Published: Aug 07, 2007
SHELL has sold its stake in the Norwegian Sea’s largest new oilfield project for five years to German energy group E.ON Ruhrgas for $893m, writes Martyn Wingrove.
E.ON will be getting a 28% stake in the NKr31bn ($5.3bn) Skarv and Idun project, boosting its position in the Norwegian Sea.
Shell, one of Europe’s two largest oil companies, said it would focus its investments on more near term projects such as Ormen Lange, which is due on stream by November.
‘The divestment of Skarv and Idun is part of the active management of Shell’s portfolio-based strategy,’ said David Loughman, managing director of Norske Shell.
British oil firm BP plans to develop the two fields with subsea wells tied back to a newbuild floating production storage and offloading vessel with first oil by the end of 2011.
BP has submitted development applications to the Norwegian government and is hoping to receive approvals before the end of this year.
A large production vessel will be installed in around 400 m of water and a new 80 km pipeline will link the FPSO to the Asgard Transport System to export the gas to Europe.
E.ON has purchased Shell’s 28% interest to secure access to some of the area’s gas resources to feed growing German markets.
Both fields hold combined reserves of 16.8m cu m of liquid hydrocarbons and 48.3bn cu m of gas. There is also more reserves to be recovered in later phases of the Skarv project.
Mr Loughman said Norske Shell is investing in other fields and projects in Norway instead of funding its share of the Skarv development.
‘Ormen Lange is very important in our growth strategy,’ he said. ‘We are investing to increase output from the Draugen asset, the development of Gjoa and further development of Statfjord, Troll, Kvitebjorn and Valhall assets.’
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.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
