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Posts Tagged ‘Oil’

Oil Supermajors Dig Way Out of Doldrums as Cash Poised to Surge

by Rakteem Katakey: 26 April 2017, 00:01 BST

Big Oil’s struggle against crude’s collapse is starting to ease, giving some companies enough cash to pay shareholders without piling on more debt.

The world’s five biggest non-state oil producers, known as the supermajors, probably increased cash from operations by a combined 67 percent last quarter from a year earlier, according to HSBC Bank Plc analysts Gordon Gray and Kim Fustier. That may allow some to cover dividends and capital spending without borrowing for the first time since 2012, they said.

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Oil and Mining Giants Detail Road Map to Reduce Carbon by Half

by Mark Chediak: 25 April 2017, 05:01 BST

A group of companies and non-profit agencies that includes energy giants Royal Dutch Shell Plc and BHP Billiton said global greenhouse gas emissions could be cut in half by 2040 without impeding economic development, in part by converting grids to use mostly renewable power.

The declining costs of wind, solar and batteries will make it possible within 15 years to build power networks that get as much as 90 percent of their power from renewable sources while providing electricity at a cost that’s competitive with fossil-fuels, according to a report released Tuesday by the Energy Transitions Commission, a group of energy companies, investors and non-profit organizations including the Rocky Mountain Institute.

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Shell says Motiva assets still set to be divided May 1

Shell Oil Co, the U.S. arm of Royal Dutch Shell Plc, on Thursday reaffirmed the target date to split up the Motiva Enterprises [MOTIV.UL] refining joint venture with co-owner Saudi Aramco [IPO-ARMO.SE] would be May 1.

Shell and Saudi Aramco in March 2016 announced the plan to divide up the nearly 20-year-old venture, which runs three refineries and other assets. The date of the split has been pushed back twice since the announcement.

As part of the deal, Saudi Aramco will make a $2.2 billion balancing payment to Shell. Of that total, Aramco will only have to pay about $700 million in cash to Shell, with the remainder satisfied by Aramco assuming most of Shell’s half of the $3.2 billion debt held by Motiva.

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Malabu Deal: NGO Seeks Inclusion Of Nigeria In Prosecution Of Shell, Eni

BY HUMAN AND ENVIRONMENTAL DEVELOPMENT AGENDA (HEDA RESOURCE CENTRE) APR 20, 2017

The Human and Environmental Development Agenda (HEDA Resource Centre), a Nigerian non-governmental organization, has petitioned Vice President Yemi Osinbajo, urging him to request that Nigeria be included in the Milan Court’s prosecution of Shell and Eni with respect to the scandalous Malabu deal.

In a petition addressed to Mr. Osinbajo, who also doubles as the Chairman of the Asset Recovery Committee, HEDA advised the federal government to request that the Italian court judge should recognize Nigeria as a civil party to the Malabu criminal proceeding in order to request adequate compensation for the damages received by the corrupt scheme.

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Fresh Revelations of Alleged Shell Corruption to be Heard in Italian Court

Fresh Revelations of Alleged Shell Corruption to be Heard in Italian Court

By Chloe Farand • Thursday, April 20, 2017

Court proceedings are due to begin in Italy today to determine whether oil giant Shell will face trial on corruption charges over the purchase of one of Africa’s most valuable oil blocks.

Italian prosecutors claim Shell and Italian oil major Eni concluded a deal for the rights to exploit the Nigerian deepwater oil block OPL 245 with knowledge that the money would fall into the hands of a convicted money-launderer and be turned into political kickbacks.

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Shell and Eni embroiled in ‘unholy mess’ over Nigerian oil

20 April 2017

Shell and Eni are waiting to learn whether a judge will accept a request from a Milan prosecutor for the two companies and individuals — including Claudio Descalzi, chief executive of the Italian energy group — to face trial for alleged corruption.

Shell acknowledged for the first time last week that it knew Malabu would be compensated for relinquishing its claim on OPL 245. Anti-corruption campaigners see Shell’s admission as a smoking gun, and have seized on the leaked emails sent between senior company employees between 2008 and 2010 as evidence of bribery. 

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Shell opens treatment plant in Argentina shale play

Royal Dutch Shell PLC inaugurated on Tuesday a treatment plant for shale oil and gas in Argentina’s Vaca Muerta shale play, one of the world’s largest.

The plant, announced in 2014, has a capacity to process up to 10,000 barrels per day from the Sierras Blancas, Cruz de Lorena and Coiron Amargo Sur Oeste blocks operated by Shell, the company said in a statement.

“(The plant) receives output from the wells of these blocks, processing the oil and gas to leave it ready for commercialization,” the statement said.

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Shell hit with prohibition notice on Brent Charlie

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The Health and Safety Executive (HSE) said Shell had failed to put appropriate controls in place to protect workers from dangerous gases in one of the platform’s legs.

HSE said the company had identified the risks of exposure to hydrogen sulphide and hydrocarbon gas while accessing the column C1 leg.

But Shell did not adequately describe how control measures would be “organised, controlled, monitored or reviewed”, according to HSE.

The prohibition notice was served early in February.

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Two oil giants could face trial in Italy over Nigerian deal

“Etete can smell the money. If, at 70 years old, he does turn his nose up at 1.2 billion he is completely certifiable.”

That’s a quote from a confidential email which is embarrassing the oil giant Shell. For years, Shell had strenuously denied that it knew anything about the involvement of convicted money launderer and former Nigerian oil minister Dan Etete in its purchase of the rights to one of Nigeria’s biggest oil fields.

But last week, the British environmentalist and anti-corruption organization, Global Witness, published confidential emails written by a Shell employee. This correspondence, which went right to the top of the Shell management hierarchy, proves that there was a direct link to the convicted Nigerian. After publication, Shell then decided that further clarification of its correspondence was needed. One had to negotiate with Etete “whether one wanted to or not,”  it said.

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Oil majors BP and Royal Dutch Shell blighted by Citigroup rating downgrades

19 April 2017

In a note to clients, the US bank cut its stance on BP to ‘neutral’ and chopped its rating for Shell to ‘sell’ after scrutinising recent annual reports

Oil majors BP PLC (LON:BP.) and Royal Dutch ShellPLC (LON:RDSB) both fell back this morning under pressure from comment by Citigroup, which downgraded its ratings for both.

In a note to clients, the US bank cut its stance on BP to ‘neutral’ and chopped its rating for Shell to ‘sell’ after scrutinising recent annual reports.

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Exxon and Shell Join Ivanka Trump to Defend Paris Climate Accord

by Jennifer A Dlouhy 17 April 2017, 19:30 BST

As President Donald Trump contemplates whether to make good on his campaign promise to yank the United States out of the Paris climate accord, an unlikely lobbying force is hoping to talk him out of it: oil and coal producers.

A pro-Paris bloc within the administration has recruited energy companies to lend their support ahead of a high-level White House meeting Tuesday to discuss the global pact to curtail greenhouse-gas emissions, according to two people familiar with the effort who asked not to be identified.

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Shell’s dirty secrets

13 APRIL 2017

Oil company Shell has admitted for the first time that it negotiated with a money-launderer for access to an oil field in 2011. Shell and Italy’s Eni paid $1.3bn to Nigeria for access to the field. But investigators claim $1.1bn was passed to a firm controlled by Dan Etete, a man who was convicted of money laundering in a separate case.

Documents filed by Italian prosecutors claim $466m of that was laundered and passed on to then president Goodluck Jonathan.

SOURCE

Reps Committee To Summon Ex-President Jonathan Over Malabu Oil Scandal

by AIT: 12 April 2017

Courts in Nigeria and Italy are investigating the purchase of the offshore block which was initially awarded in 1998 to Malabu Oil and Gas, in a disputed deal, before Royal Dutch Shell and Eni were awarded the rights in 2011.

Shell and Eni paid $1.3 billion for the rights to the block, which industry estimates say could hold more than 9 billion barrels of oil.

The House of Representatives mandated the committee to “conduct a thorough examination of the process and circumstances surrounding OPL 245 and identify culpability of any persons, groups or organisations,” committee chairman Razak Atunwa said in an emailed statement.

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Shell pays $29b to Fed Govt

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Oil giant Royal Dutch Shell said its Nigerian subsidiary, Shell Petroleum Development Company Limited (SPDC) and Joint Venture (JV) partners, paid $29 billion to the Federal Government over the last five years.

This is contained in the oil majors 2016 Sustainability Report released yesterday. The report said the $29 billion was the economic contribution from  SPDC JV partners to the government from 2012–2016.

It stated that $1.4 billion was Shell’s share of royalties and corporate taxes paid to the government last year, adding that  SPDC’s share was $1billion, while Shell Nigeria Exploration and Production Company (SNEPCo) contributed $0.4 billion.

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Nigeria to Start Repayment of $5 Billion Oil Debt This Month

by Elisha Bala-Gbogbo: 

Nigeria will start paying back a $5.1 billion debt owed to international oil companies, including Exxon Mobil Corp. and Royal Dutch Shell Plc, with a first installment this month in accordance with an agreement reached last year.

“The initial payments would be made by the end of April 2017,” Emmanuel Kachikwu, Nigeria’s Minister of State for Petroleum Resources, said in an emailed statement Wednesday. The energy companies are expected to reciprocate “by ensuring that they ramp up investments in the country’s oil and gas sector,” he said.

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Shell claims low-carbon edge

On Monday, reports surfaced that some of Shell’s money circulating in Nigeria was used for payoffs.

April 12 (UPI) — One of the largest oil companies in the world, Royal Dutch Shell said Wednesday it was focused on a low-carbon strategy that was geared toward long-term growth.

Shell highlighted its movement through a changing energy landscape in a sustainability report on activities last year. Chief Executive Officer Ben van Buerden said in the report that lower crude oil prices and a global community coordinated around the U.N.-backed Paris climate agreement meant changes were necessary for the oil and gas business.

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Malabu Scandal: Abacha’s son wants court to stop Nigerian govt, Shell, Agip from operating block

Malabu Scandal: Abacha’s son wants court to stop Nigerian govt, Shell, Agip from operating block

Malabu Oil and Gas Ltd. has asked an Abuja Division of the Federal High Court to stop the sale of a $13. 5 billion deep water project located in the controversial oil block, OPL 245.

The OPL 245, regarded as one of Africa’s richest oil blocks with an estimated over 9 billion barrels of crude, was controversially awarded to Malabu in 1998 by the then petroleum minister, Dan Etete who partly owned the company through a fictional character, Kwekwu Amafegha.

The block was controversially sold to oil giants, Shell and ENI, in 2011 with a large chunk of the $1.1 billion paid ending up in private pockets including those of Mr. Etete.

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Shell says Nigerian oil theft volume fell nearly 80 pct in 2016

Reuters | Apr 12, 2017, 04.10 PM IST

April 12 (Reuters) – ** Shell said the volume of oil stolen from its joint-venture operations in Nigeria fell to 5,600 barrels of oil per day (bpd) in 2016, the company said in its annual sustainability report

** This represents a 77.6-percent fall from 25,000 bpd in oil thefts in 2015 partly due to better air and ground surveillance and anti-theft mechanisms installed on equipment

** Shell said its Nigerian subsidiary Shell Petroleum Development Company (SPDC) had removed more than 880 theft points since 2012

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Royal Dutch Shell’s CEO Ben van Beurden hails “significant steps” taken to tackle climate change

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The hailed the progress made in recent years, such as the Paris Agreement, as marking a worldwide change in attitude in moving towards a low carbon economy.

In the opening remarks of the supermajor’s sustainability report for 2016, he describes how Shell is working to help meet the world’s growing demand for more and cleaner energy.

In his introduction, van Beurden said: “In 2016, the world took significant steps towards building a low-carbon energy future. The United Nations (UN) Paris Agreement and the UN’s sustainable development goals came into force, setting new targets for tackling climate change, promoting sustainable economic growth and providing access to modern energy.

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Shell Employs 92,000 Workers During 2016, Hires 800 Graduates

by  Rigzone Staff | Wednesday, April 12, 2017

Royal Dutch Shell employed an average of 92,000 workers in more than 70 countries during 2016, the company revealed in its 2016 sustainability report released Wednesday.

The company also stated that it recruited “around 800 graduates, 800 experienced professionals and 2,800 people” in its Shell Business Operations last year.

Close to 40 percent of graduate recruits came from universities outside of Europe and the Americas and around 40 percent of the firm’s total workforce is located in countries outside of Europe and North America, Shell highlighted in its latest report.

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Shell, Dow Hid Cancer-Causing Chemical in Pesticides, Contaminating Drinking Water for Millions

For decades, Shell and Dow hid a highly potent cancer-causing chemical in two widely used pesticides, contaminating drinking water for millions of people in California and beyond, according to lawsuits detailed in a new report from the Environmental Working Group (EWG).

The chemical 1,2,3-trichloropropane or TCP, was formerly an unwanted and ineffective byproduct in Dow’s Telone and Shell’s D-D pesticides. Internal documents uncovered in lawsuits filed by communities in California’s San Joaquin Valley show that the companies saved millions of dollars a year by not properly disposing of TCP, a chemical a Dow scientist once called “garbage,” as hazardous waste.

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Shell Corruption Probe: New Evidence on Oil Payments

Nigeria: Malabu Scandal – After Telling Lies for Years, Shell Admits It Knew Etete Would Benefit From $1.1 Billion

“This is a huge U-turn that reveals Shell’s duplicity,”

After repeated denials in various countries, Anglo-Dutch oil giant, Royal Dutch Shell, on Monday finally admitted it had foreknowledge that the $1.3 billion itself and ENI paid to Nigerian government for the OPL 245 oil block licence would ultimately be used to settle convicted former Minister of Petroleum, Dan Etete.

“Over time, it became clear to us that Etete was involved in Malabu and that the only way to resolve the impasse through a negotiated settlement was to engage with Etete and Malabu, whether we liked it or not,” The New York Times quoted Andy Norman, a spokesperson for Shell, as saying in an email Monday.

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Shell dealt with money-launderer to ‘resolve impasse’

Only 24 hours after claiming it had no knowledge of “improper payments” to a convicted money-launderer over a $1.3 billion (£1.1 billion) oil field acquisition in Nigeria, Shell has admitted it had known it was dealing with the controversial figure but doing so was “the only way to resolve [an] impasse”.

The oil scandal involves former Nigerian oil minister Dan Etete, whose company Malabu bought the nine-billion-barrel OPL 245 field off the coast of Nigeria for just $2 million while he was in his government post.

Shell and its Italian partner ENI then bought the field from the Nigerian government in 2011 for $1.3 billion, with more than $1 billion being passed onto a company controlled by Etete, according to Italian prosecutors.

Etete — who was convicted of money-laundering in an unrelated case — denies wrongdoing.

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Shell says it knew some payments for Nigeria oilfield would go to Malabu

By Libby George | LONDON: Royal Dutch Shell (RDSa.L) has said it knew that some of the payments it made to Nigeria for the rights to an oilfield would go to Malabu Oil and Gas, a company associated with a former Nigerian oil minister and convicted money launderer.

Shell spokesman Andy Norman said the group had known the Nigerian government “would compensate Malabu to settle its claim on the block”. Shell previously had said only that its payments from the 2011 deal went to the Nigerian government.

In an email to Reuters, Norman said that while Shell knew that former oil minister Dan Etete was “involved” with Malabu, it had not confirmed that he controlled the company.

Etete was convicted of money laundering in a separate case in France in 2007.

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Shell corruption probe: Top executives knew part of £1.3bn Nigerian oil deal would go to convicted money launderer

In a huge u-turn, the company has now admitted it knew Mr Etete was involved.

Top executives at Shell knew that money they paid as part of a $1.3bn deal for a huge Nigerian oil field would end up in the hands of a convicted money launderer who awarded the asset to his own company when he was oil minister of the country.

Emails seen by The Independent and reported by anti-corruption campaign groups Global Witness and Finance Uncovered, show senior bosses at the UK’s biggest company had been informed that hundreds of millions of dollars could flow through former oil minister Dan Etete to be paid in bribes to former President Goodluck Jonathan and other political figures.

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Shell admits dealing with money launderer

11 April 2017

Shell has admitted for the first time it dealt with a convicted money-launderer when negotiating access to a vast oil field in Nigeria. It comes after emails were published showing Shell negotiated with Dan Etete, who was later convicted of money laundering in a separate case. Shell and an Italian oil company paid $1.3bn (£1bn) to the Nigerian government for access to the field. Investigators claim $1.1bn was passed to a firm controlled by Mr Etete.

Shell and the Italian firm ENI agreed a deal with the Nigerian government for the rights to exploit OPL 245, a prime oil block off the coast of the Niger Delta.

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Malabu Scam: Shell Finally Admits Knowing It Was Paying Bribes To Etete

BY SAHARAREPORTERS, NEW YORK APR 10, 2017

Global oil giant, Shell, has been forced to admit that it knew it was paying bribes to Nigerian government officials during the transaction for OPL 245. Shell, which had consistently denied wrongdoing, on Monday, admitted that the transaction lacked fidelity.    

On Sunday, Global Witness and Finance Uncovered exposed freshly leaked emails showing that Shell knowingly participated in a massive bribery scheme for one of Africa’s most valuable oil blocks, which robbed Nigerians of $1.1billion.

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‘Shell was op de hoogte van doorsluizen geld naar Nigeriaanse witwasser’

Brent decommissioning opaque, environmentalists say

April 10 (UPI) — Royal Dutch Shell hasn’t provided enough information on plans to take down key North Sea infrastructure to address our concerns, environmental groups said.

Shell started a 60-day consultation period for its plans to decommission three of its Brent production platforms in the North Sea in early February. That consultation period concludes at the end of the business day Monday.

In preparation, a consortium of environmental groups said they opposed the decommissioning plans as submitted because of the lack of information. Lang Banks, the Scottish director of environmental group WWF, said that, by his read, the outline from Shell lacks “qualitative judgments and opinions” from experts, including some of the engineers at the Dutch supermajor.

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Shell rocked by corruption claims after negotiating with money launderer during £1bn Nigerian oil field purchase


Current chief executive Ben Van Beurden has also been caught up in the investigation. He was not in position when the deal was complete, but after Shell’s Hague offices were raided in February last year, Dutch authorities wire-tapped a call between Van Beurden and then chief financial officer Simon Henry in which Van Beurden allegedly urged Henry not to disclose the raid to shareholders.

Wiretap: After Shell’s headquarters in the Hague were raided in February last year, ceo  Ben Van Beurden urged chief financial officer Simon Henry not to disclose the raid to shareholders

By Sabah Meddings For The Daily Mail

Shell was last night accused of taking part in ‘one of the worst corruption scandals the industry has ever seen’ after buying an oil field in Nigeria.

The Anglo-Dutch giant joined forces with Italian rival Eni to acquire the site off the coast of the West African country for £1billion – giving it access to 9bn barrels of oil, worth nearly half a trillion dollars at today’s prices. But leaked documents suggest it knew much of this cash would fall into the hands of a convicted money launderer and be used to bribe government officials.

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Watchdogs allege Shell knew about Nigeria oil kickbacks

Corruption watchdogs alleged Monday that Shell executives knew that money earmarked for a controversial oil deal was being used to bribe senior Nigerian officials, a claim rebuffed by the petroleum giant.

The allegations by Global Witness and Finance Uncovered refer to the 2011 purchase by oil giants Shell and Eni of OPL245, an offshore oil block estimated to hold 9 billion barrels of crude, for $1.3 billion.

The deal saw the Nigerian government act as an intermediary between the oil majors and Malabu Oil and Gas, a Nigerian company allegedly controlled by former petroleum minister Dan Etete.

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New evidence in Nigeria Corruption Probe: Shell Bosses bribed the oil-minister

Published: Monday, 10 April 2017 18:54

When Shell was buying the OPL 245 oil field in Nigeria for US$1.3 billion, its executives knew that 1.1 billion will land in the pocket of former petroleum minister and convicted money launderer, Dan Etete, media reported Monday.

The BBC claims to have seen emails obtained by anti-corruption charities, Global Witness and Finance Uncovered, which say that Shell representatives were negotiating with Etete for a year before the deal was finalized.

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Leaked emails increase pressure on Shell over Nigerian oil deal

A trove of internal Shell emails seen by the Financial Times and dated between 2008 and 2010 leave no doubt that senior people within the company knew that most of the $1.3bn paid together with Eni for OPL 245 was destined for Malabu, and that much of the money would end up with Mr Etete and associates. Shell had previously said only that the money was paid to a Nigerian government escrow account.

In the intercepted phone call with Mr Henry, Mr van Beurden acknowledged Shell’s own investigation uncovered “unhelpful” and “stupid” email exchanges among former UK intelligence agents hired by the company to help negotiate the OPL 245 deal.

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The Recent Revelations About Shell And Nigeria Are “Utterly Indefensible”, Says Development Committee Chair

James Ball: BuzzFeed Special Correspondent: 10 March 2017 

The chair of parliament’s international development committee has called for the government to make clear what it is doing to investigate a $1.3 billion oil deal signed by Shell and Italian oil company ENI in Nigeria.

The call comes after BuzzFeed News and the Italian newspaper Il Sore 24 Ore published “Shell Shocks”, a cache of emails and court documents revealing that Shell top executives signed off on a deal with full knowledge that most of the money would go to Malabu, a company connected to a former Nigerian oil minister, Dan Etete.

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Recorded call reveals Shell worried Nigerian oil deal could lead to U.S. probe

Top executives at Royal Dutch Shell (RDS.A, RDS.B) last year were worried that a controversial Nigerian oil deal may have violated an agreement with the U.S. Justice Department and would prompt an investigation, according to a recorded phone call between CEO Ben van Beurden and Simon Henry, the company’s CFO at the time.

In the call, van Beurden said he was worried that Shell’s own investigators had discovered internal emails that could cast the company in a negative light and widen the investigation by drawing in U.S. authorities; the call was recorded and has now been made public.

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Shell Knew Of Bribe Payments To Nigerian Official, Global Witness Report Alleges

A recent publication of leaked emails has found evidence that Shell knowingly bribed ministers in the Nigerian government. Global Witness, an anti-corruption NGO, described the episode as “one of the worst corruption scandals in the history of the oil industry”.

The affair relates to OLP 245, an offshore oilfield in Nigerian waters that is estimated to hold nine billion barrels of oil, valued at over half a trillion dollars at current prices.

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Shell and the money-launderer: Damning emails of Nigerian deal

BY LUCY TOBIN: 10 April 2017

Shell was today embroiled in a bribery scandal amid allegations that the oil giant knew money paid to the Nigerian government for a $1.3 billion (£1.1 billion) project would go to a convicted money-launderer and potentially pay political bribes.

The claims surround a deal made by Shell and a former Nigerian oil minister Dan Etete, whose company Malabu bought the nine-billion-barrel OPL 245 field off the coast of the African country for a paltry $2 million while he was in his government post.

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Recording Puts Shell’s Nigerian Oil Deal Under a Harsh Light

The investigators were “quite forceful and brusque” and “rattled a few people,” Mr. van Beurden told the finance chief at the time, Simon Henry, when Mr. Henry returned his call. But Mr. van Beurden said he was also worried about something else: Shell’s own investigators had discovered internal emails that could cast the company in an even more negative light and widen the investigation by drawing in the United States law enforcement authorities.

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Eni, Shell deny wrongdoing in Nigeria after allegations of improper payment

Oil majors Royal Dutch Shell (RDSa.L) and Eni (ENI.MI) reiterated on Monday that neither they nor their personnel had been involved in any wrongdoing in Nigeria, including improper payments to Nigerian officials.

The comments follow media reports alleging how hundreds of millions of dollars from the two companies were used for illicit payments.

A joint investigation by BuzzFeed News and Italian newspaper Il Sole 24 Ore on Sunday claims to show transactions worth $1.3 billion made in 2010-2011 that Shell and Eni paid to acquire an exploration licence for an offshore oil block known as OPL 245.

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Shell corruption probe: New evidence on oil payments

The BBC has seen evidence that top executives at Shell knew money paid to the Nigerian government for a vast oil field would be passed to a convicted money-launderer.

It also had reason to believe that money would be used to pay political bribes.

The deal was concluded while Shell was operating under a probation order for a separate corruption case in Nigeria.

Shell said it did not believe its employees acted illegally.

OPL 245 is an oilfield off the coast of Nigeria whose estimated nine billion barrels of oil are worth nearly half a trillion dollars at today’s prices. Shell has been active in Nigeria for nearly 60 years and was keen to acquire the field.

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What Shell CEO Told Colleague About $1.3 Billion OPL 245 Scandal

What Shell CEO Told Colleague About $1.3 Billion OPL 245 Scandal

Mr. Van Beurden is heard on the intercept warning Henry not to volunteer any information that is not requested if approached by the police and discussing the ramifications for the company’s share price.

By Lionel Faull, Ted Jeory and Nick Mathiason

The boss of one of the world’s biggest corporations was placed under secret surveillance as part of a pan-European corruption investigation into the way the firm paid $1.3 billion for an oil block in Nigeria, explosive documents leaked to Finance Uncovered reveal.

The leak includes a recording of a wiretapped telephone conversation between Shell’s chief executive, Ben van Beurden, and his then chief financial officer, Simon Henry, in the immediate aftermath of a raid by Dutch financial police on the corporation’s headquarters in The Hague.

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Nigeria: Malabu Scandal – Jonathan Must Have Gotten $200 Million, Middleman Tells FBI, Others

Nigeria: Malabu Scandal – Jonathan Must Have Gotten $200 Million, Middleman Tells FBI, Others

Former President Goodluck Jonathan probably received as much as $200 million to approve the controversial $1.3 billion sale of OPL 245 oil field, Italian prosecutors said in court documents.

The documents, which were extracts of a thorough investigation by Italian authorities into the deal, also confirmed that Shell and ENI knew a good chunk of the $1.3 billion will be disbursed as kickbacks to Nigerian politicians, yet went ahead with the deal.

The findings were obtained by BuzzFeed and Italian business newspaper, Il Sole 24 Ore. BuzzFeed released its own version earlier today.

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Royal Dutch Shell: Unsustainable

Quad 7 Capital: Apr. 6, 2017 12:43 PM ET

Royal Dutch Shell (NYSE:RDS.A) (NYSE:RDS.B) has been a name of controversy of late. Why? Well, this is an oil stock and oil prices have meandered. While shares are up substantially off of their multi-year lows seen a year ago, this stock still yields 7%. The dividend payment is the center of most controversy, with so many feeling it is unsustainable. That is what I keep hearing. Unsustainable. They tell me Shell is ‘unsustainable’ at $40 oil. They tell me the dividend is most certainly ‘unsustainable’ in the current climate. Some go so far as to say the entire oil industry is ‘unsustainable.’

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The end is nigh for Shell in New Zealand

  • The Wall Street Journal

Royal Dutch Shell has taken a step towards an exit from its New Zealand assets with a deal to sell its 50 per cent stake in a natural-gas field to local venture partner Todd Energy.

The agreement will also see Shell take full control of a joint-venture company that operates two further gas ventures in New Zealand, simplifying Shell’s operating structure as it looks to offload the assets. Financial terms weren’t disclosed.

The sale of its stake in the Kap­uni field in New Zealand’s Taranaki region to Todd Energy follows a review of operations in the country that Shell announced in December 2015 as part of ­efforts to refocus its natural-gas and deepwater oil businesses following a slump in oil prices.

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Union boss hits out over Shell boss’s bumper pay deal

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The huge increase was revealed in the Anglo-Dutch energy giant’s latest annual report, published yesterday.

Mr van Beurden, who took over as chief executive at the start of 2014, received a £9million-plus boost to his pension in his first year – taking total remuneration to £19.5million – followed by a pay package worth about £4million in 2015.

The big payouts coincide with a severe downturn in the oil and gas industry. Shell has already shed more than 1,000 jobs in its North Sea operations alone.

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Shell sues former head of security for threatening to reveal secrets

By L.M. SixelApril 5, 2017

Crockett Oaks III, a former FBI agent who led the U.S. security operations of Shell Oil Co., was part of a selection committee that last year recommended the hiring of a 53-year-old man with a military background as a security adviser. But when the company directed the committee to find a younger female candidate, Oaks objected to hiring based on age or gender and was subsequently fired.

Those allegations are contained in a lawsuit filed by Oaks that is testing the limits of employee confidentiality agreements. Shell Oil, the U.S. subsidiary of Royal Dutch Shell, last week obtained a temporary court order blocking Oaks from revealing potentially damaging information about Shell’s personnel practices to support his claim.

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Shell Confirms More Than 200 Workers to be Cut from Norwegian Operations

by Andreas Exarheas Rigzone Staff Monday, April 03, 2017

Royal Dutch Shell plc has confirmed that more than 200 workers will be cut from its Norwegian operations.

“The planned organizational adjustments entail a reduction of 75 employee positions. This will bring Norske Shell’s total number of employees from 680 to 605,” a Shell representative told Rigzone.

“We have also announced that 156 contracts with hired staff are likely to be impacted by the planned changes. Norske Shell employees will be given the opportunity to apply for selective voluntary severance packages,” the spokesperson added.

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Petronas May Consider Shell Site for Canadian LNG Project

by Elffie Chew and Natalie Obiko Pearson: 3 April 2017

Malaysia’s Petroliam Nasional Bhd may be looking at building a $27 billion liquefied natural gas export terminal in northwestern Canada on the site of an abandoned Royal Dutch Shell Plc energy project, according to the company’s chief executive officer.

While Petronas, as the state-owned company is known, has yet to make a financial decision to move forward with its Pacific Northwest LNG project in British Columbia, Shell’s Ridley Island site “could be one of the options” for a location for the complex, CEO Wan Zulkiflee Wan Ariffin said in an interview in Kuala Lumpur Friday.

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Despite cuts to jobs, spending, oil giants fail to cover costs

  • SARAH KENT
  • The Australian
  • 12:00AM April 4, 2017

The world’s biggest oil companies are struggling just to break even.

Despite billions of dollars in spending cuts and a modest oil price rebound, ExxonMobil, Royal Dutch Shell, Chevron and BP didn’t make enough money last year to cover costs, according to a Wall Street Journal analysis.

To calculate each companies’ free cash flow — the excess cash remaining after costs — the Journal deducted the firm’s dividends and capital expenditures from its cash from operations. All four firms fell short of cash flow for the year, although Exxon said it broke even by its own metrics, which exclude dividends. The analysis also showed that the four companies ended last year with more debt than they began it.

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