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Posts on ‘July 2nd, 2015’

Royal Dutch Shell CEO Blames Saudi Arabia For Slowed US Shale Growth

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Bidness Etc takes a look at how Saudi Arabia led to slowed growth of the US shale oil industry

By: MICHEAL KAUFMANPublished: Jul 2, 2015 at 9:37 am EST

The Organization of Petroleum Exporting Countries (OPEC), led by Saud Arabia, usually monitors the crude oil supplies and prices prevailing in the market. The US energy companies have begun using hydraulic fracturing techniques, which allow US drillers to drill deeper into the surface, and extract more oil. Therefore, crude oil output has risen substantially.

On the other hand, the OPEC refused to play its role as a price regulator last year. On November 27, the cartel decided to maintain output at 30 million barrels of oil per day. Prices that once traded at $115 per barrel fell to $60 per barrel. The price decline was also due to reduced global crude oil demand. 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 to pay £12bn for Gulf oil spill

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BP has reached an $18.7bn (£12bn) settlement with the US Department of Justice (DoJ) following the 2010 Gulf of Mexico oil spill.

It comes as a US federal judge was expected to rule on how much BP owed in Clean Water Act penalties following the environmental disaster.

Over 125 million gallons of oil spewed into the Gulf after an explosion at the Deepwater Horizon oil rig in 2010.

The settlement is the largest paid by a single company in US history .

The Deepwater Horizon oil spill was one of the worst environmental disasters in US history and claimed the lives of 11 people. 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 Pays Record $18.7 Billion to Settle Claims in Gulf Oil Spill

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Screen Shot 2015-07-02 at 14.56.47By Margaret Cronin Fisk, Laurel Brubaker Calkins and Del Quentin Wilber: July 2, 2015 1:13 PM BST

BP Plc will pay a record $18.7 billion to resolve claims by the U.S. and five states along the Gulf of Mexico related to the 2010 oil spill.

The payments will be spaced out over as long as 18 years. A record $5.5 billion will cover federal penalties under the Clean Water Act, topping the previous high of $1 billion. Louisiana, Mississippi, Alabama, Florida and Texas will also receive payouts for harm done in the worst offshore spill in U.S. history.

“This agreement will resolve the largest liabilities remaining from the tragic accident,” BP Chief Executive Officer Bob Dudley said in a statement today. “For the United States and the Gulf in particular, this agreement will deliver a significant income stream over many years for further restoration of natural resources and for losses related to the spill.” 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 Chief says U.S. shale producers under pressure from Saudi Arabia -FT

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OPEC’s decision, led by Saudi Arabia, to not cut oil production has put pressure on U.S. shale gas producers which in turn has put brakes on America’s energy boom, the chief executive of Royal Dutch Shell Plc said in an interview with the Financial Times published on Wednesday.

Ben van Beurden said in an interview that OPEC’s decision in the face of soaring U.S. output and weaker-than-expected demand had sent a strong signal that Riyadh would not “underwrite the price” by utilizing its supplies to balance the market. (on.ft.com/1gbNJ8b) 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.

Arctic Drilling Future Now Rests On One Well

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By Charles KennedyWed, 01 July 2015

Royal Dutch Shell is nearing a start to drilling in the Arctic, but has run into some hiccups.

The U.S. government decided that Shell cannot actually drill both of its wells in the Chukchi Sea as planned. The Interior Department said that doing so would run afoul of its rules that protect marine life. According to those regulations, which were issued in 2013, exploration companies cannot drill two wells within 15 miles of each other. Shell had planned to drill two wells in the Burger prospect within a 9 mile range. 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 fined for leak on platform where workers died

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Screen Shot 2015-07-02 at 08.28.32Thursday 2nd July 2015

Oil giant Shell has been fined more than £6,000 after a diesel leak on board the same North Sea platform where two workers died 12 years ago.

Sean McCue, 22, and Keith Moncrieff, 45, lost their lives when they were overcome by gas while working on the energy firm’s Brent Bravo rig in 2003.

The oil company was previously fined nearly £1 million after admitting safety breaches which led to their deaths.

Yesterday Shell UK bosses returned to the court after approximately 13 to 15 tonnes of diesel spilled into the North Sea despite warnings over the transfer system going back over a decade. Senior management from the Royal Dutch Shell subsidiary appeared in the public benches at Aberdeen Sheriff Court where the company pleaded guilty to an unlicensed release of fuel. 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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