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Posts on ‘September 29th, 2004’

Oil Continues Upward March

The Washington Post: Oil Continues Upward March

“Royal Dutch/Shell Group of Cos… withdrew nonessential personnel from the Niger Delta, said Simon Buerk, a London-based spokesman for the company. Citing policy, Buerk would not say whether production in the country was reduced as a result of the personnel withdrawal.”

Justin Blum and Nell Henderson

Sep 29, 2004

Crude oil prices jumped beyond $50 a barrel yesterday, renewing concerns that sustained high energy costs will further weaken the U.S. economy.

The surge came after rebels in Nigeria threatened to interfere with oil production, upsetting a market already on edge over domestic supply disruptions in the Gulf of Mexico caused by Hurricane Ivan. Lost production and a decline in imports because of the storm led to a reduction in U.S. crude oil inventories.

At the close, U.S. benchmark crude oil for November delivery on the New York Mercantile Exchange stood at a record $49.90 per barrel. Adjusted for inflation, the price was still below its peak in 1981. read more

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Nigerian militia threatens full-scale armed struggle in oil region

AP Worldstream: Nigerian militia threatens “full-scale” armed struggle in oil region

“Donald Boham, a spokesman for Royal Dutch/Shell’s subsidiary, Shell Petroleum Development Company of Nigeria Ltd., said “we’re not really worried about the threats. But we have to watch the situation as it develops.”

DULUE MBACHU

Sep 29, 2004

Militiamen trying to wrest control of the oil-rich Niger Delta threatened to launch a “full-scale armed struggle” on petroleum-pumping operations in Africa’s largest crude oil producing nation, urging foreign oil workers to leave the region.

A military spokesman, however, called Tuesday’s threats “empty.” Major oil companies played down the warnings, saying they won’t seriously affect exports and issuing no orders to staff to pull out. read more

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Bloomberg: CNOOC to Develop Gas Field Without Unocal, Shell (Update1)

Bloomberg: CNOOC to Develop Gas Field Without Unocal, Shell (Update1)

Sept. 29 (Bloomberg) — CNOOC Ltd., China’s biggest offshore oil and gas producer, said the withdrawal of Unocal Corp. and Royal Dutch/Shell Group from its East China Sea gas venture won’t prevent production from starting up on schedule by mid-2005.

A group led by CNOOC and including China Petrochemical Corp. started drilling in the area in October last year, prompting the Japanese government’s concern that its share of the gas may be siphoned off. The Chunxiao field, the first to be developed in the area known as the Xihu Trough, straddles the border between the nations. read more

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Unocal, Royal Dutch/Shell cancel East China Sea project

AFX Europe (Focus): Unocal, Royal Dutch/Shell cancel East China Sea project

Sep 29, 2004

SAN FRANCISCO (AFX) — Unocal and Royal Dutch/Shell Group said late Tuesday that their subsidiaries have canceled five contracts to explore, develop and market natural gas resources in the Xihu Trough of the East China Sea. Unocal East China Sea, a subsidiary of Unocal and Pecten Orient, a subsidiary of Royal Dutch/Shell, each hold a 20 percent interest in the contracts. China National Offshore Oil and China Petrochemical holds the remaining interest.

The U.S. affiliates entered into the contracts in August 2003. Unocal said it expects to record a charge of roughly $10 million after-tax in the third quarter for relinquishment of lands and to settle remaining obligations. read more

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Violence in Nigeria forces Shell to cut output

Financial Times: Violence in Nigeria forces Shell to cut output

By Michael Peel in Lagos and James Boxell in London

Published: September 29 2004

Royal Dutch/Shell said yesterday it had suffered its first production loss as the result of violence in Nigeria’s oil-rich and troubled Niger Delta, where a militia leader has condemned oil multinationals and warned foreigners to leave the area.

The military taskforce set up in response to growing violence in the region called for calm but warned militia leaders to “stop stirring internal insurrection” and said “crack teams” of troops were ready to respond to trouble. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Oil gushes through $50 level for the first time

Daily Telegraph: Oil gushes through $50 level for the first time

“Meanwhile, Shell staunchly refused to shut down production in Nigeria, despite threats from militants of an “all-time war” from Friday. Shell has evacuated 235 workers and has temporarily lost about 30,000-40,000 barrels of oil a day from the region.”

By Malcolm Moore, Economics Correspondent (Filed: 29/09/2004)

Oil shot through $50 a barrel for the first time yesterday as the President of Opec admitted the cartel “cannot do anything” to help and warned of a global recession.

Saudi Arabia tried to cool the market by announcing that it would increase its production from 9.5m barrels a day to 11m, but Purnomo Yusgiantoro, the president of the oil cartel, said increased output may not bring down prices. “Whatever we do, there is no sensitivity in the market,” he warned. read more

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Nigerian Oil Delta Rebel Says Meeting Obasanjo

THE NEW YORK TIMES/REUTERS: Nigerian Oil Delta Rebel Says Meeting Obasanjo

“A recent consultant report for Shell estimated that about 1,000 people die every year because of communal and political unrest in the delta, where the majority live in abject poverty despite the oil wealth under their soil”: “…his ideas are reminiscent of rebels such as… Ken Saro-Wiwa, who was hanged by the late military dictator Sani Abacha in 1995.

By REUTERS

Published: September 29, 2004

LAGOS (Reuters) – A rebel fighting for autonomy in Nigeria’s oil-producing Niger Delta said he would meet President Olusegun Obasanjo on Wednesday to discuss terms for ending the violence that has helped push crude prices to record highs.

Mujahid Dokubo-Asari, who leads a militia called the Niger Delta People’s Volunteer Force, told Reuters a rebel offensive, due to be launched on Friday, would be suspended if an agreement was reached on political autonomy and oil revenues for the impoverished delta region. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com
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