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Posts on ‘February 23rd, 2010’

Nigeria: Acting president promises oil overhaul

ABUJA, Nigeria -- Nigeria's acting president on Monday called for the passage of a bill that analysts say would sharply reduce the profits of foreign oil companies.Acting President Goodluck Jonathan said the Petroleum Industry Bill before lawmakers would allow more oil money to return to Nigeria's people. The bill would also require the government-run Nigerian National Petroleum Corp., to seek profits like a private business and not rely on government subsidies.

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Nigeria oil reform would worsen bad situation -Shell

ABUJA, Feb 23 (Reuters) - Nigeria's proposed oil industry reforms could drive away $50 billion in investment if passed in their current form and make a bad situation for the sector even worse, Royal Dutch Shell (RDSa.L) said on Tuesday.

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Shell Africa chief attacks Nigeria levies

Financial Times

By Tom Burgis in Abuja

Published: February 23 2010 12:52

Royal Dutch Shell’s outgoing Africa chief on Tuesday delivered a blistering attack on Nigeria’s management of its vast oil and gas reserves but scotched rumours that the Anglo-Dutch group was looking to leave the country.

Echoing industry claims that planned legislation could deal a killer blow to investment in the fast-expanding deepwater sector, Ann Pickard, whose four-and-a-half-year tenure as Shell’s Africa boss ends in March, warned the continent’s biggest energy producer that it risked being eclipsed by its sub-Saharan African rivals. read more

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Shell to Seek 800 Million-Euro Offers for LPG Unit

BusinessWeek Logo

By Anne-Sylvaine Chassany and Fred Pals

Feb. 23 (Bloomberg) — Royal Dutch Shell Plc, which is seeking to focus on exploration and production, may sell its liquefied petroleum gas distribution unit, four people with knowledge of the plan said.

Shell hired Credit Suisse Group AG to manage a sale of the division, which is valued at more than 800 million euros ($1.1 billion), said three of the people, who declined to be identified because the talks are private. The company sent information last week to potential bidders including private equity firms, they said. Rainer Winzenried, a spokesman for The Hague-based Shell, declined to comment. read more

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Angola offshore oil to be double Nigeria’s by 2020 -Shell

Reuters UK

Tue Feb 23, 2010 9:55am GMT

ABUJA, Feb 23 (Reuters) – Angola’s offshore oil production is likely to be double that of Nigeria by 2020, Royal Dutch Shell (RDSa.L) said on Tuesday.

The two countries rival each other as Africa’s biggest oil producer, but oil majors say Nigeria risks losing out if changes to its terms make it less profitable to develop deep water reserves.

“By 2020, Angola’s offshore production is likely to be double that of Nigeria,” Shell’s Executive Vice President for sub-Saharan Africa, Ann Pickard, told an industry conference in Abuja. read more

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As Schlumberger buys Smith, the price of oil services is set to rise

Financial Times

February 22, 2010 7:56pm

by Ed Crooks

Schlumberger’s $12bn deal to buy fellow oil services company Smith International, announced on Sunday night and discussed by Andrew Gould, Schlumberger’s CEO, on Monday, looks like a turning point. From now on, the cost of oil services seems more likely to rise than fall.

One possible reason for that is that the deal will restrict competition. Anti-trust authorities will undoubtedly take an interest, especially in the US, where the two companies paid a $14.6m fine a decade ago for anti-trust violations. The deal will further extend Schlumberger’s dominance of the global oil services business, creating a group with more employees than ExxonMobil, BP or Royal Dutch Shell. read more

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Indian Energy Firms Pursue Assets Abroad

Following on its international acquisitions in steel and outsourcing in recent years, Essar is in talks with Shell to pay as much as $1 billion for three oil refineries in the U.K. and Germany, people close to the situation say. Last year, the company bought out the 50% stake that Shell, BP PLC and Chevron Corp. owned in a major refinery in Kenya.

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Shell Internet Censorship

“One of the principles underlying all of our work on the Web has been that we should be true to the spirit of New Shell. This means that we are seen to be open, listening, interested in the views of others…”: SHELL CENSOR – MARCH 1999

Shell Internet Censorship

By John Donovan

Printed below is a Shell internal email sent in March 1999. Shell was obliged to supply it to us in accordance with an application we made under the UK Data Protection Act. The “X’s” denote sections redacted (censored) by Shell, which includes the name of its author and apparently an extensive circulation list – 4 lines deep.
read more

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