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Posts on ‘January 22nd, 2009’

Analyst Sees Energy M&A Heating Up

JANUARY 22, 2009, 10:24 AM

Consolidation in the oil and gas industries is just around the corner, according to Fadel Gheit, an oil analyst at Oppenheimer.

Oil prices are down more than 70 percent from last summer’s record high. The longer oil prices stay weak, Mr. Gheit said in a note to investors Thursday, the greater the chances of a major merger party in the energy sector.

The last time energy prices collapsed so violently was in 1998, when a barrel of crude traded for as low as $10. The shift caused many oil companies to leap into the arms of rivals and gave rise to the “super major” oil companies: ExxonMobilChevronTexaco,BP Amoco ArcoTotalFinaElf and ConocoPhillips. read more

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Exxon finds oil near massive Brazilian fields

SAO PAULO, Brazil: Exxon has told Brazilian officials it discovered oil in deep water off Rio de Janeiro, near massive fields that could hold as much as 80 billion barrels of oil.

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Mergers, Acquisitions Loom Over Brazil Sugar, Ethanol Indus

Brazil's state-run energy giant Petroleo Brasileiro SA (PBR), or Petrobras, as well as Royal Dutch Shell PLC (RDSA) and BP PLC (BP) have also been reported as keen to grab assets in the ethanol segment.

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Corrib policing cost 1m for month

19 Jan 2009 The high level garda security operation at Shell’s controversial Corrib gas project cost more than 1 million euro in October, according to new figures.

The startling bill for just one month was run up as the energy giant called in the world’s largest pipelaying vessel, The Solitaire, and protesters took to the sea. The total cost of policing Corrib since 2003 is at least 13.5 million euro.

The Department of Justice defended the costs. “We are a sovereign state and we have a duty to protect people’s safety. If there was a peaceful protest there, things would be fine,” a spokesman for Justice Minister Dermot Ahern said.

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Ministers in talks with Corrib opponents

Mr John Monaghan, spokesman for Pobal Chill Chomáin, said the meeting had revealed ‘a glimmer of hope’ and ‘the potential for the beginning of a process’. “All sides are now more appreciative of the complexities involved and of the primacy of community consent. We’ve also informed the ministers about the history of community distrust and why we could not participate in the forum,” said Mr Monaghan.

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Corrib gas delay ‘extraordinary’ – Martin

MINISTER FOR Foreign Affairs Micheál Martin has said it is “extraordinary” that gas from the Corrib field off Co Mayo has not yet been brought onshore.

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Woodside Says Full-Year Profit to Be Cut by Charges

Jan. 22 (Bloomberg) -- Woodside Petroleum Ltd., Australia’s second-largest oil and gas producer, said full-year profit will be cut by about A$430 million ($283 million) of charges for foreign exchange losses, a suspended project and a tax provision.

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Woodside Q4 output up 28 pct, sees higher profit

Woodside, 34 percent owned by Royal Dutch Shell (RDSa.L), said reported net profit in 2008 would be between A$1.75 billion ($1.1 billion) and A$1.8 billion, about 70-75 percent higher than the previous year.

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Shell looks to expand retail footprint in India

Royal Dutch Shell has announced plans to expand its retail presence in India in 2009, as the Indian government plans to introduce a market-led pricing regime for petrol and diesel, according to PetrolWorld.

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Exxon to acquire Shell?

Shell is down 35 % in the last 6 months while Chevron and BP are about 30% down. Shares in many other oil firms that rushed to expand over the last few years are down even more.

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Lay-offs at Motiva project while construction continues

According to Verna Rutherford of Motiva, changes are being implemented to assure tighter control of costs on the $7 billion refinery expansion project that began December 2007. Demand for Motiva’s products is down, and with lower demand, margins are also down, making tight cost control essential.

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

Oil stocks dive on falling demand worries

Shell fell 3.4 per cent as HSBC analysts predicted it was in for a cash squeeze. It said that its operating cashflow would fall by about 16 per cent from last year of $7 billion while its capital expenditure would rise by $3 billion, giving it negative cash flow this year and next, although it said that its strong balance sheet should be able to take the strain and it maintained an "overweight" advice on the shares.

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

White House may put hold on offshore drilling plan

Separately, the Interior official said the department's plan to develop oil shale fields in the western United States may also be stopped by Obama's order.

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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