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Posts on ‘July 20th, 2006’

The Wall Street Journal: Oil News Roundup: 6.44pm 20 July 2006

THE WALL STREET JOURNAL ONLINE
July 20, 2006 6:44 p.m.

Crude-oil futures rose on the New York Mercantile Exchange, settling at about $73 a barrel and ending a three-day slide. Here is Thursday’s roundup of oil and energy news.

* * *
YUKOS BOSS QUITS: The president of OAO Yukos, Steven Theede, announced his resignation just hours ahead of a meeting of creditors, which he predicted would back the liquidation of the company. “There is nothing left for me to do to protect the remaining assets of the company in Russia,” he wrote. Earlier this week, his bid to stop OAO Rosneft’s IPO in London was defeated in court. State-controlled Rosneft is the owner of what was once Yukos’s most-prized asset, which the Russian government pried away from Yukos in a controversial tax case in 2004. 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 Wall Street Journal: Russia Plans Audit of Oil Project Due to Delays and Cost Overruns

By GEOFFREY T. SMITH
July 21, 2006

MOSCOW — The Russian Natural Resources Ministry said Thursday that it will launch a monthlong audit of the Sakhalin-2 project, criticizing delays and cost overruns to the project that it said threaten national interests.

A statement released by Natural Resources Minister Yuri Trutnev said Sakhalin Energy Ltd., a consortium led by Royal Dutch Shell PLC, is taking longer to drill wells and start production than seen in the agreement under which the project is being developed. 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 Wall Street Journal: Woodside Mulls Reserves Downgrade

Woodside Says Oil Output Is Slipping at Chinguetti

Perth Firm Considers
A Reserve Downgrade
For Mauritania Field
By STEPHEN BELL
July 21, 2006

PERTH, Australia — Woodside Petroleum Ltd. experienced another problem at its emerging Mauritania oil province, revealing Thursday that it may be forced to downgrade reserves at the US$750 million Chinguetti field.

It is the second disappointment for Woodside inside a month, after the Perth-based company downgraded its overall 2006 production forecast by 5%, mostly because of problems at Chinguetti, which was once tipped to hold 120 million barrels. 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.

CanadaNewsWire: Conference Call and Webcast: Shell Canada to provide Athabasca Oil Sands Project Expansion update

CALGARY, July 20 /CNW/ – Shell Canada Limited will host a conference call
and webcast presentation on July 28, 2006 beginning at 12:00 noon (MDT). The
presentation will be followed by a question and answer session and should be
complete by 1:00 p.m. (MDT).

Shell will provide an update regarding the Athabasca Oil Sands Project
expansion (AOSP Expansion 1). Information will also be provided on Shell’s
overall oil sands strategy and growth plans.

Shell Canada’s Clive Mather, President and CEO will host the call. Cathy
Williams, CFO, Brian Straub, Sr. V.P. Oil Sands, and Ken Lawrence, Manager
Investor Relations will also participate.
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.

Fiji Times: French sign Shell deal

Friday, July 21, 2006

THE sales and purchase agreement for French company Total Oil to buy Shell Fiji Ltd has been signed, says Shell Fiji’s general manager Peter Walsh.

The agreement is subject to the Government’s approval, which is required for Total Oil to trade in the country, Mr Walsh said.

He said the Government’s approval was now being sought.

Shell Ltd finalised the sale of its business in Fiji, Tonga, New Caledonia, Vanuatu and French Polynesia a week ago.

Mr Walsh said all the company’s sales were conditional upon Government’s approval and were expected to be completed by late 2006 or early 2007. 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.

China Daily: CNOOC, Shell to expand joint capacity

By Wang Ying (China Daily)
Updated: 2006-07-21 08:49

CNOOC and Shell Petrochemicals Co Ltd, China’s biggest Sino-foreign partnership deal, plans to expand its current capacity by 10 to 20 per cent within the next four years, to meet surging domestic demand.

The US$4.3 billion joint project, launched in March between Royal Dutch Shell and China’s biggest offshore oil company China National Offshore Oil Corp (CNOOC), yesterday disclosed plans to further expand its capacity.

“We are now looking at a 10 per cent to 20 per cent expansion of our existing production facilities within the next four years,” Jean-Louis Bilhou, the joint venture’s manufacturing director, told reporters yesterday at Daya Bay of South China’s Guangdong Province. 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.

MarketWatch: Russian min to begin Sakhalin energy audit Tuesday (updated)

(This updates an item published at 1005 GMT 20 July, with comment from Sakhalin Energy and context regarding its proposed deal with Gazprom)

MOSCOW (MarketWatch) — The Russian Natural Resources Ministry said Thursday that it would launch a month-long audit of the Sakhalin-2 project at the start of July, claiming that delays and cost overruns to the project were threatening national interest.

A statement released by Natural Resources Minister Yuri Trutnev said Sakhalin Energy Ltd., a consortium led by Royal Dutch Shell Group (RDSA), is taking longer to drill wells and start production than foreseen in the Production Sharing Agreement under which the project is being developed. 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.

UPI Energy Watch: Shell, Gazprom asset exchange delayed to year’s end

By ANDREA R. MIHAILESCU
UPI Energy Correspondent

British-Dutch venture Royal Dutch Shell said it hopes to complete its asset-swap deal with Russian natural gas behemoth Gazprom by the end of the year despite complications.

“I hope that by the end of 2006 the exchange will be completed. It is already July,” Jeroen van der Veer, head of Shell, said in an interview with the Russian daily Vedomosti.

Under the contract, state-controlled Gazprom, the world’s largest gas company, will receive 25 percent plus one share in the $20 billion Sakhalin-2 liquefied natural gas project located in Russia’s Far East, while Shell will receive 50 percent plus one share in the Zapolyarnoye-Neocomian project. 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.

PRNewswire: Incumbent MMB Wins $25 Million Jiffy Lube International Account

HOUSTON, July 20 /PRNewswire/ — Boston-based advertising agency MMB successfully defended the $25 million Jiffy Lube International account and will continue its relationship as agency of record for the leader in the fast lube category. MMB has handled the Jiffy Lube advertising program since 2001 but the account was put up for review earlier this year.

MMB beat two other finalists, Dentsu’s Colby & Partners and WPP Group’s Cole + Weber United to retain the account.

“MMB has done some fabulous creative work for us over the years and they recently expanded their capabilities to include customer-relationship marketing, interactive and non-traditional media implementation. These capabilities will help Jiffy Lube International grow the brand and stay at the top of our game,” said Lisa Carlson, global manager of marketing, Shell Lubricants-Fast Lubes. “Their presentation was very well done and it demonstrated great thought, energy and knowledge of our business.” 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 Wall Street Journal: Oil News Roundup

THE WALL STREET JOURNAL ONLINE
July 19, 2006 6:59 p.m.

Crude-oil futures tumbled for the third consecutive day, falling nearly $1 a barrel to settle at less than $73 after U.S. government data showed continuing gains in oil and gasoline supplies. Oil prices have lost nearly 6% in the three trading days since settling at a record high of more than $77 a barrel. Here’s Wednesday’s roundup of oil and energy news.

* * *
INDIA UNVEILS RESERVE PLANS: India will start building its first strategic crude-oil storage facility in January at Vizag in the southern state of Andhra Pradesh, a government official told The Wall Street Journal. The facility will have a capacity of one million tons, or 7.33 million barrels, of crude oil, and will be ready in January 2010. Two more crude-storage facilities, with even bigger capacities, will also be built. The reserves reflect India’s growing demand for energy supplies and could help keep a floor under global oil prices. 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 Wall Street Journal: Putin Signs Law That Confirms Gazprom’s Export Monopoly

A WALL STREET JOURNAL NEWS ROUNDUP
July 20, 2006

 

President Vladimir Putin signed a law that enshrines the monopoly over Russia’s gas exports of OAO Gazprom, the world’s largest gas company, his office said.

 

Analysts said the law may be designed to ensure that Gazprom’s status can’t be challenged on the basis of an international Energy Charter that Russia has signed but not ratified.

 

The law consolidates Gazprom’s hold over gas exports, including piped natural gas, liquefied natural gas and liquefied petroleum gas — butane and propane. The only exceptions are existing production-sharing agreements such as Exxon Mobil Corp.’s Sakhalin I project and Royal Dutch Shell PLC ‘s Sakhalin II. 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.

Dow Jones Newswires: UPDATE: Russian Min To Begin Sakhalin Energy Audit Tuesday

 (This updates an item published at 1005 GMT, with comment from Sakhalin Energy and context regarding its proposed deal with Gazprom)

MOSCOW -(Dow Jones)- The Russian Natural Resources Ministry said Thursday that it would launch a month-long audit of the Sakhalin-2 project at the start of July, claiming that delays and cost overruns to the project were threatening national interest.

A statement released by Natural Resources Minister Yuri Trutnev said Sakhalin Energy Ltd., a consortium led by Royal Dutch Shell Group (RDSA), is taking longer to drill wells and start production than foreseen in the Production Sharing Agreement under which the project is being developed. 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.

African Echo: Shell to pay Nigeria $1.5bn to the Ijaw people

EXTRACT: But the Judge, Okechukwu Okeke, ruled that since both sides had agreed to go before the National Assembly, the order was binding. Ijaw community leader, Ngo Nac- Eteli, said that if Shell wanted to buy time by taking the case to the appeal court, the company would not be allowed to operate on Ijaw land until the case was settled. Nigeria is one of the world’s biggest oil exporters but despite its oil wealth, many Nigerians live in abject poverty.

THE ARTICLE

20 July 2006

A Nigerian court has ordered oil giant Shell’s local operation to pay $1.5bn to the Ijaw people of the Delta region, who have been fighting since 2000 for compensation for environmental degradation in the oilrich region. They took the case to court after Shell refused to make the payment ordered by Nigeria’s parliament in 2000. 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.

Reuters: Nigerian May oil output recovers to 2.29 mbpd

LAGOS, July 20 (Reuters) – Nigerian oil output recovered to 2.29 million barrels per day (mbpd) in May, up 6.1 percent from an upwardly revised figure of 2.15 mbpd for the previous month, the central bank said on Thursday.

Output of crude oil, condensate and natural gas liquids in Africa’s top producer has been recovering steadily since a series of militant attacks in February which forced Royal Dutch Shell (RDSa.L: Quote, Profile, Research) to close oilfields producing 500,000 bpd.

The central bank said in its May monthly economic report that oil production totalled 70.99 million barrels in May, compared with 64.50 million barrels in April. 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.

Dow Jones Newswires: Russian Ministry To Begin Sakhalin Energy Audit July 25

MOSCOW -(Dow Jones)- The Russian Natural Resources Ministry said Thursday that it would launch a month-long audit of the Sakhalin-2 project at the start of July, claiming that delays and cost overruns to the project were threatening national interest.

A statement released by Natural Resources Minister Yuri Trutnev said Sakhalin Energy Ltd., a consortium led by Royal Dutch Shell Group (RDSA), is taking longer to drill wells and start production than foreseen in the Production Sharing Agreement under which the project is being developed. 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.

31/05/05: Water condensate tank explosion causes two fatalities at Shell/NAM location Warffum

In an article published yesterday, we asked if anyone could supply a report in English of the tank explosion in The Netherlands last year at a NAM location in Warffum. Within 24 hours a Shell insider has very kindly obliged and the report is featured below. 

NB NAM is the Shell operating company in the Netherlands, the exact counterpart of Shell Expro in the UK. The fatal accident in Warffum involving a Shell company may well be of interest to the experts assessing the Fatal Accident Report released yesterday in regard to the Shell Brent Scandal in which another two workers tragically had lost their lives. 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.

Shell Insider Letter with leaked Jeroen van der Veer Brent Bravo Scandal Email

Dear Sir

I read your site always with great interest and believe you should post this letter to all Shell staff.

As a Shell employee I believe this is a concerted effort, coordinated by the spindoctors and lawyers of Shell, to get off the hook when it comes to a courtcase. Jeroen is far too bright not to understand what is really happening. But he prefers to listen to his lawyers rather than be a tough director and remove some managers who have lied to him and/or underperformed.

Remarkable it needs to be reminded that safety is #1 after all the stories in the press and your site. We already knew that for the last 25 years or more. Or does he think the current generation of ‘leaders’ have different ideas? 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.

Guardian Weekly: A new type of conglomerate?

EXTRACT: In Nigeria a simmering war raging in the oil-producing region of the Niger delta could force Shell, the dominant firm in the region, to pull out of the country altogether, say sources on the ground.

THE ARTICLE

Nick Mathiason

Oil giants foment gang warfare in developing countries; their negligence causes catastrophic environmental disasters. Ruthless mining firms stop at nothing to secure lucrative concessions, bribing officials and even toppling elected governments. Big Pharma obstructs access to vital life-saving medicines for the world’s poorest. Consumer titans douse their unhealthy wares with sugar and salt while buying up burgeoning ethical brands to control the nascent competition. Rich-world agribusinesses suck on the teat of state subsidies while demanding that poor nations allow free access to their markets. 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): Australia’s Woodside may miss internal profit targets – report

Published: Jul 20, 2006

SYDNEY (XFN-ASIA) – Woodside Petroleum Ltd is in danger of missing its internal profit targets after a string of production and exploration problems, and has ordered heavy cuts in costs to ensure it can maximize returns from record high oil prices, The Australian reported, quoting an unidentified source in the company.

The newspaper said some employees had been advised this week that the company is aiming for a record profit this year, with the challenge of topping 1 bln aud in the second half alone. 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: Supply lines

Published: Jul 20, 2006

London is not alone. Hydrogen-powered bus projects are being prepared all over the world. From Cambridge to California, Norway to Nagoya, Perth to Porto, pilot schemes are being readied and supply lines put down. Last week, Shell announced a partnership with the Dutch bus manufacturer Man that will see 20 hydro-buses on the streets of Rotterdam by 2009.

The appeal of hydrogen is easy to understand. It is the most abundant element, and abundantly available on Earth (though locked up in water), and its oxidation produces huge amounts of energy per unit mass. The hydro-buses – which experts say are as safe as conventional ones – use a process invented in 1839 by William Grove, a British barrister and amateur physicist, in which hydrogen is combined with oxygen within a fuel cell to generate a powerful electric current. The hydro-buses are quiet because the fuel cell, which is held in the roof, removes the need for an engine. The only exhaust is steam, because the hydrogen removes the need for the diesel engine. 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.

Convenience Store Decisions: Shell Extends Credit Card Fee Reductions

Company aims to give marketers a break on higher gasoline prices through Aug. 15.

Shell Oil Products recognizes that the rising cost of gasoline is crushing fuel margins and it’s offering its branded marketers a break.

The Houston-based refiner-marketer has extended the temporary reduction of credit card fees for Visa, MasterCard and American Express transactions on all in-store and fuel purchases. This action is intended to continue to ease some of the pressure that the busy driving season can exert on operators through increases to their credit card expenses, the company said. The same temporary rates originally introduced in May, will now be extended until August 15. 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.

Evening Telegraph (Scotland): ‘Shell took cheap option’

The brother of an Invergowrie man, who died while working on a Shell oil rig, has accused the company of taking the cheaper option, writes Stefan Morkis.

Neil Moncrieff, whose brother Keith died three years ago, also said today the fatal accident inquiry into the death should have been given a wider remit.

Keith and Sean McCue, from Kennoway, both died after inhaling hydrocarbon vapours while inspecting a repair on the Brent Bravo platform on September 11, 2003.

A fatal accident inquiry into the deaths heard 38 days of evidence before Sheriff Colin Harris released his findings yesterday. 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.

Business Edge News (Canada): Is the great oilsands party over?

07/20/2006 – Vol. 6, No. 15 – Calgary/Red Deer Edition 

Energy sector’s jewel gets kick in the teeth

Western Oil Sands drops bombshell in laps of investors

That’s become the energy industry’s $897-billion question (this is a ballpark number so, in the spirit of the oilsands poker game, feel free to take a shot in the dark and fill in your own number).

Just as the Calgary Stampede’s bulls were busting out of the gate for the big bash in Cowtown, another storm cloud was rolling in over the oilpatch. With the ‘patch already reeling from collapsing natural gas prices, the champagne finally went flat in the long-running oilsands bull market when party pooper Western Oil Sands dropped a bombshell in the laps of investors. 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.

BusinessDay (South Africa): Local refinery workers revise wage demands

REFINERY workers at plants owned by companies including BP, Royal Dutch Shell and Chevron revised their wage demands yesterday in an attempt to end the strike that started on Tuesday.

The companies were expected to respond to the new demand by July 21, and “there’s a 50% chance of settlement”, Welile Nolingo, general secretary of the Chemical, Energy, Paper, Wood & Allied Workers Union, said yesterday.

The union previously sought an 8% pay increase while employers, which also include Total and state-owned PetroSA, offered 6%. 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.

Geelong Advertiser (Australia): Shell says it cares for us

Thursday, July 20
Michael Auciello

SHELL’S Geelong refinery says it has to put more effort into promoting the contribution it makes to the Geelong community.

The refinery has released its 2005 annual performance review, with sustainable development manager Paul Cristofani highlighting the need to get its results out into the public.

A Geelong Manufacturing Council review of the refinery’s impact on the region put it at about 2000 jobs and $1.1 billion in local spending and wages.

“If people work against you, it doesn’t matter what you put out, it will take a couple of years to embed that into people’s minds,” he said. 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.

ShellNews.net: Shell to Sea hold public meeting in Kilkenny

Updated from an article by The Kilkenny Advertiser
By Naoise O’ Donovan Coogan

A public meeting was held in the Newpark Hotel, Kilkenny, on Wednesday July 19 at 8pm by the Shell To Sea campaign group. This group was started in Mayo by a group of residents concerned with the Shell company’s proposed Corrib gas project.

The Shell To Sea group is opposed to the planned Corrib gas project, as it plans to use previously untried and highly dangerous methods of extracting gas. This is obviously a huge concern for residents in the area, not only from a safety perspective but also because Shell will benefit from 100 per cent tax write-offs, there will be very little, if any, financial benefit for the Irish people. 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.