Seeking Alpha
Big Oil’s Very Bad Wednesday
May 30, 2021 11:55 PM ETBNO, CVX, DBE… MV FinancialSummary
May, 2021:
Big Oil’s Very Bad Wednesday
Oil Giants Get 20-Year License Extension from Nigeria
allAfrica.com
Oil Giants Get 20-Year License Extension from Nigeria
The Nigerian National Petroleum Corporation has signed a contract with its partners on oil mining lease (OML) 118 to expand the Bonga oilfield and unlock a U.S.$10 billion investment in the country’s deepwater resources. The OML license for the block partners Shell, Total, Exxon Mobil and Eni were renewed for another 20 years, and five agreements including settlements on a tax dispute and production sharing contracts were finalized. The deal signals the end of “long-standing disputes over the interpretation of the fiscal terms of the production-sharing contracts” between the investors in the field.
OPL 245 Saga: Anti-corruption groups applaud President’s stance
THE SUN
OPL 245 Saga: Anti-corruption groups applaud President’s stance
27 MAY 2021
By Henry Uche
Human & Environmental Development Agenda, HEDA, Re: Common, Corner House and Global Witness have applauded President Buhari’s insistence that the oil field could not be developed until corruption cases had concluded.
HEDA’s Chairman, Olarenwaju Suraj in a statement revealed that the license for Nigeria’s offshore OPL 245 oil block has expired, as Eni confirmed in response to questions at their 2021 annual general meeting. The expiry of the license returns control of the oil field to the Nigerian Government.
Court orders Shell to slash CO2 emissions in landmark climate ruling
CNN
Court orders Shell to slash CO2 emissions in landmark climate ruling
“This is a turning point in history,” said Roger Cox, lawyer for Friends of the Earth Netherlands.
Updated 2000 GMT (0400 HKT) May 26, 2021
London (CNN Business)A Dutch court has ruled that Royal Dutch Shell must dramatically reduce its carbon emissions in a landmark climate decision that could have far reaching consequences for oil companies.
The company must slash its CO2 emissions by 45% by 2030 from 2019 levels, according to a judgment from a district court in The Hague on Wednesday. That includes emissions from its own operations and from the energy products it sells.
This is the first time that a court has ruled a company needs to reduce its emissions in line with global climate goals, according to Friends of the Earth Netherlands, an environmental campaigning group that brought the case against Shell (RDSA).
The verdict could pave the way for similar cases to be brought in other countries, forcing oil companies to reduce fossil fuel production. It comes just a week after the influential International Energy Agency told oil companies they need to stop drilling for oil and gas right now to prevent a climate catastrophe.
The Anglo-Dutch company announced plans in September to become a net zero emissions company by 2050, a target that includes emissions from its products. It is currently targeting a 20% reduction in carbon intensity by 2030, and 45% by 2035.
“This is a turning point in history,” said Roger Cox, lawyer for Friends of the Earth Netherlands.“This case is unique because it is the first time a judge has ordered a large polluting corporation to comply with the Paris Climate Agreement. This ruling may also have major consequences for other big polluters,” added Cox.
The impact of the decision will be amplified because the court relied on global human rights standards and international instruments on climate change in arriving at its decision, according to legal experts.
“I can imagine this will inspire a series of other cases against companies, especially those active in the oil extraction industries like Shell,” said Eric De Brabandere, a professor of international dispute settlement at Leiden University in the Netherlands. “It is a groundbreaking decision, it’s really a landmark.”
Mounting pressure
While Shell claims that its carbon intensity targets are aligned with the Paris Agreement — which aims to limit global temperature increases to 1.5 degrees Celsius — Friends of the Earth Netherlands argues that the company’s ongoing investments into oil and gas extraction show that it doesn’t take climate change seriously.
The court found that Shell’s carbon emissions pose a “very serious threat” to Dutch residents, and that the company has an “individual responsibility” to reduce emissions. The court said the company would have “total freedom” to comply with its order and to shape corporate policy.
Shell indicated it would appeal the ruling, which is immediately enforceable, according to De Brabandere.
“We are investing billions of dollars in low-carbon energy, including electric vehicle charging, hydrogen, renewables and biofuels. We want to grow demand for these products and scale up our new energy businesses even more quickly. We will continue to focus on these efforts and fully expect to appeal today’s disappointing court decision,” a Shell spokesperson said in a statement.
Oil companies are facing mounting pressure from shareholders and activists to ditch fossil fuels and invest into cleaner energy sources. The ruling handed down on Wednesday “may sound revolutionary, but, in fact, it is in line with what long term investors are increasingly asking companies to do anyway,” said Cees van Dam, a professor of international business and human rights at the Rotterdam School of Management.
At its annual meeting on Wednesday, ExxonMobil (XOM) will face a challenge from activist investor Engine No. 1, which is seeking to replacealmost a third
Court orders Royal Dutch Shell to cut carbon emissions by 45% by 2030
The Guardian
Court orders Royal Dutch Shell to cut carbon emissions by 45% by 2030
Daniel Boffey: Wed 26 May 2021 15.25 BST
A court in the Hague has ordered Royal Dutch Shell to cut its global carbon emissions by 45% by the end of 2030 compared to 2019 levels, in a landmark case brought by Friends of the Earth and over 17,000 co-plaintiffs.
The oil giant’s sustainability policy was found to be insufficiently “concrete” by the Dutch court in an unprecedented ruling that will have wide implications for the industry.
Shell To Sell Interest In Deer Park Refinery To Partner Pemex
Shell To Sell Interest In Deer Park Refinery To Partner Pemex
THE HAGUE, Netherlands, May 24, 2021 /PRNewswire/ — Shell Oil Company, a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its interest in Deer Park Refining Limited Partnership, a 50-50 joint venture between Shell Oil Company and P.M.I. Norteamerica, S.A. De C.V. (a subsidiary of Petroleos Mexicanos, or Pemex). The transaction will transfer Shell’s interest in the partnership, and therefore full ownership of the refinery, to Pemex, subject to regulatory approvals.
Shell sees potential in North Sea prospect amid exploration slump in area
The Herald
Shell sees potential in North Sea prospect amid exploration slump in area
By Mark Williamson: Group Business Correspondent: 25 May 2021
ROYAL Dutch Shell has underlined its belief in the potential of a North Sea prospect that was brought to its attention by a relative minnow.
North Sea-focused Deltic Energy announced yesterday that Shell has appointed contractors to complete site survey work on the Pensacola prospect in preparation for the firms drilling a well on it.
FULL ARTICLEShell faces Dutch court ruling on global emissions
EnergyVoice.com
Shell faces Dutch court ruling on global emissions
By Ed Reed: 24 May 2021
A court in The Hague will rule on May 26 on a climate case against Shell, led by Friends of the Earth Netherlands (Milieudefensie).
The environmentalist case demands that Shell cut CO2 emissions by 45% by 2030. Success for the NGO would see the corporation ordered to “reduce its emissions in line with global climate goals”.
The outcome, it said, should “impact climate policy and corporate accountability globally”. It does not seek compensation, rather a change to Shell’s business plan.
Baton Rouge-based firm bids $1.25 bln for Shell’s idled Louisiana refinery
Baton Rouge-based firm bids $1.25 bln for Shell’s idled Louisiana refinery
HOUSTON, May 24 (Reuters) – American Clean Energy Refining LLC (ACER) is bidding to buy an idled refinery of Royal Dutch Shell Plc RDSa.L in Convent, Louisiana, the chief executive of the Baton Rouge-based company said on Sunday night.
ACER has offered $1.25 billion for the idled 211,146 barrel-per-day (bpd) Convent refinery, which was shut in December 2020, Chief Executive Officer George Dabbs said.
A Shell spokesman was not immediately available for comment.
Why the World Worries About Russia’s Nord Stream Pipeline
THE WALL STREET JOURNAL
Why the World Worries About Russia’s Nord Stream Pipeline
May 20, 2021 at 3:26 p.m. GMT+1
A natural gas pipeline being built under the Baltic Sea from Russia to the German coast is shaking up geopolitics. Nord Stream 2, as it’s called, fuels worries in the U.S. and other countries that the Kremlin’s leverage over Europe and its energy market may increase once the pipeline is operational. The U.S. administration has admitted that stopping the gas link, which the project operator says is 95% complete, would be a long shot yet remains committed to opposing it.
Shell Green Plans Under Scrutiny as Holders Seek More Action
Shell Green Plans Under Scrutiny as Holders Seek More Action
Laura Hurst
(Bloomberg) — Royal Dutch Shell Plc has been under increasing pressure from investors to slash emissions and pivot toward cleaner energy, and the tension was on show at its shareholder meeting on Tuesday.
The company’s long-term energy transition plan, laid out to investors for the first time, received overwhelming support, but a competing resolution asking for stricter targets also garnered more votes than ever. Adding to the tension, shareholders were meeting as the International Energy Agency warned that all new oil and gas developments need to stop immediately for climate targets to be met.
Shell in talks with Nigeria to divest onshore oil stakes
REUTERS
Shell in talks with Nigeria to divest onshore oil stakes
May 18, 2021: Shell, the operator of the West African country’s onshore oil and gas joint venture SPDC, has struggled for years with spills in the Niger Delta as a result of pipeline theft and sabotage as well as operational issues. The spills have led to costly repair operations and high-profile lawsuits. Speaking at the company’s annual general meeting, CEO Ben van Beurden said that Shell can no longer be exposed to the risk of theft and sabotage.
U.S. Supreme Court backs energy companies over Baltimore in climate case
U.S. Supreme Court backs energy companies over Baltimore in climate case
WASHINGTON (Reuters) – The U.S. Supreme Court on Monday ruled in favor of BP PLC, Chevron Corp, Exxon Mobil Corp, Royal Dutch Shell PLC and other energy companies contesting a lawsuit filed by the city of Baltimore seeking monetary damages from them due to costs caused by global climate change.
The 7-1 ruling, authored by conservative Justice Neil Gorsuch, came on a technical legal issue that could help the companies in their effort to have the case heard in federal court, as they would prefer, instead of state court, which the city favors as it is seen as a more amenable venue.
Shell, Singapore university to work on $3.4 mln decarbonisation study
Shell, Singapore university to work on $3.4 mln decarbonisation study
Reuters: May 14, 2021, 7.29 AM BST
Royal Dutch Shell (RDSa.L) said on Friday it will be working with a university in Singapore in a research project worth S$4.6 million ($3.4 million) over three years to convert carbon dioxide to fuels and petrochemicals.
Researchers from Shell and the National University of Singapore (NUS) will develop processes to produce ethanol and n-propanol from carbon dioxide, a byproduct from industrial processes, the two organizations said in separate statements on their websites.
JPMorgan ordered to disclose US documents in Nigeria oil case
JPMorgan ordered to disclose US documents in Nigeria oil case
Ruling comes ahead of trial in which bank is accused of enabling $875m in misappropriated payments
Anjli Raval, Senior Energy Correspondent
Nigeria has succeeded in an effort to force JPMorgan Chase to disclose more documents ahead of a trial in which the US bank stands accused of enabling the misappropriation of almost $900m in state funds. The UK High Court on Tuesday granted the African nation’s application to secure records from top US executives and compliance officers involved in signing off $875m in payments between 2011 and 2013 relating to the controversial OPL 245 oil licence deal.
Vote against Shell’s energy transition strategy, Pirc urges investors
Vote against Shell’s energy transition strategy, Pirc urges investors
Hannah Godfrey: Tuesday 11 May 2021
Shareholder advisory PIRC has recommended investors vote against Shell’s non-binding resolution on its energy transition strategy at its annual meeting next week.
The Pensions & Investment Research Consultants (PIRC), a major proxy advisory, said Royal Dutch Shell’s strategy to cut emissions “does not seem to have a clear plan for the competitive aspects of the energy transition.”
Just 100 km left to complete Nord Stream 2 pipeline, ambassador says
Just 100 km left to complete Nord Stream 2 pipeline, ambassador says
NAM director calls for rethink on Groningen earthquake damage
NAM director calls for rethink on Groningen earthquake damage
Just 50 not 26,000 homes in the Groningen earthquake area need strengthening to comply with the latest safety standards, according to Johan Atema, director of gas company NAM in the NRC.
So far 2,000 homes have been strengthened because they are vulnerable to the quakes, caused by the ground settling after natural gas has been extracted. And only half the 26,000 homes identified as being problematic have actually been inspected.
Shell tells Tunisia it plans to exit upstream activities next year
Shell tells Tunisia it plans to exit upstream activities next year
TUNIS (Reuters) -Royal Dutch Shell has informed Tunisian authorities it will hand back upstream concessions and leave the country next year as it turns its focus to renewable energy, Rania Marzouki a senior official in the energy ministry, told Reuters.
Shell’s departure will mean the Miskar concession in southern city of Gabes will be handed back to the government, she said, and Shell has also requested the early hand-back of the Asdrubal permit, which expires in 2035.
Cheniere and Shell deliver carbon-neutral U.S. LNG to Europe
Cheniere and Shell deliver carbon-neutral U.S. LNG to Europe
Sabrina Valle:
U.S. liquefied natural gas company Cheniere Energy Inc (LNG.A)said Tuesday it supplied a carbon neutral cargo to Royal Dutch Shell (RDSa.L) as part of a long-term agreement, joining a list of sellers neutralizing emissions as more buyers commit to environmental targets.
“I think offering climate solutions to our customers is going to be a bigger and bigger portion of our business,” Cheniere Chief Executive Jack Fusco said during the company’s first quarter earnings call.
Shell Sells Washington Puget Sound Refinery To HollyFrontier
Shell Sells Washington Puget Sound Refinery To HollyFrontier
May 04, 2021, 16:40 ET
HOUSTON, May 4, 2021 /PRNewswire/ — Equilon Enterprises LLC d/b/a Shell Oil Products U.S. (Shell), a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its Puget Sound Refinery near Anacortes, Washington to a subsidiary of HollyFrontier Corporation, an independent refiner headquartered in Texas (HollyFrontier), for $350 million in cash plus the value of the hydrocarbon inventory. The transaction is expected to close in Q4 2021, subject to regulatory clearance and other customary closing conditions.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
MORE DETAILS:
A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
