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Posts on ‘July 18th, 2005’

Royal Dutch Shell, the Anglo-Dutch group, is being pressed to revalue its assets by Gazprom

THE TIMES (UK): Need to Know: “Royal Dutch Shell, the Anglo-Dutch group, is being pressed to revalue its assets by Gazprom, the Russian group with whom it has agreed an asset swap, after soaring costs at Shell’s Sakhalin-2 flagship project.”:

Monday 18 July 2005

Natural Resources

(down 3.2%)

Peter Hambro Mining, the Russia-focused gold producer, will update investors on Wednesday on recent trading. It had said that it would avoid returning to the market for fresh capital, having raised $100 million (£56 million) through convertible bonds.

Royal Dutch Shell, the Anglo-Dutch group, is being pressed to revalue its assets by Gazprom, the Russian group with whom it has agreed an asset swap, after soaring costs at Shell’s Sakhalin-2 flagship project. (The Sunday Telegraph) read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil giants count cost of seeking out new frontiers

Financial Times: Oil giants count cost of seeking out new frontiers

“…Royal Dutch/Shell said its giant Sakhalin-2 liquefied natural gas project was at least eight months behind schedule and would cost $20bn – twice the original price.”: “Gazprom, Russia’s state-controlled gas monopoly, is seeking to improve the terms of a swap deal signed earlier this month with Shell.”

Monday 18 July 2005

By Thomas Catan

Published: July 18 2005

The world’s largest oil companies face increased dangers as they push the existing boundaries of technology into ever more unforgiving environments, as setbacks for two of the industry’s “supermajors” demonstrated last week.

BP’s flagship ultra-deepwater Thunder Horse platform was left listing perilously after Hurricane Dennis hit the Gulf of Mexico. Fears that it could sink have abated, as workers partially righted it over the weekend. But they are in a race against time, with Hurricane Emily expected to strike the Gulf this week. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Daily Telegraph: Former adviser slams watchdog’s ‘closed mind’ ahead of review

Daily Telegraph: Former adviser slams watchdog’s ‘closed mind’ ahead of review

“The regulator is expected to face further scrutiny of its procedures next week when the tribunal holds a preliminary hearing on whether the FSA should have given Sir Philip Watts, former chairman of oil giant Shell, an opportunity to respond before it published its damning findings into Shell’s oil reserves scandal last year. Shell was fined £17m.”

Monday 18 July 2005

By James Moore, Financial Correspondent (Filed: 18/07/2005)

One of the lawyers involved in creating the Financial Services Authority yesterday savaged the watchdog’s disciplinary system, saying that it had a “win at all costs mentality”.

Angela Hayes, now a partner with law firm Lawrence Graham, and formerly one of the team of lawyers who advised on how to implement key parts of the Financial Services and Markets Act that created the FSA, said the watchdog was set to duck an opportunity to bring in “root and branch” reform. The watchdog is preparing to announce the results of a wide ranging review of its disciplinary system. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

NEW YORK TIMES: Crude Oil Futures Open Week Higher

NEW YORK TIMES: Crude Oil Futures Open Week Higher

“Shell Oil Co. abandoned three offshore facilities, suspending output of around 1,000 barrels daily and halting 20 million cubic feet of gas production.”:

Monday 18 July 2005

By THE ASSOCIATED PRESS

Published: July 18, 2005

Filed at 1:08 a.m. ET

SINGAPORE (AP) — Crude oil futures opened the week higher Monday as oil companies in Mexico’s Yutacan peninsula evacuated workers and began to brace for Hurricane Emily’s onslaught as it howled its way towards key oilfields that supply the United States.

In Iraq, oil workers walked off the job on Sunday, which could likely affect much-needed export revenue for the war-tattered nation and hurt global supply. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

NEW YORK TIMES: Shell Cuts U.S. Gulf Output Ahead of Emily

NEW YORK TIMES: Shell Cuts U.S. Gulf Output Ahead of Emily

“Shell said daily production of about 20 million cubic feet (MMCF) and 1,000 barrels of oil was shut and its North Padre, Brazos and West Cameron operations in the far western Gulf were completely evacuated, according to a statement.”

Posted Monday 18 July 2005

By REUTERS

HOUSTON (Reuters) – While meteorologists over the weekend adjusted Hurricane Emily’s forecast track away from the heart of U.S. Gulf of Mexico oil and natural gas production areas, Shell Oil Co. said on Sunday it had shut in some natural gas and oil production.

Shell said daily production of about 20 million cubic feet (MMCF) and 1,000 barrels of oil was shut and its North Padre, Brazos and West Cameron operations in the far western Gulf were completely evacuated, according to a statement. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Guardian: Jailing of Irish villagers sparks anger as farmers defy Shell in Battle of the Bog

The Guardian (UK): Jailing of Irish villagers sparks anger as farmers defy Shell in Battle of the Bog

Support swells for opponents of gas pipeline imprisoned for contempt of court: “It began as a hopeless mismatch: a handful of villagers in remote north-west Mayo taking on the multinational Shell. But the Battle of the Bog has turned into one of the biggest protests against Shell in Europe…”: “Thousands of people have gathered at demonstrations… Hundreds more have picketed garages, signed petitions and urged a petrol boycott.”:

Monday 18 July 2005

Angelique Chrisafis, Ireland correspondent

Monday July 18, 2005

It began as a hopeless mismatch: a handful of villagers in remote north-west Mayo taking on the multinational Shell. But the Battle of the Bog has turned into one of the biggest protests against Shell in Europe after five villagers were jailed for refusing the company access to their land because they feared a proposed gas pipeline was unsafe.

Subsistence farmers from Rossport accuse Shell of turning them into “human guinea pigs” by building a £600m high-pressure gas pipeline near their homes. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Gardaí probe death threats to Shell workers in dispute

Irish Examiner.com: Gardaí probe death threats to Shell workers in dispute

“A SINISTER turn to the controversy surrounding the Shell Corrib gasfield pipeline row is being investigated by gardaí, it emerged yesterday.”

Monday 18 July 2005

By Donal Hickey

A SINISTER turn to the controversy surrounding the Shell Corrib gasfield pipeline row is being investigated by gardaí, it emerged yesterday.

Death threats to employees have forced a number of sub-contractors working on the €300 million project to lay off workers in Co Mayo.

The Shell company also revealed that some of their employees have been subjected to threats and intimidation. In a statement, Shell said it had advised such employees to deal directly with the Gardaí. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Irish Times: Protest rally told Burke deal to blame for imprisonments

Irish Times: Protest rally told Burke deal to blame for imprisonments

“It was clear “the wrong people are in jail”, Mr Garavan said, to applause.”

Monday 18 July 2005

Lorna Siggins, Marine Correspondent

Jul 18, 2005

The deal done by former finance minister Ray Burke with oil and gas exploration companies was the main reason for the continued imprisonment of five north Mayo men, Frank McBrearty jnr said at the weekend.

Mr McBrearty, who says he and his family are still awaiting an apology from the State over their treatment by Donegal gardaI, was speaking at a rally in Ballina, Co Mayo, in support of the five Rossport residents.

Earlier, there was loud booing when the rally host, Mayo TD Dr Jerry Cowley (Ind), announced that Fine Gael leader Enda Kenny and Labour Party leader Pat Rabbitte had both been invited but had not turned up. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

RTE News (Ireland): Calls for probe into exploration licences

RTE News (Ireland): Calls for probe into exploration licences

Sunday 17 July 2005

Protestors against the construction of a gas pipeline in Co Mayo have called for an investigation into the issuing by the state of oil and gas exploration licences.

Up to 1,000 people gathered in Castlebar yesterday in support of the five men jailed for contempt of court in their dispute with Shell E&P Ireland.

The five were jailed two weeks ago for their refusal to obey a court order not to obstruct the construction of the gas pipeline through their lands.

They are opposed to the €300 million development on health and safety grounds. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Irish Times: Work on Corrib gas pipeline already started

Irish Times: Work on Corrib gas pipeline already started

“Shell and the Department of Marine and Natural Resources have declined to comment on apparent evidence that construction work has already started on the controversial onshore section of the Corrib gas pipeline.”: “Ms McGarry believes that last Monday’s proposal by lawyers for Shell in the High Court could be interpreted as an admission that it has violated its own order.”

Monday 18 July 2005

Lorna Siggins

Jul 18, 2005

Shell and the Department of Marine and Natural Resources have declined to comment on apparent evidence that construction work has already started on the controversial onshore section of the Corrib gas pipeline.

An estimated 700m stretch of assembled piping visible across the Glenamoy river where it enters the Sruth Mhada Conn estuary is one of a series of works carried out on Shell’s behalf which landowners attempted unsuccessfully to raise in the High Court last week. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

AFX Europe (Focus): Gazprom wants Shell to re-negotiate Sakhalin-2 asset swap terms

AFX Europe (Focus): Gazprom wants Shell to re-negotiate Sakhalin-2 asset swap terms

“Gazprom now demands that the deal is renegotiated after Shell was forced to admit last week that the cost of the Sakhalin-2 gas field project had overrun by an estimated 10 bln usd and could now cost 20 bln.”

Posted Monday 18 July 2005

LONDON (AFX) – Russian gas giant OAO Gazprom is demanding that Royal Dutch/Shell re-negotiate the terms of a planned asset swap because of the soaring costs of the Sakhalin-2 project, the Sunday Telegraph reported.

It said that under a deal with the Anglo-Dutch oil giant signed two weeks ago, Gazprom had agreed to take a 25 pct in the Sakhalin-2 gas field on Russia’s Pacific coast. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Royal Dutch/Shell Group has been hit again by the “Watts effect”

THE WALL STREET JOURNAL: Shell: Royal Dutch/Shell Group has been hit again by the “Watts effect”

Monday 18 July 2005

Edited by Hugo Dixon

July 18, 2005

Royal Dutch/Shell Group has been hit again by the “Watts effect.” The oil giant certainly looked on the bright side under its former chief executive, Sir Philip Watts. It didn’t just over-egg reserves; it also under-egged the costs of developing the giant Sakhalin gas project in Russia. Shell reckons it will now cost $20 billion, or about €16.5 billion, to develop the field. That is twice the amount when the project was approved two years ago. Citigroup estimates that the rate of return on the field will now drop to 11% — below Shell’s hurdle rate. (See related article – Read the article) read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

THE SHELL SAKHALIN-2 DEBACLE

ShellNews.net: THE SHELL SAKHALIN-2 DEBACLE

Credibility concerns over Royal Dutch/Shell Executives, Jeroen van der Veer and Malcolm Brinded following the Salhalin2 $10 billion cost overrun scandal.: “The only thing which has saved the hangover management at Shell is the one element over which they have no influence – the high oil price. In every other respect they are an unmitigated disaster. They should be sent packing.”

Monday 18 July 2005

By Alfred Donovan

News of the latest Shell shocker – the $10 BILLION capital expenditure overrun in the Sakhalin-2 project in Russia is understandably making headlines around the globe. It is surely the biggest management oversight blunder in corporate history (if we leave the Royal Dutch/Shell reserves scandal to one side).

According to a report published yesterday in Mosnews, Royal Dutch/Shell CEO Jeroen van der Veer is claiming that he only learnt about this latest financial disaster last Wednesday and informed Gazprom on Thursday (Read the article). This implies that no Shell director was aware of the £10 BILLION OVERSPEND SURPRISE at the time of the unification AGM’s on 28 June, just 20 days ago! That is simply incredible. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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