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Posts on ‘July 26th, 2006’

Reuters: Shell Canada to boost oil sands output

Thu Jul 27, 2006 12:28 AM ET

 

By Jeffrey Jones

CALGARY, Alberta (Reuters) – Shell Canada Ltd. aims to more than double output of tar-like bitumen from its steam-driven oil sands operations in Alberta in the next two years, helped along by its C$2.4 billion ($2.1 billion) takeover of BlackRock Ventures, it said on Wednesday.

With the acquisition completed, Shell Canada expects to pump 50,000 barrels of the extra-heavy crude a day from the assets, up from less than 20,000 today, it said.

Long-term output could hit 150,000 barrels a day, the company 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.

Financial Times: Sir Philip Watts and the Markets Tribunal: “Beware of what you boast. When the Financial Services Authority fined Royal Dutch Shell £17m last summer for market abuse, the regulator pointedly referred to the “speedy resolution” of the case…”: Tuesday 26 July 2005 By Martin Dickson Published: July 26 2005 Beware of what you boast. When the Financial Services Authority fined Royal Dutch Shell £17m last summer for market abuse, the regulator pointedly referred to the “speedy resolution” of the case, which was held up as an example of its new and desirable emphasis on faster justice. In fact, the outcome was not ultra quick. Shell first publicly revealed it had mis-stated its reserves the previous January, and by the time the FSA announced its fine, the company was already facing a substantially larger penalty from the Securities and Exchange Commission in the US. Still, by the past standards of FSA investigations, this was relatively fast. But now its speediness has come back to haunt it, with yesterday’s appearance of Sir Philip Watts, Shell’s former chairman, before the Financial Services and Markets Tribunal. Sir Philip, who has also been under FSA investigation, claims the regulator treated him prejudicially. First, it failed to give him a copy of its decision notice criticising Shell, and the right to respond. Second, it published the notice. For although it did not name Sir Philip, he was clearly identified with running the company. The FSA, he argues, could have delayed its notice until its individual investigations had been completed, or kept its findings at a higher level of generality. The FSA replies that the fact Sir Philip was not singled out, and that all its criticisms were at the level of corporate personality, means he cannot have been prejudiced. The case highlights the tension between the FSA’s desire for speedy results, and the rights and differing interests of companies and the individuals employed by them. If the FSA loses, it could mean enforcement cases are more tortuous and take substantially longer. The regulator is fond of saying that “justice delayed is justice denied”. But, as Sir Philip would doubtless agree, that may not always be the case.

Financial Times: Sir Philip Watts and the Markets Tribunal

“Beware of what you boast. When the Financial Services Authority fined Royal Dutch Shell £17m last summer for market abuse, the regulator pointedly referred to the “speedy resolution” of the case…”

Tuesday 26 July 2005

By Martin Dickson

Published: July 26 2005

Beware of what you boast. When the Financial Services Authority fined Royal Dutch Shell £17m last summer for market abuse, the regulator pointedly referred to the “speedy resolution” of the case, which was held up as an example of its new and desirable emphasis on faster justice.

In fact, the outcome was not ultra quick. Shell first publicly revealed it had mis-stated its reserves the previous January, and by the time the FSA announced its fine, the company was already facing a substantially larger penalty from the Securities and Exchange Commission in the US. 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: NIGERIA: No respite for people of Niger Delta

EXTRACT:  Royal Dutch Shell, Nigeria’s biggest oil producer, said on Tuesday that a leak to an oil pipeline in Rivers State had cut its output there by 180,000 barrels per day. The source of the leak was not immediately clear.

THE ARTICLE 

26 Jul 2006 13:47:09 GMT

YENAGOA, 26 July (IRIN) – When oil began seeping from pipelines owned by Italian oil company Agip recently, Nigerian newspapers reported that the spill was caused by sabotage.

Agip denied it had been forced to cut production because of an alleged attack, but acknowledged that its network had been damaged and that repairs were underway. 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.

Associated Press: Report: Accounts of Caspian Company Frozen

© 2006 The Associated Press

MOSCOW — The accounts of a pipeline company in which Chevron is one of the largest shareholders have been frozen in connection with 4.7 billion rubles (US$175 million; euro139 million) the company allegedly owes in back taxes, a newspaper reported Wednesday.

The Kommersant business newspaper cited unidentified sources close to the company as saying that federal tax authorities claim the company underpaid its taxes in 2002-03.

Chevron Corp. is the biggest oil company involved in the Caspian Pipeline Consortium, with a 15 percent stake. The governments of Russia and Kazakhstan have the largest interest with 24 percent and 19 percent respectively. Other shareholders include Exxon Mobil Corp., Royal Dutch Shell PLC, and Russia’s OAO Lukoil. 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 Daily Reckoning: Oil: Exploration desperation

Wed 26 Jul, 2006

…Sakhalin’s booming…In 2005, the island beat Moscow as the largest recipient of foreign direct investment in Russia. It owes much to 1996 when two oil and gas production consortium deals were signed. Sakhalin-I and Sakhalin-II. An estimated total spend of $21bn for a huge prize of 14bn barrels of oil and 96tn cubic feet of gas…
 
Jim Rogers expects $100 oil…possibly this year.

But that’s old news to Goldman Sachs who’s “super spike” reported back in March 2005 a possible $105 oil. Plenty of traders agree with them. Oil is up over $75 today. Others disagree… 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: the ethical malaise at the top of Shell

By Alfred Donovan
26 July 2006
 
As a result of operating our Shell focused websites we have made contact with many Shell insiders and other individuals and organisations having an interest in Shell.  As far as I know, we are all agreed on one aspect. The vast majority of Shell employees are decent hard working people who are entitled to the greatest respect. The problem is that a few disreputable individuals wheedled their way to the very top of Shell.  They have been described as “bandits” by one Shell insider. Their actions have unfortunately stained the reputation of the Shell brand.  Some have departed. A few executives, like a bad smell, linger on – due purely to the huge profits generated by the one factor outside of their bungling control – the record high price of oil.
 
The reserves fraud was one manifestation of the ethical malaise at the top of Shell. The Brent scandal is another.
 
A number of excellent articles have already been published in relation to this latest debacle revealing details of falsified documents and cover-up, with one Shell executive, Malcolm Brinded, turning his customary blind eye to serious misdeeds.
 
I will not go into any detailed analysis regarding the Brent tragedy. I will leave that to experts such as Bill Campbell, a much respected former senior Shell Group Auditor of the highest ethical standing. 
 
I would however like to provide an overview of the board room culture of Shell which has allowed yet another scandal to damage Shell’s once proud reputation. A culture where directors have been prepared to cook the books and have whistleblowers (Dr John Huong) and campaigners (the “Rossport Five”), terrorised and thrown in jail. Shell’s reputation has been ruined due to the rapacious greed, arrogance and aggressive tactics of some Shell executives.
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: BP Moves To Fix Troubles In U.S., Says Net Up 30%

By CHIP CUMMINS
July 26, 2006; Page A2

LONDON — Fighting to boost confidence in its incident-prone U.S. businesses, BP PLC said it will increase spending on safety and engineering integrity at its American refineries and Alaskan oil operations; order an independent audit of its trading operations; and form an outside advisory panel to help steer the company’s American unit.

BP announced the moves yesterday at the same time it reported a 30% jump in earnings, which were helped by higher oil and natural-gas prices but crimped by high taxes and costs. The moves come after a series of accidents and compliance failures in the U.S., including several deadly refinery accidents, an Alaskan oil spill and alleged trading shenanigans.
 
Also, John Browne said he would stay on as chief executive until the end of 2008. At a news conference in London, he denied recent speculation in the British press that he and Peter Sutherland, BP nonexecutive chairman, had clashed about the timing of his retirement, which the company and Lord Browne have long said would coincide with his 60th birthday in 2008. It was the first time Lord Browne had set a specific date for his retirement, saying Dec. 31, 2008, is “a nice calendar date.” 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: July 25, 2006 7:36 p.m.

THE WALL STREET JOURNAL ONLINE
July 25, 2006 7:36 p.m.

Oil futures tumbled below $74 a barrel on the New York Mercantile Exchange, partly due to profit-taking after oil’s recent rally and partly due to bets that violence in the Middle East will not crimp oil production there. Here is Tuesday’s roundup of energy-related news:

* * *
BP’S BIG PROFIT: BP PLC reported a 30% gain in second-quarter profit to a record $7.3 billion, thanks to high oil and natural-gas prices and higher refining margins. BP CEO John Browne said he would stay on until the end of 2008 and denied speculation that he and Peter Sutherland, BP nonexecutive chairman, had clashed about the timing of his retirement. The company also unveiled a number of measures to shore up confidence in its U.S. operations, which have been hobbled by a series of safety and compliance problems. 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 Daily Telegraph: Few winners as Browne gets extra months

EXTRACT: Talk of a deal with Royal Dutch Shell, for instance, has been floating around for a while. But crashing two oil giants together doesn’t solve the oil majors’ biggest problem, which is how to replace reserves. A BP-Shell merger would strip out a layer of costs but simply magnify the reserves problem.

THE ARTICLE

Business comment
By Damian Reece, City Editor

(Filed: 26/07/2006)

Browne: I’m staying on at BP

Lord Browne was going to leave his post as BP chief executive age 60 at the end of February 2008. Now, however, he is staying nearly another year until the end of 2008 – as long as he possibly could without undermining the authority of the board. 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 Daily Telegraph: Database: Energy: 26 July 2006

• BP, Europe’s biggest oil company, reported a 30pc jump in second-quarter profit to a record as crude prices surged and refining earnings increased.

• BP is in talks with several prospective buyers, including oil companies, refiners and private equity groups, for the sale of its Coryton refinery in Britain.

• Royal Dutch Shell’s Nigerian venture has detected a pipeline leak in the eastern part of the Niger delta.

• Biofuels Corporation, a British producer of diesel fuel made from vegetable oil, said its loss widened because of costs related to building a processing plant and cancelling a hedging contract. 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 Daily Telegraph: The ‘rock star’ plays tunes of glory (BP Chief Lord Browne)

EXTRACT: How about speaking Dutch (code for running Shell)?

“Nothing involving a foreign language,” he said.

THE ARTICLE

By Christopher Hope

(Filed: 26/07/2006)

BP chief Lord Browne of Madingley answered questions for an hour. But he had to wait until the very end for one about the oil company’s half-year results.

The big question for the man dubbed “the nearest thing British business has to a rock star” by a national newspaper yesterday morning was should he stay or should he go? 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.

Financial Times: Lord Browne sets his successor a deadline

EXTRACT: Any significant strategic steps – such as the abandoned internal discussions about a merger with Royal Dutch Shell – will now be taken on by his successor.

By Carola Hoyos

Published: July 26 2006 03:00 | Last updated: July 26 2006 03:00

Lord Browne’s successors yesterday all sat like a gaggle of schoolchildren in the front row of the company’s conference room, listening attentively as their chief executive declared that, without a shadow of doubt, he would be leaving BP at the end of 2008. 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.

Financial Times: BP Shell Merger Row: Shell refused to comment on Tuesday night.

Headline: Sutherland triumphs in BP power play
By Carola Hoyos, Energy Correspondent

Published: July 25 2006 22:00 | Last updated: July 26 2006 00:47

Peter Sutherland, chairman of BP, on Tuesday stamped his authority on the UK energy group by forcing Lord Browne, its widely admired chief executive, to announce he would retire at the end of 2008.

Echoing words used by Mr Sutherland in private, Lord Browne said on Tuesday that “a company isn’t about one person”.

The two men had feuded over the announcement, with Lord Browne reluctant to commit himself to a departure date. On Tuesday they reached a compromise in which Lord Browne promised to go but extended his stay to the end of 2008, rather than February 2008, when he turns 60. 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.

Bloomberg: Shell Canada’s Net Falls 9.7% on Oil-Sands Shutdown (Update4)

July 25 (Bloomberg) — Shell Canada Ltd., the country’s fourth-largest oil company, said second-quarter profit fell 9.7 percent as production cuts from the two-month shutdown of an Alberta oil-sands venture outweighed a gain from a tax change.

Net income fell to C$475 million ($417 million), or 57 cents a share, from C$526 million, or 63 cents, a year earlier, the Calgary-based company said in a statement today. Sales fell 11 percent to C$3.75 billion.

Chief Executive Officer Clive Mather plans to spend billions over the next decade to increase production from Alberta’s tar- like oil sands and add reserves. Second-quarter profit missed analyst estimates because of higher-than-expected costs from the shutdown of the Athabasca Oil-Sands Project, said Tom Ebbern, an analyst at Tristone Capital Inc. in Calgary. 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.

BBC News: Big deal for nominee shareholders

EXTRACT: Nominee investors will be able to attend and speak at general meetings and join with other shareholders to table shareholder resolutions. The latter was a big issue in the recent Royal Dutch Shell general meeting, where a shareholder resolution was put forward by investors with social and environmental concerns.

THE ARTICLE

Money Talk
By Gavin Oldham
The Share Centre stockbrokers 

The internet has revolutionised share-buying.
 
Investors are able to review their portfolios online and get access to a huge range of research and analysis on their holdings. 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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