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Posts on ‘August 2nd, 2006’

The Wall Street Journal: Oil News Roundup: August 2, 2006 7:24 p.m.

THE WALL STREET JOURNAL ONLINE
August 2, 2006 7:24 p.m.

Oil futures rose to nearly $76 a barrel on the New York Mercantile Exchange, in part on worries that Tropical Storm Chris will become a hurricane and disrupt oil production in the Gulf. Here is Wednesday’s roundup of energy-related news:

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BASF’S BOON: BASF AG, the world’s largest chemical company, said its second-quarter profit rose by 18%, helped by a surge in earnings at its oil and gas unit. Chief Executive Juergen Hambrecht said BASF expects “significantly higher sales” for the full year, due partly to a handful of acquisitions this year, including its $5 billion purchase of New Jersey-based Engelhard Corp., which makes pollution-reducing material. read more

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

Daily Telegraph: Energy Database 3 August 2006

• The price of natural gas for delivery this winter declined for the third day as confidence grew over new import pipelines.

• Royal Dutch Shell said offshore drilling at its largest exploration area in Egypt will begin in the fourth quarter.

• Interconnector, which owns the natural-gas pipeline linking England and Belgium, will export the fuel to mainland Europe starting tomorrow.

• Granby Oil & Gas said it agreed with an ExxonMobil subsidiary to acquire a 50pc stake in a gas development in the southern North Sea. Granby shares rose. 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: Senate Bill Lifts Hopes of Big Oil Offshore

EXTRACT: “We’re making real headway, there is no question about that,” Shell’s vice president for exploration in the Americas, Annell R. Bay, said, attributing the advances in the House and the Senate in large part to a shift in popular opinion in favor of exploiting more domestic oil and gas resources.

THE ARTICLE

By CLIFFORD KRAUSS
Published: August 3, 2006

Big oil has been pressing Congress for years to expand its rights to drill for domestic offshore oil and gas, with little to show for its efforts. But with tensions in the Middle East and gasoline prices at home rising, the industry’s fortunes on Capitol Hill may be changing. 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.

Lloyds List: US firms ride rising wave of crude and gas

But operating costs are also rising, writes Martyn Wingrove, Lloyds List
Published: Aug 03, 2006

US OIL companies have benefited from surging international crude and natural gas prices, but their capital and operating spending is rising.

After ExxonMobil, BP and Shell reported record quarterly earnings and income, the large US companies followed with their own strong results.

Rising costs of oilfield equipment and contracting services is pushing up oil company spending, but there are no worries as long as oil prices remain high. 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.

Asia Pulse: SCOTTISH ENERGY FIRMS EYE PROSPECTS IN INDIA

Published: Aug 03, 2006

NEW DELHI, Aug 3 Asia Pulse – The Indian energy sector may soon get a Scottish boost, with a number of companies from the European country planning to establish offices and manufacturing units in the country to tap growing opportunities.

“Many Scottish energy companies have evinced interest in setting up offices and even manufacturing units in India,” Brian Nixon, Director (Energy) of Scottish Enterprise, Scotland’s main economic development agency 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.

Calagary Sun: Husky Energy muscles past Shell Canada

Buoyed by exploration success, high oil prices and promised growth in the Alberta oilsands, Husky Energy Inc. has vaulted into third spot by market value among Canada’s integrated oil companies, surpassing rival Shell Canada Ltd.

Husky shares have risen by nearly half in the past 12 months, closing yesterday at a record $78.40, up $1.54 on the day.

That gave the company a capitalization of $33.26 billion above the $32.77 billion capitalization of Shell Canada, according to Reuters.

Husky’s rise is also the largest among Canada’s five major petroleum exploration and refining firms, a group that also includes No. 1 Suncor Energy Inc., second-place Imperial Oil Ltd. and Petro-Canada. 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.

Moneycontrol.com: ONGC re-negotiating ties with Shell

3 August 2006
 
Oil and Natural Gas Corporation (ONGC) is re-negotiating its broad-spectrum collaboration understanding with Royal Dutch Shell. The negotiation will decide the fate of Shell’s proposed participation in setting up high-grade bitumen manufacturing capacity, petrochemicals and coal gasification projects.

“We (ONGC) are in a fresh round of negotiation with Shell. We have already met once this month and another meeting is scheduled shortly,” a company official said, adding that the bitumen refinery project was on the agenda of discussion. “We hope we may reach at an early solution,” the official added. 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: Monitoring Tropical Storm Chris ‘Closely’

NEW YORK (Dow Jones)–Royal Dutch Shell PLC (RDSB.LN) said Wednesday it was monitoring Tropical Storm Chris “closely” as the weather system barreled toward the southeast Bahamas, possibly threatening the U.S. Gulf of Mexico.

“At this time, there is no impact on Shell-operated drilling or producing operations,” Shell said in a statement. “No evacuations of personnel are taking place at this time. Plans are in place to begin evacuating personnel non-essential to drilling or producing operations, if warranted.”  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: Carnahan pushes windfall tax on oil companies

EXTRACT: Last week, five of the world’s largest oil companies – BP PLC, Chevron Corp., ConocoPhillips, Exxon Mobil Corp. and Royal Dutch Shell PLC – said their combined income in the second quarter was $34.6 billion, up 36 percent from a year earlier.

THE ARTICLE

CHRISTOPHER LEONARD
Associated Press

ST. LOUIS – U.S. Rep. Russ Carnahan said Wednesday that big oil companies like Exxon Mobil Corp. should be subject to a windfall tax on their record-breaking profits that come amid high oil and gasoline 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.

iranian.ws: Iran’s Threat to Cut Oil Flow in Nuclear Dispute May Backfire

EXTRACT: Energy companies, including The Hague-based Royal Dutch Shell Plc, Norway’s Statoil ASA and Japan’s Inpex Corp., already complain they are facing reduced profits in Iran as development is hampered by administrative delays, technical glitches, tough contract terms and Iran’s economic isolation.

THE ARTICLE

Aug 2, 2006
Bloomberg
 

Iran’s leaders, threatening to disrupt oil supplies in any confrontation with the U.S. and Europe over a suspected quest for a nuclear bomb, may be pointing a lethal weapon at themselves. 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: Who’s to blame for gas prices? You know who

Motorists tend to blame Big Oil and research somewhat bears that out

While U.S. oil companies blame the global oil market for high gasoline prices, a close analysis of pricing suggests it’s not so simple: The run-up at the pump also comes from domestic refining, which is largely controlled by Big Oil.

In consultation with several economists, The Associated Press examined pricing trends since 1999, which was the starting bell for the modern era of pricier gasoline. It found evidence that:

The portion of gas prices tied to refining has ballooned all on its own, apart from oil. The suspicion of frustrated drivers is correct: After upward spikes, the price of gasoline drops back more slowly than the price of oil — and someone pockets the difference. 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 lays plans for EA return (Nigeria)

By Upstream staff

Shell hopes to have its EA oilfield, off Nigeria, back on stream ahead of elections scheduled for April next year, the head of the supermajor’s Nigerian offshore unit said today.

Militants attacked the 115,000 barrels per day EA platform in January, forcing its closure for repairs for several weeks, and it was shut in again on 18 february as a precaution during a wave of attacks on the oil industry.

Shell is currently losing 675,000 barrels of oil equivalent per day in Nigeria following the attacks by militants demanding greater local over oil wealth in the impoverished Niger Delta, home of Nigeria’s oil industry. 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: Sunrise on Timor’s priority list

EXTRACT: The project partners are operator Woodside (33.44%), ConocoPhillips (30%), Shell (26.56%) and Osaka Gas (10%). 

THE ARTICLE 

By Russell Searancke

Ratification of the agreement on the development of the Greater Sunrise gas fields is one of eight priorities of Timor Leste’s new government.

The national parliament yesterday approved the ‘Programme of the II (second) Constitutional Government’, by 68 votes in favour, two against and one abstention, said the Prime Minister’s Office. The programme contains the main political goals for Timor Leste. 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: Linde lands Qatar GTL gig

By Upstream staff

German engineering player Linde has won a contract from a Qatar-based unit of Shell and Qatar Petroleum to supply eight air separation units for the Pearl gas-to-liquids project, believed to be worth about $900 million.

An industry source, speaking on condition of anonymity, told Reuters the job was worth around $900 million.

“The required oxygen capacity for this world-scale project makes this the largest single contract ever placed for air separation units,” Linde said in a statement. read more

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

Reuters: Shell, India main buyers of 12 mln barrels Iran oil

August 2, 2006

TEHRAN (Reuters) – Iran has sold 12 million barrels of crude oil it had been storing at sea because of a lack of buyers, with Royal Dutch Shell and India taking most of the oil, an oil official told an Iranian newspaper on Wednesday.

Iran sold the 12 million barrels of heavy crude from its Soroush and Nowrouz Gulf oil field over the last two months, the official was quoted as saying.

Shell in Tehran was not immediately available to comment on the purchase and Shell in Europe declined comment. 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 finishing school for corporate crooks: 2 August 2006

By Alfred Donovan

Sir David Varney is another graduate of the Shell management finishing school for corporate crooks, some of whom have already been publicly exposed as fraudsters as a result of the Shell reserves scandal. The name of Sir Philip Watts springs to mind.

(The majority of current directors of Royal Dutch Shell Plc including its Chief Executive Officer, Jeroen van der Veer, are defendants in a global class action lawsuit involving allegations of fraud. Shell has already agreed to settle another similar law suit brought against named Shell directors including Van der Veer, Maarten van den Bergh and Malcolm Brinded, the incompetent Chief Executive of Shell Exploration and Production responsible for a number of Shell white elephant projects. Shell has set aside over $600 million to settle the class action lawsuits arising from the reserves fraud and has paid $150 million in fines imposed by the financial regulators. The U.S. Justice Department is still investigating bringing criminal charges). 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.

Channel4.com: Pensions £36bn ‘black hole’ shown

EXTRACT: The highest contributions were paid by HSBC at £1.3 billion and Royal Dutch Shell at £702 million.

THE ARTICLE

The black hole in the UK’s largest company pension schemes stands at £36 billion, a study has shown.

Volatile markets pushed the deficit as high as £54 billion in January before it plummeted to £29 billion in April and settled at £36 billion in July – broadly the same as this time last year, the study by actuarial consultants Lane Clark & Peacock found.

Company contributions have risen to record levels – £12.5 billion in 2005, up 12% on the previous year, the survey also found. 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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