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Posts on ‘January 27th, 2013’

Shell feels chill of Arctic problems

…the City is concerned about Shell’s prospects in the Arctic after the company’s Kulluk drilling rig ran aground off the coast of Alaska on New Year’s Eve. The grounding was the latest in a series of mishaps in Shell’s quest to extract oil from the polar region, which has cost the company £3.2bn but has yet to result in the discovery of any commercial quantities of oil.

Oil giant’s profit to soar as price rises and China booms

Tom Bawden: Sunday 27 January 2013

Shell will announce a bumper set of 2012 results this week, though the sheen of a profit leap will be removed as it updates the market on its problems in the Arctic.

The FTSE 100 oil giant is set to report on Thursday that net income soared by 42 per cent to $7bn (£4.4bn) last year on the back of increased oil production from Canada’s tar sands and rising output from its liquefied natural gas operations in Qatar.

Shell also benefited from a strong oil price and increased profit margins at its refining business, amid declining competition after refineries, such as Coryton in Essex, closed. China’s buoyant car market will have also fuelled the results. read more

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