at 00.36.50A senior executive at a leading City institution, who asked not to be named, said British investors were not being treated on a par with their Dutch counterparts. He said this was symptomatic of a trend that has seen the company increasingly consolidating power in The Hague and forgetting its British heritage. The oil giant last year scrapped a London event that featured a live TV link-up to its annual meeting in The Hague, sparking outrage among investors.

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Screen Shot 2013-12-21 at 00.26.46By Rob Davies: 

Shell is coming under growing pressure from shareholders to hold every other annual meeting in London, with one major investor warning that the firm is becoming ‘too Dutch’.

A senior executive at a leading City institution, who asked not to be named, said British investors were not being treated on a par with their Dutch counterparts.

He said this was symptomatic of a trend that has seen the company increasingly consolidating power in The Hague and forgetting its British heritage. 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.

Nigeria ranks high on Shell’s disappointment list

Screen Shot 2013-12-07 at 10.15.24Peter Voser, chief executive officer, Shell, in an interview published on Wednesday on the company’s website indicated that Nigeria contributed significantly to the slump in its performance in the past one year. Voser, who will step down at the end of this year as the company’s CEO, said they were working on the performance issues. Shell’s second-quarter profit slumped to $4.6 billion from $5.7 billion a year earlier partly due to disruptions in Nigeria.

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Global oil giant Royal Dutch Shell has reaffirmed the negative impact the surge in oil theft and sabotage in Nigeria has had on its performance in the past 12 months.

Peter Voser, chief executive officer, Shell, in an interview published on Wednesday on the company’s website indicated that Nigeria contributed significantly to the slump in its performance in the past one year.

“Things have been difficult in Nigeria, due to ongoing sabotage and security issues. We have seen underperformance at various production sites, such as those in the North Sea and at refineries in the USA,” he said, when asked what the disappointments of the past 12 months were. 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 abandons £12bn plan to turn gas into jet fuel in the US

He boasted that the project showed ‘there’s no better place in the world for major business investment’. But, without warning, last night it pulled the project.

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By Peter Campbell: PUBLISHED: 6 December 2013

Shell last night pulled the plug on a £12billion scheme to turn gas into jet fuel – and ruled out doing any work in the area in the whole of the US.

The oil supermajor had previously trumpeted a new facility in Louisiana that it said would create almost 5,000 permanent jobs in the area.

The State’s Governor Bobby Jindal had even promised tax incentives of £70million to help the company make the project work.

He boasted that the project showed ‘there’s no better place in the world for major business investment’. 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.

Citing Cost Concerns, Shell Will Not Build Gulf Coast Plant

“We are making tough choices here, focusing our efforts and capital on the most attractive opportunities in our worldwide portfolio,” Peter Voser, Shell’s chief executive, said in a statement. The decision would appear to be a blow to Shell’s ambitions both in natural gas technology and in the United States, where it is a major investor.

By STANLEY REED: December 5, 2013

Royal Dutch Shell said on Thursday that it would not build an immense gas-to-liquids plant on the Gulf Coast because of concerns over its cost. Shell had been studying the possibility of building a plant to take advantage of cheap shale gas in the United States for at least two years.

“We are making tough choices here, focusing our efforts and capital on the most attractive opportunities in our worldwide portfolio,” Peter Voser, Shell’s chief executive, said in a statement. read more

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Wood Mackenzie report cites a variety of Shell failings

Screen Shot 2013-06-30 at 08.30.42The information on page 5 of a current report by industry experts (Wood Mackenzie) speak volumes about the unappetizing legacy left by Royal Dutch Shell Chief Executive Peter Voser who is about to take early retirement. Some say that like David Lawrence of Alaska, Voser was persuaded to jump ship?

By John Donovan

The information on page 5 of a current report by industry experts (Wood Mackenzie) speak volumes about the unappetizing legacy left by Royal Dutch Shell Chief Executive Peter Voser (above right), who is about to take early retirement. (Some say that like David Lawrence of Alaska, Voser was persuaded to jump ship?)

On page 5 Wood Mackenzie cites a variety of failings, including a huge overspend in Alaska.

The highly informative Executive Summary Report on Royal Dutch Shell, available on subscription, contains positive, as well as negative expert opinion about the oil giant. read more

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Iran opens contacts with oil groups

FINANCIAL TIMES

November 26, 2013

In his first interview with the foreign media, the minister who persuaded the likes of Total, Royal Dutch Shell, Eni and Statoil to invest in the oil and gas sector in the 1990s despite US sanctions, said these companies were now among those he was seeking to attract back to Iran. Peter Voser, Shell’s outgoing chief executive, told an industry conference last month that Iran had “vast resources”… FULL FT ARTICLE
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SHELL KEEPS DIGGING A DEEPER HOLE

Europe’s biggest oil company is burning through cash at an extraordinary rate. Shell shareholders have long nursed a low level of dissatisfaction. Many were underwhelmed by the appointment of yet another chief executive from deep within the Anglo-Dutch behemoth, which is steeped in a profound love for big engineering projects and an apparently dismissive attitude to investors. Van Beurden started at the company in 1983. These are not fresh eyes. How long will investors give him before that simmering resentment boils over? Despite its issues, BP has left Shell in the shade.

THE SUNDAY TIMES: INSIDE THE CITY: DANNY FORTSON: PAGE 14 OF SECTION 3: BUSINESS: 24 NOVEMBER 2013

INVESTORS are sick of companies that spend oodles of cash on shiny new projects rather than handing it to shareholders. That is the reason behind the boardroom bloodbaths this year at the big miners. Rio Tinto BHP Billiton, Anglo American, African Barrick Gold, the list goes on. All of them parted company with chief executives after years of spending buckets of cash on mines and ill-fated takeovers that did little or nothing for investor returns.

The message, finally, came through: no more empire building. read more

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Deepwater drilling

Shortly after the presentation, the oil majors posted dreadful Q2 results, prompting Shell CEO Peter Voser to declare Shell would discontinue production guidance to focus on quarter by quarter cash flow growth. Goldman Sachs singled out Shell for excessive investment in low return assets…

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Those who saw the ‘Capex Compression’ road show back in the summer will recall that Douglas Westwood expressed concern that oil prices would not rise to cover rising exploration and production costs, and that this would force the operators to cut Capex. Shortly after the presentation, the oil majors posted dreadful Q2 results, prompting Shell CEO Peter Voser to declare Shell would discontinue production guidance to focus on quarter by quarter cash flow growth. Moreover, the investment banks began calling for the oil majors to cut Capex. Goldman Sachs singled out Shell for excessive investment in low return assets, although the investment bank had indicated that deepwater should be spared. read more

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Shell share price: Will Anglo-Dutch oil major rein in capital spending?

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The underperformance of the share price reflects investors’ dissatisfaction with the fact that “Europe’s biggest oil company is burning through cash at an extraordinary rate.” The appointment of van Beurden, head of Shell’s refining division who started at the company 30 years ago, has left investors unimpressed as they see him as yet another chief executive steeped in a culture of spending big on mammoth engineering projects. 

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by Branimir Kondov, : 11:12 GMT, Nov 25 2013

EXTRACTS

iNVEZZ.com, Monday, November 25: Investors are concerned that Ben van Beurden, the incoming boss at the helm of Royal Dutch Shell (LON:RDSA, LON:RDSB), will not attempt to rein in the company’s massive spending on new projects. According to an article published yesterday by the Sunday Times, there has been no indication so far that van Beurden, who will replace Peter Voser as chief executive on January 1, 2014, is going to to rethink Shell’s plan to spend $130 billion (£80.1 billion) on new developments between 2012 and 2015. read more

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OSSL OFFERS A CASH REWARD IN SHELL SCANDAL

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One of the recipients of the OSSL email is the outspoken Garda Commissioner Martin Callinan (shown right), who appears to be under considerable pressure at the moment. He has issued an astonishing warning of ‘mass assassinations’ if the Ombudsman gain access to classified files.

By John Donovan

Printed below is a self-explanatory email sent to the Irish police and Shell regarding the Garda corruption scandal currently being investigated by the Garda Siochána Ombudsman Commission.

One of the recipients of the OSSL email is the outspoken Garda Commissioner Martin Callinan (shown right), who appears to be under considerable pressure at the moment. He has issued an astonishing warning of ‘mass assassinations’ if the Ombudsman gain access to classified files. I have no idea if this warning relates to the Ombudsman investigation of OSSL allegations. read more

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Shell Sponsored Corruption of the Garda

As previous agreed, I am sending two of my Investigators (Rody Butler and Sivan Govinder) to London on the 10th December 2013 to interview you at the Irish Embassy.  Further details will follow closer to the date. We are making the booking today for them to travel to London and cannot be changed.

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EMAIL SENT ON 22 NOVEMBER 2013 TO EVERY TD MEMBER OF THE DAIL (THE IRISH PARLIAMENT) 

Shell Sponsored Corruption of the Garda

I last contacted you in May regarding serious allegations made by Shell’s “Mr Fixit” contractor in Ireland, OSSL.

At that time the Garda had already carried out an investigation of the allegations.

Since then, a second investigation has been carried out, this time a so-called “independent” investigation by a senior Garda officer, Supt. Thomas Murphy.

As a result of his investigation, a third investigation is currently under way, on this occasion by the Garda Siochána Ombudsman Commission. read more

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Qatar Shell hosts reception for global CEO

Qatar Shell hosted a reception at The St Regis Doha last week to bid farewell to Royal Dutch Shell CEO Peter Voser, who is to retire from the company at the end of March 2014 after 29 years of service. The reception also welcomed the new CEO-designate, Ben van Beurden, who will take over from Voser on January 1, 2014.

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HE Sheikha al-Mayassa bint Hamad bin Khalifa al-Thani, HE Abdullah bin Hamad al-Attiyah, HE Dr Mohamed bin Saleh al-Sada and other dignitaries during the event.

Qatar Shell hosted a reception at The St Regis Doha last week to bid farewell to Royal Dutch Shell CEO Peter Voser, who is to retire from the company at the end of March 2014 after 29 years of service. The reception also welcomed the new CEO-designate, Ben van Beurden, who will take over from Voser on January 1, 2014.

Van Beurden has worked for Shell’s upstream and downstream businesses in Europe, Africa, Asia and the United States. The event was hosted by Wael Sawan, managing director and chairman of Qatar Shell. read more

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Shell rethinking its Pa. cracker plans

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By Linda Harris, Legal Reporter – email: Nov 15, 2013

Royal Dutch Shell is rethinking its plans for an ethane cracker in Western Pennsylvania and two other cash-intensive projects, leaving business leaders in the Mountain State to wonder if the spin-off economic growth they’ve been anticipating is ever going to come.

Shell CEO Peter Voser told analysts the company can’t afford to do the cracker in Pennsylvania plus a gas-to-liquids plant in Louisiana and a liquid natural gas plant in Canada. Voser said in the near future, the company will have to decide which of the three signature projects to give the green light. read more

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Shell Is Working on ‘Promising’ Renewable Technology, Voser Says

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By Eduard Gismatullin – Nov 13, 2013 10:38 AM GMT

The following are excerpts from an interview with Royal Dutch Shell Plc (RDSA) Chief Executive Officer Peter Voser at the company’s headquarters in The Hague.

Voser, who has headed Europe’s largest oil and gas producer since 2009, steps down at the end of the year, 31 years after first joining the company.

On Shell and renewable energy:

“It would be stupid from the oil and gas industry to say that renewables will not play a major role in the energy system of the next few decades. read more

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Arctic 30: Greenpeace turns on Shell

Screen Shot 2013-01-18 at 10.08.58As the detention of Greenpeace’s ‘Arctic 30’ by Russian security services approaches its second month, a shift of campaign tactics is taking place. Now Shell, Gazprom’s partner in developing oil and gas on the Arctic Shelf, is in the firing line.

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The Ecologist: 13th November 2013

As the detention of Greenpeace’s ‘Arctic 30’ by Russian security services approaches its second month, a shift of campaign tactics is taking place. Now Shell, Gazprom’s partner in developing oil and gas on the Arctic Shelf, is in the firing line.

Greenpeace is targetting Shell in a new round of protests aimed at securing the release of the Arctic 30 protestors arrested on a Russian oil platform owned by oil and gas giant Gazprom in the Arctic Ocean 56 days ago. read more

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Voser Says Shell to Quicken Disposals to Offset Spending: Energy

Screen Shot 2013-11-13 at 07.38.22Royal Dutch Shell Plc is gearing up to sell about $15 billion of assets as Europe’s largest oil company accelerates disposals to offset the cost of projects from Australia to Canada. While Voser didn’t put a figure on disposals, Shell needs to raise at least $15 billion over the next two years to meet its financial targets, according to data compiled by Bloomberg.

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November 12, 2013

Royal Dutch Shell Plc (RDSA) is gearing up to sell about $15 billion of assets as Europe’s largest oil company accelerates disposals to offset the cost of projects from Australia to Canada.

Asset sales will allow Shell’s net capital investment, spending on projects adjusted for acquisitions and disposals, to fall from this year’s record $45 billion, Chief Executive Officer Peter Voser said in an interview. A raft of new projects coming on stream gives room to sell oil and natural gas fields, he said. read more

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How Shell exploited the tragedy that befell a filling station franchisee

Jochen Colleen tragically killed in a road accident

Jochen Piehl tragically killed in a road accident

Against their wishes, Shell sent another franchise owner to stand in for them supposedly on a temporary basis, then refused to allow them to return. Shell’s alleged treachery ruined the family financially making the situation even more distressing at the worst possible time. Colleen says: “We were so lost and weak and broken with our son’s death that we could not even put up a ‘fight’ at the time.” Her damming assessment of the oil giant: “Shell have no morals or scruples and don’t care how and who they destroy.”

By John Donovan

Over a decade ago, Frank and Colleen Piehl were the first tenants of the Shell owned Sibonelo filling station based at Ngwenya, Swaziland at the Oshoek border post of South Africa (Oshoek) and Swaziland.

The family mortgaged their home and invested their life savings into what was becoming a thriving business, despite unusual onerous terms attached to the lease arising from an interest held by a consortium of landowners.

In 2001, their only son, Jochen, was killed in a road accident at the age of 13. read more

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Shell profits drop 31pc to $4.2bn on Nigeria and refining woes

 Shell blames weak industry refining margins and security problems in Nigeria for sharp drop in third-quarter profits.

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By 7:40AM GMT 31 Oct 2013

Royal Dutch Shell blamed weak refining margins across the industry and the deteriorated security situation in Nigeria for 31pc drop in third-quarter profits, to $4.25bn.

The results were significantly worse than analysts had forecast, with profits excluding the impact of one-off items Shell’s profits down 32pc, to $4.46bn, against forecasts of between $4.9bn and $5.1bn.

Shell shares dropped 4pc in early trading.

Shell said it took a $300m hit from the impact of the widespread oil theft and ensuing disruption it is battling in the Niger Delta, as well as the blockade of the Nigeria LNG plant. Production from Nigeria was 65,000 barrels of oil and gas a day lower than in the same period of 2012. read more

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Why no profits warning from Shell?

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Good Morning Shell shareholders. Or rather bad morning. Shell’s results are out and it’s deja vu. Earnings are down from $6.2bn to $4.2bn. The shares opened 4% down. At the time of writing this article they are down 5%. Shell once again appears to be in breach of DTR 2 (Disclosure and control of insider information).

By John Donovan

Good Morning Shell shareholders.

Or rather bad morning. Shell’s results are out and it’s deja vu. Earnings are down from $6.2bn to $4.2bn. The shares opened 4% down. At the time of writing this article they are down 5%.

Shell once again appears to be in breach of DTR 2 (Disclosure and control of insider information). There can be no doubt that this fall in profit has been insider information for several weeks now, if only with Simon Henry and Peter Voser, and 5% is a significant fall in share price. So the market disagrees with Shell’s apparent opinion that a Profit Warning under DTR 2 was not required. read more

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Royal Dutch Shell profit hit by Nigeria unrest

Screen Shot 2013-05-03 at 08.17.32Royal Dutch Shell’s net profit slid 35 percent in the third quarter on lower refining margins and disruption to production in Nigeria, the Anglo-Dutch energy giant said on Thursday. “We are facing headwinds from weak industry refining margins, and the security situation in Nigeria, which continue to erode the near term outlook,” Royal Dutch Shell chief executive Peter Voser said in the release.

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London – Royal Dutch Shell’s net profit slid 35 percent in the third quarter on lower refining margins and disruption to production in Nigeria, the Anglo-Dutch energy giant said on Thursday.

Profit after tax fell by a third to $4.677 billion (3.42 billion euros) in the three months to September 30 compared with the equivalent period in 2012, the company said in an earnings statement.

“We are facing headwinds from weak industry refining margins, and the security situation in Nigeria, which continue to erode the near term outlook,” Royal Dutch Shell chief executive Peter Voser said in the release. read more

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Decisive moment approaching in OSSL Shell saga

Screen Shot 2013-10-03 at 17.45.10Consequently it seems that we may now be reaching a decisive moment in this high stakes long drawn out saga, with an inevitable outcome that action will be taken when the Irish Police Ombudsman Commission completes its investigation. Either OSSL directors, whose repeated allegations has resulted in substantial Garda resources being devoted to the investigations, and have provided related witness statements, will surely be prosecuted for wasting police time and for perjury, or there will be serious repercussions for Shell and the relevant Garda officers? 

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By John Donovan

Shell’s former Mr Fixit company in Ireland OSSL, has made a number of serious allegations against Shell E&P Ireland.

The allegation that for understandable reasons, most caught the attention of the news media on an international basis and stunned Irish citizens, is that acting on Shell’s instructions, OSSL purchased and supplied to the Garda enough free booze to quench the thirst of several hundred cops.

Amazingly, senior Garda officers previously named on this website are said to have helped unload the free booze at a Garda police station. None have issued related defamation proceedings against this website or OSSL. None when given the opportunity to comment have denied that OSSL allegations are true. read more

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Shell’s flawed Scenarios predictions

Screen Shot 2013-03-01 at 22.08.52Shell has been forecasting dramatic increases in its own production (which have never materialised) for years. If they cannot accurately forecast how their own assets will perform, how can they expect to forecast the whole world’s activities. Vince Cable was actively involved in scenario planning development while at Shell. Need I say more?

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Screen Shot 2013-10-25 at 10.27.00By John Donovan

In the last several days there have been several articles published telling the world about the latest predictions from the famed Shell Scenarios soothsayers forecasting peak oil and the end of the oil era.

Shell says the end of the oil era is 2070: Mother Nature Network (blog)-by Jim Motavalli-Oct 18, 2013
Like the UN with its high, medium and low predictions, Shell is saying ” if … By 2070, the passenger road market could be nearly oil-free and …

Shell predicts petroleum-powered cars will be ‘nearly’ gone by 2070 …: Autoblog (blog)-by Sebastian Blanco-Oct 18, 2013
“By 2070, the passenger road market could be nearly oil-free.” That’s the key line (for us, anyway) in a report out from Shell titled New Lens …
read more

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Shell to Pay $280 Million for Share of Brazilian Off-Shore Drilling Rights

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In what CEO Peter Voser refers to as “one of the largest deep water oil accumulations in the world,” Royal Dutch Shell (NYSE: RDS-A & RDS-B), along with four other oil producers, will pay $280 Million for a 35-year contract to begin drilling in the Libra discovery in the Santos Basin, located about 105 miles off the Brazilian coast of Rio de Janeiro, Shell announced today.

According to Shell’s statement, Brazil’s governmental oil regulator estimates the Libra find has between 8 billion and 12 billion barrels of “recoverable resources.” read more

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Shell’s giant floating refrigerator to tap new gas reserves

Chief executive Peter Voser tells Emily Gosden why the massive Prelude vessel is a game-changer

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Emily Gosden

6:00AM BST 21 Oct 2013

 Peter Voser is surveying the view from the Prelude vessel, which he has just boarded for the first time. “Now you see the difference,” he says, pointing out an oil tanker a few hundred yards away. “That’s a regular tanker. It’s a big one, yet a small one.”

Small compared with Prelude, that is. The same could be said of all the giant vessels here in Samsung Heavy Industries’ shipyard in Geoje, South Korea. Among them are liquefied natural gas (LNG) carriers, some of the world’s biggest ships. Yet all are dwarfed by Royal Dutch Shell’s monster. It is, as Voser puts it, “massive” – and it’s still only half-built. read more

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Dozens of LNG platforms to be developed – Shell

Dozens of floating liquefied natural gas (LNG) vessels will be developed by the energy industry over the next two decades, according to Royal Dutch Shell

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Screen Shot 2013-02-01 at 22.25.42 Emily Gosden

6:00AM BST 21 Oct 2013

Dozens of floating liquefied natural gas (LNG) vessels will be developed by the energy industry over the next two decades, unlocking major new gas reserves that could otherwise not be produced, Royal Dutch Shell has predicted.

Speaking on a visit to the first ever floating LNG vessel, Prelude, which Shell is constructing in a South Korean shipyard, chief executive Peter Voser said there was no reason why the technology would not take off worldwide. 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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Floating was only Browse option: Voser

Royal Dutch Shell chief executive Peter Voser has pushed back against criticism by West Australian premier Colin Barnett over plans to develop the Browse gasfields using floating LNG technology instead of building the project onshore...

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Royal Dutch Shell chief executive Peter Voser has pushed back against criticism by West Australian premier Colin Barnett over plans to develop the Browse gasfields using floating LNG technology instead of building the project onshore, according to The Australian.

Mr Barnett has been vocal in criticising Shell and Woodside Petroleum Ltd for planning to construct the project offshore as the onshore option would result in more investment and jobs for the state.

However, Mr Voser, in his first public comments on the spat, said the onshore option was never financially viable, leaving developers with little choice but to pursue the floating option if the project was to be constructed at all. read more

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