Posts on ‘July 11th, 2008’

The meeting between Donovan and Jennings took place after the agm, though Shell says this does not indicate any change in its position and emphasises that legal action is continuing.

AMSTERDAM, July 11 (Reuters) - Anglo-Dutch oil giant Royal Dutch Shell Plc. (RDSa.L: Quote, Profile,Research)(RDSb.L: Quote, Profile,Research) will pull out of Zimbabwe, a spokesman for the company told Dutch news agency ANP on Friday.

Oil prices spiked to a new record above $147 a barrel Friday, as rising hostilities between the West and Iran and the potential for attacks on Nigerian oil facilities gave investors reason to rush back into the energy markets.

According to the source, the incident occurred when 55 security personnel, members of a private security outfit operated by a retired senior naval captain, deliberately shut down the FPSO to protest Shell’s treatment of Nigerian workers and the non-payment of salaries.

In response to the writ Shell issued the press statement to Incentive Today which was printed in the May edition. Donovan immediately issued a writ for libel on the grounds that the statement implies that previous claims that he has made against Shell were without merit and that the Smart claim is bogus. Shell attempted to have the writ struck off in a High Court hearing in July but failed...

The latest part of the claim has seen Donovan set up a website attacking Shell, he has also picketed the Shell Centre at Waterloo and disrupted the oil giant's 100th Anniversary AGM. The latest bizarre development in the case is an intervention in the form of a letter from the wife of Mark Moody-Stuart, the head of Shell International.

Shell UK was ordered to pay costs for a preliminary hearing at the High Court which took place earlier this week. The libel case will be heard before a jury and Don Marketing will have the power to subpoena top Shell UK management, including chairman Chris Fay, to give evidence.

In fact, such untapped reserves are estimated at about 2.3 trillion barrels, nearly three times more than the reserves held by Organization of Petroleum Exporting Countries (OPEC) nations and sufficient to meet 300 years of demand -- at today's levels -- for auto, truck, aircraft, heating and industrial fuel, without importing a single barrel of oil.

Wal-Mart Stores Inc. and Apple Inc. declined after crude futures advanced to a record above $145 a barrel.

Woodside Petroleum Ltd., Inpex Holdings Inc. and Royal Dutch Shell Plc are among companies seeking to develop gas fields to benefit from increasing prices.

Forties North Sea oil fell to the lowest in almost eight years relative to Dated Brent after Royal Dutch Shell Plc sold a cargo to Total SA and Vitol Group offered a shipment without attracting a buyer.

PetroChina Co., the nation's biggest oil company, andRoyal Dutch Shell Plc started production at a well in Changbei gas field in the northwestern province of Shaanxi, according to parent China National Petroleum Corp.

Plans for The Hague-based Shell, Europe's largest oil producer, to invest in Black Sea oil have not been approved.

Once dismissed as a group of amateur bandits, Mend has become increasingly sophisticated despite its arsenal of rusty Kalashnikovs. Proof of this came three weeks ago with their audacious night-time raid on the Bonga offshore field, forcing Shell to shut down the 200,000-barrel-a-day operation, and serving notice that deep-water facilities, once seen as safe, were no longer out of bounds.

KUALA LUMPUR: Corporate responsibility (CR) is high on Shell Malaysia’s agenda with sustainable development as the cornerstone of this strategy, said country chairman Datuk Saw Choo Boon.

"This is a very hard blow" to Iran's plan, especially given the decision in May by Royal Dutch Shell PLC and Repsol YPF SA to pull out of their own South Pars LNG development, Mr. Ciszuk said.

Chevron Corp. said it expects second-quarter earnings to get a big lift from record-high oil and natural-gas prices...

The Opec oil cartel yesterday warned it might need to slow investment in its oilfields as consuming countries reduce their oil demand through conservation and by increasingly turning to alternatives, such as biofuels.

The chairman of HMRC at that time was Sir David Varney, a senior industrialist who had worked at Shell, British Gas and BT.

Royal Dutch Shell has become the latest British company to pull out of Zimbabwe...

Shell is in talks to sell its stake in the London Array to its partners in the project, Dong Energy of Denmark and Eon, the German utility.

The western energy companies... are quick to stress they are not pulling out of Iran or ending negotiations over projects far in the future. Indeed, Total, Royal Dutch Shell, Eni and StatoilHydro among others already have a presence in Iran and intend to honour their contracts despite US pressure.

Those giving evidence include three ICE Futures Europe executives – including Sir Bob Reid, its chairman – Alexander Justham, director of market supervision at the FSA, and Steven Fries, chief economist at Shell, the energy group.

Like Shell, Repsol was forced a couple of years ago to restate and write down its oil reserves by as much as a quarter.

The decision of the oil giant Total to pull out of a huge planned investment in Iran's gas reserves (ostensibly because of the political risks involved but more probably because of the pressure applied by Nicolas Sarkozy's government) could be interpreted as buying more time for diplomacy.

Washington has put pressure on the French group after Shell and Repsol, the Spanish company, withdrew from other Iranian projects this year.

A sudden attack of shyness by Total and Shell probably matters not a jot to the Iranians. Iran cannot afford to export gas; it needs the fuel desperately at home. Despite its vast hydrocarbon reserves, a critical lack of infrastructure means it must import road fuel and gas from its neighbours

The head of the Organization of Petroleum Exporting Countries warned Thursday that oil prices would see an "unlimited" increase in the case of a military conflict involving Iran, because the group's members would be unable to make up the lost production.

Royal Dutch Shell Plc, Europe's biggest oil producer, will sell all its petroleum assets in Zimbabwe after President Robert Mugabe was reappointed last month in a disputed election following a decade of recession.