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BRITAIN'S Department of Trade and Industry has approved 10 offshore oil and gas projects and six hydrocarbon developments so far this year, writes Martyn Wingrove. read more Like this:Like Loading... This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website,
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Shell Canada bids $2.4-billion for BlackRock: Hefty offer will boost oilsands reserves at petroleum giant |
Financial Post – Canada; May 09, 2006
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CALGARY – Shell Canada Ltd.'s $2.4-billion friendly offer for BlackRock Ventures Inc. is probably high enough to keep competing bids at bay and signals Shell's hunger to make more reserves-boosting acquisitions in Canada. read more Like this:Like Loading... This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website,
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A Commodity Crunch Boosts Prices and Profits May 9, 2006 6:47 a.m.
The Earth itself seems to be playing an ever-growing role in its inhabitants' economic affairs, as global manufacturing growth exceeds the current human capacity for extracting needed commodities from the sea and soil. Resulting market speculation only magnifies the problem.
Just this morning, platinum prices reached a new record in European trading, rising 1.6% to $1,205 an ounce, as Reuters reports. This comes ahead of a key report due next week on the precious metal out of London, but platinum is hardly alone in its escalating price. Last month, investors and speculators held more than $120 billion of what Bloomberg describes as “bets in U.S. commodity markets” — the second-highest amount on record, according to Citigroup. Natural gas and oil accounted for 47% of those bets, but gold and copper also figured strongly as investors try to beat the returns of stocks and bonds by seeking out commodity-linked indexes and futures whose values have been bolstered by concern about shortages of raw materials, as Bloomberg notes. read more Like this:Like Loading... This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website,
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Exxon's Pile of Cash Keeps Growing, Adding Fuel to the Ire Over Oil Prices
By DAVID REILLYMay 9, 2006; Page C1
Move over, Microsoft Corp. Here comes a new cash king.
Thanks to soaring oil prices and record earnings, global energy titan Exxon Mobil Corp. appears to be on track to amass a cash mountain even taller than Microsoft's. That would give Exxon, the world's biggest company by stock-market value, bragging rights to one of the largest cash piles at a nonfinancial company.
Exxon's bank still isn't as big as Berkshire Hathaway Inc.'s. Neither is Microsoft's. But Berkshire boss Warren Buffett doesn't pay out dividends or repurchase stock. Had Exxon followed the same policy in the past three boom years, its cash pile would be about double that of Berkshire. Instead, Exxon these days pays out more than $2 billion a month to shareholders. read more Like this:Like Loading... This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website,
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Oil-News Roundup
The WALL STREET JOURNAL ONLINEMay 9, 2006
Crude-oil futures fell slightly and ended below $70 as traders responded to reports of a feelings-soothing letter from Iran's president to President Bush. Here is today's well of news about oil and fuel prices.
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SHELL BUYS BLACKROCK: Shell Canada Ltd., a unit of Royal Dutch Shell PLC, agreed to buy Canadian bitumen producer BlackRock Ventures Inc. for about $2.17 billion. Shell and other major oil companies have been scrambling to pump more oil and natural gas out of the ground. BlackRock (not to be confused with the famous New York private-equity firm) specializes in squeezing bitumen, a low-grade, sticky crude oil, from oil-sands deposits in Alberta. While turning oil sands into crude is a costly and difficult process, it has become an increasingly attractive alternative as oil prices have skyrocketed along with political tensions in parts of the world where crude comes easier. read more Like this:Like Loading... This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website,
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Mayo group suggests new pipeline route |
Lorna Siggins, Marine Correspondent Irish Times; May 09, 2006
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A Mayo group of residents and business people who support the Corrib gas project has forwarded a modified route for the pipeline to Minister for the Marine Noel Dempsey, which, it says, would break the “current deadlock”. read more Like this:Like Loading... This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website,
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Opposition to Corrib gas project |
Irish Times; May 09, 2006 |
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Madam, – Firstly I would like to congratulate you for the unbiased and open view you have taken on the Corrib project so far and hope that this continues. read more Like this:Like Loading... This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website,
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Selling the Corrib gas |
Irish Independent; May 09, 2006 |
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I read with great amusement Minister Noel Dempsey's and Shell's sentiments stressing the importance of the Corrib gas to the Irish nation. read more Like this:Like Loading... This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website,
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Shell hopes Anne-1 will lead to Pakistan's first offshore oil output |
Results of deepwater exploration in Indus basin are keenly awaited in nation dominated by onshore production, writes Bruce McMichael, Lahore Lloyds List; May 09, 2006
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PAKISTAN'S energy sector is dominated by onshore gas production but one oil major is hoping to find hydrocarbons offshore. read more Like this:Like Loading... This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website,
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We would like to apologise for the website being unavailable for 24 hours from Sunday 7th May. This was due to a lack of bandwidth to cope with an unprecedented number of visitors.
The site has now been upgraded to the maximum bandwidth on offer from our website hosting company. If this proves insufficient the website will be moved onto a dedicated server.
In the meantime we apologise for any inconvenience.
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BY ALFRED DONOVAN
The leaflets issued at the Shell Centre on Thursday 4th May 2006 contained extracts from an article published on ShellNews.net almost two years ago under the name of famed Shell geologist Dr John Huong, who was a Shell employee for almost 30 years.
The article, along with two others, is currently the subject of a High Court Restraining Order and Injunction obtained by EIGHT Royal Dutch Shell companies against Dr Huong.
The litigation escalated dramatically in recent weeks with the same companies issuing a flood of further proceedings against Dr Huong. Shell has preferred to ignore the facts known to them since July 2004 regarding who was actually responsible for the publication of the articles in question (and all subsequent publications which happen to the subject of ALL of the subsequent Shell legal proceedings). read more Like this:Like Loading... This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website,
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Shell Canada's oil sands gambleBy Thomas Catan Published: May 9 2006 03:00 | Last updated: May 9 2006 03:00
Royal Dutch Shell's Canadian unit yesterday published a C$2.4bn (£1.16bn) cash offer for BlackRock Ventures; its latest decision in a multi-billion dollar bet on Canada's oil sands.
Shell Canada, 78 per cent owned by Shell, offered C$24 per share for the small Canadian oil sands producer – a 27 per cent premium over Friday's closing price of $18.88. The board of BlackRock unanimously approved the transaction and will recommend it to shareholders. “This acquisition will augment our overall oil sands portfolio,” said Clive Mather, president and chief executive of Shell Canada. read more Like this:Like Loading... This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website,
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Shell pays £1.1bn for Canada sands firm
By Carl Mortished |
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SHELL Canada is digging deeper into Canada’s oil sands. It has agreed to buy BlackRock Ventures for C$2.4 billion (£1.1 billion) — the second investment in two months by Shell in Alberta’s bitumen deposits.
The quoted Canadian subsidiary of the Dutch multinational has secured the agreement of BlackRock’s management to an offer of C$24 per share. The bid represents a 27 per cent premium on the closing price of BlackRock shares last week, but the stock has soared amid the frenzied activity by energy investors in Alberta’s muskeg wilderness.
Oil companies are flocking to the Canadian province, enticed by the huge resource, reckoned by some to be as large as Saudi Arabia.
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Shell grows in Canada with £1.2bn oil sands deal
By Michael Harrison, Business Editor
Published: 09 May 2006
Royal Dutch Shell moved further into the exploitation of unconventional oil reserves yesterday after agreeing to pay C$2.4bn (£1.2bn) for a Canadian oil sands company.
The acquisition of BlackRock Ventures will strengthen Shell's presence in the Alberta region of Canada where it already produces 84,000 barrels a day from oil sands and has an estimated 865 million barrels of reserves.
The deal will add 12,000 to 14,000 barrels a day to Shell Canada's production and provide it with an additional 209 million barrels of probable and proven resources. BlackRock's Peace River and Cold Lake fields in the Canadian state of Alberta are estimated to contain a total of 1 billion barrels of oil. Shell's fields in the Athabasca and Peace River regions contain an estimated 17 billion barrels. read more Like this:Like Loading... This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website,
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Sands of time still running in favour of sands of tar
Shell pays £1.2bn to develop oil sands interests in Canada
Spending £1.2bn on the acquisition of another company is loose change to a business the size of Shell (less than 1pc of its market capitalisation), but the acquisition of BlackRock Ventures tells us two things about Shell's thinking.
First, that it believes the oil price will not return to its 1990s level of under $10 a barrel for many years. Digging out sticky tar sands in Canada and then extracting the black gold is not cheap and Shell's valuation for BlackRock Ventures is assuming a long-run oil price of at least $50 a barrel. If the Anglo-Dutch oil giant cannot find cheaper ways to extract the oil, then the acquisition is essentially a £1bn punt on the price of a barrel of crude – the kind of bet that only companies the size of Shell can make. read more Like this:Like Loading... This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website,
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Shell pays £1.2bn to develop oil sands interests in Canada By Christopher Hope, Industry Editor (Filed: 09/05/2006)
Royal Dutch Shell is betting that the price of oil will stay above $50 a barrel, after paying C$2.4bn (£1.2bn) for Canadian oil sands business BlackRock Ventures.
The acquisition is Shell's first notable deal since it paid £3.5bn for Enterprise Oil in 2002. It comes months after Shell's chief executive Jeroen van der Veer said acquisitions up to $10bn were back on the agenda. read more Like this:Like Loading... This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website,
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Exxon Mobil returns in full flow
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By Dimitra Defotis of barron’s |
FOR those stewing about the big profits of the big oil companies, the best revenge may be to invest in them. These companies offer safety for conservative investors, with their combination of refining and exploration businesses. When oil prices fall, they tend to produce more consistent earnings than pure plays on exploration, services or refining.
Several years into this mega-run for energy-related stocks and oil prices, shares in some of the largest integrated oil and gas businesses sport decent valuations. Solid returns on capital employed are especially desirable as the industry faces criticism for hoarding cash in these profitable times. And a winning company is likely to offset exploration with refining and chemicals businesses. Then a drop in energy prices and refining margins won’t hurt as much.
Research by investment bank Friedman, Billings, Ramsey (FBR) shows that some stocks look cheaper, or have heralded managements, but Exxon Mobil, the largest and best-known of them all, is less sensitive than competitors to energy price swings. And Exxon has the juiciest returns.
“Exxon’s returns on capital are over 25% greater than its peer group, which is substantial,” says Frank Holmes, chief investment officer at US Global Investors in San Antonio, Texas. “That tells you that management is better at making economic energy decisions.” Holmes added to his Exxon position in the first quarter, shortly after Exxon’s longtime chairman Lee Raymond retired. Raymond’s handpicked successor, Rex Tillerson, is a Texas native who has been at Exxon for three decades and blazed a trail as an Exxon executive in Russia in the 1990s.
The transition has been seamless, though Tillerson has sidestepped the subjects of global warming and alternative energy that pitted the outspoken Raymond against environmentalists. Tillerson’s diplomatic skills will be key to ventures with state-owned oil companies around the world and to expanding deep-water and liquefied natural-gas (LNG) projects. Already, he has cemented agreements in the United Arab Emirates and Indonesia. Last year,
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Exxon’s oil and gas production fell 3.6%. But spending is picking up and new fields under development should boost Exxon’s oil and gas production 13% in 2006 and 2.7% in 2007, according to Tina Vital, a Standard & Poor’s analyst.
Exxon gets about three-quarters of its earnings from its E&P business and about 10% from chemicals, a profitable business many integrated oil companies exited. Most of the rest comes from refining.
Meanwhile, Exxon has an enviable cash position. In the first quarter, Exxon made share repurchases valued at $5bn, more than the combined buybacks of Chevron, Conoco Phillips, Royal Dutch Shell and Total, according to FBR. The buyback and 2% dividend yield should put Exxon shareholders ahead about 8% this year, says Jacques Rousseau, an FBR analyst. read more Like this:Like Loading... This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website,
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