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Posts on ‘July 8th, 2014’

Royal Dutch Shell Feeling the Pain

Screen Shot 2014-03-10 at 23.56.16Extracts from a Motley Fool article by Rupert Hargreaves under the headline: “Did ExxonMobil Make the Right Decision About Europe?”

Feeling the pain

There’s no company that is feeling the pain more than Royal Dutch Shell (NYSE: RDS-B ) . Shell’s CEO, Ben van Beurden previously described the company’s refining sector results as “unacceptable.” It’s easy to see why.

During the first quarter of this year, Shell revealed a $2.9 billion charge to earnings, mainly due to writedowns on its refineries in Asia and Europe reflecting a poor outlook for refining margins.

What’s more, during the quarter the company’s downstream division reported a year-on-year slump in earnings of 15%, mainly as a result of tighter refining margins. 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.

Reflections on the notorious Kashagan ‘Cash All Gone” project 

By John Donovan

In view of the recent shattering news from the jinxed Kashagan project…

Production at Kazakhstan’s Kashagan Oil Field Halted Until 2016

…it is interesting to reflect back on the situation as it was in 2007, reported in this Reuters article by Tom Bergin.

It seems that not much has changed.

It also explains why Royal Dutch Shell ended up issuing a profits warning and launching a fire sale of assets, following a succession of disastrous projects mired by incompetence.  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.

Respond To Shell Allegation Of Non-Release Of Ogoni Remediation Funds

Screen Shot 2014-04-06 at 21.07.42
ARTICLE BY LARA ADEJORO PUBLISHED 8 JULY 2014 BY THE DAILY TIMES OF NIGERIA 

The disclosure by Shell Petroleum Development Company (SPDC) that the Nigerian government was frustrating the release of funds for the implementation of the United Nations Environmental Programme (UNEP) Assessment on Ogoniland has come as a rude shock and the Ogoni people demand an answer, the Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN) has said.

Augustine Igbuku, the Ogoni Restoration Project Manager for SPDC told the House of Representatives Committee on Environment that Shell was willing to contribute to the $1 billion Ogoni Restoration Fund but was being frustrated by the lack of government structure and a legal framework for the Hydrocarbon Restoration Project (HYPREP), the ad hoc intervention agency set up by the same government. 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 ending investments in gas development project in Saudi Arabia

Screen Shot 2014-02-10 at 16.29.29Reuters article published by ArabNews.com Monday 7 July 2014

DUBAI: Royal Dutch Shell is ending investments in a gas development project in Saudi Arabia, complicating the top oil exporter’s efforts to exploit its huge gas reserves.

The search for gas has been a priority for Saudi Arabia as it struggles to keep pace with rapidly rising domestic demand.

But the emergence of the shale gas industry has opened up more lucrative opportunities for energy companies elsewhere.

“Shell has decided to end further investment in the Kidan development,” it said in a e-mailed statement. 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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