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July, 2018:

Shell, Petrobras units probed for Brazil price-fixing

Pedro Fonseca: JULY 31, 2018

RIO DE JANEIRO (Reuters) – Brazil’s three largest fuel distribution companies are under investigation for fixing prices at the pump, police said on Tuesday, reigniting debate over potential collusion among gas station owners in Latin America’s largest oil producer.

The firms targeted by the probe are Petrobras Distribuidora SA (BRDT3.SA), a subsidiary of state oil company Petroleo Brasileiro SA (PETR4.SA); Ipiranga, a unit of Ultrapar Participações SA (UGPA3.SA); and Raízen, a Cosan SA (CSAN3.SA) and Royal Dutch Shell Plc (RDSa.AS) joint venture. read more

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Shell to make final investment call on Nigeria oilfield in 2019: official

Reuters Staff: JULY 31, 2018

ABUJA (Reuters) – Royal Dutch Shell and its partners will decide next year on whether to go ahead with the development of Nigeria’s Bonga Southwest offshore oilfield, a senior company official said on Tuesday.

The project, one of the country’s largest with an expected production of 180,000 barrels per day, will generate profit at below $50 a barrel, Bayo Ojuli, managing director of Shell Nigeria Exploration and Production Company, told reporters. read more

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Shell begins share buyback but vows to ‘tighten screws

Shell, which has its headquarters in the Netherlands, does business in more than 70 countries:TORU HANAI/REUTERS

Royal Dutch Shell launched a long-awaited $25 billion share buyback plan as it sought to shrug off disappointing second-quarter results.

The Anglo-Dutch energy group insisted it had had a “very good quarter” as profits excluding exceptional items rose to $4.7 billion, up from $3.6 billion a year earlier, aided by higher oil and gas prices.

The result was significantly below analysts’ expectations of almost $6 billion, however, because of factors including foreign exchange effects and rising operating costs. read more

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Shell and Conoco Don’t Deserve This Treatment

You oil investors are one tough crowd. I mean, what do you want, really?

On Thursday morning in Europe, Royal Dutch Shell Plc finally came around and gave the masses what they had been shouting for: a $25 billion buyback program. The masses promptly dumped the stock. On Thursday morning in America, ConocoPhillips announced a slew of forecast-beating results, having recently boosted its own buyback program by $1 billion. But it also said it was raising its full-year investment budget by $500 million. Pearls were duly clutched and “sell” buttons pushed (the stock had moved into slightly positive territory as of writing this). read more

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Shell quarterly profit rises 30 percent, oil giant announces $25 billion share buyback

  • Oil giant Royal Dutch Shell posted a 30 percent rise in net profit in the second quarter of 2018.
  • Net income attributable to shareholders on a current cost of supplies (CCS) basis, used as a proxy for net profit, and excluding identified items, came in at $4.69 billion.
  • Shell announced a $25 billion share buyback program.

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Oil giant Royal Dutch Shell posted a 30 percent increase in net profit in the second quarter of 2018 and announced a $25 billion share buyback program.

Net income attributable to shareholders on a current cost of supplies (CCS) basis, used as a proxy for net profit, and excluding identified items, came in at $4.69 billion, up from $3.6 billion seen in the same quarter a year ago.

The earnings fell short of an analyst consensus of $5.967 billion, however, Reuters reported.

The company said the earnings “reflected increased contributions from Integrated Gas and Upstream, partly offset by lower earnings in Downstream.” read more

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Shell Starts Long-Awaited Buybacks Even as Profit Misses

By Kelly Gilblom: 26 July 2018, 07:21 BST. Updated on 26 July 2018, 08:40 BST

*Energy giant to buy back $2 billion of shares over 3 months

*Second-quarter profit misses even the lowest analyst estimate

Royal Dutch Shell Plc finally gave investors the share buybacks they’ve been demanding, even as profit fell short of expectations despite resurgent crude prices.

The Anglo-Dutch energy producer said Thursday that it is starting a $25 billion share-repurchase program, initially buying up $2 billion of stock over three months. That should soothe investors who have grown increasingly anxious about when they’ll see the reward for sticking with Shell through the biggest oil-industry downturn in a generation. read more

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Shell kick-starts £19bn windfall for patient shareholders

Shell boss Ben van Beurden said the move “complements the progress we have made since the completion of the BG acquisition in 2016” 

Jillian Ambrose: 

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Royal Dutch Shell mulls $25bn share buy-back

Royal Dutch Shell is under pressure to repay its investors’ patience this week by beginning a bumper $25bn (£19bn) share buy-back plan.

The oil giant issued shares to existing investors instead of paying out dividends when oil prices were low as it sought to hang on to cash. 

As the crude market has recovered, Royal Dutch Shell has so far prioritised debt reduction over repurchasing the dividend scrips.

But expectations are high that its quarterly report on Thursday could signal the start of buy-backs. read more

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Shell To Become A Renewable Energy Company?

By  20 July 2018

Summary

  • Shell’s Energy Transition Report envisions a low fossil fuel future. It is therefore taking steps to adapt to this vision.
  • It is currently spending about $1-2 billion per year on a segment called “new energies”.
  • While its Energy Transition Report seems unrealistic, raising potential concerns in regards to Shell’s investment strategy, there are valid reasons to diversify, such as low oil & gas discovery levels.
  • read more

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    Shell’s Offshore Wind Play Energizes Renewables Industry

    By Bobby Magill: July 20, 2018

    If Royal Dutch Shell Plc wins a federal lease to build an offshore wind farm in New England this fall, the company will be the first oil major with experience drilling in U.S. waters to enter the fledgling domestic offshore wind market.

    Shell’s interest in U.S. offshore wind development is seen within the industry as marking a shift toward the mainstream of the domestic energy sector, as offshore wind strengthens ties with the oil industry while harnessing one of the nation’s largest untapped sources of carbon-free electricity. read more

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    Bloomberg: Royal Dutch Shell in talks to sell $2B in Nigeria oil licenses

    By: , SA News Editor: 20 July 2018

  • Royal Dutch Shell (RDS.A, RDS.B) is in talks to sell two Nigerian oil licenses, including infrastructure assets such as a natural gas-fired power plant, for $2B, Bloomberg reports.
  • Discussions have been advanced at times and run into hurdles at others as the Nigerian entity has yet to secure financing, according to the report.
  • Shell has sold billions of dollars of Niger Delta assets in the past decade amid local opposition, civil conflict, militant attacks and accusations of causing pollution, and another sale would allow the company to focus on its operations in Nigerian waters, where the risks of attacks on infrastructure and theft are lower.
  • read more

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    Oil majors win dismissal of New York City climate lawsuit

    Shell, Exxon and ConocoPhillips all said they were pleased with the court ruling.

    Brendan Pierson: JULY 19, 2018

    NEW YORK (Reuters) – A U.S. judge on Thursday dismissed a lawsuit by New York City seeking to hold major oil companies liable for climate change caused by carbon emissions from burning fossil fuels.

    In dismissing the city’s claims against Chevron Corp (CVX.N), BP Plc (BP.L), ConocoPhillips (COP.N), Exxon Mobil Corp (XOM.N) and Royal Dutch Shell Plc (RDSa.L), U.S. District Judge John Keenan in Manhattan said climate change must be addressed through federal regulation and foreign policy. read more

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    Shell, Eni Could Face Massive Damages in Nigerian Corruption Case

    CAIN BURDEAU: July 19, 2018

    CASTELBUONO, Sicily (CN) – Nigeria could learn Friday at a court in Milan whether it can pursue damages against oil giants Shell and Eni in a sprawling international corruption case.

    The trial centers on a $1.3 billion bribery deal Royal Dutch Shell Plc. and Italy-based Eni S.p.A. executives allegedly entered into in 2011 with Nigerian officials, including then-President Goodluck Jonathan, to purchase a much-coveted oil field off the coast of Nigeria.

    In December 2017, Italian judges in Milan ordered the companies and a number of individuals, including top executives at Shell and Eni, to stand trial. The trial has been slow to unfold and remains in preliminary hearings. read more

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    LNG Terminal Poised to Boost Struggling Canadian Gas Producers

    By Kristine Owram: 19 July 2018, 10:00 BST

    A C$40 billion Canadian LNG project led by Royal Dutch Shell Plc appears to be ramping up, although a final decision hasn’t been announced. Scotiabank’s Jennifer Stevenson expects the project to go ahead, prompting investors to reevaluate struggling Canadian gas producers. FULL ARTICLE

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    Shell’s top LNG trader to head up JERA/EDFT trading operations

    REUTERS STAFF: THURSDAY JULY 19, 2018

    LONDON, July 19 (Reuters) – Japan’s JERA Trading (JERAT) has hired Sarah Behbehani, the former head of short-term liquefied natural gas (LNG) trading at Royal Dutch Shell, as the world’s biggest buyer of the fuel bulks up in Asian trading.

    Behbehani’s move comes a month after JERA absorbed the LNG trading business of EDF to create JERAT as it looks to break down restrictions on trading cargoes bought under long-term deals.

    Industry sources said the trading manager, responsible for a team of eight, resigned from Shell this week and will start her new role in three months. read more

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    Not dead yet: Home of Brent crude gets new lease of life

    Ron Bousso, Shadia Nasralla: JULY 18, 2018

    LONDON (Reuters) – Oil giant BP’s Eastern Trough Area Project off the coast of Scotland wasn’t supposed to be viable beyond 2018.

    But government and industry working together have given ETAP a new lease of life that is being closely watched by countries and companies eyeing other ageing projects around the world.

    When ETAP was launched 20 years ago today, some experts predicted the UK sector of the North Sea would cease most production by 2030. read more

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    Russia’s grasp on EU gas tightens despite Trump slating Germany

    Mr Trump last year signed a law giving him the right to impose sanctions on companies involved in the Nord Stream 2 pipeline project. Royal Dutch Shell, BASF’s Wintershall unit, Uniper, OMV and Engie have agreed to provide Russia’s Gazprom with financing for the €9.5bn pipeline and could be at risk of penalties.

    Elena Mazneva, Margaret Talev and Naureen S Malik: 18 July 2018

    US President Donald Trump eased his tone about a Russian natural gas pipeline to Germany after a one-on-one meeting with President Vladimir Putin, shifting from the harsh criticism of Germany he’d levied in Europe last week.

    “We are going to be selling LNG and will have to be competing with the pipeline and I think we’ll compete successfully, although there is a little advantage locationally” because Russia is closer to buyers in Europe, Mr Trump told reporters at a news conference with Mr Putin after their meeting in Helsinki on Monday. read more

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    Shell fined £40,000 for breaching pollution rules at Fife plant

    Energy giant Shell has been fined £40,000 for breaching climate pollution rules at the Mossmorran Chemical plant in Fife.

    Written by

    The Scottish Environment Protection Agency  (SEPA) imposed the fine after Shell broke regulation on reporting emissions at the site between 2013 and 2015.

    Shell operates a plant at the site in Fife to process thousands of tonnes of North Sea gas per day.

    The company had under reported propane unit volumes by approximately 0.5% of total plant volumes over the three-year period.

    EU rules mean the firm is obliged to report its climate pollution.

    A note on the Sepa website states: “Failure to comply with condition 4 of a Greenhouse Gas Emissions Permit. read more

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    LNG project in B.C. to hire mainly Canadian workers for $40-billion terminal construction

     VANCOUVER SUNDAY 15 JULY 2018

    LNG Canada will hire primarily Canadian workers to build a planned terminal to export liquefied natural gas from Kitimat, B.C., newly released briefing notes for B.C.’s NDP minority government show.

    The employment strategy is in sharp contrast to the abandoned plans by now-defunct rival Pacific NorthWest LNG, which would have use far more foreign workers for a site near Prince Rupert, according to the notes ministry officials prepared for Premier John Horgan and Energy Minister Michelle Mungall. read more

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    U.S. issues sanctions warnings for firms invested in Nord Stream pipeline

    |By: , SA News Editor

  • The U.S. warns Western companies invested in Russia’s Nord Stream 2 natural gas pipeline to Germany that they are at risk of sanctions.
  • The $11B project, led by Gazprom (OTCPK:OGZPY), would double capacity of the existing Nord Stream 1 pipeline under the Baltic Sea to Germany, bypassing traditional routes through Ukraine.
  • Pres. Trump sharply criticized Germany yesterday for being a “captive” of Russia because of its support for the pipeline.
  • A German business group says it is not up to the U.S. to dictate how German companies do business, that the country’s energy partnership with Russia had spanned decades with mutual benefits, and that gas imports from Russia are a competitively priced and reliable energy source.
  • Germany’s Uniper (OTC:UNPRF) and BASF’s (OTCQX:BASFY) Wintershall are among western partners involved in the project, as well as Royal Dutch Shell (RDS.A, RDS.B), Engie (OTCPK:ENGIY) and OMV (OTCPK:OMVJF).
  • Now read: Gazprom: From Russia With Love
  • read more

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    Chevron, Shell get first waivers to U.S. steel tariffs

    By: , SA News Editor: 12 July 2018

  • The Trump administration has granted the oil and gas sector its first exclusions from a 25% tariff on steel imports, after agreeing with Chevron (NYSE:CVX) and Royal Dutch Shell (RDS.A, RDS.B) that the specialty steel the companies were importing is not manufactured in the U.S.
  • The U.S. Commerce Department approved exclusions for 243 metric tons of steel casing and production tubing Shell said it would use when drilling wells in the Gulf of Mexico, and to CVX for 50 metric tons of corrosion resistant stainless steel tubing.
  • The exclusions mark a victory for the oil and gas industry, which is concerned that the tariffs could raise their costs; the Commerce Department has processed only 241 out of more than 20K steel tariff exclusion requests.
  • read more

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    Oil Spill – Nigerian Communities/Shell Face-Off

    By Egufe Yafugborhi

    Port Harcourt — Communities in Bayelsa State impacted by May 17 oil spillage from Shell Petroleum Development Company’s, SPDC, Trans-Ramos Pipeline have vowed to disrupt repairs on the key asset over perceived biased Joint Investigation Visit, JIV.

    However, Bamidele Odugbean, in a Shell feedback, said it would be hasty and unfair for any party to question the JIV process that was yet to be concluded, adding that the issues with relief materials would be looked into.

    The representatives of the communities, which raised the concern, are Arthur Bendiwei, Egburu Dehmeon Wuka, Eric Paka and Moses for Agge; Egboru Asubor, Bunky England and Martins Tuduo, for Ekogbene and Monday Etoige and Oborowei Fred, for Kandaghan. read more

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    Nigeria says Shell signs $3.7B gas project agreement

    |By: , SA News Editor

  • Royal Dutch Shell (RDS.A, RDS.B) reportedly has signed an agreement with Nigeria’s state-run oil company and two other groups to develop natural gas projects worth $3.7B, as part of the country’s efforts to deal with a looming domestic fuel shortage.
  • The seven projects would add 3.4B cf/day of natural gas to the Nigerian market to avoid a shortage that has been forecast for 2020, with gas produced under the projects used to produce a target amount of 15 GW of electricity by that year.
  • Nigeria is Africa’s top oil producer but has suffered a decline in oil and gas investments – despite the rebound in crude oil prices – due to a lack of government incentives and a delay in the approval of energy industry reform.
  • read more

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    The Pipeline Trump Says Risks Making Germany ‘a Captive of Russia’

    By Elena Mazneva and Laurence Arnold: 11 July 2018

    A planned natural-gas pipeline, Nord Stream 2, is the latest point of friction between U.S. President Donald Trump and German Chancellor Angela Merkel. At a summit meeting of North Atlantic Treaty Organization members, Trump said the pipeline risks making Germany “a captive of Russia.” He’s not the first American leader to criticize the pipeline project, and the U.S. isn’t alone in its disapproval.

    1. What is Nord Stream 2?

    It’s a planned new 1,230 kilometer (764-mile) undersea pipeline that will carry natural gas from fields in Russia to the EU network at Germany’s Baltic coast. It will double the capacity of an existing undersea route and cut Russia’s reliance on gas transit through Ukraine. (Russia has been locked in conflict with Ukraine since 2014, when a pro-Russian president there was forced from power and Russia seized the country’s Crimean Peninsula.) Russia’s Gazprom PJSC is overseeing the project with funding from five investors including Royal Dutch Shell Plc and Engie SA, which are providing half of the 9.5 billion-euro ($10.3 billion) in cost. read more

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    Japanese refiner Idemitsu wins family backing for Showa Shell merger

    Japanese refiner Idemitsu wins family backing for Showa Shell merger

    Osamu Tsukimori, Chris Gallagher: 10 JULY 2018

    TOKYO (Reuters) – Japanese oil refiners Idemitsu Kosan and Showa Shell Sekiyu said on Tuesday they had agreed to merge on April 1 next year, after Idemitsu’s founding family dropped its long-standing opposition to the plan.

    The refiners will merge via a share swap, and Showa Shell will be delisted on March 29, they said in a statement, pushing the shares of the two companies up sharply in afternoon trade.

    The combined firm would account for about 30 percent of Japan’s domestic gasoline sales, second only to JXTG Holdings, which controls about half the market. read more

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    Hundreds of Norway oil workers go on strike, Shell shuts Knarr field

    Hundreds of Norway oil workers go on strike, Shell shuts Knarr field

    Gwladys Fouche, Lefteris Karagiannopoulos: JULY 10, 2018 OSLO (Reuters) – Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated field and helping send Brent crude prices higher.

    One union said hundreds more workers would join the strike on Sunday if an agreement over union demands for a wage increase and pension rights was not reached.

    Royal Dutch Shell (RDSa.L) said that due to the strike it was temporarily closing production at its Knarr field, which has a daily output of 23,900 barrels of mostly oil, but also natural gas liquids and natural gas.

    Shutting the field, whose owners are Idemitsu (5019.T), Wintershall [WINT.UL] and DEA, could take up to 36 hours, it said. read more

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    Shell shuts down Norway’s Knarr oil and gas field due to strike

    REUTERS STAFF: 10 JULY 2018

    OSLO (Reuters) – Royal Dutch Shell (RDSa.L) is shutting down production at its Knarr field in the North Sea after workers walked out on strike on Tuesday, the company said.

    “As a result of the strike, Knarr is closing its production in the Norwegian North Sea,” said Shell spokeswoman Kitty Eide. “We started shutdown operations this morning and to complete them can take up to 36 hours. As soon as the strike is over, we will restart production. No other fields or platforms that we are operator of are affected by the strike.”

    Production at Knarr is 3,800 standard cubic metres of oil equivalents. It produces mostly oil, with some natural gas liquids and gas production.

    The partners in the Knarr field are Japan’s Idemitsu (5019.T), Wintershall [WINT.UL] and DEA, according to data from the Norwegian Petroleum Directorate. read more

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    Japan oil refiners Idemitsu and Showa Shell to merge

    Japan oil refiners Idemitsu and Showa Shell to merge

    Deal proceeding after end of bitter dispute with founding family members who objected

    Merging Japan’s number two and number four oil refiners would create a group with $47bn in combined annual revenue © Bloomberg

    The merger of two of Japan’s leading oil refiners is set to go ahead after a two-year delay, ending a bitter dispute with founding family members who had sought to derail the deal. Under the original agreement reached in 2015, Royal Dutch Shell had planned to sell its 33 per cent stake in Showa Shell for $1.6bn to Idemitsu as part of efforts to reduce debt and streamline operations after its £35bn takeover of BG Group. FULL FT ARTICLE read more

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    Shell ramps up in Kitimat, raising Canada’s $30B LNG hopes

    NATALIE OBIKO PEARSON, BLOOMBERG: July 9, 2018

    A flurry of activity is raising optimism that Royal Dutch Shell Plc and its partners are ready to go ahead with the nation’s largest infrastructure project: a $40 billion liquefied natural gas terminal that could at last unlock energy exports to Asia.

    The action is unmistakable in Kitimat, the Pacific coast city hugging a deep inlet that would be the closest launch point on the continent for LNG cargoes to Asia. The lights are on, shades open and SUVs parked outside a 49-unit apartment complex built to house Shell executives, which sat mostly darkened for the last two years. Local workers have left jobs at a Rio Tinto Plc smelter nearby to join contractors ramping up for the LNG project. Landlords are raising rents and houses are selling twice as fast as they used to in anticipation of a flood of workers coming to town. read more

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    Big Oil’s Next Major Move

    By Tim Daiss – Jul 08, 2018, 10:00 AM CDT

    Several oil majors, including Royal Dutch Shell and BP, are boosting their share of natural gas output. A Bloomberg report said these two oil companies, by increasing gas production, are trimming the lead between them and ExxonMobil, the world’s largest publicly traded oil company. ExxonMobil has a current market cap of $348 bn, while Shell has market cap of $317 bn, and BP at $156 bn.

    BP expects by 2020 to produce about 60 percent gas and 40 percent oil, a reversal from 2014 when it was the opposite – a pivot that many other oil companies will likely follow. ExxonMobil for its part currently produces about 55 percent oil and 45 percent gas and remains the largest natural gas producer in the US. Shell’s acquisition of UK-based BG Group for $50 bn in 2016 boosted the share of natural gas to 50 percent of its global fossil fuels output and made it the world’s largest natural gas trader. read more

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    Church of England to withdraw funds from polluting firms that fail to tackle climate change

    8 JULY 2018 • 7:00PM

    The Church of England is to withdraw funds from polluting firms that fail to tackle climate change.

    Companies including Shell and BP could face disinvestment from the church within five years if they do not fall in line with strict environmental measures.

    Its General Synod, meeting this weekend in York, voted to bring in the timetable to put more pressure on companies which fail to meet the aims of the Paris climate accords.

    The church pulled £12m in funds out of assets such as coal and tar sands oil following another Synod vote in 2015, but is still an investor in major fossil fuels companies.

    The church’s pension fund, worth £2bn, is understood to be in deficit, but a spokesman said it was on track to remove it.

    The decision came after the church was slammed by one of its bishops for failing to move with sufficient urgency. read more

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    Millennials fight back against Shell’s attempt to woo them at ‘Make the Future’ festival

    Millennials fight back against Shell’s attempt to woo them at ‘Make the Future’ festival

    9th July 2018

    Climate activists staged an anti-greenwash dodgeball game outside Shell’s Make the Future festival at the Olympic Park, London, yesterday.

    They also invited young people to take photos with a poster pledging they wouldn’t not work for Shell while the company continues to invest in fossil fuels.

    Shell’s Olympic Park event is part of an international PR push under the banner of Make the Future banner, aimed at convincing young people that the oil industry is a desirable employer.

    Shale oil read more

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    $US150 a barrel? Shareholder greed could make oil prices double

    By Ben Sharples: Bloomberg News: 7 July 2018

    Oil investors may regret urging companies to cough up cash now instead of investing in growth for later as the dearth of exploration is setting the stage for an unprecedented crude price spike, according to Sanford C. Bernstein.

    Companies have been compelled to focus on boosting returns and shareholder distributions at the expense of capital expenditures aimed at finding new supplies, analysts including Neil Beveridge wrote in a note on Friday. read more

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    Shell Subsidiary to Pay $3.8 Million for 2016 Gulf Spill

    Shell Subsidiary to Pay $3.8 Million for 2016 Gulf Spill

    A subsidiary of Royal Dutch Shell has agreed to pay $3.8 million to the U.S. government to settle a lawsuit over a 2016 oil spill in the Gulf of Mexico.

    NEW ORLEANS (AP) — A subsidiary of Royal Dutch Shell has agreed to pay $3.8 million to the U.S. government to settle a lawsuit over a 2016 oil spill in the Gulf of Mexico.

    The May 11, 2016, spill of nearly 2,000 barrels (317974.6 liters) occurred about 97 miles (156 kilometers) off the Louisiana coast.

    The New Orleans Advocate, citing court documents, reports that an investigation pointed to a leak in a piping system that is used to transport oil from a production well on the sea floor.

    The settlement isn’t final. It must first be published in the Federal Register and have a 30-day public comment period before it can get final approval from a federal judge. read more

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    ‘Noisy democracies’ block climate progress for Shell

    Ben van Beurden, chief executive of Royal Dutch Shell, said governments need to lead if the world is to meet the goals of the Paris climate agreement: TIMES NEWSPAPERS LTD

    The boss of Royal Dutch Shell has said it is easier to make progress on climate change in countries such as China than in “noisy democracies” such as Britain.

    Ben van Beurden, chief executive, complained yesterday that the world was spending too much time and effort arguing about how to tackle global warming instead of taking action.

    “In places like China it works very well, governments work very gratefully with us and adopt really incredibly pragmatic and powerful policies, sensible, etc. Here, there are more participants in the debate, let me put it that way,” Mr Van Beurden said. read more

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    Shell boss Ben van Beurden will not set firm emission targets

    Royal Dutch Shell would be “foolhardy” to adopt firm targets for cutting its carbon emissions because it would open itself up to lawsuits, the company’s boss has said.

    The energy group has set an “ambition” to halve the carbon footprint of its energy products by 2050, which it says would put it in line with the Paris climate goals, but has resisted calls for binding commitments.

    Ben van Beurden, Shell chief executive, said that the group did not want to “put ourselves at the mercy of a legal challenge”. read more

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    Shell To Hand Over $3.9M Over 2016 Gulf Oil Spill

    Shell To Hand Over $3.9M Over 2016 Gulf Oil Spill

    Law360 (July 5, 2018, 5:27 PM EDT) — Shell Offshore Inc. agreed to pay nearly $3.9 million in connection with a May 2016 spill of more than 80,000 gallons of oil in the Gulf of Mexico that occurred about 100 miles from the Louisiana coast, according to a consent decree filed Thursday in federal… SOURCE

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    Shell CEO Van Beurden says UK should move 2040 car ban forward

    Shell CEO Van Beurden says UK should move 2040 car ban forward

    Chief executive of Shell, Ben Van Beurden, has reportedly said today that he believes the 2040 UK ban on petroleum and diesel car sales should be brought forward.

    Written by

    In response to a question from an audience member at the Powering Progress Together event in London, Mr Van Beurden reportedly said that while “everyone was going to have to move quickly, the UK ought to move more quickly than most” and that it was “sensible” that the government move the 2040 target forward.

    Mr Van Beurden was speaking at the event on the eve of the company’s Shell Eco Marathon to outline his firm’s commitment to a “cleaner future, transport and beyond”. read more

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    Shell CEO says ‘foolhardy’ to set carbon reduction targets

    Shell CEO says ‘foolhardy’ to set carbon reduction targets

    Ron Bousso: JULY 5, 2018

    LONDON (Reuters) – Royal Dutch Shell’s boss said it would be “foolhardy” for the oil and gas producer to set hard targets to reduce carbon emissions as it risked exposing the energy giant to legal challenges.

    The energy industry has struggled in recent years to find a clear path to secure its role as the world shifts from fossil fuels in order to meet the 2015 Paris climate agreement goals.

    Shell Chief Executive Officer Ben van Beurden last year set out ambitions last year to halve its carbon emissions by 2050, far exceeding rivals. But the Dutch CEO resisted calls by activists and some investors to set binding targets. read more

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    The Netherlands Can’t Afford To Keep Its Natural Gas Promise

    By Vanand Meliksetian – Jul 03, 2018, 3:00 PM CDT

    The Netherlands has been the source of cheap energy for northwest Europe for the past decades. The discovery of the Groningen gas field, the 9th largest in the world, provided a reliable source of energy in a period when the oil market was rocked by embargos due to the Yom Kippur War in 1973. The future of the Dutch gas sector, however, looks bleak due to two important developments in 2018: a political decision to reduce production with a timeline to stop entirely until 2030 and a new climate agreement. The Netherlands is preparing to make major changes regarding the role of gas in people’s lives. read more

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    Groningen needs reinforcement: watchdog

    Groningen needs reinforcement: watchdog

    The repair and reinforcement of Dutch homes damaged by gas-extraction earthquakes in Groningen needed to be speeded up, the state supervisor on mines SoDM told economic minister Eric Wiebes.

    RTL Nieuws reported that SoDM found approximately 1,900 homes in the region that, if not reinforced quickly, would no longer meet official safety standards. The distinctly Dutch rules state the risk of someone dying in an earthquake must not be higher than the risk of someone drowning in a flood elsewhere in the Netherlands. read more

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    Big Oil, Utilities are Lining Up for an Electric Vehicle War

    Big Oil, Utilities are Lining Up for an Electric Vehicle War

    By Kelly Gilblom and Anna Hirtenstein2 July 2018, 05:00 BST

    • BP and Shell have bought electric-car charging companies
    • Power utilities are boosting sales to homes, chargers on roads

    A red-hot electric vehicle market has triggered a face-off between Big Oil and utilities.

    Oil majors, who’ve sold fossil fuels to cars for a century, are now moving into an electricity sector that’s preparing for exponential growth. The problem is that utilities, the primary power suppliers for a century, have the same idea.

    BP Plc predicts electric vehicle sales will surge by an eye-watering 8,800 percent between 2017 and 2040, making it an attractive business for oil companies as demand for gasoline and diesel are forecast to slow. Big Oil will have to battle the traditional utilities for charging at people’s homes, on the road and even offices of green-car owners. read more

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    Debt levels hit record £391bn as companies ramp up payouts

    1 JULY 2018 • 9:14PM

    Companies racked up a record £391bn of debt in the face of demand from investors to step up dividends and as bosses went hunting for deals.

    The overall level of debt for UK plc in the 2017-18 financial year far surpassed pre-crisis levels of £286bn, according to the Debt Monitor report published by Link Asset Services UK today.

    Among the heavy borrowers, oil giants BP and Royal Dutch Shell accounted for £1 in every £7 of all UK companies’ net debts last year. read more

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