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Posts on ‘December 14th, 2009’

Iraq win gives Shell a boost

FINANCIAL TIMES

Majnoon win gives Shell a boost

By Carola Hoyos, Chief energy correspondent

Published: December 14 2009 20:54 | Last updated: December 14 2009 20:54

EXTRACTS

Royal Dutch Shell, in particular, is counting its blessing…

Shell, out of all of its peers, is struggling most to step up its production as old, profitable fields decline and new reserves are proving increasingly difficult to secure.

Moreover, the Anglo-Dutch oil group carries a very large extra burden. Shell has to fill the void left in 2004 when it was forced to cut its proved reserves by about a quarter after realising the company should never have booked those reserves with the Securities and Exchange Commission, the US regulator, in the first place. 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.

Exxon Mobil to buy XTO Energy for $31 billion

ASSOCIATED PRESS

By MARK WILLIAMS (AP) –

Exxon Mobil will buy XTO Energy in an all-stock deal worth $31 billion as the oil giant moved aggressively Monday to capitalize on the growing supply of natural gas at home.

The deal could signal a new rush to own natural gas assets by major integrated producers, and perhaps the start of a significant consolidation in the energy industry.

“Exxon is the group leader and it sets the trend. I would expect more acquisitions in the next three to six months,” said Fadel Gheit, senior energy analyst for Oppenheimer. “Who that will be is the $64,000 question.” 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.

Groups to dig deep for Nigerian leases

Financial Times

By Tom Burgis in Lagos

Published: December 13 2009 22:58 | Last updated: December 13 2009 22:58

Three of the world’s biggest oil companies are poised to pay hundreds of millions of dollars to hold on to prime concessions in Nigeria following keen Chinese interest in the planet’s 10th richest crude reserves.

ExxonMobil, the largest US oil group, is to pay a “signature bonus” of as much as $600m after securing a new 20-year lease to three blocks it has operated for four decades and which currently produce 580,000 barrels a day, people familiar with the situation 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.
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