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Posts on ‘February 11th, 2008’

TheAge.com.au: Woodside to buy Shell’s Cossack stake for $441m

Barry FitzGerald
February 12, 2008

WOODSIDE has cosied up to major shareholder Shell to strike a deal to acquire Shell’s 16.7% equity share in the Cossack Pioneer and associated oil projects on the North-West Shelf for $US398.5 million ($A441 million).

While the deal was said to represent pretty good value for Woodside, its shares dived 2.1% to $43.92 because of fretting about the long-term impact of the failed coup in East Timor on Woodside’s ambitions to confirm the development credentials of its Sunrise liquefied natural gas project in the Timor Sea. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Comment by former Shell Exec Paddy Briggs on the recent Guardian article: The great fuel folly

Wikipedia Paddy Briggs image 

Former Shell brand Executive, Paddy Briggs

February 11th, 2008 07:03 

Comment by former Shell Executive Paddy Briggs on the recent Guardian article:

The Guardian: The great fuel folly

Jeremy Leggett makes some excellent points in this article and he is quite right to draw attention to the continual failure of Shell and other oil multinationals to invest in exploration and production. Shell’s continued affection for buybacks and BP’s recent massive hike in dividend payments show that it is the stockholder stakeholder who is the most favoured recipient of largesse. Cash “given back” to shareholders is, of course, cash denied to capital investment or to other potential beneficiaries such as employees, pensioners or the community at large. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Bloomberg: Petroleum Oman Plans Oil Projects to Stem Decline (Update1)

By Ayesha Daya

Feb. 11 (Bloomberg) — Petroleum Development Oman, a state- controlled company in which Royal Dutch Shell Plc is the largest foreign investor, is planning dozens of new oil-field projects by 2012 to stem a decline in production.

“We will be executing eight new field-development projects, each of which is valued at over $100 million, and a further 50 new field-development projects worth between $20 million and $100 million each,” Managing Director John Malcolm said today during a briefing at the company’s Mina al-Fahal headquarters, near the capital Muscat. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Bloomberg: Russian Watchdog Recommends Revoking Sibir Oil Rights (Update2)

By Greg Walters

Feb. 11 (Bloomberg) — Russia’s environmental watchdog recommended revoking production rights for a unit of OAO Sibir Energy Plc, the London-listed oil company controlled by billionaire Chalva Tchigirinski, for “serious violations.”

The unit, OAO Magna, broke ecological laws and the terms of its license, Rosprirodnadzor said in an e-mailed statement today.

Magma didn’t sufficiently utilize the gas that is produced alongside crude, the watchdog said. Rosprirodnadzor, an agency under the Natural Resources Ministry, sent its recommendations to the state commission empowered to revoke production permits. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

AlertNet.org: Gunmen kill Nigerian sailor escorting gas workers

11 Feb 2008 14:21:38 GMT
Source: Reuters
By Austin Ekeinde

PORT HARCOURT, Nigeria, Feb 11 (Reuters) – Unknown gunmen attacked at least two energy industry ships in Nigeria on Monday, killing one sailor on a naval escort vessel, authorities said.

It was the second wave of armed attacks on shipping in Nigeria’s busiest oil and gas export hub in two months, and follows a call by the world’s shipping union to declare Africa’s top oil producer a “war zone”.

“There was an attack this morning on a naval escort to an NLNG staff boat from Bonny to Port Harcourt. We lost one rating,” said Navy spokesman Henry Babalola. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

africasia.com: Nigeria wants oil companies to pay compensation for degradation

11/02/2008 18:12 ABUJA, Feb 11 (AFP)

Nigeria said Monday that oil companies should be obliged to pay compensation for degradation resulting from their exploration and production activities particularly in the oil-rich Niger Delta region.

“The companies have an obligation beyond their exploration and production to restore degraded land to its original state,” junior petroleum minister Odein Ajumogobia told a conference on 50 years of discovery of oil in Nigeria.

Oil was actually discovered in Nigeria in 1956 at Oloibiri in the Niger Delta state of Bayelsa but the first shipment to the international market was in 1958. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

TradeArabia.com: PDO expects fall in oil output

11 February 2008

State-controlled Petroleum Development Oman has lowered its production target this year to no more than 560,000 barrels per day.

PDO, an affiliate of Royal Dutch Shell, aims to produce between 540,000 bpd and 560,000 bpd this year, it said in a statement.

That compares with a target range last year of between 560,000 bpd and 570,000 bpd, and actual production of 561,000 bpd, PDO said.

For a few years after 2008, production will average about 550,000 bpd, the company said.

PDO produces about 90 percent of Oman’s oil. – Reuters read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Bloomberg: Woodside to Buy Shell’s North West Shelf Oil Stakes (Update4)

By Madelene Pearson and Sophie Tan

Feb. 11 (Bloomberg) — Woodside Petroleum Ltd., operator of Australia’s North West Shelf venture, agreed to buy Royal Dutch Shell Plc’s oil stakes in the partnership for $398.5 million, boosting output and reserves in its largest project.

The assets include stakes in the Cossack field and the Egret discovery, both off Australia’s northwest coast, Perth- based Woodside said today in a statement. Under a related accord, Shell will get the final rights to buy Woodside’s Libya assets. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

The Guardian: Oil climbs above $92 on Venezuela threat, N.Sea outages

Reuters Monday February 11 2008
By Fayen Wong

SYDNEY, Feb 11 (Reuters) – Oil rose on Monday, extending last week’s late gains, as Venezuela threatened to halt oil exports to the United States and bomb alerts shut down one of Britain’s largest gas fields.

U.S. light crude for March delivery rose 25 cents to $92.02 a barrel by 0512 GMT, partially eroding earlier gains. It had risen as high as $92.71 a barrel in early trade, matching its recent Jan. 30 peak, the highest point since Jan. 15. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Ethical Corporation: By Invitation: Essay: Business and human rights – A personal account from the front line

EC Newsdesk 11 February 2008

Sir Geoffrey Chandler charts the rise of the business and human rights movement over the past two decades

(Sir Geoffrey Chandler is founder-chair, Amnesty International UK Business Group 1991-2001 and a former director of Shell International.)

The privatisation of the world economy which followed the ending of the Cold War made the corporate sector a more important international influence on human rights for good or ill than any other constituency. Its spreading supply chains touched directly the lives of millions. Its operations affected the social and physical environment wherever it worked. Directly or indirectly it influenced the political scene. Unlike the environmental movement, which had long recognised the importance of companies and engaged in dialogue with them, the human rights movement was very slow to react. Indeed companies and human rights NGOs viewed each other with mutual ignorance, prejudice, suspicion and hostility. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

EconomicTimes.IndiaTimes.com: Oman Shell affiliate sees ’08 oil output down again

11 Feb, 2008, 1227 hrs IST, REUTERS
 
DUBAI: Royal Dutch Shell affiliate Petroleum Development Oman, which pumps about 90 per cent of Oman’s oil, said 2008 output will fall for an eighth year to less than 560,000 barrels per day as fields age.

State-controlled PDO, in which Shell has a 34 per cent stake, aims to produce between 540,000 bpd and 560,000 bpd this year, it said in a statement on Monday. That compares with actual production last year of 561,000 bpd and a 2007 target range of between 560,000 bpd and 570,000 bpd, PDO said. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

THE WALL STREET JOURNAL: Shell/Nigeria

THE WALL STREET JOURNAL EUROPE
February 11, 2008

Few places give Big Oil a bigger headache than Nigeria. As the largest foreign producer in the African nation, Royal Dutch Shell forks out more than 95% of oil revenue to the state. In return, it has to deal with a creaky infrastructure, angry rebels, and now a government bent on taking an even bigger share of the profits. While Nigeria’s offshore fields look promising, Shell’s onshore effort could now be more trouble than it is worth.

The Anglo-Dutch giant entered Nigeria 70 years ago. Back then it minted money exporting the country’s sweet crude. But over the years, trouble in Nigeria escalated while profits declined. Rebels unhappy with the way oil revenue was distributed started bombing infrastructure and terrorizing Shell’s employees. Meanwhile, the government has gradually grabbed more and more of the profit. Shell now takes home just $2 to $3 for each barrel of oil produced onshore even though Nigerian sweet crude was recently valued at $91.93 a barrel, according to Argus Media. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

THE WALL STREET JOURNAL: ENERGY: Northern Exposure

Wall Street Journal image

THE WALL STREET JOURNAL: ENERGY: Northern Exposure

As the Arctic gets warmer, oil and gas producers see the chance for a big expansion. But plenty of technological hurdles remain.

By BRIAN BASKIN
February 11, 2008; Page R12

Above the Arctic Circle, frigid temperatures can turn metal brittle enough to crack a hull, freeze ballast tanks solid and clog engine vents with ice. And that’s just in summer.

Despite grueling conditions, interest in oil and gas reserves in the far north is heating up. Virtually every major producer is looking to the Arctic sea floor as the next — some say last — great resource play. One study, by U.K. consultants Wood Mackenzie and Fugro Robertson Ltd., puts reserves there at roughly 400 billion barrels, or 30% of the world’s remaining supply. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

THE WALL STREET JOURNAL: ENERGY: Urge to Merge

Wall Street Journal image

THE WALL STREET JOURNAL: ENERGY: Urge to Merge

Why high oil prices may mean more acquisitions this year
By BENOIT FAUCON
February 11, 2008; Page R14

High crude prices appear to be here to stay, at least for the next few years. And that could fuel a wave of mergers and acquisitions in the oil industry.

As crude prices continue to rise steadily — from an average of about $26 a barrel in the U.S. in 2003 to an expected $80 this year, according to Citigroup Inc. — and demand continues to increase, a host of potential buyers of oil assets are looking more closely at possible deals. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

THE WALL STREET JOURNAL: Nigeria’s Oil-Export Reliability at Risk

By ANGELA HENSHALL
February 11, 2008; Page A14

Nigeria is at risk of losing its credibility as a reliable supplier of crude oil, traders and analysts say, as worsening rebel attacks hold back exports.

Anxiety over the latest Nigerian disruptions helped to push oil futures above $90 a barrel Friday.

Nigeria is Africa’s biggest oil exporter, and its crude, easy to make into gasoline, is highly prized by refiners. But oil companies have had to endure attacks on installations and kidnappings of staff. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com
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