Royal Dutch Shell Group .com Rotating Header Image

Posts on ‘November 23rd, 2007’

The Times: Shell pulls out of $410m deal after Regal chiefs quit

November 24, 2007
Robin Pagnamenta

Royal Dutch Shell has pulled out of a deal, announced just two days ago, to acquire a large stake in the Ukrainian gasfields of Regal Petroleum after Regal appointed a new management team on Thursday.

A Shell spokeswoman said: “We were not expecting it and are deciding not to proceed. Our memorandum of understanding was with the previous management team.”

In a deal that had been considered an encouraging step for Regal, Shell had agreed on Wednesday to invest up to $410 million (£199 million) to acquire 51 per cent of Regal Petroleum’s gasfields in Ukraine and to cover much of the development cost. 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 Telegraph: Shell left red-faced after U-turn on Regal deal

By Russell Hotten
24/11/2007 00:01AM GMT

Royal Dutch Shell faced embarrassment last night after withdrawing from a preliminary deal signed on Wednesday to take a majority stake in assets run by oil explorer Regal Petroleum.

It follows a surprise decision by Regal to replace its chief executive and chairman just 24 hours after agreeing with Shell to sell a 51pc stake in gas fields in the Ukraine.

News that Shell was working with Aim-listed Regal was seen by analysts as potentially risky.

Shell said: “Our memorandum of understanding with Regal was agreed with the previous management team. The management change at Regal was not expected by Shell.” 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 Washington Post: Oil Prices End Over $98 in Light Trading

Washington Post Image

Shell Oil Company’s Deer Park refinery and petrochemical facility is shown in the background as vehicles travel along Highway 225 Wednesday, Nov. 21, 2007 in Deer Park, Texas. Energy futures wavered, hesitating on a drive to $100 a barrel Wednesday after the government reported that oil inventories fell unexpectedly last week, but that supplies at a closely watched oil terminal in the Midwest rose for the first time in weeks. (AP Photo/David J. Phillip) (David J. Phillip – AP)

The Washington Post: Oil Prices End Over $98 in Light Trading 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.

Petroleum News: Rick Fox: Shell in Alaska for long haul

Although a lawsuit has put Beaufort Sea drilling on hold in 2007 company moved ahead with Chukchi seismic and other programs

Vol. 12, No. 47  Week of November 25, 2007
Alan Bailey

Despite the setback of a court-enforced suspension of Shell’s Beaufort Sea drilling program, Rick Fox, the company’s Alaska asset manager, gave an upbeat assessment of Shell’s progress in Alaska at the Resource Development Council annual conference on Nov. 14.

“We had an excellent year although we didn’t get to drill,” Fox 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.

THE OGONI 9

Press Statement from the 1st Ken Saro Wiwa Memorial Seminar Organized in Cape Town by the Ogoni Solidarity Forum (OSF) on the 22nd and 23rd of November 2007 to mark the 12th anniversary of the killing of the Ogoni 9
 
On the 22nd and 23rd of November 2007, representatives of Social Movements, Community Based Organizations, Faith Based groups, Non Governmental Organizations, Scholars and Academics, Activists and Journalists from different parts of South Africa meet in Community House, Cape Town, to commemorate the 12th anniversary of the killing of Ken Saro Wiwa, who was a well known writer, environmentalist, minority rights crusader and eight other Ogoni activists, namely; Dr. Barinem Kiobel, John Kpuinee, Paul Levura, Daniel Gbokoo, Felix Nuateh, Saturday Doobee, Nordu Eewo and Baribor Beera, were callously killed by the hands of the Nigerian nation state on the 10th of November 1995.
 
The purpose of the two day meeting was to sensitize the South African public about the plight and struggle of the Niger Delta Communities in general and the Ogoni Ethnic Nationality in particular.
 
The meeting was attended by a total of 102 delegates including Prof. Dennis Vincent Brutus, ex-Robben Islander, and well known South African poet, Bobby Peek, renowned South African Environmentalist, Dr. Tam-George, Prof. Eugene Cairncross, Prof. Kevin Winter and Dr. Kolade Arogundade who presented different papers based on researches done on oil exploration and exploitation of the Niger Delta peoples and the Ogoni situation.
 
The two day seminar was motivated by activists from the Ogoni Ethnic Nationality, who came to South Africa since 2003 to solicit for support from their fellow Africans, to expose the cruel hands of imperialism on the African indigenous peoples.
 
That after the two day meeting, the participants came to the following understanding and resolutions:
 
That the Ogoni ethnic nationality and other groups of the Niger Delta, were grafted into a Nigerian nation state on account of colonial and imperial business interest. 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.

Another blunder by former Shell MD David Greer sinks Shell deal

Friday 23 November 2007
By John Donovan

Earlier this year David Greer was riding high as Deputy Chief Executive of Sakhalin Energy. He had already been a Shell Managing Director before being seconded to the Sakhalin-2 project in Russia, the biggest oil and gas project in the world.

In June David Greer resigned in disgrace after my website www.royaldutchshellplc.com supplied to the FT a leaked motivational memo from Greer which was notable because of its stirring military tone. It was designed to lift the spirits of a work force demoralised by  the strong-armed takeover of the Sakhalin-2 project by the Russian government owned energy giant, Gazprom. Unfortunately the best parts of the Greer memo were quickly exposed as being plagiarised from a Second World War speech by the legendary American General George S. Patton. Within days Greer left Shell after a 27 year career. 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 cancels purchase of Regal’s Ukraine fields

Fri Nov 23, 2007 4:33 PM GMT

LONDON, Nov 23 (Reuters) – Royal Dutch Shell Plc (RDSa.L: Quote, Profile , Research) has pulled out of a deal, announced only two days ago, to buy a 51 percent stake in the Ukrainian gas assets of UK oil explorer Regal Petroleum (RPT.L: Quote, Profile , Research) following Regal’s announcement of a new chief executive on Thursday.

“Our MOU with Regal was agreed with the previous management team. The management change of yesterday at Regal was not expected by Shell,” the Anglo-Dutch oil major said in a statement on Friday. 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.

STATEMENT BY ROYAL DUTCH SHELL PLC: Shell and ExxonMobil divest from German gas pipeline assets

23 Nov 2007 

Shell Verwaltungsgesellschaft fuer Erdgasbeteiligungen mbH (Shell) and ExxonMobil Central Europe Holding (ExxonMobil) have agreed to sell the transport business of their German joint venture BEB Erdgas und Erdoel GmbH (BEB) including the technical operations currently provided by ExxonMobil Production Deutschland GmbH to NV Nederlandse Gasunie (Gasunie). Subject to regulatory approvals it is expected that the transaction will be closed in 2008.  

Gasunie will continue to operate BEB transport and the transferred technical operations and will ensure compliance with existing BEB transportation agreements and will also retain the current staff. 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.

Evening Standard, London, market report column

Friday, November 23, 2007; Posted: 08:08 PM

Regal Petroleum firmed 3/4p to 163 3/4p amid speculation that the latest boardroom shenanigans, involving Regal’s mercurial former founder and chief executive Frank Timis, have put the GBP400 million Ukrainian joint venture with Royal Dutch Shell, down 47p at 1945p, in doubt.

http://www.tradingmarkets.com/.site/news/Stock%20News/852505/

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: Imperial Rejects Gazprom’s Stake Bid

By ANDREW LANGLEY
November 23, 2007

MOSCOW — Oil producer Imperial Energy Corp. said Thursday that it rebuffed an offer from the banking arm of Russia’s OAO Gazprom, which had been seeking to buy a stake in the London-listed company.

Imperial previously said that OAO Gazprombank wanted to buy a 25% stake in the company in new stock at a discount to market levels. Such a stake is currently valued at more than $300 million.

The announcement that Imperial rejected the bid drove the shares down 8.3% to £10.97 ($22.65) late Thursday, off 99 pence. 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: Imperial falls 8% on offer rejection

By Dino Mahtani
Published: November 23 2007 02:00 | Last updated: November 23 2007 02:00

Shares in Imperial Energy, the UK-listed oil and gas company with assets in Russia fell by 8 per cent after it rejected an offer by the banking arm of Gazprom to buy a 25 per cent stake in the company.

The offer, made by Gazprombank, was seen by many analysts as a potential solution to the poor relations the company has had with an agency within Russia’s natural resources ministry, which has accused the company of exaggerating its reserves. 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: Regal springs surprise changes

By Ed Crooks and Dino Mahtani
Published: November 23 2007 02:00 | Last updated: November 23 2007 02:00

In a development that is extraordinary even by the standards of the company, Regal Petroleum has replaced its chairman and chief executive the day after agreeing a memorandum of understanding with Royal Dutch Shell that was hailed as a very good deal for the company.

It was announced yesterday that John Ritson, chief executive, and Francesco Scolaro, chairman, had resigned, to be replaced by David Greer, an experienced former Shell executive, who will be chairman and chief executive. 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.

Mayo Advertiser: Shell rapped by Environment Minister for unauthorised drilling

23/11/2007
By Toni Bourke

The Minister for the Environment, Heritage and Local Government, Mr John Gormley TD, has given Shell a sharp slap on the hand for drilling boreholes in Glenamoy Bog, a Special Area of Conservation, but has decided not to prosecute. The holes were drilled by RPS, consultants employed by Shell, and their actions were described as a “matter of grave concern” by the minister.

Minister Gormley said it was unacceptable that this occurred at a time when his Department had been making special efforts to keep in communication with Shell. 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 Times: Small caps

November 23, 2007
Robert Lindsay

Shell has initiated a shake-up of the board of Regal Petroleum after its $410 million (£198 million) deal to enter a joint venture to develop its assets in Ukraine. The chief executive and chairman have both quit to make way for John Greer, who headed Shell’s Sakhalin project, as executive chairman. He is joined by another Shell director, Harry Verkuil. The shares dropped 17p as investors worried whether there were performance issues yet to be revealed but later closed down just 1p at 163p. 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: Shell veteran Greer takes over at Regal after Ukraine deal

By Nikhil Kumar
Published: 23 November 2007

Regal Petroleum has named David Greer, a veteran oil man from Shell, as chairman and chief executive as part of a sudden shake-up in the top management at the London-based energy company.

The surprise announcement comes a day after Regal entered into exclusive negotiations to transfer a majority stake in its Ukrainian operations to Shell.

Neil Ritson, who announced the agreement with Shell two days ago, is understood to have resigned as chief executive yesterday because he was opposed to an initial plan for Mr Greer to join the company as executive chairman. 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: Ex-Shell boss takes the helm at Regal

By Russell Hotten
Last Updated: 12:47am GMT 23/11/2007

Oil explorer Regal Petroleum surprised the City yesterday with the appointment of former Royal Dutch Shell executive David Greer to run the business, throwing into confusion a deal the two companies had signed only 24 hours previously.

Mr Greer, who becomes Aim-listed Regal’s chief executive and chairman, resigned from Shell earlier this year soon after writing a notorious email that was ridiculed as something that could have been penned by David Brent from cult television comedy The Office. 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.
%d bloggers like this: