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Posts on ‘June 19th, 2010’

Shell vows to keep office, Alaska staff

Beset by another delay in its planned exploration, Shell officials say the company intends to keep its Alaska offices open and its staff of about 70 intact and working toward a 2011 drilling program.

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.

BP’s ‘Strategic Default’ Option

Seeking Alpha

June 17, 2010

Prior to the oil spill, BP stock had a market value of nearly $200 billion. This has been cut by about HALF as a result on the spill.

On the other hand, the culprit, BP America, represents nearly a quarter of BP’s value, or about $50 billion in round figures. This is the amount that BP stands to lose if the oil spill bankrupts BP America. That also appears to be a reasonably good estimate of BP’s potential liability at this time. The $20 billion, to be put into an escrow account, represents a reasonable “down payment.” 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.

Markey Will Demand Oil Companies Rewrite Spill-Response Plans

Exxon Mobil Corp., ConocoPhillips, Chevron Corp. and Royal Dutch Shell Plc were described as being as unprepared as BP Plc to respond to spills during a House Energy Committee hearing on June 15.

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.

BP set for overhaul as it seeks cash to pay for oil spill crisis

Telegraph.co.uk: Which assets will BP sell and what shape will the oil giant take after the Gulf of Mexico spill?

By Rowena Mason, Energy Correspondent
Published: 9:29PM BST 18 Jun 2010

Protesters hold a banner that reads ‘Seize BPs Assets’ in front of the White House on June 16 Photo: GETTY IMAGES

The wounded BP behemoth will take many years to get back on to its feet after the Gulf of Mexico oil spill. In the meantime, a number of scavenging rivals are likely to be circling around the scraps of assets it must offload to pay for the crisis.

BP’s market value has almost halved to £67bn since the Deepwater Horizon rig sank on April 20. Its growth prospects in the US are looking grim and analysts believe the costs could range anywhere from $30bn to $100bn (£67.5bn) – given the litigation and fines it’s facing. 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.

BP Fund Is a Magnet for Fraud, Experts Say

A version of this article appeared in print on June 19, 2010, on page A11 of the New York edition.

By JOHN SCHWARTZ

The $20 billion BP compensation fund announced by the Obama administration this week has those along the coast hoping that it will provide a more benevolent gusher than the one at the bottom of the Gulf of Mexico.

While it has been applauded as an advance in addressing economic losses, the fund will also be a lure for the unscrupulous, said Richard A. Nagareda, a professor at Vanderbilt University Law School and an expert on mass litigation. “Any time you put a multibillion-dollar pot out there, you’ve just got to be really careful,” Professor Nagareda said. “The vast majority of lawyers involved are people of integrity, but that doesn’t describe all of the legal profession.” 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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