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May 30th, 2007:

Daily Telegraph: ENERGY Database: Thursday 31 May 2007

Last Updated: 1:25am BST 31/05/2007

A round-up of headlines from across the financial sectors, provided by Bloomberg News

• BP’s John Manzoni stepped down as head of refining and will become president and chief executive officer of Canada’s Talisman Energy.

• Royal Dutch Shell and BG Group signed “natural-gas co-operation accords” with Libya, the North African nation’s state-run National Oil Corp said.

• Royal Dutch Shell agreed to sell its stakes in a power plant and pipelines in Bolivia and Brazil to Ashmore Energy International. read more

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The Guardian: Shell Nigeria Exports Halted by Protests

Wednesday May 30, 2007 9:46 PM

LAGOS, Nigeria (AP) – Protesters besieged a major pipeline center feeding a Royal Dutch Shell PLC oil export terminal in Nigeria, forcing the company to suspend exports of 150,000 barrels a day, a company official said Wednesday.

The protesters tampered with some pipeline equipment and forced the shutdown of Shell’s Bomu Manifold center Monday in the Ogoni district of Nigeria’s southern oil region, said company spokesman Precious Okolobo.

“We had to defer export of 150,000 barrels per day,” Okolobo said. read more

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Associated Press: 4 American Hostages Released in Nigeria

Wednesday, May 30, 2007
By WILLIAM NSOYOH
Associated Press Writer

Four American oil workers abducted three weeks ago in Nigeria’s restive oil region were released Wednesday.

As journalists looked on, a judge who mediated in the matter escorted the four men to the governor’s office in southern Rivers State and turned them over to authorities. U.S. Embassy officials weren’t immediately available for comment.

The men’s identities were not released. Chevron Corp. reported May 9 only that the men had been seized when their work boat was stopped by gunmen armed with assault rifles and rocket-propelled grenades. read more

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CBC News: Exxon Mobil says it’s too soon for broad policies on emissions

Published: Wednesday, May 30, 2007 | 4:37 PM ET
Canadian Press: JOHN PORRETTO

DALLAS (AP) – Exxon Mobil Corp. on Wednesday reiterated its position that creating far-reaching policies to reduce harmful greenhouse gas emissions is important but premature, even as some shareholders lambasted the oil giant for what they said was an irresponsible and even dangerous environmental stance.

Record profits aside, the world’s largest publicly traded oil company was criticized by a dozen or so of the 450 attending its annual shareholder meeting in a downtown symphony hall. In particular, a number of environmental-minded investors and shareholder activists asked the Irving-based company to set quantitative goals for reducing greenhouse gas emissions and to commit to greater investment in renewable sources of energy. read more

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BYM Marine Environment News: Alaska. Shell Oil and Gas development disaster to whaling, whales and polar bears

Wednesday, 30 May 2007

U.S. and Russian whalers and other Alaska Native leaders have spoken with the public regarding continued threats to their whaling traditions. The briefing addressed Native concerns in light of the Department of Interior’s (DOI) plan to open the oceans off Alaska to a barrage of new oil and gas development starting this summer.

Days before the International Whaling Commission’s annual meeting, whalers from across Alaska will talk about U.S. whaling interests and the threat oil and gas activities will pose to the remaining bowhead whale populations, upon which Alaska Native subsistence communities depend. read more

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International Herald Tribune: Shell halts export of 150,000 barrels daily of Nigeria crude after protests

The Associated Press
Wednesday, May 30, 2007

LAGOS, Nigeria: Protesters besieged a major pipeline control center feeding a Royal Dutch Shell PLC oil export terminal in Nigeria, forcing the company to suspend exports of 150,000 barrels of crude oil a day, a company official said Wednesday.

Protesters from K-Dere in the Ogoni district of Nigeria’s southern oil region invaded the company’s Bomu Manifold on Monday, tampering with some pipeline equipment and forcing shutdown of the facility, Shell spokesman Precious Okolobo said. read more

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Houston Chronicle: Exxon Mobil could get an earful

Shareholder proposals up for vote today address emissions, renewables

May 30, 2007, 1:47AM
By KRISTEN HAYS
Copyright 2007 Houston Chronicle

Pension fund angry over climate strategy Exxon Mobil Corp.’s reticence to invest in renewable and alternative energies beyond research in the short term could dominate its annual shareholder meeting today.

Shareholder proposals up for votes include investment in renewables and adopting goals on reducing greenhouse gas emissions.

Management opposes both as unprofitable or redundant, recommending shareholders reject them as they have similar proposals in past years. read more

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Calgary Herald (Canada): IMAGE: one positive contribution… Shell Canada’s efforts to reduce emissions from its oilsands operations

From page A1
Wednesday 30 May 2007

“Government isn’t doing industry any favours by appearing to be so much in favour of development,” Severson-Baker said. “Government is partly to blame for industry’s poor image because they aren’t leading on those issues either.”

Rather than offer creative solutions to tough issues, Severson-Baker complained that industry captains are “very quick to threaten to leave” the country when confronted with sensitive topics.

When pressed to acknowledge one positive industry contribution, Severson-Baker pointed to Shell Canada’s efforts to reduce emissions from its oilsands operations. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Reuters: Nigeria pipeline attack cuts Shell oil output

Wed May 30, 2007 11:39 AM BST

PORT HARCOURT, Nigeria (Reuters) – Villagers sabotaged a major export pipeline in Nigeria for the second time this month and halted 150,000 barrels per day (bpd) of oil production, Royal Dutch Shell said on Wednesday.

Community members stormed the Bomu pipeline complex, which is a major artery feeding the Bonny crude export terminal, prompting the partial shutdown of the Trans-Niger pipeline on Tuesday, a company spokesman said.

“Youths from the K-Dere community started to spoil the environment by opening some pressure indicator valves. Consequently, we had to shut in some of the oil production,” he said. read more

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Houston Chronicle: Pension fund angry over climate strategy: Major investors want director ousted from board

May 30, 2007, 1:48AM
By JOE CARROLL
Bloomberg News

Pension fund angry over climate strategy The California Public Employees’ Retirement System, the largest public pension fund in the U.S., is seeking the removal of Exxon Mobil Corp. director Michael Boskin over the company’s strategy on climate change.

Calpers joined two dozen other institutional investors to oppose the reappointment of Boskin, who heads the board’s public issues committee, at Exxon Mobil’s annual meeting today in Dallas. read more

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Gulf-Times (Qatar): Iran sees major LNG deal with foreigners

Published: Wednesday, 30 May, 2007, 08:26 AM Doha Time
 
TEHRAN/DUBAI: Iran expects to sign a multibillion- dollar agreement with a foreign partner next month to produce liquefied natural gas, or LNG, from the South Pars field, the world’s biggest gas reservoir.

“We’ve signed the draft contract with a foreign contractor and the main contract will be signed within the next month,” Ali Kheir-Andish, the project director, said yesterday on Shana, the oil ministry press agency, without providing the name of the foreign company. read more

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The Arizona Daily Star: Advances may ease extraction of shale oil in Western states

By Joe Carroll
Bloomberg news
Tucson, Arizona | Published: 05.30.2007

Colorado and Utah have as much oil as Saudi Arabia, Iran, Iraq, Venezuela, Nigeria, Kuwait, Libya, Angola, Algeria, Indonesia, Qatar and the United Arab Emirates combined.

That’s not science fiction. Trapped in limestone up to 200 feet thick in the two Rocky Mountain states is enough so-called shale oil to rival OPEC and supply the U.S. for a century.

Exxon Mobil Corp. and Chevron Corp., the two biggest U.S. oil companies, and Royal Dutch Shell Plc are spending $100 million a year testing methods to separate the oil from the stone for as little as $30 a barrel. read more

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Bloomberg: ConocoPhillips Sells Extra Darwin LNG Output to Japan (Update2)

By Angela Macdonald-Smith

May 30 (Bloomberg) — ConocoPhillips, the second-biggest U.S. refiner, will today ship the first extra cargo from its Northern Australian liquefied natural gas venture in addition to its contracted deliveries.

The cargo, which is due to leave Darwin about 6 p.m. in the 135,000 cubic meter `LNG Pioneer’ tanker, will be delivered to the existing customers of the plant, Tokyo Electric Power Co. and Tokyo Gas Co., Dirk Faveere, operations manager at the facility, said. One cargo is shipped about every six to seven days, he said.

“At the moment all our gas is contracted to those buyers if they can take it,” George Manning, Darwin area manager at ConocoPhillips, told reporters during a visit by Asia-Pacific Economic Cooperation energy ministers to the plant. He said output at the plant was two cargoes ahead of schedule this year. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Bloomberg: Shell’s Alaska Drilling Plan Prompts Protests at Whaling Meet

By Tony Hopfinger

May 30 (Bloomberg) — Drilling plans by Royal Dutch Shell Plc and other oil companies in Alaska are drawing complaints from activists, fishermen and Eskimos at the International Whaling Commission meeting in Anchorage, Alaska.

Shell and the government haven’t prepared for spills in the Arctic, while exploration will disturb whale habitats, Betsy Goll, a spokeswoman for Alaska Wilderness League, said in a statement. The World Wildlife Fund is opposing U.S. plans to extend the exploration to Bristol Bay in southwestern Alaska by 2011, Margaret Williams, a fund director, told reporters yesterday. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

The Wall Street Journal: BP’s Libya Gas-Exploration Deal Boosts New Chief

Wall Street Journal headcut image

By CHIP CUMMINS
May 30, 2007; Page A10

LONDON — BP PLC and the Libyan government of Col. Moammar Gadhafi agreed to a $900 million natural-gas exploration deal that provides a boost to the British energy company’s new chief executive as he struggles to lead BP through a series of greater challenges in the U.S. and Russia.
 
The deal could be a way to increase BP’s reserve base as it and other big energy producers scramble to gain access to oil and gas reserves around the world. It also reopens a historic exploration frontier for BP, which left Libya in 1971 after Col. Gadhafi nationalized the company’s operations there. read more

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The Wall Street Journal: Russian Market

Wednesday 30 May 2007

From Breaking Views

Russia’s stock market looks like a bargain among emerging markets. And it should benefit from stable but high oil prices. That is the argument of Credit Suisse emerging-market strategist Alexander Redman. But if the economics are promising, the politics are frightening.

The Russian market sells at 10.6 times expected 2007 earnings, 22% below the average of all emerging markets, although above the nine-year Russian average of 8.2 times. When oil was less expensive, Russia looked a loss less promising. read more

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Lloyds List: Bunker alarm as Durban runs dry

Refineries shut and three quit spot market, writes Jamie Dale, Lloyds List
Published: May 30, 2007

DURBAN’S bunker market has been left dry with refinery shutdowns and all three local suppliers withdrawing from the spot market.

Shell, BP and Engen have stopped supplying the spot market as Durban prepares for the next round of refinery maintenance, with Engen due to shut down from June 4 to July 6.

The market has been aware of Engen’s intention to stop supplying ahead of its downtime, with the facility not expected to resume spot supply until mid-July. read more

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Financial Times: BP announces $900m gas exploration deal with Libya

By Rebecca Bream and Ben Hall in London
Published: May 30 2007 03:00 | Last updated: May 30 2007 03:00

BP, the global energy group, last night announced a $900m (£455m) gas exploration deal with Libya, in a sign of Tripoli’s transformation from pariah to attractive investment destination for UK and US companies.

Tony Hayward, BP’s new chief executive, described the agreement as the group’s “single biggest exploration commitment”.

The deal coincides with a visit to Tripoli by Tony Blair, the outgoing prime minister. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Financial Times: BP returns to Libya with gas exploration deal

By Rebecca Bream andBen Hall in London
Published: May 30 2007 03:00 | Last updated: May 30 2007 03:00

BP yesterday said it was set to announce a $900m gas exploration deal with Libya, a country it withdrew from more than 30 years ago when its leader Col Muammar Gaddafi nationalised the oil industry.

The deal came as Tony Blair, the UK prime minister, began a tour of Africa with a visit to Libya and is a further sign of Tripoli’s increasing ties with the west after decades of isolation.

Mr Blair said the planned deal would have been “unthinkable” only a decade ago, but was the product of a “transformed” diplomatic, security and commercial relationship between Libya and the west. read more

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Financial Times: Buy-outs speed up shrinkage of LSE

By Stacy-Marie Ishmael
Published: May 30 2007 03:00 | Last updated: May 30 2007 03:00

The shrinkage of the London stock market is accelerating, driven by frenetic takeover activity and continuing corporate share buy-backs, according to a survey.

Shares worth net $60bn (£30.3bn) have either been bought by acquirors or corporates themselves since January, equivalent to 1.4 per cent of the market’s overall capitalisation, data from TrimTabs Investment Research shows. The level would have been higher but for a continued flow of initial public offerings. read more

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Guardian Unlimited: BP returns to Libya after 30 years

Press Association
Tuesday May 29, 2007

Oil giant BP is to confirm its return to Libya’s oil and gas fields for the first time in more than 30 years.

A spokesman for prime minister Tony Blair, who is on a five-day visit to Africa, spoke of BP’s return at a briefing today.

BP has not operated in Libya since 1974, when the oil industry was nationalised.

The group confirmed today it had been in talks with the Libyan government over re-entering the country.

BP’s move back into Libya comes two years after rival Royal Dutch Shell announced its return to the country, timed to coincide with the Mr Blair’s 2004 visit. read more

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Daily Telegraph: Gaddafi welcomes BP back after $2bn deal

By Roland Gribben
Last Updated: 1:09am BST 30/05/2007

BP is returning to Libya after 34 years as it struggles to maintain its interests in a major Russian gas complex.

The price of re-entry to a desert state with the biggest oil reserves in Africa is a down payment of $900m (£450m) in an exploration programme targeted at tapping the country’s huge gas potential.

Tony Hayward, new chief executive, signed a deal that gives BP exploration rights over 54,000 square kilometres onshore and offshore and could involve total spending of up to $2bn in the deal with the state-owned National Oil Corporation. read more

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The Times: BP set to sign gas deal with Libya

May 30, 2007
Steve Hawkes

BP is poised to return to Libya after a 33-year absence in the first big contract to be signed by Tony Hayward, its new chief executive.

The details of a $900 million (£454 million) gas exploration deal were due to be released last night as the centrepiece of a surprise visit to the former pariah state by Tony Blair.

Shokri Ghanem, chairman of Libya’s state-owned National Oil Corporation, said yesterday: “We are going to sign with BP an exploration and prospecting accord on Libyan territory worth $900 million.” read more

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Business Report: Engen buys 60% share of Shell’s DRC unit

May 30, 2007
By Justin Brown

Johannesburg – Engen Petroleum had agreed to acquire a 60 percent stake in Shell’s Democratic Republic of Congo (DRC) petroleum business as well as a 13 percent stake in a DRC petroleum distributor, Engen said yesterday.

Engen Petroleum spokesperson Tania Landsberg said the company would not disclose the value of the purchase due to confidentiality agreements.

Landsberg said she did not know how much fuel the DRC businesses distributed in the country nor the number of people that the operations employed. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.