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Posts on ‘October 2nd, 2015’

Nigeria’s ex-oil minister ‘arrested in London’

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Screen Shot 2015-09-17 at 07.55.40…one of five people as part of an investigation into suspected bribery and money laundering. $20bn of oil money had gone missing…

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Nigeria’s former oil minister Diezani Alison-Madueke has been arrested in London, her family has said.

She is believed to be one of five people the UK National Crime Agency said it had arrested, but did not name, as part of an investigation into suspected bribery and money laundering.

Ms Alison-Madueke was oil minister between 2010 and 2015.

She denied wrongdoing when it was alleged that $20bn of oil money had gone missing when she was in office.

That accusation was made by Nigeria’s central bank governor Sanusi Lamido Sanusi in February 2014. Mr Sanusi was sacked soon after, accused of financial recklessness himself. read more

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Shell boss confronts environmental, carbon challenges

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On Monday, the oil and gas giant gritted its teeth and pulled out of one of the most ambitious, expensive and controversial exploration forays on the planet – Alaska. A project that could have delivered tens of billions of dollars instead delivered a dry well and, on Sunday, van Beurden and his team called it quits.

ANALYSIS: By The Business presenter Ticky Fullerton: 2 Oct 2015

Rarely have energy companies faced greater challenges, and global giant Shell has moved to tackle some of them head on.

Of all weeks to be in London to catch up with global Shell chief executive Ben van Beurden, this was it.

On Monday, the oil and gas giant gritted its teeth and pulled out of one of the most ambitious, expensive and controversial exploration forays on the planet – Alaska.

A project that could have delivered tens of billions of dollars instead delivered a dry well and, on Sunday, van Beurden and his team called it quits. 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

A rig too far

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Screen Shot 2015-09-13 at 14.19.16Ben van Beurden, installed as Shell’s chief executive in 2014, could have halted the ill-fated project. But after a “personal journey”, he decided to go ahead.

Shell’s retreat from the frozen north shows the new realities of “big oil”: Reputation was another factor in Shell’s retreat

Oct 3rd 2015 | HOUSTON | From the print edition

OIL companies have a proud history of digging holes in inaccessible places and producing gushers of money. But in the Chukchi Sea, in the Alaskan Arctic, Shell has poured $7 billion into a single 6,800-foot exploratory well, making it possibly the most expensive hole yet drilled, only to admit this week that it had not found enough oil and gas to make further exploration worthwhile.

That was a big climbdown for a company that had spent seven years since acquiring the Chukchi licenses in 2008 in a highly public, drawn-out battle to drill in the Arctic. The decision boiled down to costs, financial and reputational. Most big oil firms face similar pressures. Some will take a lesson from Shell and put their Arctic plans on hold, though Eni, a big Italian oil firm, is vowing to press ahead with its efforts to drill in the Norwegian Arctic. 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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