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Posts on ‘April 26th, 2018’

Offshore industry ‘perilously close to disasters’ warning from HSE

The Health and Safety Executive has written to all oil and gas operators expressing concern about the number of gas releases in the industry.

The regulator said some had come “perilously close to disaster” and that more needed to be done to tackle them.

The HSE said a “lack of leadership” was often to blame for leaks, and called for firms to review their processes.

Operators have until July to respond with a summary of their planned improvements.

The HSE has written to operators ahead of the 30th anniversary of the Piper Alpha disaster. The platform exploded in July 1988, leaving 167 men dead. read more

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Shell writes off Groningen gas field on Dutch phase-out

Reuters Staff: APRIL 26, 2018 / 4:02 PM

LONDON (Reuters) – Royal Dutch Shell said on Thursday it would write down its reserves in the Groningen gas field, one of Europe’s largest, following the Dutch government’s decision to phase out production by 2030.

The Anglo-Dutch company holds a 50 percent stake in the field, which has seen production reduced in recent years following a series of damaging earthquakes. 

Shell said it expects to write off an estimated 0.5 to 0.65 billion barrels of oil equivalent in 2018. read more

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SHELL WRITES OFF NAM SHARES OVER GRONINGEN GAS EXTRACTION REDUCTION

By Janene Pieters on April 26, 2018 – 12:20

In its bookkeeping, Shell is reducing the value of its interest in NAM to zero in response to the Dutch government deciding to cin the coming years, RTL Nieuws reports.

Dutch petroleum company NAM is responsible for gas extraction in Groningen. NAM is owned half by Shell and half by ExxonMobil. Depreciating its shares in NAM is costing Shell 244 million dollars, according to RTL.  

The Dutch government concluded that safety in Groningen can only be guaranteed if the cause of the gas extraction earthquakes in the province is completely removed. The government therefore plans to reduce gas extraction in the province to 12 billion cubic meters by 2022 at the latest. From October 2022 gas extraction will be reduced to 7.5 billion cubic meters “and possibly considerably less”. And after that it will gradually be reduced to zero. 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 writes off entire investment in troubled gas venture NAM

Thursday 26 April 2018

Shell has written off its entire $244m investment in gas production company NAM in a move seen as a further attempt to distance itself from the troubled company.

NAM is a 50-50 joint venture between Shell and ExxonMobil and faces huge damages claims because of the earthquakes in Groningen province which have been caused by the extraction of natural gas.

The one-off charge was booked in first-quarter earnings published on Thursday, according to the Financieele Dagblad. 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 profits soar on stronger oil prices

Ron Bousso: APRIL 26, 2018

LONDON, April 26 (Reuters) – Royal Dutch Shell on Thursday reported a 42 percent rise in profits in the first quarter of 2018, the highest in over three years, boosted by higher oil prices and beating analysts’ expectations.

Net income attributable to shareholders in the quarter, based on a current cost of supplies (CCS) and excluding identified items, rose to $5.322 billion from a year ago, compared with a company-provided analysts’ consensus of $5.277 billion.

A year ago, net income was $3.754 billion. 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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