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Posts on ‘March 13th, 2014’

Shell says Nigerian oil theft costs billions

Extracts from a Reuters article by Alex Lawler and Simon Falush published 13 March 2014

* Shell says $1 bln/month oil theft figure probably accurate

* Proposed legal changes curbing Nigeria’s oil output

* Some Nigerian risks worsened, Shell says in annual report

Nigeria is important for Shell because the African country provides almost 10 percent of the company’s output and is seen as a source of future growth.

FULL ARTICLE

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Time for Plain Talking at Shell

Extracts from an article by ANDREW PEAPLE published 13 March 2014 by The Wall Street Journal

Screen Shot 2013-12-22 at 19.09.52Shell’s basic message to investors appears to be that the oil major will spend more on assets it think it will prove profitable, while getting out of assets it doesn’t think will do so well. To rekindle investor interest, Shell’s new chief executive Ben van Beurden will have to provide more than platitudes. Turning round the company will take more than even the most finely-chosen words. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Royal Dutch Shell Plc’s Profits Slump In 2013

Extracts from an article by Mark Stones publish 13 March 2014 by The Motley Fool

Screen Shot 2013-12-22 at 19.09.52Shell’s struggles have been well documented and a profit warning was announced in January. The shares have lagged the wider market over the last 12 months, falling 1.5%. In response Shell is cutting upstream spending in America by 20%, with the firm re-evaluating its shale operations… To bolster its capital strength the oil producer has embarked on a programme of asset sales…

FULL ARTICLE

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell says some North Sea assets may be added to the firesale

Ben van Beurden, Chief Executive Officer. Royal Dutch Shell Plc

Ben van Beurden, CEO, Royal Dutch Shell Plc

Extracts from an article by Martin Flanagan published on 13 March 2014 by The Scotsman under the headline: “Shell says some North Sea assets may be for sale”

OIL giant Shell suggested today that some of its “mature” North Sea energy assets may be for sale after a string of production breakdowns last year and as it seeks to rein in its growth plans under its new chief executive. Ben van Beurden, who took the helm 10 weeks ago, said in a presentation to financial markets: “We have to be honest with ourselves. The North Sea has disappointed for Shell in 2013. We are looking carefully at cases of unplanned downtime (of rigs).” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Why wasn’t Marvin Odum fired after the Alaskan debacle?

MARVIN ODUM ,  DIRECTOR OF UPSTREAM AMERICAS

MARVIN ODUM , DIRECTOR OF UPSTREAM AMERICAS. ROYAL DUTCH SHELL PLC

Extracts from an article published on Thursday 13 March 2014 by Rigzone.com under the headline: “Shell Looks for Tighter Grip on Upstream Americas”

Shell CEO Ben van Beurden commented: “Shell has a strong asset base and industry leadership in many of its growth themes. While this position of strength gives confidence for the future, it is also clear that we need to get a tighter grip on performance management in Shell. I am determined that, by focusing sharply on our three key priorities – better financial performance, in particular in our Upstream Americas and Downstream businesses, enhanced capital efficiency, and continuing strong project delivery, we will continue to grow our cash flow and improve our returns.”

FULL ARTICLE

Comment from a well-informed reliable source

The losses in upstream in the US are only partially related to the Alaska fiasco.

The amount rumoured to have been lost by Shell on unconventionals in the US may actually be far higher than the amount spent in Alaska, even though the figures have not been widely publicised.

While Alaska was a very public debacle, the cost to date is perhaps $5 billion, which may yet be recoverable if production ever takes place. In contrast, unconventionals have cost a total of about $25 billion, much of which will never be recovered. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Former Shell boss’s pay halved after poor performance

Extracts from a Reuters articled published Thursday 13 March 2014

Screen Shot 2014-01-03 at 14.32.05(Reuters) – The pay of Royal Dutch Shell’s former chief executive, Peter Voser, halved to $11.24 million last year following what the company described as a disappointing performance. Shell suspended its controversial Arctic drilling programme earlier this year and pledged to cut spending and streamline operations following disappointing earnings in the fourth quarter of 2013 that were the least profitable for five years. “The business performance in 2013 was disappointing. This is reflected in the reward outcomes for the year,” Shell’s head of remuneration committee Hans Wijers said on Thursday. The company said it had also trimmed the base salary of new chief executive, Ben van Beurden, to reflect shareholder sentiment. He will receive a base salary of 1.4 million euros ($1.95 million) compared with Voser’s 1.64 million euros. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Former Shell chief paid £22m over two years despite profit warning

Article by Terry Macalister published by TheGuardian.com Thursday 13 March 2014

Annual report reveals how Peter Voser made enormous gains through share awards and other performance-related bonuses

Screen Shot 2014-03-13 at 10.01.32

Former chief executive Peter Voser left Shell at the turn of the year. Photograph: Guido Benschop/AFP/Getty Images

Shell paid former chief executive Peter Voser £22m over two years even though there was a profit warning soon after he left and his successor says the business has failed to perform as strongly as it should have done.

The 2013 annual report published on Thursday shows that Voser, who left at the turn of the year, received total remuneration of just over £7m last year and almost £15m in 2012. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Royal Dutch Shell profits hit during ‘challenging’ 2013

Screen Shot 2014-03-12 at 14.18.21Article published by BBC News 13 March 2014

Royal Dutch Shell had a “challenging year” in 2013 in part due to a deteriorating security situation in Nigeria, the company said.

Profits from refining operations were hit in Asia and Europe by an oversupply of global capacity and lower demand, the company said.

Annual profits at Royal Dutch Shell fell to $16.75bn (£10.05bn), from $27bn in 2012.

Nevertheless, the company said it has “laid firm foundations for the future”.

Several areas of Royal Dutch Shell’s business had operated below their full potential in 2013, chief executive Ben van Beurden said. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell to cut Americas upstream spending by 20 pct

Reuters article published LONDON, March 13 Thu Mar 13, 2014 3:14am EDT

Screen Shot 2014-02-10 at 16.29.29(Reuters) – Royal Dutch Shell said on Thursday it was cutting spending on American upstream by a fifth this year after it was impacted by losses in resources plays such as shale.

“Shell is shrinking this portfolio and cost base, with 2014 spending to be reduced by 20 percent compared to 2013, and redirecting onshore investment to the lowest cost gas acreage with the best integration potential, and into on-going exploration in liquids-rich shales,” it said in a statement. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Hull for World’s Largest Floating LNG Facility Floated Out of Dry Dock

Screen Shot 2014-03-12 at 23.17.37

CLICK ON IMAGE TO ENLARGE

Extracts from an article published 12 March 2014 by the Daily Fusion

The 488-meter-long (1601 ft.) hull of Shell’s Prelude floating liquefied natural gas (FLNG) facility has been floated out of the dry dock at the Samsung Heavy Industries (SHI) yard in Geoje, South Korea, where the facility is currently under construction.  Prelude FLNG is the first deployment of Shell’s FLNG technology and will operate in a remote basin around 475 kilometres north-east of Broome, Western Australia for around 25 years. The facility will remain onsite during all weather events, having been designed to withstand a category 5 cyclone.

FULL ARTICLE

RELATED

Shell Prelude FLNG: loss of containment of hydrocarbons almost inevitable

“A distinct disadvantage however is that the risks to health and safety of persons employed offshore on the LNG FPSO’s, such as Prelude, will be higher, when compared to onshore LNG plants of similar capacity, specifically the potential for loss of life; …loss of containment of hydrocarbons is likely to occur on Prelude during its operational life, either through flaws in the design, human error or failure to inspect and maintain. It’s almost inevitable.  It’s only to be hoped that the consequences of these losses never reach their full potential.: read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com
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