Shell eyes Iraq as Nigeria raids continue
By Jamie Dunkley
Royal Dutch Shell is turning to Australia, Brazil and Iraq to counter losses in the Niger Delta as the oil company raised investment spending targets for the year ahead.
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| Continuing attacks from rebels in the Niger Delta have cost Shell 195,000 barrels a day |
Chief executive Jeroen van der Veer said he would spend up to $36bn (£18bn) on drilling and acquisitions this year.
His comments came as he unveiled a 33pc rise in second-quarter net profits to $11.6bn, boosted by record crude prices. The performance lifted first-half profits 41pc to $20.1bn pre-tax, on revenue up from $84.9bn last year to $131.4bn.
Mr Van der Veer also raised Shell’s target for asset sales by $1bn to $5bn.
The company’s output has taken a hit in recent years, after it was forced to sell control of its stake in Russia’s Sakhalin-2 venture and continuing attacks in the Niger Delta, which lost the company 195,000 barrels a day in the second quarter.
This week it suspended exports of Bonny Light crude after a raid.
Mr Van der Veer said: “We went through a difficult period in Russia a couple of years ago but have a long-term vision there and intend to continue to play a part in the country. In terms of Nigeria, we have a high appreciation of all of our staff that work there and understand that it is a challenging situation.
“We will look to go into countries with an acceptable fiscal risk. For example, our progression in Iraq is subject to the security situation but we are keen to make progress there. Nothing is signed yet, as many of the details take time to work out, but we are in active negotiations.”
Shell will focus on six key projects over the next 18 months including a liquified gas project in Australia, a gas and power development in Nigeria and the Ursa project in the Gulf of Mexico, which will ease oil recovery in the area. It also expects to develop exploration discoveries in Australia, Brunei and the US.
Additionally, the company hopes to complete the acquisition of Duvernay Oil Corporation for about $5.8m, including the assumption of debt, to expand gas output in Canada.
Mr Van der Veer, who is due to leave in July next year, was reluctant to outline his views on current oil prices – BP chief executive Tony Hayward recently blamed high prices on lack of adequate supply growth.
However, Mr Van der Veer said: “We are prepared for volatility in the short and long term.”
Shell shares eased 23 to £17.82.
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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.
