Posts on ‘January 15th, 2018’

By Collin Eaton: Updated 9:18 am, Monday, January 15, 2018

Royal Dutch Shell plans to build its first major oil-production vessel in the northern U.K. North Sea in almost three decades, in an effort to redevelop the Penguins oil and gas field, the company said Monday.

Shell believes the floating production, storage and offloading vessel will pump 45,000 barrels of oil equivalent a day from the Penguins field at its peak, and that it could break even on its investment even if oil prices slide below $40 a barrel. read more

Royal Dutch Shell Plc is investing in a U.S. solar energy developer, continuing its recent expansion into the electricity business.

The Anglo-Dutch oil and gas producer will acquire a 44 percent stake in Nashville’s Silicon Ranch Corp., which owns and operates about 100 solar facilities across the U.S. The investment could be as high as $217 million in cash, depending on the company’s performance, making Shell the largest shareholder, according to a statement.

Shell has been growing its foothold in the power business as it prepares for a carbon-constrained world, including an agreement to purchase the U.K’s seventh-largest utility in December. Rivals BP Plc and Total SA have also expanding into offshore wind and solar in the past few years, reflecting changing government incentives and customer demands. read more

Ron Bousso: 15 JAN 2018

LONDON (Reuters) – Royal Dutch Shell agreed on Monday to acquire a stake in a U.S. solar company, 12 years after exiting the sector, in the latest in a series of deals to grow beyond its core oil and gas business.

The Anglo-Dutch company also gave the green light for its first major new project in the North Sea in six years, signaling a cautious return to spending following three years of belt tightening in the face of lower oil prices.

Shell agreed to buy a 43.86 percent stake in Silicon Ranch Corporation from funds linked to Partners Group for up to $217 million. It follows on the heels of British rival BP, which last month also re-entered the solar sector with the $200 million investment in Lightsource. read more

REUTERS STAFF: JANUARY 15, 2018 / 2:19 PM /

DUBAI (Reuters) – Royal Dutch Shell has agreed to sell its stake in Iraq’s West Qurna 1 oilfield to Japan’s Itochu, a Shell spokesman said on Monday.

“Itochu and Shell have reached agreement on the sale of Shell’s interest in the West Qurna 1 oilfield and are now working to secure all the necessary approvals from the government of Iraq,” the spokesman said. “Details of the discussions are commercially confidential.”

Iraq has approved the sale by Shell of its 20 percent stake in the West Qurna 1 oilfield to Itochu, a senior Iraqi oil official told Reuters last week. read more

The regulator for North Sea industry said it expects more “high value projects” to be sanctioned this year, prolonging production for years to come.

Written by Mark Lammey – 15/01/2018 1:19 pm

Andy Samuel, chief executive of the Oil and Gas Authority, was speaking after oil giant Shell revealed it had taken a final investment decision on the Penguins area, north-east of Shetland.

The project will involve the construction of Shell’s first new manned installation in the northern North Sea in almost 30 years.

Mr Samuel said: “We are very pleased to approve the redevelopment of the Penguins cluster in the Northern North Sea. It’s a vote of confidence from two major global operators, Shell and Esso, in realising the significant remaining potential of an existing asset. read more

Shell’s redevelopment of a North Sea field will deliver a “significant boost” to north-east communities, the Scottish Government said.

Written by Mark Lammey – 15/01/2018 12:28 pm

Energy Minister Paul Wheelhouse said the investment was “further evidence of rising confidence” in the region.

The oil giant said today it had taken a final investment decision on the Penguins area, north-east of Shetland.

The project will involve the construction of Shell’s first new manned installation in the northern North Sea in almost 30 years.

Mr Wheelhouse said: “We have always maintained there are significant opportunities remaining in the North Sea, even in the context of a low carbon transition, and that a strong and vibrant domestic offshore oil and gas industry will play an essential role in the future energy system we set out in our recently published Energy Strategy. read more

Ron Rousso: JAN 15, 2018

LONDON (Reuters) – Royal Dutch Shell gave the green light on Monday for an expansion of the Penguins oil and gas field in the UK North Sea, its first major new project in the ageing basin in six years.

Shell said the development, which includes the construction of a floating production, storage and offloading (FPSO) vessel, reaffirmed the Anglo-Dutch company’s commitment to the region after it sold around half of its assets there last year.

“Penguins demonstrates the importance of Shell’s North Sea assets to the company’s upstream portfolio,” said Andy Brown, director of Shell’s oil and gas production, known as upstream. read more

Fathin Ungku: JAN 15, 2018

SINGAPORE (Reuters) – A Singapore court on Monday filed additional charges against nine men accused in a large-scale oil theft at Shell’s biggest refinery, the latest development in an extensive investigation in the city-state.

The nine Singaporean men, eight of whom were employees of the Singapore subsidiary of Royal Dutch Shell Plc, faced initial charges in court last week alongside two Vietnamese nationals, who are due at court on Tuesday.

At least one additional charge was brought against each of the Singaporean men on Monday, court documents showed. read more