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Posts on ‘July 27th, 2006’

Financial Times: Shell profits up but costs spark concern

By Carola Hoyos in London

Published: July 27 2006 07:59 | Last updated: July 27 2006 19:08

Royal Dutch Shell, Europe’s second largest listed energy group, on Thursday reported profits had surged, but prompted concern by announcing it would go ahead with a major Qatari project even though costs had trebled.

The company said it had given the green light to its venture to turn natural gas into cleaner-burning auto fuel. But the gas-to-liquids (GTL) venture will now cost around $12bn, compared to the $4bn the company had anticipated when it first mooted the plan in October 2003. 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: Net Rises 40% On High Oil Prices

Extract: Shell said it had booked a provision of $500 million, an amount it would be ready to pay to end a securities class action. It added that no settlement has been reached.

THE ARTICLE

By BENOIT FAUCON
July 27, 2006

LONDON — Royal Dutch Shell PLC Thursday posted a 40% rise in net profit for the second quarter as soaring oil prices more than offset barrels lost from unrest in Nigeria and a $500 million provision for class actions.

The world’s fourth-largest publicly traded oil and gas company by market capitalization posted a net profit of $7.32 billion, or $1.13 per share, for the three months ended June 30, compared to $5.24 billion, or 78 cents a share, for the same period last year. 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: Exxon’s Net Rises to $10.36 Billion; Royal Dutch Shell Also Posts Rise

EXTRACT: Shell said its second-quarter profit jumped to $7.32 billion, or $1.13 a share, from $5.24 billion, or 78 cents a share, a year earlier. It said rising oil prices more than offset barrels lost from unrest in Nigeria and a $500 million provision for lawsuits related to Shell’s reserves restatements.

THE ARTICLE

By JEFFREY BALL and BENOIT FAUCON
July 27, 2006 4:50 p.m.

Exxon Mobil Corp., the world’s biggest publicly traded oil company by market value, reported its second-highest quarterly profit ever, a result likely to intensify political anger at Big Oil at a time when consumers in some parts of the country are paying more than $3 a gallon for gasoline during the height of the summer-driving season. 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.

Forbes/AFX News Limited: Shell CEO calls merger talk with BP, Total ‘speculation’

LONDON (AFX) – Royal Dutch Shell PLC repeatedly evaded persistent merger rumours involving the Anglo-Dutch oil giant and some of the world’s supermajors like BP PLC and France’s Total SA.

During press conferences held in London today, chief executive Jeroen van der Veer took the safe side and always replied ‘no comment’ whenever the issue was raised.

He dismissed it as pure ‘speculation’, thus not meriting any response from the group.

Shell has been the subject of a string of takeover rumours following the oil reserves scandal two years ago. 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.

UpstreamOnline: Shell sets oil sands steam target

By Upstream staff

Shell Canada aims to produce 50,000 barrels of tar-like bitumen a day from its steam-driven oil sands operations over the next two years, helped by its C$2.4 billion ($2.1 billion) takeover of BlackRock Ventures, it said today.

Following the buy up, Shell Canada estimates its “in situ” oil sands reserves at 25 billion barrels. In situ oil sands are produced in wells with the aid of steam, instead of being mined.

The long-term potential production from those assets is 150,000 barrels a day, Shell Canada said, Reuters reported. 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: Details from Shell 2nd Quarter 2006 Results: $500 million reserves fraud settlement

EXTRACTS FROM SHELL 2nd QUARTER 2006 RESULTS

In connection with the putative shareholder class actions filed in the United States District Court for the District of New Jersey relating to the 2004 recategorisation of certain hydrocarbon reserves, Shell has determined that it would be prepared to resolve that litigation for, among other terms, a payment by Shell of $500 million. Accordingly, management of the Shell Group has established a $500 million provision in respect of this litigation. No settlement has been reached in the matter (see note 10). The provision is included in the Corporate segment. 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’s Cost for Qatar Plant May Soar to $18 Billion (Update3)

July 27 (Bloomberg) — Royal Dutch Shell Plc, Europe’s second-biggest oil company, said it will make fuels from Qatari natural gas in a project that may cost as much as $18 billion, triple earlier estimates.

The project, known as Pearl GTL, will cost $4 to $6 per barrel of oil equivalent to produce, The Hague-based Shell said today in a statement. The venture is expected to produce the equivalent of 3 billion barrels of oil during its lifetime, the company said in a separate statement.

Oil and gas project costs are climbing amid shortages of equipment, labor and raw materials such as steel. A year ago, Shell said costs for its Sakhalin II venture in Russia’s Far East doubled to $20 billion. Shell today cut its 2006 output target. read more

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Reuters: Shell launches huge gas-to-liquids scheme in Qatar

Thu Jul 27, 2006 2:22 PM GMT
 
By Stuart Penson

LONDON (Reuters) – Royal Dutch Shell on Thursday launched the world’s biggest gas-to-liquids (GTL) project in Qatar that will convert gas from the Gulf State’s vast North Field into clean fuels for the world market.

Shell said it expected the Pearl project — which confirms the Anglo-Dutch company’s position as leading player in the emerging GTL sector — to start around the end of the decade, with a second unit to follow within a year. 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 News: Shell Q2 profit up; Prepares 500 mln usd settlement for US lawsuit UPDATE

EXTRACT: Shell also announced it is “determined and prepared” to resolve the US litigation “for, among other terms, a payment by Shell of 500 mln usd.” It has made provisions for the payment, although it pointed out that no agreement has been reached with the plaintiffs.

The accounting error in the reserves led to the departure of key executives at Shell, including chairman Philip Watts, and a far-reaching revamp that led to the historic union of the UK and Dutch parent companies of the group. 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.

Hans Bouman series of Shell internal emails: candid comments to Walter van De Vijver (remember him?)

We recently became aware from Shell insiders of a treasure trove of Shell internal emails from a senior Shell manager, “Hans” Bouman, widely circulated as collector items because of their outspoken and eloquent content, often on controversial subjects.

This is another one, this time to Walter van De Vijver, the Group Managing Director of the Royal Dutch Shell Group forced to resign as a result of the reserves scandal. The email in which Bouman expressed serious reservations about policy was also copied to Tom Botts and Kieron McFadyen, among others. 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: Shell profit beats forecasts: $500 million charge for litigation related to Shell’s overstatement of its reserves

EXTRACT: Excluding non-operational gains and losses, including a $500 million charge for litigation related to Shell’s overstatement of its reserves, the result was $6.546 billion.

THE ARTICLE

Thu Jul 27, 2006 8:35 AM BST

By Tom Bergin

LONDON (Reuters) – Royal Dutch Shell beat forecasts on Thursday with a 36 percent rise in second-quarter profits, boosting its shares, as high oil prices more than compensated for disappointing production news.

Investors were also cheered by Shell’s reaffirmation that it was sticking to its 2006 and 2007 spending plans, despite rampant sector cost inflation. 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.

UpstreamOnline .com: Shell crests oil’s wave

By Upstream staff

Surging oil prices have pushed Shell’s current cost of supply net profit for the second quarter of the year to $6.3 billion, a 36% rise year-on-year.

Current cost of net supply profits strips out changes in inventory value.

Excluding a non-operational charge of $232 million, the result was $6.546 billion, up from an underlying net profit of $5.171 billion booked in the same period in 2005.

The company’s production slipped year-on.year, averaging 3.25 million barrels of oil equivalent per day in the second quarter, compared with 3.52 million boepd in the same period last year. 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: Royal Dutch Shell $500 MILLION class action settlement

We believe (but await confirmation) that the half a billion dollars set aside by Shell for settlement of a class action lawsuit is almost certainly in respect of the litigation covered in the following report published by us in March.

Article from 5th March 2006 

On Friday 20 January 2006, we broke the news that a U.S. Chief District Court Judge had set a deadline of 1st March 2006 for a motion to be filed seeking consent for non-USA shareholders to join a U.S. class action lawsuit already given consent to proceed. This meant that potentially the global floodgates would be open to all qualifying non-US Shell shareholders. An appeal was made exclusively on this website on behalf of the New York based lead Plaintiff attorneys, Bernstein Liebhard & Lifshitz, to find a non-U.S. shareholder to join the lead plaintiffs; the Pennsylvania State Employee Retirement System and the Pennsylvania Public School Employees Retirement 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.

Dow Jones Newswires: Shell’s Qatar Pearl GTL Appears To Show Cost Rise

Thursday July 27th, 2006 / 10h02 
 
LONDON -(Dow Jones)- Royal Dutch Shell PLC (RDSB.LN) may have once again fallen victim to industry-wide cost inflation for its wholly-owned Qatar Pearl Gas-To-Liquids project, as the rising price of oil may push project costs to more than double according to Dow Jones Newswires calculations.

The company previously said the project, for which investment was approved Wednesday, would cost $6 billion.

However, a cost of $4 to $6 per barrel of oil, combined with an expected output of 3 billion barrels-of-oil equivalent over the lifetime of the project, could mean a $12 billion to $18 billion total cost, according to Dow Jones Newswires calculations. 
  read more

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MartketWatch: Royal Dutch Shell profit climbs 40%: set aside $500 million to settle a class-action lawsuit

Profit tops forecasts; company holds capital spending outlook

By Steve Goldstein, MarketWatch
Last Update: 3:32 AM ET Jul 27, 2006

LONDON (MarketWatch) – Royal Dutch Shell on Thursday said its second-quarter profit rose 40% on surging oil and gas prices despite not producing as much as oil as last year.

Royal Dutch said its net income rose to $7.32 billion, with revenue up 1% to 83.12 billion. It lifted its dividend by 9% to 0.25 euros (32 cents) a share.

On a cost of current supplies measure, a more widely-tracked figure that strips out the change of energy prices on inventories, profit rose 36% to $6.31 billion. 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: Shell to Go Ahead With World-Scale Integrated Petrochemicals Complex in Singapore

    LONDON, July 27 /PRNewswire-FirstCall/ — Shell Eastern Petroleum (Pte)
Ltd (“SEPL) today announced that it has taken a final investment decision
to proceed with the construction of a new world-scale ethylene cracker on
Bukom Island, Singapore. Named Shell Eastern Petrochemicals Complex*
(SEPC), the integrated refinery and petrochemicals project will also
include modifications and additions to the Bukom refinery and a new
world-scale Mono-Ethylene Glycol (MEG) plant utilising Shell’s proprietary
technology on Jurong Island. 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: Shell 2Q Profit +40%; Books $500 Million Lawsuit Charge

Thursday July 27th, 2006 / 8h50 
 
(This item updates an item published around 0627 GMT, noting $500 million provision.)
By Benoit Faucon
Of DOW JONES NEWSWIRES

LONDON -(Dow Jones)- Royal Dutch Shell PLC (RDSB.LN) Thursday posted a 40% rise in net profit for the second quarter as soaring oil prices more than offset barrels lost from unrest in Nigeria and a $500 million provision for a class action.
 
The world’s fourth-largest publicly traded oil and gas company by market capitalization posted a net profit of $7.324 billion, or $1.13 per share, for the three months ended June 30, compared to $5.236 billion, or 78 cents a share, for the same period last year.
The quarterly earnings were impacted by a net charge of $232 million, which compared to a $545 million net charge in the second quarter of 2005. 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 News Limited: Shell Q2 profit up; prepares 500 mln usd settlement for US lawsuit

Extract: Shell also announced it is ‘determined and prepared’ to resolve the US litigation ‘for, among other terms, a payment by Shell of 500 mln usd.’  ‘Accordingly, management of the Shell Group has established a 500 mln usd provision in respect of the litigation. No settlement has been reached in the matter,’ it said in a statement.

THE ARTICLE

07.27.2006, 03:49 AM

LONDON (AFX) – Royal Dutch Shell PLC delivered a 26 pct rise in second quarter profits and announced that it is prepared to pay 500 mln usd to settle a US class action lawsuit arising from the group’s controversial oil reserves downgrade a few years ago. 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 Second-Quarter Profit Gains 40 Percent on High Oil Prices

July 27 (Bloomberg) — Royal Dutch Shell Plc, Europe’s No. 2 oil company, said second-quarter quarter profit climbed 40 percent as higher crude prices more than compensated for production losses in Nigeria.

Net income rose to $7.32 billion, or $1.13 a share, from $5.24 billion, or 78 cents, in the year-earlier period, Shell, based in The Hague, said today in a PR Newswire statement. Profit adjusted for inventory changes and one-time items was $6.5 billion, compared with analysts’ estimates of $6.2 billion. 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: Shell profit rises on strong oil prices

Thu Jul 27, 2006 2:24 AM ET

LONDON, July 27 (Reuters) – Oil giant Royal Dutch Shell Plc beat forecasts on Thursday to report a 36 percent rise in second-quarter current cost of supply net profit, which strips out changes in inventory values, to $6.3 billion, thanks to high oil prices. Excluding a non-operational a charge of $232 million, the result was $6.546 billion, ahead of an average forecast of $6.149 billion from a Reuters poll of 12 analysts, and up from an underlying net profit of $5.171 billion a year earlier. read more

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AFX News: Shell Q2 profit up; prepares 500 mln usd settlement for US lawsuit

27/7/2006 07:34 London Time

LONDON (AFX) – Royal Dutch Shell PLC delivered a 26 pct rise in second quarter profits and announced that it is prepared to pay 500 mln usd to settle a US class action lawsuit arising from the group”s controversial oil reserves downgrade a few years ago.

For the quarter to June, the group”s net profit, on an adjusted current cost of supply basis and after adding back one-time charges, rose to 6.546 bln usd from 5.194 bln last time, ahead of the consensus figure of 6.125 bln usd. read more

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Associated Press: Iraqi oil minister predicts doubling of production over next four years

By H. Josef Hebert
ASSOCIATED PRESS

WASHINGTON – Iraq’s oil production is expected to roughly double over the next four years to 4 million barrels a day, the country’s oil minister predicted Wednesday after meeting with U.S. energy officials and executives from nine major oil companies.
“We are increasing production,” Hussein al-Shahristani told reporters.

With Iraq’s oil infrastructure frequently targeted by insurgents, the country has struggled to resume oil production to prewar levels of about 2.5 million to 3 million barrels a day. As of last May, production stood at about 1.9 million barrels a day, the U.S. Energy Information Administration says. read more

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Associated Press: Port of Providence dock damaged by fire to reopen before winter

PROVIDENCE, R.I. (AP) — A Port of Providence dock that serves as the main distribution point for Rhode Island’s gasoline and home heating oil supply will reopen within two months after being closed by a fire last week.

Motiva Enterprises, the company that operates the dock, announced plans Wednesday to repair and reopen the north half of the dock in six to eight weeks. At that point, deliveries of gasoline to Rhode Island should return to normal, Motiva spokesman Brian Delaney said.

No gasoline has been delivered to the Providence terminal since a fire erupted during a thunderstorm last week and severely damaged the south side of the dock. Motiva has been directing shipments to its terminals in Bridgeport and New Haven, Conn., and then trucking gasoline into Rhode Island. It also has hired some other suppliers to bring in fuel. read more

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Canada Press: Shell Canada hopes to boost in-situ oilsands output seven-fold in two years

CALGARY (CP) – Shell Canada Ltd. (TSX:SHC) expects to grow its so-called in-situ oilsands production by more than seven-fold to 50,000 barrels per day over the next two years as a result of its BlackRock Ventures acquisition earlier this month.

Already a major oilsands producer with its operating stake in the Athabasca open-pit and upgrading project in northern Alberta, Shell plans to rapidly grow its in-situ business which harvests reserves that are too deep for conventional mining.

As a result of the $2.4 billion BlackRock deal which closed earlier this month, Shell’s in-situ reserves jumped from seven billion to more than 25 billion barrels. read more

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New York Times: Oil Sideways Below $74: Royal Dutch Shell on Wednesday declared force majeure…

By REUTERS
Published: July 27, 2006
Filed at 0:33 a.m. ET

SINGAPORE (Reuters) – Oil prices drifted sideways below $74 a barrel on Thursday, supported by an unexpectedly deep draw in U.S. gasoline stocks that affirmed the vigor of fuel demand and diplomats’ failure to halt fighting in the Middle East.

A new set of supply outages in OPEC member Nigeria added to the upward pressure, although prices remain 6 percent below the record $78.40 a barrel hit two weeks ago.

U.S. light, sweet crude eased 8 cents to $73.86 a barrel by 0244 GMT, reversing part of Wednesday’s 19-cent gain. London Brent was down 18 cents at $73.82 a barrel, near parity to U.S. crude after trading about $1 below it a week ago. read more

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Daily Telegraph: Database: Energy: 27 July 2006

• Royal Dutch Shell’s oil venture offshore Sakhalin Island, one of the biggest foreign investments in Russia’s energy industry, resumed crude exports a month later than planned after Moscow granted permission.

• Natural gas prices in the UK declined as forecasts of milder weather eased concerns that supplies may run short and as crude oil prices remained below peaks reached earlier this month.

• NTR, a closely held waste-management and renewable energy company, said profit rose 13pc last year. read more

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The Wall Street Journal: Moscow Sends Pipeline a Bill

Levy of $250 Million
Comes Amid Dispute
With Foreign Partners
By GREG WALTERS
July 27, 2006

MOSCOW — Russian authorities have slapped a Western-backed venture bringing Central Asian oil to world markets with a $250 million back-tax claim, the company said, in the latest sign of growing unrest between Russia and the group of Western oil companies who are the government’s partners in the venture.

The claim comes as the U.S. has been pushing Moscow to expand the pipeline and Moscow has dragged its heels, demanding that its oil-company partners agree to first build an extension to the pipeline around the congested Bosporus strait. read more

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The Wall Street Journal: Oil News Roundup: July 26, 2006 5:53 p.m.

THE WALL STREET JOURNAL ONLINE
July 26, 2006 5:53 p.m.

Crude-oil futures edged higher and closed at nearly $74 a barrel on the New York Mercantile Exchange after the U.S. Energy Department reported a bigger-than-expected rise in gasoline inventories last week. Here is Wednesday’s roundup of energy-related news:

* * *
CONOCOPHILLIPS PROFIT BOOMS: ConocoPhillips said its second-quarter profit surged 65% from a year ago, bolstered by continued high oil prices, big refining margins, and the recent acquisition of Burlington Resources, a top natural-gas producer. The Houston energy giant is the first of the top three U.S. oil and gas companies to report earnings, and its results foretell another fat quarter for Big Oil, at a time when Americans continue to smart from retail gasoline prices that top $3 a gallon in many places. (See a state-by-state breakdown of U.S. gas prices, and read anecdotes from gas stations.) read more

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Lloyds List: Tax claim threatens Caspian oil

Published: Jul 27, 2006

CRUDE exports through the Caspian Pipeline Consortium and Black Sea port of Novorossiysk could be under threat after Russian authorities made a $175m back tax claim.

CPC’s accounts at the Russian subsidiary of ABN Amro bank have been frozen until the tax claim is paid off, the Kommersant business newspaper reported.

The Chevron-operated joint venture is the only pipeline through Russia not controlled by Transneft. It is a vital artery for Kazakh crude as it links its oilfields to European markets by tanker traffic across the Black Sea. read more

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Lloyds List: Milestone in Nigeria LNG project

By: Olokola deal formalises link with free trade zone, writes Tony Gray, Lloyds List

Published: Jul 27, 2006

ONE of the world’s largest liquefied natural gas projects has taken another step forward.

Nigerian National Petroleum Corp and three foreign oil majors, including Shell, have signed a memorandum of understanding with the free trade zone in which the $6bn Olokola (OKLNG) project will be located.

The signing of the MoU by the sponsors of the LNG project, the Olokola Free Trade Zone Co, and the Nigeria Export Processing Zones Authority, marked ‘a further milestone in the progression’ of OKLNG, said Shell. The MoU formalises the relationship between the project and the free trade zone. read more

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Business Times (Malaysia): Company eyes India’s oil, gas blocks

Published: Jul 27, 2006

NATIONAL oil firm Petroliam Nasional Bhd (Petronas) is interested to bid for oil and gas blocks offered under India’s sixth New Exploration Licensing Policy (NELP-VI).

The company is among several local and foreign oil and gas companies, including notable global firms such as Royal Dutch Shell, ConocoPhillips, BP plc, Total, ENI and Petrobras, which had either bought or requisitioned data on the blocks offered.

“We have managed to collect US$12.49 million (RM46.09 million) from the sale of data and US$1.59 million (RM5.86 million) for the requisition of the data,” an industry source told Business Times. read more

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Irish Independent: OUR BURNING ISSUES . . .

EXTRACT: “The main benefit of having Corrib onstream will, of course, be security of energy supplies – as you know, we import over 85pc of our gas and the UK became a marginal net importer of gas this year,” Susan Shannon, external affairs director with Shell Exploration and Production, said.

THE ARTICLE

Published: Jul 27, 2006

IT’S going to be a tough winter for Irish business as fuel costs and the price of oil-based raw materials go through the roof.

ESB is expected to seek a price increase of up to 20pc which will come into effect on January 1 next. That’s on top of increases in each of the last three years as follows: 10.27pc in 2004; 3.5pc in 2005 and 5.2pc in 2006. 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: Commission queries pipeline approvals

Published: Jul 27, 2006

The European Commission believes Ireland has not followed EU habitats directive procedures in relation to approvals for the Corrib gas onshore pipeline across Broadhaven Bay, Co Mayo, writes Lorna Siggins , Marine Correspondent

The commission’s environment directorate has confirmed that the issue is part of a wider infringement case being taken by the European Court of Justice against Ireland over implementation of the Habitats Directive 92/43/EEC. The EU’s advocate general is due to issue an opinion on the matter in early September. 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: Superiority complex (Shell did not make it to the altar this time…)

Published: July 27 2006 03:00 | Last updated: July 27 2006 03:00

It would have been the deal of the century. Had BP swooped on Royal Dutch Shell, it would have created a behemoth pumping 4.6m barrels of oil a day – more than Iran’s output.

Shell has spent the past couple of years recovering from its reserves scandal. That made it a classic target: a world-class set of assets with a weakened management and valuation. BP’s near-term production growth would fit well with Shell’s longer-term potential. 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 New York Times: ConocoPhillips Profit Leaps by Nearly Two-Thirds

By JEREMY W. PETERS
Published: July 26, 2006

ConocoPhillips, the first major American oil company to report results for the second quarter, said today that its profits leapt by nearly two-thirds, a windfall it owes largely to soaring world oil prices.

The company, based in Houston, said it earned $5.19 billion in the second quarter, compared with $3.13 billion in the comparable period in 2005. Nearly all its businesses, which include offshore oil drilling, natural gas exploration and operating oil refineries, reported considerable growth. 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.

Indymedia: Shell’s Corrib Gas Project in Context

For over a year now all work has been stopped on Shell and the Irish state’s attempts to build gas refinery and production pipeline in Erris, County Mayo, aka the Corrib gas project.

This overview seeks to put the resistance to the planned destruction in context, by looking at the potential for oil and gas exploitation in Ireland, and at the positive impacts the struggle in Mayo can have, and is having, on other situations. Though firstly I’ll look at the issues around this mis-development, and I’ll conclude by looking at what activities we will be carrying out in the near future. 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: Shell confesses to poor North Sea safety record and pledges reform

Terry Macalister
Thursday July 27, 2006

Top management at Shell believes the company has a second-rate safety record in the North Sea and has failed to tackle the problem because parts of the organisation are in denial.

The revelation in an email to staff from Jeroen van der Veer, Shell’s chief executive, comes ahead of today’s half-year financial presentation, when he will be under pressure to explain what is going wrong.

The difficulties were highlighted last month by the Guardian in an interview with one of Shell’s own safety consultants, Bill Campbell. He said little had been done to tackle poor safety procedures on many platforms first identified in 1999. Then an accident inquiry report published this month into two deaths on the Brent Bravo platform in 2003 seriously criticised the company. 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.