August 16th, 2007:

Posted on Aug. 16, 2007
By Pavel Romanov and Michael J. Economides

Over the last several years, Russian gas production capacity has been growing mainly because of the Sakhalin projects, which have been very successful due to the professional management of the supermajors.

Beyond Sakhalin, Russia’s gas production – as we have written many times in these pages – has been stagnant. This has occurred at the same time that Gazprom, the gas monopoly fully supported by the Kremlin, has continued its efforts to extend its reach both in and outside Russia. read more

16/08/2007 | Moscow News, №32 2007

Russian financial authorities are once again reminding international investors who is boss and who is just a guest in this country. Two recent events should give foreign investors food for thought: First, the checks on foreign-owned oil and gas companies initiated by environmental watchdog and nature conservation agency Rosprirodnadzor; and secondly, a bill tightening the rules for foreign companies to gain access to Russia’s mineral and other natural resources. read more

By Eduard Gismatullin

Aug. 16 (Bloomberg) — U.K. environmentalists campaigning against Royal Dutch Shell Plc’s oil and gas project in Russia began legal proceedings against the British government in an effort to prevent it from loaning funds to the venture.

World Wildlife Fund, or WWF, and The Corner House, an environmental and social justice group, yesterday filed a case against the U.K.’s Export Credit Guarantee Department, challenging its 2004 proposal to underwrite 1 billion pounds ($2 billion) in contracts for Shell’s Sakhalin venture in Russia. read more

This Day (Lagos)
16 August 2007
Posted to the web 16 August 2007
Constance Ikokwu
Washington, DC

In a landmark development which could open the door for a flood of lawsuits against oil companies operating in the country, Chevron Nigeria Ltd is to stand trial later this year in the United States for the alleged murder of villagers in the Niger Delta region in two separate incidents in 1998 and 1999.

In a series of ruling issued yesterday, the United States (US) District Court Judge in San Francisco, Susan Illston, ruled that Chevron was directly involved in the alleged attacks by acting in consonance with Nigerian government security forces, paving the way for a trial which the company had made spirited attempts to avoid for eight years.
 
The lawsuit was brought against Chevron eight years ago in San Francisco Federal Court by nine Nigerian plaintiffs for alleged deaths and other abuses in the two incidents in 1998 and 1999. The plaintiffs assert claims ranging from torture to wrongful death. read more

Thursday, August 16 2007, 05 PM

Shocks were felt in the Nevelsk District, Holmsk and Yuzhno-Sakhalinsk

VLADIVOSTOK, August 15, vladivostoktimes.com The earthquake was registered in Sakhalin at the distance of 14 kilometers to the southwest of Nevelsk.

As the press service of the Far Eastern Regional Center of Russian Emergency Ministry reported to RIA PrimaMedia, the magnitude 7 quake was registered at the depth of 10 kilometers. The quake was felt with magnitudes of 3 to 4 in the Korsakovskiy District, Yuzhno-Sakhalinsk, the Nevelsk District, and Holmsk. read more

Malaysia, Brunei
Work Toward a Deal
That May Yield Cache
By YEE KAI PIN
August 16, 2007

SINGAPORE — Malaysia and Brunei are inching toward a maritime boundary agreement for an area west of Borneo island, a development that could potentially unlock Southeast Asia’s largest oil and natural-gas finds in just over a decade.

After three years of high-level talks, both sides may be close to a deal that, given the size of reserves in nearby oil fields, could also renew exploration interest in what has been written off as a mature region for liquids production. read more

A satellite image of a depression in the Gulf of Mexico where wells account for a third of US oil

By David Litterick, in New York
Last Updated: 12:31am BST 16/08/2007
 
Oil prices jumped more than a dollar yesterday as the hurricane season began in earnest, with two tropical storms heading for deep-water oil platforms in the Gulf of Mexico.

Royal Dutch Shell said it was shutting down a well that produces 5m cubic feet of gas a day, and evacuating non-essential personnel from facilities on the Texas coast. read more

August 16, 2007
Steve Hawkes

Shell disclosed yesterday that it has evacuated nearly 200 workers from the Gulf of Mexico, amid escalating fears that the first major hurricane of the season could tear through the region by the end of the week.

World oil prices surged, with US crude up $1.30 at $73.70 a barrel, as Tropical Storm Dean approached the Caribbean.

The storm is expected to become a hurricane by Friday and traders fear it could cripple key platforms and rigs in the Gulf, which accounts for a third of US oil production. read more

· Campaigners says rare whales are at risk
· Department denies underwriting scheme

Terry Macalister
Thursday August 16 2007

A government agency is to be taken to court by wildlife campaigners who argue that the Export Credit Guarantee Department is undermining Britain’s ethical foreign policy by giving financial support to a Russian gas project that will increase global warming and threatens an endangered species of whale.

WWF, in partnership with the environmental and social justice organisation, the Corner House, has filed the case against the department arguing that it committed itself to underwriting $1bn worth of contracts for Shell’s Sakhalin-2 scheme three years ago despite ministers insisting no decision had yet been taken. read more

Move aimed at increasing pressure on Tehran over its nuclear programme

Ewen MacAskill in Washington
Thursday August 16, 2007

The Bush administration is preparing to ramp up its confrontation with Iran by declaring part or all of the country’s Revolutionary Guard a “global terrorist” organisation and targeting its extensive financial interests.

The move is extremely provocative, given that the 125,000-strong Revolutionary Guard Corps is an integral part of the state rather than a group outside the law. It has its own navy, air force, and ground troops, as well as specialist wings. read more

Martyn Wingrove,
Published: Aug 16, 2007

NEXUS Energy has started its largest exploration and appraisal drilling campaign to date by probing the Fossetmaker prospect offshore Australia, writes Martyn Wingrove.

The Australian independent is working closely with Anglo-Dutch oil major Shell on this drilling programme to find new hydrocarbon reserves close to existing fields.

It is also developing the Longtom gas field offshore Victoria, with subsea wells tied back to existing platforms and an onshore gas plant. read more

Martyn Wingrove,
Published: Aug 16, 2007

THE countries that surround the Arctic are set for confrontation, as a race to secure the potential resources under the ice cap sets off a new cold war.

The implications for energy and shipping are new streams of production and cargo. But the disputed claims, the nationalism of the contenders and the environmental impact mean that the temperature has been raised in more ways than one.

As the world enters an era of dwindling hydrocarbon resources, and global warming provides better access to Arctic areas for exploration, nations staking a claim to the Arctic are seeking to exploit its potentially huge mineral rights and shipping routes. read more

By THE ASSOCIATED PRESS
Published: August 16, 2007
Filed at 1:58 a.m. ET

CORPUS CHRISTI, Texas (AP) — Some vacationers packed up while others vowed to wait out Tropical Storm Erin and its torrential rainfall as it headed for flood-weary Texas early Thursday.

Erin was not expected to gain hurricane strength before making landfall Thursday morning, which was why some said they wouldn’t abandon long-planned trips to the coast.

”It’s not a hurricane. I ain’t worried. If they say don’t evacuate, I’m not going to worry about it,” said Matt Sandlin of Amarillo, who was on a beach near Corpus Christi with his family on Wednesday as the wind whipped up and the horizon darkened with clouds. ”Unless I see a shark or whale go flying by, I’m good.” read more

By THE ASSOCIATED PRESS
Published: August 16, 2007

A federal appeals court ruled that Royal Dutch Shell must further postpone plans for exploratory drilling off the northern coast of Alaska. The United States Court of Appeals for the Ninth Circuit, in San Francisco, also indicated that environmental and Alaska Native groups have a good chance of prevailing in their effort to keep Shell out of the Beaufort Sea.

Petitioners, including the Alaska Eskimo Whaling Commission and the Center for Biological Diversity, have “raised serious questions and demonstrated that the balance of hardships tips sharply in their favor,” the ruling said. The decision bans Shell from exploration activities pending a review of antidrilling petitions. read more

JEANNETTE J. LEE
Published: Aug 16, 2007

A U.S. appeals court ruled Wednesday that Royal Dutch Shell PLC must further postpone plans for exploratory drilling off the northern coast of Alaska.

Shell has high hopes for oil resources in the area, which is not far from Prudhoe Bay, the United States’ most productive oil field.

The 9th U.S. Circuit Court of Appeals also indicated that environmental and Alaska Native groups have a good chance of prevailing in their effort to keep the energy giant out of the Beaufort Sea. read more

Published: Aug 16, 2007

ANCHORAGE, Alaska Thomson Financial – A federal appeals court ruled Wednesday that Royal Dutch Shell PLC must further postpone plans for exploratory drilling off the northern coast of Alaska.

The 9th U.S. Circuit Court of Appeals also indicated that environmental and Alaska Native groups have a good chance of prevailing in their effort to keep the energy giant out of the Beaufort Sea.

Petitioners, including the Alaska Eskimo Whaling Commission and the Center for Biological Diversity, have “raised serious questions and demonstrated that the balance of hardships tips sharply in their favor,” the ruling said. read more

By Ed Crooksand Michael Peel
Published: August 16 2007 03:00 | Last updated: August 16 2007 03:00

Environmental groups have applied for a judicial review of official support for Royal Dutch Shell’s Sakhalin 2 oil-and-gas project off the far eastern coast of Russia, arguing that it in effect gave the backing of the UK government to serious environmental damage.

The focus of the criticism by the WWF and The Corner House is a conditional decision by the Export Credit Guarantee Department in March 2004 to offer roughly $1bn (£499m) in guarantees to the Sakhalin 2 project to cover work being done by two British sub-contractors. read more

By Chris Hughes
Published: August 16 2007 03:00 | Last updated: August 16 2007 03:00

The Financial Services Authority likes to be seen as a light-touch regulator, but its record on bringing miscreants to book leaves it vulnerable to being labelled a soft-touch one as well.

The City regulator regularly fines companies and individuals for misdemeanours and sloppy standards, such as misleading financial adverts.

Some fines are large. In 2005, it fined Citi £14m for the “Dr Evil” trade, which caused turmoil in the European bond market to the bank’s gain. It fined Shell £17m in 2004 for mis-stating its oil reserves. read more

From Kingsley Nwezeh in Asaba, 08.16.2007

Following the escalating crisis in the Niger Delta region in the past few months, Shell Petroleum Development Company of Nigeria (SPDC) disclosed yesterday that it lost about $10.6 billion to the protracted kidnappings, killings and vandalisation of oil facilities which led  to the closure of its western oil production since February 2006.

The closure is also said to have accounted for Delta State’s  slip from the highest oil producing state status and share of the 13 per cent derivation fund from the Federation Account to an all time low and fourth position. read more