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Posts Tagged ‘ExxonMobil’

Big Oil’s Next Major Move

By Tim Daiss – Jul 08, 2018, 10:00 AM CDT

Several oil majors, including Royal Dutch Shell and BP, are boosting their share of natural gas output. A Bloomberg report said these two oil companies, by increasing gas production, are trimming the lead between them and ExxonMobil, the world’s largest publicly traded oil company. ExxonMobil has a current market cap of $348 bn, while Shell has market cap of $317 bn, and BP at $156 bn.

BP expects by 2020 to produce about 60 percent gas and 40 percent oil, a reversal from 2014 when it was the opposite – a pivot that many other oil companies will likely follow. ExxonMobil for its part currently produces about 55 percent oil and 45 percent gas and remains the largest natural gas producer in the US. Shell’s acquisition of UK-based BG Group for $50 bn in 2016 boosted the share of natural gas to 50 percent of its global fossil fuels output and made it the world’s largest natural gas trader. read more

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$US150 a barrel? Shareholder greed could make oil prices double

By Ben Sharples: Bloomberg News: 7 July 2018

Oil investors may regret urging companies to cough up cash now instead of investing in growth for later as the dearth of exploration is setting the stage for an unprecedented crude price spike, according to Sanford C. Bernstein.

Companies have been compelled to focus on boosting returns and shareholder distributions at the expense of capital expenditures aimed at finding new supplies, analysts including Neil Beveridge wrote in a note on Friday. read more

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Shell CEO says ‘foolhardy’ to set carbon reduction targets

Shell CEO says ‘foolhardy’ to set carbon reduction targets

Ron Bousso: JULY 5, 2018

LONDON (Reuters) – Royal Dutch Shell’s boss said it would be “foolhardy” for the oil and gas producer to set hard targets to reduce carbon emissions as it risked exposing the energy giant to legal challenges.

The energy industry has struggled in recent years to find a clear path to secure its role as the world shifts from fossil fuels in order to meet the 2015 Paris climate agreement goals.

Shell Chief Executive Officer Ben van Beurden last year set out ambitions last year to halve its carbon emissions by 2050, far exceeding rivals. But the Dutch CEO resisted calls by activists and some investors to set binding targets. read more

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The Netherlands Can’t Afford To Keep Its Natural Gas Promise

By Vanand Meliksetian – Jul 03, 2018, 3:00 PM CDT

The Netherlands has been the source of cheap energy for northwest Europe for the past decades. The discovery of the Groningen gas field, the 9th largest in the world, provided a reliable source of energy in a period when the oil market was rocked by embargos due to the Yom Kippur War in 1973. The future of the Dutch gas sector, however, looks bleak due to two important developments in 2018: a political decision to reduce production with a timeline to stop entirely until 2030 and a new climate agreement. The Netherlands is preparing to make major changes regarding the role of gas in people’s lives. read more

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Groningen needs reinforcement: watchdog

Groningen needs reinforcement: watchdog

The repair and reinforcement of Dutch homes damaged by gas-extraction earthquakes in Groningen needed to be speeded up, the state supervisor on mines SoDM told economic minister Eric Wiebes.

RTL Nieuws reported that SoDM found approximately 1,900 homes in the region that, if not reinforced quickly, would no longer meet official safety standards. The distinctly Dutch rules state the risk of someone dying in an earthquake must not be higher than the risk of someone drowning in a flood elsewhere in the Netherlands. read more

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U.S. court dismisses climate change lawsuits against oil companies

U.S. court dismisses climate change lawsuits against oil companies

Reuters Staff: JUNE 26, 2018

(Reuters) – A federal court in California dismissed climate change lawsuits by the cities of San Francisco and Oakland against five oil companies, saying the complaints required foreign and domestic policy decisions that were outside its purview.

San Francisco and Oakland sued Chevron Corp, Exxon Mobil Corp, ConocoPhillips, Royal Dutch Shell Plc, and BP Plc last year seeking an abatement fund to help the cities address flooding they said was a result of climate change.

Judge William Alsup of the U.S. District Court for the Northern District of California said in the ruling that the dangers raised by the complainants were real and worldwide, and both parties accepted the science behind global warming. read more

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Gas production at Groningen field falling faster than planned

Jun. 27, 2018 2:57 PM ET|By: , SA News Editor

Production at the Groningen natural gas field will come in lower than expected this year as the Dutch government works to end production completely by 2030 in an effort to limit seismic risks in the region.

Output will have fallen to 19B-20B cm in the year ending October 2018, the Dutch gas sector regulator says, below the original cap of 21.6B cm set for the year and down from 24B cm last year.

The Groningen field is a joint venture of Royal Dutch Shell (RDS.A, RDS.B) and Exxon Mobil (NYSE:XOM). read more

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Judge tosses San Francisco-Oakland climate change lawsuit against big oil companies

Judge tosses San Francisco-Oakland climate change lawsuit against big oil companies

– Associated Press – Monday, June 25, 2018

SAN FRANCISCO — A U.S. judge who held a hearing about climate change that received widespread attention ruled Monday that Congress and the president were best suited to address the contribution of fossil fuels to global warming, throwing out lawsuits that sought to hold big oil companies liable for the Earth’s changing environment.

Noting that the world has also benefited significantly from oil and other fossil fuel, Judge William Alsup said questions about how to balance the “worldwide positives of the energy” against its role in global warming “demand the expertise of our environmental agencies, our diplomats, our Executive, and at least the Senate.” read more

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Shell gives go-ahead to third North Sea oil, gas project in 2018

Ron Bousso, Shadia Nasralla: JUNE 25 2018

LONDON (Reuters) – Royal Dutch Shell said on Monday it will develop the Fram gas field in the North Sea, its third project approval in the aging basin this year.

Shell’s final investment decision (FID) on Fram follows the green light for the expansion of the Penguins field in January, and the 50-50 joint venture Alligin field in the west of Shetlands area which is operated by BP.

The UK North Sea is one of the world’s oldest offshore basins whose production started in the 1970s and peaked in the late 1990s. It has enjoyed a modest production revival in recent years thanks to a wave of new projects coming on stream. read more

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Shell approves second North Sea project this year

Jun. 25, 2018 11:14 AM ET|By: , SA News Editor

Royal Dutch Shell (RDS.A, RDS.B) approves its second North Sea project in six months, moving forward with development of the Fram natural gas field it considered uneconomical to produce six years ago.

Shell, along with partner Exxon Mobil (XOM -1.7%), says it plans to produce as much as 13K boe/day from two wells in the Fram field by 2020, adding ~10% to the company’s current output in the U.K. North Sea.

Steve Phimister, head of Shell’s U.K. exploration and production unit, says deep cost cuts following crude’s decline and connecting smaller oil and gas pools to bigger projects are allowing it to squeeze more out of an aging North Sea, and that the company may take several more investment decisions in the North Sea this year because of the improved economics. read more

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Shell, Exxon not to seek compensation for end of Groningen gas production: government

Shell, Exxon not to seek compensation for end of Groningen gas production: government

Reuters Staff: Monday June 25, 2018

AMSTERDAM (Reuters) – Energy companies Royal Dutch Shell and Exxon Mobil will not submit a claim for missed revenue due to the Dutch government’s decision to halt gas production at the Groningen field by 2030, the Dutch ministry of Economic Affairs said on Monday.

“A lot of gas will be left in the ground,” Economy minister Eric Wiebes said at the presentation of his deal with the oil majors responsible for extracting Groningen gas.

“That gas is the property of the oil companies, but they will not submit a claim and the government is not required to compensate them.” read more

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Future of Big Oil Increasingly Shaped by the Fate of Global Gas

By Kevin Crowley and Kelly Gilblom
25 June 2018, 00:00 BST

Big Oil’s fortunes are becoming tied more closely to natural gas than ever before.

Majors including Royal Dutch Shell Plc and BP Plc have boosted their proportion of gas output in recent years, helping them trim Exxon Mobil Corp.’s lead as the world’s most valuable oil company. Meanwhile Chevron Corp. added two giant Australian liquefied natural gas projects and Exxon is punching back with two major projects of its own, in Papua New Guinea and Mozambique. read more

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Oil majors to bid on choice stakes in Brazil’s offshore

Oil majors to bid on choice stakes in Brazil’s offshore

RIO DE JANEIRO (Reuters) – Executives from oil majors were set to gather in Rio de Janeiro on Thursday to compete for stakes in Brazil’s pre-salt oil play, home to some of the world’s most alluring offshore geology, as rising oil prices boost appetite for expensive offshore projects.

A record 16 companies, including Chevron Corp, BP Plc and Royal Dutch Shell Plc registered to bid for four blocks in the offshore Campos and Santos basins, part of the so-called fourth pre-salt auction on Thursday. read more

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The World’s Largest Oil & Gas Companies 2018: Royal Dutch Shell Surpasses Exxon As Top Dog

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Royal Dutch Shell took the top spot among oil and gas companies on the Forbes Global 2000’s list of the biggest and most powerful public companies, surpassing last year’s leader Exxon Mobil Corp.

The Anglo-Dutch oil and gas giant ranked 11th among all companies on the list, up from 20th the previous year, mostly because of higher sales due to lofty commodity prices. Irving, Texas-based Exxon came in at 13th, the same as last year. read more

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Pope to address oil majors in Vatican climate conference

FILE PHOTO: Pope Francis arrives to lead the Wednesday general audience in Saint Peter’s square at the Vatican, May 23, 2018. REUTERS/Stefano Rellandini/File Photo Philip Pullela: June 1, 2018 VATICAN CITY (Reuters) – The Vatican will host executives of the world’s top oil companies for a conference next week on climate change and the transition away from fossil fuels, a Vatican source said on Friday.

Pope Francis, who wrote a major document on protection of the environment from global warming in 2015, is expected to address the group on the last day of the June 8-9 conference.

The conference, organized by Notre Dame University in the United States, is expected to be attended by the heads or senior executives of companies including ExxonMobil, Eni, BP, Royal Dutch Shell and Pemex, the source said.

The oil and gas industry has come under increasing pressure from investors and activists to play a bigger role in reducing the emissions of greenhouse gasses in order to meet goals set out in a 2015 climate agreement signed in Paris. read more

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Judge wants more info from big oil companies in climate change lawsuits

May 25, 2018 12:42 PM ET|By: , SA News Editor

A federal judge yesterday said he needed more information before deciding whether to dismiss lawsuits by the cities of San Francisco and Oakland alleging that Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Royal Dutch Shell (RDS.A, RDS.B), BP and ConocoPhillips (NYSE:COP) should pay to protect residents from the impacts of climate change.

The judge also wants the companies to produce additional material backing up claims that they should not be a part of the case because the court lacked jurisdiction over them. read more

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Judge to hear oil companies’ bid for dismissal of climate change lawsuits

The five defendants are the world’s largest investor-owned oil companies: Chevron Corp., Exxon Mobil Corp., ConocoPhillips, BP PLC, and Royal Dutch Shell PLC.

By on May 24, 2018 7:59 am

Five oil companies are due to ask a federal judge on Thursday to dismiss a pair of climate change lawsuits filed by the cities of Oakland and San Francisco.

U.S. District Judge William Alsup will hear arguments on the companies’ motions for dismissal in his San Francisco courtroom at 8 a.m. Thursday.

The lawsuits filed last year claim the corporations created a
public nuisance by producing “massive quantities” of oil and natural gas and promoting their use while knowing they lead to global warming and rising sea levels. read more

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Climate Change Warriors’ Latest Weapon of Choice Is Litigation

By Jeremy Hodges, Lauren Leatherby and Kartikay Mehrotra
May 24, 2018

In the global fight against climate change, one tool is proving increasingly popular: litigation.

From California to the Philippines, activists, governments and concerned citizens are suing the biggest polluters and national governments over the effects of climate change at a break-neck pace.

“The courts are our last, best hope at this moment of irreversible harm to our planet and life on it,” said Julia Olson, an attorney for Our Children’s Trust, a legal challenge center in the U.S. that is involved in climate change litigation across 13 countries, including the U.S., Pakistan and Uganda. read more

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Investors turn up heat on Shell over climate targets

Ron Bousso: MAY 22, 2018

THE HAGUE (Reuters) – Top investors in Royal Dutch Shell on Tuesday stepped up pressure on the oil and gas giant to commit to hard targets to reduce greenhouse gas emissions to battle climate change.

Shell has set out “ambitions” to halve carbon emissions by 2050 and expand in renewables energy, which Chief Executive Officer Ben van Beurden said were ground breaking for the oil industry.

To view a graphic on Shell emissions, click: reut.rs/2Iya7Hf

“Nobody else comes close, it is seriously ambitious,” van Beurden said of Shell’s plan at the company’s annual general meeting in The Hague. read more

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Nigeria draft oil reforms seek to establish powerful industry regulator

FILE PHOTO: The Nigeria National Petroleum Corporation (NNPC) headquarters are seen in Abuja, Nigeria December 5, 2017. REUTERS/Afolabi Sotunde/File Photo

For decades, communities in the Niger Delta oil heartland have complained that spills and pollution have destroyed their land and killed off wildlife. Rights group Amnesty International accused international oil majors Royal Dutch Shell PLC and Eni SpA in March of negligence when addressing spills in Nigeria.

ABUJA (Reuters) – Nigeria’s government plans to create a powerful energy regulator with broad oversight of the oil and gas sector, according to draft versions of sweeping reforms known collectively as the Petroleum Industry Bill (PIB).

The draft laws, posted on the Nigerian legislature’s website on April 30, are the versions intended for the Senate, the upper house of parliament.

The PIB aims to improve transparency, attract investors, stimulate growth and increase government revenues.

After being debated for well over a decade, the unwieldly and contentious legislation was broken into sections to help it pass into law. read more

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Oil Companies Ask Judge to Kill NYC’s Global Warming Lawsuit

By Bob Van Voris: 4 May 2018, 23:09 BST Updated on 5 May 2018, 02:09 BST

Case affects global economy, national security, companies say

New York argues oil companies denied climate change science

This lawsuit is based upon the fundamental principle that a corporation that makes a product causing severe harm when used exactly as intended should shoulder the costs of abating that harm. Defendants here produced, marketed, and sold massive quantities of fossil fuels—primarily oil and natural gas—despite knowing that the combustion and use of fossil fuels emit greenhouse gases (“GHG pollution” or “GHGs”), primarily carbon dioxide (“CO2”). Defendants have also known for decades that GHG pollution accumulates and remains in the atmosphere for up to hundreds of years, where it traps heat, a process commonly referred to as “climate change” or “global warming,” and that this process would cause grave harm.

Five of the world’s biggest oil companies asked a judge to throw out New York City’s lawsuit seeking to hold them responsible for costs related to the environmental changes caused by their products. 

BP Plc, Chevron Corp., ConocoPhillips, Exxon Mobil Corp., and Royal Dutch Shell Plc argued that the court lacks the authority to resolve broad policy questions with “profound implications for the global economy, international relations and America’s national security.” read more

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Shell says fully committed to Iraq gas venture, plans ‘massive’ expansion

DUBAI (Reuters) – Royal Dutch Shell (RDSa.L) is fully committed to its gas joint venture in Iraq, after the energy major exited its oil assets in the OPEC country, and plans to boost its gas output there to 1.4 billion cubic feet (bcf) a day by 2020, a senior executive said.

Iraq’s gas development plans have long focused on Basra Gas Co (BGC), a $17 billion, 25-year project in which Iraq has 51 percent, Shell 44 percent and Japan’s Mitsubishi Corp (8058.T) 5 percent.

The project was designed to aggregate gas from fields in the south including West Qurna 1, operated by Exxon Mobil Corp (XOM.N); Zubair, operated by Italy’s Eni (ENI.MI); and Rumaila, developed by BP (BP.L). read more

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Cost of shutting off Groningen gas mounts, minister in dispute with Shell, Exxon

April 13, 2018

Economic affairs minister Eric Wiebes is embroiled in a dispute with Shell and ExxonMobil about the bill for closing the gas taps in Groningen, broadcaster NOS said on Friday.

The dispute revolves around a potential billion euro claim facing the Dutch state from the oil giants, NOS says. It bases its claim on documents obtained using freedom of information legislation.

If the plans goes ahead to close off the Groningen fields by 2030, some €50bn to €125bn worth of gas will remain underground. And documents from 2016 show the oil companies will make a claim against the Dutch state for lost income, the broadcaster said. read more

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SHELL, EXXON WANTS COMPENSATION FROM DUTCH GOV’T FOR GRONINGEN GAS LEFT UN-EXTRACTED: REPORT

Milieudefensie and Groningen residents dump fracking earthquake rubble in front of the Ministry of Economic Affairs in The Hague, 26 Oct 2017. Photo: @milieudefensie / Twitter

Shell and Exxon wants the government to pay them billions of euros in compensation for the gas that will not be extracted from Groningen now that the government is g, NOS reports.

With the government’s plans to stop gas extraction in Groningen, between 50 and 120 billion euros of gas will remain un-mined, according to documents NOS got by appealing to the freedom of information act. The oil companies want compensation for that. Previously Minister Erik Wiebes of Economic Affairs and Climate said that the government “does not want a claim for damage over the gas remaining in the ground”, according to the broadcaster.  read more

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Shell takes its turn in the climate change spotlight

Photo: Michael Macor, Staff / The Chronicle

What did you know and when did you know it? Those are the questions increasingly directed at Big Oil as concerns about global warming, rising sea levels and climate change grow.

For a few years now, Exxon Mobil has faced a bombardment of allegations — which the Texas oil company denies — that it knew about climate change related to fossil fuels in the 1970s and buried the evidence. State investigations in New York and Massachusetts continue to focus on whether Exxon Mobil misled the public and the company’s investors. read more

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Shell’s Climate Push Fails to Cut Emissions

Royal Dutch Shell Plc is demonstrating how tough it is for a massive, 100-year-old oil company to become a friend to the climate.

Shell’s greenhouse-gas emissions rose last year to the highest since 2014, it said Monday. The increase shows the challenge facing Chief Executive Officer Ben van Beurden as his company grows to meet burgeoning energy demand while investors demand a clear path toward a low-carbon future. 

“As living standards rise, energy demand could double over the course of the century,” Van Beurden said in Shell’s sustainability report. “The world is going to have to make meeting this demand part of the approach to cutting emissions.”  read more

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New Document Suggests Shell Knew About Climate Change 30 Years Ago

An internal Shell report from 1988 has revealed the supermajor was aware of the effect of its business on climate. The report, uncovered by Dutch journalist Jelmer Mommers from the De Correspondent news platform, has been published in the Climate Files and might just make life that much more difficult for the Anglo-Dutch company.

The document is an in-depth study of what was at the time called global warming with references to an earlier study and suggestions that the company was interested in researching climate change at least since 1981. read more

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Environmental Group Vows To Sue Shell Over Climate Change

By Tsvetana Paraskova – Apr 04, 2018, 6:00 PM CDT

In the latest legal campaign against Big Oil, Friends of the Earth Netherlands vowed on Wednesday to take Shell to court if it doesn’t act on demands to align its corporate strategy with the global climate objectives.

“Shell is liable for its substantial contribution to climate change and for the associated social and environmental damages,” Friends of the Earth Netherlands, or Milieudefensie as it is known in Dutch, said in a letter sent to Shell’s chief executive Ben van Beurden today. read more

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The Sky’s The Limit In Shell’s New Climate Targets Scenario

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Oil’s Seven Sisters Enter a ‘Golden Age’, Goldman Sachs Says

The world’s largest oil companies have survived a life-changing crisis, and are now poised to reap the rewards, Goldman Sachs Group Inc. said.

Big Oil is in a sweet spot with rising oil prices and low operating costs, leaving them with the biggest cash-flow growth in two decades and boosting earnings, Goldman said in a report Monday. That will increase their attraction for investors after years of elevated spending followed by crude’s slump sent their weighting in global equity indexes to a 50-year low, according to the bank.  read more

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U.S. judge to question Big Oil on climate change

David Levine: 21 MARCH 2018

SAN FRANCISCO (Reuters) – Five of the world’s biggest energy producers will be questioned by a federal judge on Wednesday about climate change science, part of a lawsuit that accuses the companies of misleading the public for years about their role in global warming.

The cities of San Francisco and Oakland, California sued Chevron Corp (CVX.N), Exxon Mobil Corp (XOM.N), ConocoPhillips (COP.N), Royal Dutch Shell PLC (RDSa.L), and BP PLC (BP.L) last year, seeking an abatement fund to help the cities address flooding they say is a result of climate change. read more

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Nigeria State Oil Company Hasn’t Explained Missing Billions

An agency tasked with cleaning up Nigeria’s murky oil industry says even though financial accountability has improved the state oil company still hasn’t explained billions of dollars of missing revenue.

While energy producers have cooperated and complied with requirements to publish payments, the Nigeria Extractive Industries Transparency Initiative has struggled with the state-owned Nigerian National Petroleum Corp., Waziri Adio, executive secretary of the agency known as Neiti, said in a March 7 interview in Abuja, the capital. The state oil company hasn’t explained what it did with at least $22.7 billion earned from the sale of oil licenses and in dividends from its stake in Nigeria LNG Ltd. over a 15-year period, he said. read more

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Shell’s U.S. shale output plans prioritize oil over natgas

Ron Bousso. Ernest Scheyder: 8 March 2018

HOUSTON (Reuters) – Royal Dutch Shell Plc (RDSa.L) is focused on increasing its U.S. shale operation’s oil production while slowing investment in lower-margin natural gas, an executive said on Thursday.

The Anglo-Dutch company aims to boost its overall shale production by 200,000 barrels of oil equivalent per day (boe/d) to 500,000 boe/d between 2017 and 2020, mostly in the United States with some production in Argentina.

Although the shale business has yet to generate a profit, it is expected to do so next year, Greg Guidry, who heads Shell’s shale operations, told Reuters on the sidelines of the CERAWeek energy conference in Houston.

Shell, like Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), aims to make shale production a driver of growth in the next decade. But today most of its output is natural gas, where profit margins are lower.

As a result, around 85 percent of Shell’s shale budget for at least the next two years will go toward new oil resources, particularly in the Permian oilfield of West Texas and Canada’s Duvernay Basin, Guidry said. read more

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Shell mulls investment in new wave of LNG projects

Shell chief executive Ben van Beurden says the company is looking to finalize new investments, which may include the company’s LNG Canada project

Geoffrey MorganGEOFFREY MORGAN Published on: March 8, 2018 | Last Updated: March 8, 2018

HOUSTON – The head of Royal Dutch Shell Plc dropped a hint that it’s keen to invest in liquefied natural gas projects soon on Tuesday, a tantalizing prospect for Canadian gas producers desperate to access rapidly changing global energy markets.

Shell chief executive Ben van Beurden did not specifically mention the company’s LNG Canada project in Kitimat, British Columbia when he addressed a room of oil and gas executives on Wednesday, but indicated the company is looking to finalize new investments. read more

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At energy summit, climate pits U.S. against Europe

FILE PHOTO: Ben van Beurden, chief executive officer of Royal Dutch Shell, speaks during the 26th World Gas Conference in Paris, France, June 2, 2015. REUTERS/Benoit Tessier/File Photo

Ron Bousso: 7 MARCH 2018

HOUSTON (Reuters) – The U.S. energy secretary blasted renewable fuels champions on Wednesday while the head of Royal Dutch Shell Plc (RDSa.L) urged the energy sector to focus on global efforts to cut carbon emissions, reflecting a yawning trans-Atlantic gap on climate issues.

Speaking at the CERAWeek conference in Houston, Shell CEO Ben van Beurden outlined an ambitious plan to reduce the Anglo-Dutch company’s carbon footprint and expand in renewables, and called on others to follow. read more

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Yedlin: East Coast LNG projects quietly moving forward

Local Input~ Aerial View of the Bear Head LNG Project Site, Nova Scotia, Canada. Photo: Courtesy of Liquefied Natural Gas Limited. 0211 biz gmo bearhead

DEBORAH YEDLIN, CALGARY HERALD: 24 FEB 2018

Lost in the hyper-focus on British Columbia and its persistent obstruction of energy infrastructure development is the East Coast, where two liquefied natural gas projects are quietly moving forward in Nova Scotia.

Both Bear Head LNG to be located on the north bank of the Strait of Canso and Pieridae Energy in Goldboro are at different phases of their progress, but unlike what’s going on in B.C. there is a marked absence of opposition. read more

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Gas producer NAM sees no need for further measures at Groningen field

Reuters Staff: 19 FEB 2018

AMSTERDAM, Feb 19 (Reuters) – Dutch gas company NAM on Monday said it sees no need for further measures at the Groningen field after a recent series of relatively small earthquakes in the region.

The Dutch gas sector regulator last week ordered a new review of production at the field in the north of the Netherlands, after three tremors with magnitudes of 1.7 to 2.2 between Feb. 8 and Feb. 11. 

After a 3.4 earthquake in January the Dutch government already said it would cut Groningen production by 44 percent as quickly as possible, while ordering the immediate shutdown of five production points in the earthquake-prone field. read more

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In the deepwater versus shale oil contest, Shell backs both

Ron Bousso, Dmitry Zhdannikov: FEBRUARY 20,2018 LONDON (Reuters) – Royal Dutch Shell (RDSa.L) will expand deepwater output and turn a profit from its shale production in coming years as both together will help the oil major cope with a world of low crude prices, the head of its oil and gas production said on Tuesday.

Shell’s deepwater production in Brazil, Nigeria, the Gulf of Mexico is much bigger and more profitable, but the firm sees the nimble, fast-returns U.S. onshore shale as an engine for growth.

“We can see strong (shale) production growth, strong cash surpluses that gives us a balance in our portfolio where you can ramp investment up and down, you can moderate that, very unlike deepwater which is quite chunky,” Andy Brown told Reuters in an interview on the sidelines of the IP Week conference. read more

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New York City Inspires Paris to Take on Big Oil Companies

By

A little more than a month after Mayor Bill de Blasio announced that New York City will take the fossil fuel industry to court, Paris says it is following suit.

In early January, de Blasio announced that the city filed a lawsuit against five of the United States’ biggest oil companies—BP, Chevron, ConocoPhillips, Exxon Mobil and Royal Dutch Shell—on the grounds that they have contributed to global warming. The city will also divest from fossil fuel companies over a five-year period.

On Feb. 6, 350.org—which has been working on a divestment campaign for the last four years—announced that Paris was looking into the possibility of suing the fossil fuel industry as well.

The City Council passed a motion to study the possibility of taking legal action against oil companies to cover expenses associated with protecting Paris from the impacts of climate change.

The Council plans to lobby other major cities like London to ban fossil fuels from their investments through the C40 Cities Climate Leadership Group, whose president is Paris Mayor Anne Hidalgo. read more

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Argentina Is On The Cusp Of A Shale Boom

…oil majors such as Royal Dutch Shell and ExxonMobil are rushing to scoop up the best acreage…

By Matthew Smith – Feb 15, 2018, 5:00 PM CST

The end of the Peronist hold on Argentine politics and rise of pro-business president Mauricio Macri has heralded in a new age for what was long regarded as one of the most economically unstable nations in Latin America.

The former Buenos Aires mayor and businessman won the presidency in 2015, ousting his mercurial populist Peronist predecessor Cristina Fernández de Kirchner. Since coming to power, Macri has worked to restructure a shattered economy ruined by decades of market warping tariffs and subsidies, protectionism, heavy handed regulation, rampant inflation and unsustainable fiscal policies. read more

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Hail shale, but deepwater oil fights back

Ron Bousso: 14 FEB 2018

LONDON (Reuters) – Penguins, Royal Dutch Shell’s (RDSa.L) latest oil and gas development in a remote corner of the British North Sea, epitomizes the new doctrine for deepwater projects — keep it cheap and simple.

Shunned during the oil price crash of 2014-2016, deepwater projects are being embraced again, a challenge to the surge in onshore U.S. shale output.

Penguins, the first new major deepwater project this year, will rejuvenate the 44-year-old field by drilling 8 new wells 165 meters (541 feet) underwater and connecting them to a new production vessel. read more

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Big Oil takes stage for post-austerity beauty contest

Ron Bousso: 12 FEB 2018

LONDON (Reuters) – With years of austerity in their rear-view mirrors, the world’s biggest oil companies are locked in a beauty contest to lure investors with promises of growth and greater rewards.

Royal Dutch Shell and Total are emerging as frontrunners after a three-year slump thanks to strong growth projections but Exxon Mobil, the biggest publicly traded oil company, has largely disappointed with a weaker outlook.

Major oil companies slashed spending and cut costs after oil prices collapsed in 2014 and can now generate as much cash with crude at $50-$55 a barrel as they did when the price was around $100 earlier in the decade. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Ads will attack de Blasio’s lawsuits against oil companies

De Blasio announced last month that the city had filed a lawsuit against BP, Chevron, Conoco-Phillips, ExxonMobil and Royal Dutch Shell, claiming their fossil fuels produce 11 percent of the Earth’s global-warming gases.

The suit “seeks to shift the costs of protecting the city from climate-change impacts back onto the companies that have done nearly all they could to create this existential threat.”

City Hall spokesman Eric Phillips slammed the new campaign. read more

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Shell Commits to Expanding Gas Stations as Some Rivals Retreat

Istvan Kapitany, head of Shell’s global retail business

By Kevin Orland: 9 February 2018

(Bloomberg) — While many oil producers are stepping back from their retail operations, Royal Dutch Shell Plc is doubling down.

Shell, which has about 44,000 filling stations around the world, opened its first one in Mexico last year, the start of $1 billion in investments over the next decade. Shell also is ramping up spending in China, India, Indonesia and Russia, Istvan Kapitany, head of Shell’s global retail business, said in an interview in Calgary. read more

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Don’t believe in climate change? Energy companies do

The leaders of the world’s largest and most powerful energy companies are talking about the fight to mitigate human-caused climate change.

Some are even putting their money where their mouths are.

While some conservative political leaders still deny that the Earth is heating up due to humans burning fossil fuels and releasing greenhouse gases, the people who produce those fuels and chemicals have recognized the imperative to limit global warming to a rise of 2 degrees Celsius. read more

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Shell poised to dethrone Exxon in oil titans’ cash clash

Ron Bousso: 1 FEB 2018 LONDON (Reuters) – Royal Dutch Shell could usurp its largest rival Exxon Mobil as the energy sector’s biggest cash generator after higher oil and gas prices combined with an improved performance lifted its 2017 revenue.Chief Executive Ben van Beurden has made no secret of his desire to challenge the dominance of the world’s largest listed oil company after its $54 billion purchase of BG Group in 2016 catapulted Shell into second place in terms of production.

The Anglo-Dutch company on Thursday reported a more than doubling of profit in 2017 to $16 billion, the highest since the start of the 2014 downturn as the effect of years of costs cuts and the integration of BG Group filtered through.

“We enter 2018 with continued discipline and confidence, committed to the delivery of strong returns and cash,” van Beurden said in a statement.

Shell’s shares were 1.1 percent lower at 0842 GMT, compared with a slightly positive open for the FTSE 100 index. read more

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Shell Makes as Much Money at $60 a Barrel as When It Was $100

The oil-price rally worked both ways for Royal Dutch Shell Plc as improved exploration and production lifted profit to a three-year high while refining and trading fell short of expectations as margins shrank.

Crude’s surge raised adjusted profit at Europe’s largest energy company to $4.3 billion last quarter, the highest since 2014. While the bottom line was better than expected — and Shell is making as much money with oil at $60 a barrel as when it was $100 — cash flow was the weakest since 2016. read more

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GAS FIRM TO WITHHOLD SHELL, EXXON PROFITS; PROMISES CASH TO EARTHQUAKE-PRONE REGION

By Janene Pieters on January 31, 2018 – 13:40

Dutch gas firm NAM will for the time being not pay profits to its two shareholders – Shell and ExxonMobil, Shell announced in a press release. NAM has 18 billion euros available to compensate for damaged caused by gas extraction related earthquakes in Groningen for the next five years, the Dutch gas firm also announced in a press release.

These two press releases were an attempt to calm unrest caused by the revelation that Shell withdrew its so-called 403 declaration from NAM last year, as Trouw reported on Saturday. This 403 declaration held Shell liable for NAM’s debts. The withdrawal of this declaration, which happened in June last year, raised concerns that Shell is trying to escape its liability for damages caused by fracking earthquakes in Groningen. read more

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Shell made mistake by pulling out of Guyana basin

BY BERT WILKINSON: 31 JAN 2018

Now that Guyana’s oil and gas basin has been deemed as one of the hottest and most exciting prospects in the world, Shell Oil has to be regretting its decision to withdraw as an investment partner with United States giant ExxonMobil, which has so far drilled six successful wells offshore Guyana worth about 3.2 billion barrels of oil, officials said Monday, Jan. 29.

Minister of Natural Resources Raphael Trotman said Exxon’s mid 2015 “world class” oil and gas find has clearly taken away all the fears and apprehensions about wasting investor dollars exploring offshore Guyana and Shell is one company which has missed out on the chance to cash in on one of the world’s largest oil finds in more than a decade. Exxon plans to begin producing about 120,000 barrels of oil daily in early 2020. This will make Guyana the largest producer in the Caribbean Community. The others are Trinidad, Suriname and Barbados. read more

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Oil Boom Gives the U.S. a New Edge in Energy and Diplomacy

A pump jack in a Permian Basin oil field in West Texas. The area has been a focus of the shale drilling boom. Credit Spencer Platt/Getty Images North America

HOUSTON — A substantial rise in oil prices in recent months has led to a resurgence in American oil production, enabling the country to challenge the dominance of Saudi Arabia and dampen price pressures at the pump.

The success has come in the face of efforts by Saudi Arabia and its oil allies to undercut the shale drilling spree in the United States. Those strategies backfired and ultimately ended up benefiting the oil industry.

Overcoming three years of slumping prices proved the resiliency of the shale boom. Energy companies and their financial backers were able to weather market turmoil — and the maneuvers of the global oil cartel — by adjusting exploration and extraction techniques. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan
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