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Posts on ‘August 1st, 2013’

Shell profits drop on shale write-down and Nigerian woes

Royal Dutch Shell profits dropped 60pc to $2.4bn (£1.6bn) in the second quarter after concluding its shale oil and gas assets in North America were worth $2.1bn less than it had thought.

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8:15AM BST 01 Aug 2013

Excluding the impact of the big one-off writedown, profits still fell 20pc to $4.6bn, a result chief executive Peter Voser admitted was “clearly disappointing” and blamed in part on the deteriorating security situation in Nigeria.

Shell said it would embark on a major programme of asset sales, picking up the pace of divestment from the $21bn it has sold off over the past three years. It launched a strategic review of its North American shale assets, as well as a previously-announced strategic review in Nigeria. 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.

China Fracking Quake-Prone Province Shows Zeal for Gas

China won’t let earthquakes hinder its quest for energy.

Companies such as Royal Dutch Shell Plc (RDSA) and China National Petroleum Corp. are starting to drill for gas and oil in shale rock in Sichuan, the nation’s most seismically active province, a process geologists say raises the risk of triggering quakes.

“For the Sichuan basin, earthquakes are a problem for shale gas and shale oil production because of the tectonic conditions,” said Shu Jiang, a professor at the University of Utah’s Energy & Geoscience Institute in Salt Lake City. “The siting of the wells could cause some artificial earthquakes.” 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.

Rising costs, Nigeria troubles blot Shell profits

Screen Shot 2013-06-30 at 08.30.42(Reuters) – Rising costs, a surge in oil thefts and disruption in Nigeria and other negative factors hit profits at Royal Dutch Shell on Thursday, leading outgoing chief executive Peter Voser to call the second quarter result “disappointing”.

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By Andrew Callus

LONDON | Thu Aug 1, 2013 7:48am BST

(Reuters) – Rising costs, a surge in oil thefts and disruption in Nigeria and other negative factors hit profits at Royal Dutch Shell on Thursday, leading outgoing chief executive Peter Voser to call the second quarter result “disappointing”.

Shell said it took a $700 million (461 million pounds) hit for a combination of Nigeria and for the tax impact of a weakening Australian dollar, and warned that Nigeria itself faces a $12 billion annual bill for the disruption. Shell recently put more of its Niger Delta activities up for sale. 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.

Platts Says Commodity-Price Transparency at Risk From Regulation

European antitrust authorities raided Platts’ offices, along with those of Statoil ASA, BP Plc (BP/) and Royal Dutch Shell Plc, in May as part of an investigation into alleged manipulation of oil prices. Regulatory probes are expanding after banks rigged the London interbank offered rate, a benchmark for $300 trillion of global interest-rate contracts.

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By Isaac Arnsdorf: July 31, 2013

Increased regulation of methods used to establish commodities prices could backfire by reducing transparency as market participants may stop giving information, according to Platts, a price publisher.

“Commodity-price discovery depends on the voluntary participation of traders, producers and other market players,” the unit of McGraw Hill Financial Inc. (MHFI:US) said in an e-mailed response to questions. “Regulation could have the inadvertent consequence of inhibiting participation in the price-assessment process which would, in turn, decrease transparency, thus having the opposite effect of regulators’ intentions.” 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.

Shell to sell at least 4 more Nigeria oil blocks -sources

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Wed Jul 31, 2013 10:33am EDT

* Oil majors scaling back onshore, shallow water Nigeria

* Two blocks lie in region hit by oil theft, spills

* Nigerian firms, partnered with foreign, expected to bid

By Joe Brock

ABUJA, July 31 (Reuters) – Royal Dutch Shell will sell at least four more oil blocks in Nigeria in its latest divestment from Africa’s top oil exporter, three oil industry sources familiar with the deals said on Wednesday.

The blocks are Oil Mining Licenses (OMLs) 13 and 16 onshore the Niger Delta, and OML 71 and 72, which are in shallow water, the sources told Reuters. A Shell spokesman declined to comment. 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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