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Posts Tagged ‘Russia’

Kazakhstan and Eurasia new oil consortium in a multi-billion Caspian project

LONDON (TCA) — In a move presented as glorious and spectacular, oil companies from Russia (Rosneft), China (CNPC), Kazakhstan (Kazmunaygas), Azerbaijan (SOCAR) and Italy (Eni) have teamed up to form a consortium for the exploration and exploitation of what is expected to be a new “giant” located in the very heart of the northern Caspian tectonic structure. The project, if successful and market demand to remain unchanged, should prolong the position of Kazakhstan as a global-scale oil supplier from 2040 till 2080. The Kazakhs are committed to contribute in the order of a billion greenbacks each year from now to the project. No overall picture of the total price tag has been presented so far. read more

Oil majors among top contributors to greenhouse emissions, report says

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More than half of global industrial emissions can be traced back to just 25 corporate and state producing entities, the report says.

China, India and Russia’s coal industries and major oil and gas players like Saudi Aramco, Gazprom, ExxonMobil, BP and Shell are among those named in the paper from CDP, formerly the Carbon Disclosure Project.

The research found that 100 active fossil fuel producers were linked to 71% of global industrial greenhouse gases since 1988. read more

Shell No.9 in Top 100 greenhouse gas emitters since 1988

Jon Yeomans: 

The Chinese coal industry and stock market debutant Saudi Aramco have been named as the world’s biggest emitters of carbon dioxide.

As new data claims to have identified the top 100 emitters of greenhouse gases over the last three decades, a leading NGO has warned that natural  resources companies need to transform their business models to adapt to a low-carbon future.

Just 100 firms are responsible for 71pc of carbon dioxide gases released into the atmosphere since 1988, the year that climate change was first recognised as an international problem, according a report by the Carbon Disclosure Project (CDP). read more

EU energy groups criticise US sanctions threats to Nord Stream pipeline

by: in Paris and in Moscow: 10 July 2017

Engie, Britain’s Royal Dutch Shell, Austria’s OMV and German companies Uniper and Wintershall have agreed to fund half the cost of the €9.5bn Nord Stream 2 pipeline being built by Gazprom between Russia and Germany. Supporters say the project is critical to safeguarding future gas supplies to the EU.

FULL FT ARTICLE

Russia’s Pipeline Play Has Eastern Europe On Edge

By Gregory Brew – Jun 27, 2017, 4:00 PM CDT

Russia has been a major energy supplier to the European market for decades, and is looking to expand its dominance with a new pipeline that could feed natural gas directly to the continent’s biggest economy.

A deal on Nord Stream 2, a gas pipeline that will link the Ust-Luga area west of St. Petersburg directly with Germany, was signed by Russian energy giant Gazprom in late April. If completed, the pipeline would give Russia more than fifty percent of the Germany gas market and potentially increase its share of markets throughout Central and Western Europe. The pipeline is set to be completed in 2019 and is supported by joint-funding from five European energy companies, including Royal Dutch/Shell, Uniper and ENGIE. read more

Shell Company Firmly Integrated in Russian Economy, PM Medvedev Says

Russian Prime Minister Medvedev on Wednesday congratulated the Royal Dutch Shell company on the occasion of its 125th anniversary of working in Russia, and stressed that the company is deeply integrated in the Russian economy and is one of Russia’s main foreign investors.

23 June 2017

MOSCOW (Sputnik) — Earlier in the day, Russian President Vladimir Putin held a meeting with Royal Dutch Shell CEO Ben van Beurden to discuss the plans regarding the company’s future work in Russia, including the construction and financing of the Nord Stream 2 gas pipeline project.

“Today Shell is firmly integrated into our national economy and is one of our biggest foreign investors. Its companies and joint ventures are involved in various business areas: from exploration and production of mineral resources to the manufacture of fuel and lubricants and their sale at filling stations,” Medvedev wrote in a letter released by the government. read more

Global oil price falls to nine-month low as oversupply fears mount

A number of producers – notably Iraq, Saudi Arabia and Russia – have aggressively ramped up output

Oil prices held near multi-month lows on Wednesday as investors discounted evidence of strong compliance by OPEC and non-OPEC oil producers with a deal to cut a global output.

Global benchmark Brent LCOc1 was unchanged at $46.02 barrel at 0651 GMT after falling nearly 2 per cent in the previous session to its lowest settlement since November.

US crude futures CLc1 for August were trading up 4 cents at $43.55, after spending much of the day slightly lower and falling more than 2 per cent on Tuesday to the lowest since September. read more

Gazprom and Shell CEO’s sign JV agreements

By New Europe Online/KG

Royal Dutch Shell and Russian gas monopoly Gazprom have signed two agreements on the Baltic liquefied natural gas (LNG) project.

Gazprom CEO Alexey Miller and Shell CEO Ben van Beurden signed the agreements at the St. Petersburg International Economic Forum 2017 on June 3.

The first agreement to sign a joint venture, which will secure financing for and carry out the design, construction and operation of the LNG plant in the Leningrad Region. Based on that concept, Gazprom and Shell will take further steps in the implementation of the Baltic LNG project. read more

Gazprom Neft and Shell

1 june 2017

Gazprom Neft and Shell have used the occasion of this year’s St Petersburg International Economic Forum to sign a Memorandum of Understanding. Vadim Yakovlev, First Deputy CEO, Gazprom Neft, and Olivier Lazar, Country Chair, Shell Russia, have both put their signatures to a document confirming both companies’ intention of promoting further cooperation.

Both sides have confirmed their intention of continuing negotiations on the Khanty-Mansiysky Oil and Gas Union’s provisional assessment of a range of non-shale oil deposits in Eastern Siberia, including the Achimovsky deposits in the Yamalo-Nenets Autonomous Okrug. In addition to this, Gazprom Neft and Shell have committed to undertake geological prospecting of license blocks in the Khanty-Mansiysk Autonomous Okrug, adjoining licence blocks owned by Salym Petroleum Development N.V.,* through that enterprise. read more

Gazprom, Shell review LNG opportunities

By Daniel J. Graeber: May 30, 2017

May 30 (UPI) — Russian energy company Gazprom said it signed agreements with Royal Dutch Shell that could expand on bilateral deals related to liquefied natural gas.

Gazprom Chairman Alexei Miller hosted delegates from Shell at his Moscow office to discuss future collaboration on projects covered under strategic cooperation agreements from 2015.

Gazprom holds a 50 percent stake in the Sakhalin liquefied natural gas project on Russia’s far eastern coast, while Shell controls a 27.5 percent stake. Japanese companies hold the remaining interest. read more

Gazprom and Shell discuss joint prospects under Agreement of Strategic Cooperation

Royal Dutch Shell is a British-Dutch oil and gas company focused on hydrocarbon production, processing and marketing in over 90 countries worldwide.

Gazprom and Shell are jointly engaged in the Sakhalin II project, which includes Russia’s only active LNG plant. The Sakhalin II operator is Sakhalin Energy Investment Company Ltd. (Gazprom – 50 per cent plus one share, Shell – 27.5 per cent minus one share, Mitsui – 12.5 per cent, and Mitsubishi – 10 per cent). In 2015, Gazprom and Shell signed the Memorandum to construct the third production train of the LNG plant, as well as the Agreement of Strategic Cooperation providing for the expansion of the companies’ joint project portfolio, including a potential asset swap. read more

Shell proposes adding Russian oil to Brent benchmark

The suggestion marks a shift from two years ago when Shell said adding Urals would not be “worth the trouble”.

May 10, 2017, 05:38:00 AM EDT By Reuters

LONDON, May 10 (Reuters) – Royal Dutch Shell <RDSa.L> on Wednesday urged oil pricing agency S&P Global Platts <SPGI.N> to protect the dated Brent crude benchmark from declining North Sea supply by including other grades, such as Russian Urals, in its price-setting process.

The suggestion marks a shift from two years ago when Shell said adding Urals would not be “worth the trouble”. The benchmark, based on light North Sea crude grades, is used to price about two-thirds of the world’s oil but a decline in North Sea output has led to concerns that physical volumes could become too thin and prone to large price swings. read more

Shell-BG Merger Benefits Becoming More Clear

: May 8, 2017

When I decided to position for a coming oil price recovery towards the end of 2015, I decided on buying Shell (NYSE:RDS.A), alongside Suncor (NYSE:SU) and Chevron (NYSE:CVX). My investment strategy always has a longer term horizon, therefore Shell was an obvious choice, given the very generous dividend. When deciding to hold a stock for a number of years, it really makes a difference, as long as the dividend is sustainable, of course.

There were other factors which I saw as positive long term prospects that makes Shell stock worth holding on to for a while. Shell’s leadership in the LNG sector, in large part thanks to the BG deal is one of the things that attracted me to the stock. As I stated many times before, I believe that natural gas will eventually become the number one energy source on the planet and as such it will have to become more flexible in terms of delivery. LNG shipments will most likely become a globally strategic industry, which is likely to grow a lot in coming years and decades. read more

Royal Dutch Shell & Others Sign Financing Deals For Gazprom’s Nord Stream 2 Project

April 24, 2017, 11:49:10 AM EDT By MT Newswires

American depository shares of Royal Dutch Shell (RDS.A, RDS.B) were up nearly 2% Monday after the oil major said it and four European energy firms signed financing agreements for Gazprom’s proposed Nord Stream 2 pipeline project. Shell said each of the five energy companies has committed to provide financing and guarantees for up to 10% of the total cost of the Nord Stream 2 project, which is currently estimated at EUR9.5 billion ($10.3 billion). read more

Opec outflanked

By Ed Crooks of the Finacial Times: January 13, 2017

In the 1930s many newspapers carried impressively detailed diagrams showing France’s defences along the German border, described by Popular Mechanix and Inventions magazine as the “world’s greatest underground fortifications”. By the end of May 1940, Hitler had demonstrated that while the Maginot Line might indeed be an engineering marvel, it was also irrelevant, as his panzer divisions swept past it through Belgium and into France. Last year’s agreement between leading oil-producing countries to curb their output had something of the same feel about it this week. read more

Opec bends the markets

screen-shot-2016-12-03-at-08-16-41By Ed Crooks, December 2, 2016

In 451 CE, the great Roman general Flavius Aetius rallied a motley army of imperial troops and barbarian allies, and halted the advance of Attila’s Huns at the Catalaunian Plains in Gaul, buying the empire some time and temporarily interrupting its long-term decline. This week’s Opec meeting in Vienna had something of the same feel about it.

Opec’s power peaked in the 1970s, and the US shale oil revolution of the past half-decade has threatened to consign the cartel’s influence to history. But by agreeing a deal to cut production on Wednesday, the Opec ministers showed that if they all acted together they could still bend the oil markets to their will, at least for a while. read more

OPEC agrees first output cut since 2008, Saudis to take ‘big hit’

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By Ahmad Ghaddar, Alex Lawler and Rania El Gamal | VIENNA

OPEC has agreed its first limit on oil output since 2008, sources in the producer group told Reuters, with Saudi Arabia accepting “a big hit” on its production and agreeing to arch-rival Iran freezing output at pre-sanctions levels.

Brent crude futures jumped 8 percent to more than $50 a barrel after Riyadh signaled it had finally reached a compromise with Iran after insisting in recent weeks that Tehran fully participate in any cut. read more

LIVING IN TRUMPWORLD

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Comment from Bill Campbell on the Energy Voice Article: Shell stresses importance of stable regulatory environment post-Trump victory

Under Trump, with the senate and congress to support him, we can look forward soon to significant deregulation in the US effecting positively onshore fracking, tar sands development, offshore Deepwater in the Gulf and a boost perhaps to Alaska drilling. One assumes the Keystone pipeline will go ahead and perhaps pipelines running from central US to East Coast for new LNG Plants to supply a Europe hedging its bets over Russian gas availability with Europe’s ongoing problems with Putin, sanctions etc. A significant increase in US output, leading to increase in global supply over demand could dampen oil price. Shell seems to have divested assets recently in the US in some of these areas to offset BG takeover costs so uncertain whether Trumpworld will be good or bad for Shell. read more

Royal Dutch Shell: The Comeback Is Here

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Alpha Investor: Sunday Nov 6, 2016

Summary

  • Shell posted a massive turnaround in its bottom line last quarter on the back of an improved production profile, lower costs, and higher price realizations.
  • Shell’s financial improvement is set to continue going forward as upstream oil price realizations will continue to improve on the back of a positive demand-supply environment in the oil industry.
  • Oil demand has exceeded supply by 500,000 bpd this year and the trend will continue as the likes of Russia, Saudi Arabia, and the U.S. continue to reduce output.
  • Shell’s focus on lowering both operating and capital costs will allow it to attain break-even point even if oil prices remain at $50/barrel, which will also improve cash flow.

On Tuesday last week, Royal Dutch Shell (NYSE:RDS.A) (NYSE:RDS.B) reported impressive results for the third quarter. In fact, Shell was able to achieve a major turnaround in its bottom line performance, posting a profit of $1.4 billion as compared to a huge loss of $6.1 billion in the same quarter last year. This impressive turnaround in Shell’s bottom line was a result of an increase in production as compared to the prior-year period, driven by the acquisition of BG that led to a favorable production mix in the upstream segment. read more

Hold the champagne

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screen-shot-2016-11-03-at-14-50-16By Ed Crooks, November 4, 2016

If you are looking forward to the oil industry recovery, you shouldn’t break out the champagne just yet.

Over the past eight days, the world’s largest listed oil companies have released third quarter earnings reports. From all of them, the message was that while the worst might be over, they were still facing a long hard road ahead.

The snap reactions from the stock market were mixed: positive for  ChevronRoyal Dutch ShellTotal and ConocoPhillips; negative for ExxonMobilBPEniStatoilPetrochina and Cnooc. read more

Oil stand-off threatens dividends at BP and Shell amid fears that a deal to prop up prices is about to collapse

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By SABAH MEDDINGS FOR THE DAILY MAILPUBLISHED: 23:34, 1 November 2016 | UPDATED: 23:34, 1 November 2016

Dividends at BP and Shell are set to come under threat as fears grow that a deal to prop up oil prices is about to collapse.

The two oil giants yesterday reported better-than-expected results – and gave a boost to their millions of small shareholders by protecting payouts.

But they have only been able to keep their dividends after slashing billions of pounds in costs following a collapse in the oil price from $112 a barrel in 2014 to less than $30. read more

Lament for Royal Dutch Shell

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Kashagan AKA “Cash All Gone”

Forgot the initial cost estimate, probably around $8-10 billion. Now 10+ years too late and ballooned to $50 billionMost normal companies would have gone bust long ago.

Shell inherited some beauties from the boys of the roaring 90s. I hope someone will write a book one day on this era. 

Reserve crisis, Pearl, Sakhalin, Kashagan, Alaska, tarsands, and I must have forgotten a few. Repeated over-promise and under-delivery. All many billions over budget, extreme overruns in startup, loss in AAA status, removal of operational and technical expertise. I find the silence on Prelude ominous. Probably goes the same way as the others. read more

The global market is still awash with crude

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By Ed Crooks: 14 October 2016

As the new Nobel prize-winner for literature once put it, something is happening here. The successful IPO this week by a US exploration and production company, Extraction Oil & Gas, was the first in the sector since crude prices started to slide in the summer of 2014. Along with the slide in energy junk bond yields, and signs of a corresponding thaw in E&P junk bond issuance, which has been essentially frozen all year, it is clear evidence that investor confidence in the US oil industry is returning. read more

Royal Dutch Shell: The Turnaround Will Continue

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screen-shot-2016-10-06-at-13-11-55Alpha Investor: 12 October 2016

Summary

Royal Dutch Shell shares have received a boost in the past month on the back of an improvement in oil prices, a trend that is likely to continue.

There was excess oil demand of 500,000 bpd in the third quarter as against supply due to production cuts across the globe and robust demand, leading to an inventory correction.

Oil prices will rise further as Saudi Arabia, Russia, and the U.S. are all intent on reducing the industry oversupply, which will lead to further inventory declines. read more

FT Energy Source Weekly Briefing

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By Ed Crooks: October 7, 2016

Two international agreements have dominated the week’s energy news. Both have futures that are still shrouded in uncertainty, but are important landmarks if only because countries with widely diverging interests were able to come together and sign up to a shared course of action.

One was the Paris climate accord, which this week secured support from enough countries to come into force formally next month. The UN said 73 countries and the EU, accounting for more than 55 per cent of global greenhouse gas emissions, had ratified the agreement, crossing the thresholds set when the accord was adopted last December. More of the 195 countries that agreed the deal then are expected to join it formally in the coming weeks, months and years. read more

Now could be the perfect time to sell Royal Dutch Shell plc

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By Royston Wild – Friday, 7 October, 2016

Stakeholders in fossil fuel goliath Royal Dutch Shell (LSE: RDSB) could be forgiven for breaking out the bubbly following the company’s recent share price detonation.

Shell saw its value gallop 28% higher during the third quarter, and the firm’s meteoric ascent may not be finished yet — indeed, the stock is within striking distance of July’s quarterly peak of £21.48 per share, the loftiest level since May 2015.

But while many momentum investors may be tempted to plough in, I reckon now could provide a terrific opportunity for investors to cash out. read more

Gazprom and Shell Reaffirm Strategic Cooperation

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By MarEx 2016-10-05 19:55:14

Alexey Miller, Chairman of the Gazprom Management Committee, and Ben van Beurden, Chief Executive Officer of Shell, discussed developments in their strategic cooperation, signed in 2015, this week at the sixth St. Petersburg International Gas Forum.

The parties discussed a wide range of issues related to the development of strategic partnership in the energy sector, paying particular attention to the construction project for the third production train of the LNG plant on Sakhalin Island (Sakhalin II project). It was noted that the preparation of design and FEED documentation is nearing completion. read more

Russia sets eyes on Baltic energy market

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cropped-Screen-Shot-2016-09-09-at-20.58.10.jpgBy Daniel J. Graeber

Russian energy company Gazprom is reviewing options for highly maneuverable gas shipments from Baltic states aside from pipeline commitments, an official said.

Alexander Medvedev, the deputy CEO at Gazprom, said the company signed an agreement with Dutch supermajor Shell to review marketing options for liquefied natural gas from eastern European states bordering the Baltic Sea.

“The memorandum with Shell on the marketing model was signed yesterday for the Baltic LNG,” he was quoted by state news agency Tass as saying. read more

Shell, Chevron Drop Off Platts Top 10 Energy Firm List

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screen-shot-2016-09-20-at-21-16-05By Irina Slav – Oct 03, 2016, 10:26 AM CDT

Shell and Chevron were among the international oil giants that fell off the top 10 companies of 2016 in the S&P Platts’ annual ranking of the 250 biggest companies by assets and revenues. The asset value and revenue figures are all for 201—the year when the oil price collapse really began to be felt.

The USA Today quotes Platts as saying the changes in the top 10 segment reflected the continuing depression on international oil markets. The price slump, Platts said, hit oil and gas majors’ earnings hard, and it also led to a serious devaluation of assets, meanwhile benefiting companies with stronger downstream operations, pure-play refiners, and power utilities. read more

The best historians Shell could buy

screen-shot-2016-10-24-at-14-26-11EBOOK BY JOHN DONOVAN: SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL

Chapter 1: The best historians Shell could buy

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Shell commissioned a group of eminent “independent” historians (above) mostly Dutch, to author a history of Royal Dutch Shell to mark the Group’s centenary in 2007.  The introduction in Volume 1 pledged independent research and “a proper and even-handed assessment of Deterding.” Something went amiss because the “history,” as published in regard to his dealings with Hitler, is simply untrue.

On 24 May 2015, a light-hearted story in the Prufrock column of The Sunday Times posed the question: “ARE corporate histories the new harbingers of doom?”  It cited the release of corporate histories of two multinational banks that proved embarrassing to the banks due to unforeseen developments. read more

Russia’s Gazprom plans to launch third LNG train at Sakhalin-2 in 2021

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screen-shot-2016-09-28-at-11-44-04Russia’s Gazprom plans to launch third LNG train at Sakhalin-2 in 2021

By Katya Golubkova | YUZHNO-SAKHALINSK/PRIGORODNOYE, RUSSIA: Thu Sep 29, 2016 | 2:25am EDT

Gazprom said on Thursday it plans to launch a third liquefied natural gas (LNG) production train at the Sakhalin-2 LNG plant in 2021, possibly fed by a newly drilled field, as Russian companies seek to boost their share of the global LNG market.

Russia accounts for less than 5 percent of the global LNG market but new plants are being built or considered by Novatek, Gazprom and Rosneft.

Located at Prigorodnoye on Sakhalin island, Sakhalin-2, Russia’s sole LNG plant, operates two production lines with a combined capacity of 10 million tonnes of LNG per year. The third train should add another 5 million tonnes. read more

Russia’s Sakhalin-2 partners agree on LNG marketing strategy for third train – Shell

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screen-shot-2016-09-28-at-11-44-04YUZHNO-SAKHALINSK, Russia, Sept 28 (Reuters) – Partners at Russia’s Sakhalin-2, the sole liquefied natural gas (LNG) plant in the country, have agreed on the strategy of marketing LNG from the planned third train, Olivier Lazare, head of Royal Dutch Shell in Russia, told a conference.

Sakhalin-2 is currently operating two LNG production trains with combined capacity of around 10 million tonnes of LNG per year. The planned third train should add another 5 million tonnes of annual capacity. read more

Do what I say

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By Ed Crooks: September 23, 2016

One of the most reliable features of negotiations over oil production is a divergence between what countries say and what they do.

Three weeks ago, Russia and Saudi Arabia were discussing co-operation to stabilise the oil market. This week there was talk of a year-long agreement between Russia and Opec to cap production. At the same time, however, Russia has been stepping up its drilling in the mature fields of western Siberia, taking its oil output to new record highs. Its production is forecast by Goldman Sachs to grow a further 590,000 barrels per day over the next three years. read more

No oil freeze yet

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Screen Shot 2016-06-20 at 08.25.29By Ed Crooks: September 9, 2016

“Grant me chastity and continence, but not yet,” St Augustine wrote in his Confessions, remembering his prayer as an adolescent. Opec members are taking much the same attitude to restraining their oil production.

Saudi Arabia and Russia, the world’s two largest crude producers, said on Monday they would co-operate on ways to stabilise oil prices, but stopped short of agreeing to freeze production. There will be a working group to study ways to curb price volatility, and co-operation on production curbs was held out as a possibility. But Khalid al-Falih, Saudi Arabia’s energy minister, was clearly in no hurry to make any commitments. read more

Why I’m expecting Royal Dutch Shell plc and BP plc to plummet!

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By Royston WildThe Motley Fool: Friday, 2 September, 2016

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Investor appetite for the oil segment has taken a knock in recent weeks as fears of a prolonged supply glut have weighed.

British majors Royal Dutch Shell(LSE: RDSB) and BP(LSE: BP) have seen their share prices slip 10% and 7% respectively during the past six weeks, for example. And I believe a sharper retracement could be just around the corner.

Stocks keep surging

Broker predictions that the oil market is set to balance later this year are being put under increased scrutiny as already-plentiful stockpiles continue to build. read more

Shell CEO says interested in Yuzhno-Kirinskoye field – Vedomosti

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11 July 2016

MOSCOW (Reuters) – Royal Dutch Shell (RDSa.L) is interested to take part in developing Russia’s Yuzhno-Kirinskoye field, Chief Executive Ben van Beurden told Russia’s Vedomosti daily newspaper in an interview.

He added that expansion of the Sakhalin-2 LNG project in Russia’s Pacific Island of Sakhalin may need gas both from that field and from the Sakhalin-1 project.

(Reporting by Katya Golubkova; Editing by Dmitry Solovyov)

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Russia’s Gazprom eyes asset swap deals with Shell, OMV by year-end

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ST PETERSBURG, RUSSIA | BY DENIS PINCHUK AND DMITRY ZHDANNIKOVMon Jun 20, 2016 8:29am EDT

Russia’s state-controlled gas giant Gazprom (GAZP.MM) could gain control over some of the assets that Shell (RDSa.L) acquired earlier this year from BG group, a senior Gazprom executive said in an interview.

Gazprom’s Deputy Chief Executive Alexander Medvedev said the BG holdings could be included in an asset swap deal between Gazprom and Shell that was announced last year. He did not say what the BG holdings were or where they were located. read more

Gazprom and Shell committed to broader cooperation in LNG sector

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Gazprom and Shell committed to broader cooperation in LNG sector

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Greenpeace image relating to Shell/Russia Arctic Drilling Plans

June 16, 2016, 17:30

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Ben van Beurden, Chief Executive Officer of Shell, took place today at the St. Petersburg International Economic Forum 2016.

The parties discussed the progress of and prospects for strategic cooperation in the LNG sector, paying particular attention to the construction project for the third production train of the LNG plant on Sakhalin Island (Sakhalin II project). Design and FEED documentation are currently being prepared for the new production train. read more

Western leaders, CEOs visit Russia amid sanctions fatigue

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Shell CEO Ben van Beurden bows to President Putin of Russia.

NATALIYA VASILYEVA, ASSOCIATED PRESS: June 15, 2016 Updated: June 16, 2016 1:29pm

Following a meeting with Putin, Royal Dutch Shell’s CEO Ben van Beurden and state-owned gas giant Gazprom announced plans to build an LNG plant in Russia together. France’s Total is working with Russia’s largely private gas producer on a liquefied natural gas project.

The fact that the CEOs of top American companies have in a sense defied their government shows that they put their business interests before any political considerations, analysts say. read more

Gazprom, Shell to invest $13 bln in projects in Russia – Russian Energy Minister

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Shell CEO Ben van Beurden bows to Russian President Putin at the Kremlin: April 2014

Thu Jun 16, 2016

ST PETERSBURG, Russia, June 16 (Reuters) – Energy major Shell and Russia’s gas major Gazprom will jointly invest $13 billion in three projects in Russia, Russian Energy Minister Alexander Novak said on Thursday.

Novak said that Shell would take part in the development of Gazprom’s Yuzhno-Kirinskoye gas field offshore Russia’s Sakhalin island in the Pacific.

The two companies will also jointly invest in the Baltic Sea Liquefied Natural Gas plant and in the Sakhalin-2 LNG plant expansion. read more

Gazprom, Shell sign memo on Baltic LNG project

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Shell CEO Ben van Beurden bows to President Putin

Thu Jun 16, 2016 8:11am EDT

Gazprom and Shell signed on Thursday a memorandum of understanding on construction of a liquefied natural gas (LNG) plant on the Russian coast of the Baltic Sea.

The memorandum says the companies will look into possibilities of building the LNG plant in the port of Ust-Luga with an annual capacity of 10 million tonnes.

Gazprom and Shell are already partners in Russia’s only LNG plant on the Pacific island of Sakhalin which has a capacity of 10 million tonnes per year. read more

Shell & Gazprom agree Baltic LNG project

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Screen Shot 2016-05-21 at 10.18.2816 June 2016 

Russia’s Gazprom and Anglo-Dutch energy major Shell have inked a letter of understanding to begin a liquefied natural gas project at the Russian port of Ust-Luga on the Baltic Sea.

CEOs Aleksey Miller and Ben van Beurden signed the agreement at the 20th International Economic Forum in St. Petersburg.

The project aims to diversify Gazprom’s LNG sales operations and to boost its LNG portfolio.

The enterprise will reportedly include a two-train LNG plant as well as a pipeline connected to the Gazprom network. The Baltic LNG Plant will have a capacity of about 10 million tons of gas annually with an option to expand to 15 million tons. The new plant will start operating in December 2021. read more

Russia’s Putin says Shell is long-term, reliable partner

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Screen Shot 2016-05-21 at 10.18.28Thu Jun 16, 2016 11:29am GMT

ST PETERSBURG, Russia, June 16 (Reuters) – President Vladimir Putin said on Thursday Royal Dutch Shell was a long-term and reliable partner for Russia.

Putin, who is attending the annual St Petersburg International Economic Forum, made his remarks after Shell CEO Ben van Beurden asked the Russian leader to help support the company’s Russian business.

Van Beurden said Shell had made a lot of progress in its Sakhalin-2 LNG project with Russian gas giant Gazprom. read more

Russia’s Gazprom, Shell to sign deal on Baltic LNG project – Kremlin

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Screen Shot 2016-06-14 at 16.44.45Tue Jun 14, 2016 1:32pm GMT

MOSCOW, June 14 (Reuters) – Russian gas giant Gazprom and oil major Shell will sign a deal on a planned Baltic liquefied natural gas (LNG) project on the sidelines of a forum in St. Petersburg later this week, Kremlin aide Yuri Ushakov told reporters on Tuesday.

He said the deal will be signed in the presence of Russian President Vladimir Putin, who will meet Shell’s Chief Executive Ben van Beurden at the forum.

Gazprom plans to build the plant, which may produce up to 20 million tonnes of LNG per year, by December 2021. read more

Dutch Take On Gazprom in Battle Over Europe’s Oil-Linked Gas

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Screen Shot 2016-05-13 at 10.52.28The legal action coincides with government curbs on output after earthquakes in the Netherlands…

By Kelly Gilblom: May 18, 2016

In its new role as a natural gas importer, the Netherlands wants to make sure it doesn’t overpay.

GasTerra BV, the nation’s biggest buyer and seller of gas, initiated arbitration against Gazprom PJSC’s export unit, the Russian company said Monday. It is seeking a price review for fuel purchased from Europe’s largest supplier under a long-term contract linked to oil, which has rallied this year as the price on gas hubs extended declines.

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The legal action coincides with government curbs on output after earthquakes in the Netherlands, home to the European Union’s largest gas field, which turned it into a net importer of the fuel. Utilities from Germany’s RWE AG to Turkey’s Botas Boru Hatlari Ile Petrol Tasima AS filed arbitration claims against Gazprom PJSC’s export unit after market prices fell below contract rates, with EON SE and Engie SA settling cases with Europe’s biggest gas supplier this year. read more

Gazprom and Shell address ongoing and future cooperation

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Screen Shot 2016-04-29 at 21.31.46Friday, Apr 29, 2016

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Ben van Beurden, Chief Executive Officer of Shell, took place in St. Petersburg today.

The parties addressed the prospects for collaboration between the companies under the Agreement of Strategic Cooperation. An emphasis was placed on a potential asset swap.

The meeting also reviewed the ongoing front-end engineering design (FEED) process for the third production train of the LNG plant within the Sakhalin II project. read more

Oil washout

Screen Shot 2016-04-22 at 21.42.31Ed Crooks: 22 April 2016

They wanted a freeze, but all they got was a wash-out. The 18 oil-producing countries that met in Doha on Sunday were supposed to finalise an agreement to hold production at January’s levels, but instead the meeting broke up in acrimony and recriminations. John Kemp at Reuters suggested Saudi Arabia was turning the “oil weapon” on its rival Iran.

The FT’s Roula Khalaf wrote that the failure of the talks highlighted the rise of Mohammed bin Salman, Saudi Arabia’s 30 year-old deputy crown prince. His growing influence and the waning authority of veteran oil minister Ali al-Naimi add a new element of unpredictability to Saudi policy.  Bloomberg Business Week had a long and fascinating interview with Prince Mohammed. As President Barack Obama visited Saudi Arabia, David Gardner wrote that the kingdom’s 70-year bargain with the US, promising security in return for a steady flow of oil, was becoming frayed. read more

Major Oil Exporters Fail to Agree on Production Freeze

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By STANLEY REED and ANDREW E. KRAMERA version of this article appears in print on April 18, 2016, on page B1 of the New York edition

DOHA, Qatar — Officials from 18 oil-producing nations failed on Sunday to reach a deal to freeze oil production at current levels.

The meeting of officials, representing most of the Organization of the Petroleum Exporting Countries as well as Russia, had been intended to calm the markets and convince them that the two leading oil exporters, Russia and Saudi Arabia, were cooperating. But with officials coming up short on Sunday, the meeting may end up being a blow to confidence that could send oil prices tumbling. read more

Eyes on Doha

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By Ed Crooks: April 15, 2016

All eyes in the oil market this weekend will be on Sunday’s meeting in Doha, which will bring together leading producers including Russia and most – although perhaps not all – of the members of Opec. Expectations that the countries will agree to freeze production, encouraged this week by statements from Russian and Iraqi representatives, have helped drive Brent crude prices up more than 60 per cent from about $27 per barrel in January to around $44 today.  The heads of some of the world’s largest trading houses have concluded that for oil producers, the worst is probably now over. read more

Gazprom Mulls Selling 49% of Baltic LNG Project’s Shares to Shell

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Russian energy giant Gazprom and Royal Dutch Shell are currently discussing the possibility of selling 49 percent of Gazprom’s shares of the Baltic LNG (Liquefied Natural Gas) plant to Shell, the Dutch company said Monday.

The Baltic LNG is a proposed LNG plant construction in Russia’s Leningrad Region oriented at the European and Latin American markets. It is expected to be commissioned in 2018.

FULL ARTICLE

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