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Posts on ‘February 7th, 2007’

Daily Telegraph: Database: ENERGY

Thursday 8 February 2007

Royal Dutch Shell’s Oman venture will develop three new oilfields that may help stem a five-year decline in the country’s output of crude, the company said.

• Star Energy, a natural-gas producer, plans to raise about £30mby selling shares to expand its gas-storage operations and pay debt.

• BG Group may say fourth-quarter profit declined because falling prices for natural gas outweighed an increase in production.

• Siemens AG, Europe’s biggest engineering company, won an order worth €500m to build a power station in the UK 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: February 7, 2007 4:14 p.m.

Crude-oil prices pulled back from another shot at $60 and ended sharply lower Wednesday as weekly inventory data came in short of traders’ most optimistic expectations.

Here is Wednesday’s roundup of oil and energy news:

* * *
•El Paso Settles Oil-for-Food Charges: El Paso will pay $7.7 million to settle civil and criminal charges that it indirectly paid $5.5 million in illegal surcharges to Iraq through purchases of crude oil from outside parties under the United Nations’ oil-for-food program. 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: Mayo Shell to Sea man to run for Seanad

Lorna Siggins,
Published: Feb 07, 2007

A leading member of the Shell to Sea campaign in north Mayo is due to declare his intention today to run as a candidate in this year’s Seanad election.

Dr Mark Garavan, a sociologist with the Galway-Mayo Institute of Technology (GMIT), will stand as an Independent candidate on the National University of Ireland panel.

The move is understood to be part of a strategy within the Shell to Sea campaign in relation to the forthcoming general election. This may involve canvassing for politicians supportive of the campaign’s stance – currently Dr Jerry Cowley (Ind) in Mayo, and members of the Labour Party, Green Party and Sinn Fein in that and other constituencies. 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: Britain ‘damaged’ by BAE probe

By Michael Peel, Legal Correspondent
Published: February 7 2007 02:00 | Last updated: February 7 2007 02:00

The handling of the scrapped probe into alleged bribery by BAE Systems in Saudi Arabia has “damaged the reputation of Britain”, according to Sir Mark Moody-Stuart, chairman of Anglo American, the mining group.

In a letter to Vincent Cable, the Liberal Democrats’ deputy leader, Sir Mark, who has advised Number 10 on corporate responsibility and sustainable development, claims the efforts of many companies to build transparent relationships overseas will be “set back and affected by suspicion and cynicism”. 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 clears the decks for Hayward with procession of bad news

By Ed Crooks, energy editor
Published: February 7 2007 02:00 | Last updated: February 7 2007 02:00

“My bias is not to have regrets,” Lord Browne said yesterday.

This followed his decision last month to step down as chief executive of BP at the end of July, 17 months earlier than planned. “Things are the way they are; one has to be a concrete realist.”

From such an intensely cerebral man, that was probably as much of an outpouring of emotion as one could have expected, even at his last full-year results presentation after 12 years at the top. 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’s clear-out

Published: February 7 2007 02:00 | Last updated: February 7 2007 02:00

Apart from a new leather chair, an incoming chief executive often reserves space in his new office for one other vital piece of equipment: a kitchen sink.

Tony Hayward, the head of BP’s upstream business, who is due to take over running of the group from Lord Browne this summer, seems to have had his fitted early. As with Royal Dutch Shell’s fourth-quarter results last week, BP’s 2006 numbers yesterday were overshadowed by a cut in targets. BP now forecasts upstream output of about 4m barrels of oil equivalent per day in 2009, against earlier expectations of about 4.6m. 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: Eco soundings: Campaigners outraged when Wildlife Photographer of the Year competition took sponsorship money from Shell

David Adam and John Vidal
Wednesday February 7, 2007

Out of focus

Campaigners were outraged when the Wildlife Photographer of the Year competition took sponsorship money from Shell. Protests and pleas for entries that highlighted the company’s less-than-glowing impact on the environment have now been followed by direct action: activists linked to last summer’s demonstration at Drax power station have smeared an oil-like black liquid across the photos on display at the Natural History Museum. The damage is only to the glass covering the photos. The campaigners say: “This is not an attack on the work of the photographers. Shell does not deserve to have its name associated with their beautiful images.” 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: Successor shines as he leaves Sun King’s shadow: merger with Shell? Nothing on the cards right now…

Terry Macalister
Wednesday February 7, 2007

The Sun King is dead: long live the Sun King – or so it seemed yesterday, as Tony Hayward stepped into the limelight at the BP annual results presentation for the first time since it was announced he would replace Lord Browne as chief executive this summer.

Mr Hayward has revealed little of himself up till now, happy to sit in the shadow of his boss and mentor, and kept his utterances as head of exploration to short and pithy comments when required at briefings. 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: BP shifts focus to safety not big deals

EXTRACT: There is speculation Moscow will seek greater control over TNK-BP’s assets in a repeat of the problems that hit Royal Dutch Shell’s Sakhalin 2 project.

By Russell Hotten, Industry Editor
Last Updated: 12:06am GMT 07/02/2007

BP chief executive-designate Tony Hayward has signalled that he plans a change of pace for the oil major as he tries to get a grip on safety concerns and a slowdown in production.

Mr Hayward said the speed of growth in recent years had put the company under strain, and BP will spend more time looking to exploit its “embedded value” than in pursuing mergers and acquisitions.
  
BP CEO-designate Tony Hayward (right) shares the spotlight with Lord Browne, who leaves the post in July
 
Sitting next to Lord Browne, the chief executive who leaves at the end of July, Mr Hayward indicated a break with the past when he told a press conference: “Trying to continue at the pace that we were doing two to three years ago is unsafe and insufficient.” 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 Sun (UK): Lord Browne plays down BP rift: denied departure linked to clashes over a possible merger with SHELL

BP chief executive Lord Browne yesterday scotched talk of a boardroom row.

Presenting the oil giant’s annual results for the last time, Lord Browne denied his departure was linked to clashes over a possible merger with SHELL.

And he insisted it was unconnected with last month’s Baker report — which slammed BP’s safety record.

He said: “We’ve had a very lengthy and very good succession planning process.

“When it was clear my successor would be Tony Hayward, who is a great person, I decided that I would leave. In my experience, organisations don’t like uncertainty, they like to know who’s in charge.” 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 Independent: BP takes axe to production targets: …refused to be drawn on whether BP interested in merger with Royal Dutch Shell.

Chief executive-designate puts safety before pursuit of profit. Analysts cut earnings forecasts

By Michael Harrison, Business Editor
Published: 07 February 2007

BP slashed its production targets yesterday and pledged to put safety and operational integrity at the top of its agenda following a horrendous year of setbacks for the world’s third-biggest oil company.

Tony Hayward, the company’s chief executive designate, who takes over from Lord Browne of Madingley in August, promised he would focus “like a laser” on safe and reliable operations after a series of disasters in the past two years, including the Texas City refinery explosion, in which 15 workers were killed, and the pipeline leak at BP’s Prudhoe Bay oilfield in Alaska. 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 Express (Malaysia): Shell seeks to increase share in retail petrol mart

PETALING JAYA: Shell Malaysia, in its quest to remain as the country’s leading retail petrol player, wants to add another five percent in market share this year.

This will be driven by sales of its new fuel product and the opening of new petrol stations, according to Shell Malaysia Trading Sdn Bhd’s managing director Mohzani Abdul Wahab.

“Our new product (Shell V-Power Racing Fuel), which was introduced recently, has shown good sales growth,” he said.

“With our line-up of products, plus the opening of about 15 to 20 more new stations this year, hopefully we can add another five percent in our retail petrol business to 39 percent by end of this year,” he told reporters after welcoming the Ferrari 60th Anniversary Relay Convoy here Tuesday. 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 Steet Journal: BP’s Next Slogan: ‘Beyond Probes’

Wall Street Journal BP Chart

Peter Sutherland Faces
Tough Task at Oil Titan
After Scandal, Missteps

By CHIP CUMMINS and CARRICK MOLLENKAMP
February 7, 2007; Page C1

LONDON — For years, Peter Sutherland’s most prominent public role as chairman of BP PLC was hosting the company’s annual meeting. But after a run of oil spills, deadly accidents and an energy-trading scandal at BP, the 60-year-old former rugby player has rushed into the scrum.

Last year, the Irish politician and banker forced Chief Executive John Browne to publicly pin down his retirement date. After Lord Browne’s surprise decision last month to depart a year and a half earlier than planned, Mr. Sutherland must now buff BP’s image and manage the company’s first executive-suite transition in more than a decade.
 
Despite soaring oil prices, its shares rose just 4.5% in 2006, compared with a 36% rise by Exxon Mobil Corp. and 15% at Royal Dutch Shell PLC. Yesterday, the company reported fourth-quarter net income fell 22%, in part reflecting lower production and lower natural-gas 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: Investors Take BP’s Slippage In Output Forecasts Too Seriously

February 7, 2007

COMMENT FROM breakingviews

BP’S fall from grace in recent months has been swift. But the oil and gas titan isn’t exactly going out of its way to redeem itself — yet.

Although BP reported better-than-expected fourth-quarter profit, it also slashed its growth targets. BP said production would fall to 3.8 million or 3.9 million barrels of oil equivalent in 2007. Worse, it predicted production would reach only four million barrels of oil equivalent by 2009, compared with an earlier forecast of 4.7 million barrels of oil equivalent. 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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