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Shell churns out cash like oil’s above $100 again

Oil is trading well below its price of a decade ago, but you’d have no idea looking at Royal Dutch Shell Plc’s giant pile of cash.

The Anglo-Dutch oil major generated the most cash from operations in 10 years last quarter — almost $15 billion. The last time Shell pumped out that much money was the year crude soared to $140 a barrel, compared with about $75 today.

As a result, the company is showing greater confidence. It increased the pace of a $25 billion buyback program, rewarding shareholders who stuck with it through crude’s collapse. The cash surge is a feather in the cap of Chief Executive Officer Ben van Beurden, who splashed more than $50 billion on buying BG Group Plc in 2016 during the depths of the downturn. read more

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Shell’s up next, and last, in $200 billion Australia LNG bonanza

And then there was one.

Australia’s nine-year, $200 billion boom in liquefied natural gas still has a final debut in the works: Royal Dutch Shell Plc’s Prelude, floating 200 kilometers (124 miles) off its northwest coast. It’s the last project in that investment cycle to start production after Japan’s Inpex Corp. shipped its maiden cargo from Ichthys LNG on Monday.

Shell’s Prelude is among seven export projects in gas-rich Australia sanctioned since 2009 by global energy giants including Chevron Corp. and Exxon Mobil Corp., as well as regional big hitters such as Australia’s Woodside Petroleum Ltd. and Malaysia’s Petroleum Nasional Bhd. The Pacific nation now rivals Qatar as the world’s biggest seller of LNG, a form of natural gas super-chilled into a liquid that can be shipped on tankers. read more

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Oil CEOs Jostle for Global Natgas Crown Under Putin’s Gaze

Royal Dutch Shell Plc Chief Executive Officer Ben van Beurden

By Elena Mazneva , Dina Khrennikova , and Jack Farchy

4 October 2018, 00:01 BST

  • Pouyanne responds to Shell investment in Canadian LNG project
  • Russia is now largest source of Total’s oil and gas output

Two oil company bosses shared a stage with one of the most powerful men in the market, and all they wanted to do was brag about natural gas.

Royal Dutch Shell Plc Chief Executive Officer Ben van Beurden hailed his $31 billion liquefied natural gas venture in Canada, the biggest new project since 2013. Very nice, but not as competitive as low-cost Russian supplies, said Total SA boss Patrick Pouyanne. read more

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Free Gas! Alberta Market Looks Forward to Shell Export Project

By Rachel Adams-Heard and Ryan Collins: 1 October 2018, 19:11 BST: Updated on 1 October 2018, 22:42 BST

  • The company said to reach final investment decision on terminal
  • U.S. competition has pummeled Western Canadian gas prices

An export terminal on Canada’s west coast may eventually rescue one of the cheapest markets for natural gas in North America — so cheap that sometimes the fuel price falls below zero.

Royal Dutch Shell Plc and its four partners have agreed to invest in the $31 billion LNG Canada project, according to people familiar with the matter. The decision to build the export terminal provides a much-needed outlet for gas in a region battered by competition from U.S. drillers, which has created bottlenecks so severe that prices can occasionally go negative. read more

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Shell-Led LNG Project Bucks Trend by Not Waiting for Buyers

By Naureen S Malik and Natalie Obiko Pearson: 1 October 2018, 22:53 BST: Updated on 2 October 2018, 08:32 BST

  • LNG Canada partners said to formally approve investments
  • British Columbia gas-export terminal to cater to Asian markets

The developers of a C$40 billion ($31 billion) project to export Canadian natural gas are taking on a bold strategy: build now and worry about buyers later.

After a decade of planning and negotiations, Royal Dutch Shell Plc and four partners gave their formal approval to build the gas-liquefaction and export terminal in British Columbia, according to a statement late Monday local time. The super-chilled fuel that’s produced will be divided up among the partners, who will each be free to sell it however and to whomever they please, according to Andy Calitz, chief executive of the joint venture, LNG Canada. read more

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Shell, Partners Announce $31 Billion LNG Canada Investment

By Natalie Obiko Pearson , Stephen Stapczynski , Elffie Chew , and Kelly Gilblom: 2 October 2018, 07:08 BST: Updated on 2 October 2018, 13:51 BST

  • Project will create new route to Asia for North American gas
  • Investment to be Canada’s largest infrastructure project

Royal Dutch Shell Plc and its partners announced an agreement to invest in a multibillion-dollar liquefied natural gas project in western Canada — the largest of its kind in years that will carve out the fastest route to Asia for North American gas.

LNG Canada — comprised of Shell, Malaysia’s Petroliam Nasional Bhd, Mitsubishi Corp., PetroChina Co. and Korea Gas Corp. — confirmed the expected final investment decision in the C$40 billion ($31 billion) project, according to a statement from Shell on Tuesday. Bloomberg News reported Sunday that the group had approved the investment and an announcement was imminent. read more

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Shell Tries to Come Clean on Its Dirty Past in Nigeria

Italian prosecutors allege that a year after its agreement with the U.S., Shell and Eni SpA, its partner in Nigeria, paid more than $1 billion to win offshore licenses, which mostly went to bribes.

As the company moves away from oil, it can’t shake its years operating in the pollution- and graft-ridden nation.

A leaking, out-of-service Shell oil well head catches fire in Nigeria in 2006. PHOTOGRAPHER: ED KASHI/VII

By Kelly Gilblom

Perched in a helicopter sweeping over the mangrove forests of the Niger Delta, a photographer named Casey is looking for trouble. And she finds it, down among a cluster of tree trunks stained with crude. A faint disturbance in a jungle clearing turns out to be a group of men pawing at a pipeline, a tiny slice of a 1,200-mile web that feeds Royal Dutch Shell Plc’s bustling export hub on Bonny Island. Some of the men flee as the chopper closes in, but most redouble their efforts as Casey aims her camera. “I’ve seen things get better,” she said before takeoff. “Then they go back to getting worse.” read more

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Shell’s LNG Canada ‘Sprints’ Ahead After Asian Partners Give OK

By Jasmine Wang , Stephen Stapczynski , and Aibing Guo: 28 September 2018, 10:23 BST: Updated on 28 Sep 2018, 11:34 BST

  • PetroChina, Kogas approve investment in gas export venture
  • All partners expected to take final investment decision soon

Two of Royal Dutch Shell Plc’s Asian partners in a liquefied natural gas venture in western Canada approved their share of the investment, pushing the multibillion-dollar development one step closer to a final approval.

The board of PetroChina Co., the nation’s largest oil and gas company, approved its $3.46 billion share of the LNG Canada project, the company said in a filing to the Hong Kong stock exchange Friday. Korea Gas Corp. made a similar announcement in Seoul about its stake. read more

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Shell Poised for LNG Canada Decision With Signs Pointing to Yes

By Natalie Obiko Pearson , Michael Bellusci , and Kevin Orland
26 September 2018, 15:31 BST

  • Shell, partners said to plan announcement in early October
  • Project group plans event involving fireworks in Kitimat

Royal Dutch Shell Plc and its partners are set to announce a decision on their C$40 billion ($31 billion) liquefied natural gas terminal in western Canada as early as next week, amid signs the companies are poised to approve it, according to people familiar with the plans.

Preparations for an Oct. 5 announcement followed by an LNG Canada event and fireworks at the local golf club the next day are underway in Kitimat, British Columbia, the site of the proposed project, said people with direct knowledge of the activities, who asked not to be identified. The situation is fluid and timing could change, the people said. read more

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Shell Is in Talks to Sell $1.3 Billion in Gulf Coast Assets

By Kiel Porter and Kelly Gilblom: 20 September 2018, 21:38 BST

  • Oil major seeks to sell its Caesar Tonga stake to Focus Oil
  • Shell is nearing end of $30 billion divestment program

Royal Dutch Shell Plc, shedding assets to pay for its takeover of BG Group Plc, is in talks to sell its interest in a Gulf of Mexico oilfield to Focus Oil, according to people familiar with the matter.

The deal could value Shell’s stake in the Caesar Tonga field at about $1.3 billion, said the people, who asked to not be identified because the matter isn’t public. A deal hasn’t been completed and negotiations could still fall apart, they said. read more

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Battered Oil-Sands Servicers Pin Hopes on Shell’s LNG Project


By Kevin Orland: 19 September 2018, 11:00 BST

Canadian industry hit hardest by downturn in energy prices

Shell-led group due to decide on $30 billion project this year

A rendering of the Shell LNG site. Source: PSM Ventures Inc.

Companies that do everything from drilling wells to building work camps are pinning their hopes on a potential C$40 billion ($30 billion) liquefied natural gas facility on British Columbia’s Pacific Coast. LNG Canada, the Royal Dutch Shell Plc-led group behind the plant, may decide whether to build the project in the coming weeks.

The export complex would be a boon for an industry that was hit hardest by the 2014-2016 downturn in oil and gas prices, and one that still hasn’t recovered. The project would need new pipelines built and fresh gas wells drilled, bringing scores of workers and tons of equipment off the sidelines.

“To see some sort of major infrastructure investment go forward would be pretty positive, both from an investment and an economics and an employment perspective,” said Scott Matson, chief financial officer of Horizon North Logistics Inc. read more

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African Oil Hunt Returns as Majors Seek to Tap Vast Reserves

By Paul Burkhardt: 5 September 2018, 00:01 BST: Updated on 5 September 2018, 14:31 BST

  • Rigs drilling in Africa’s waters have hit a two-year high

  • Companies including Exxon, Shell, BP have accumulated acreages

Africa is entering the oil-hunt spotlight as drillers, flush with cash after crude’s recovery, are turning their attention back to the continent’s potentially vast resources.

The world’s biggest companies from Exxon Mobil Corp. to Royal Dutch Shell Plc and BP Plc are setting up camp across Africa. Armed with stronger balance sheets and higher crude prices the industry is on track to double drilling in African waters this year. Rising natural gas demand is adding to the attraction. read more

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Why World Worries About Russia’s Natural Gas Pipeline

Russia’s Gazprom PJSC owns the project, with Royal Dutch Shell Plc and four other investors including Germany’s Uniper SE and Wintershall AG providing half of the 9.5 billion-euro ($11 billion) in cost.

By Elena Mazneva and Anna Shiryaevskaya | Bloomberg
August 27 at 12:00 AM

A planned new natural-gas pipeline into Europe from Russia is shaking up geopolitics. Nord Stream 2, as it’s called, worries leaders in Eastern Europe, has stirred the ire of U.S. President Donald Trump and has put German Chancellor Angela Merkel on the hot seat.

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 — the original Nord Stream — that opened in 2011. Russia’s Gazprom PJSC owns the project, with Royal Dutch Shell Plc and four other investors including Germany’s Uniper SE and Wintershall AG providing half of the 9.5 billion-euro ($11 billion) in cost. read more

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Oil Major and Miner Ethics Scrutinized by Methodist Investors

By Elizabeth Burden and Thomas Biesheuvel
15 August 2018, 08:54 BST

*Methodist fund developing system analyzing company ethics
*Top mining and oil companies will be graded by end of 2018

Divestment may be too blunt an instrument to encourage the world’s biggest oil and mining companies to behave ethically: the Methodist Church is prepared to back those committed to mending their ways.

While the precise workings of its new “traffic light system” are still being debated, the Central Finance Board of the Methodist Church plans to determine by the end of the year whether BP Plc, Royal Dutch Shell Plc, Total SA and Equinor ASA have the ethical credentials to merit continued investor support. Those preferences will be denoted by red, amber and green categories, which will reflect a firm’s efforts and commitment to reducing greenhouse gas emissions, its asset mix, capital expenditure, climate strategy and governance. read more

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Shell Sees Gas as Answer in Nigeria After Decades of Oil Strife

By Kelly Gilblom: 7 August 2018, 10:49 BST

Company plans to use gas to attract foreign-owned factories

Nigeria still lacks robust natural gas distribution network

After decades of difficulties in Nigeria over crude theft, pollution and oil-related corruption, Royal Dutch Shell Plc still feels optimistic a fossil fuel can improve life in the country.

The Anglo-Dutch oil major is seeking to develop Nigeria’s domestic energy market around natural gas. It’s plentiful, harder to steal, better for the environment and can underpin a robust industrial sector that could potentially employ thousands, according to Ed Ubong, the managing director of Shell Nigeria Gas. read more

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INSIGHT: Royal Dutch Shell plc “Shell-shocked” over Tax Structure Criticism

By Miles Dean

Before considering whether the claims have any merit it is necessary to turn back the clock to 2005 when the two operating limbs of the Shell group were brought under one central holding company. The U.K. limb being The Shell Transport and Trading Company plc (“STTC”), the Dutch arm being Royal Dutch Petroleum Company NV (“RDPC”). By way of corporate reorganization, these two companies were brought under the common ownership of a new U.K. incorporated but Dutch tax resident company, namely Royal Dutch Shell plc (“RDS”) on July 20, 2005. 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 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’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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    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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    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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    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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    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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    $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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    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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    Opposition Lawmaker Demands Probe into Netherlands-Shell Tax Deal

    By Linda A. Thompson: June 27, 2018

    A Dutch opposition lawmaker is pushing the government to launch a parliamentary inquiry into Shell, calls that follow criticism of the oil giant’s past deals with the tax authority.

    Jesse Klaver, the leader of the Dutch Greens, is specifically focused on a 2004 tax ruling the tax authority issued to Royal Dutch Shell Plc. A parliamentary inquiry would be lawmakers’ only shot to question Shell executives about the deal, and would be the latest development in scrutiny of the company’s tax planning. read more

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    Future of Big Oil Increasingly Shaped by the Fate of Global Gas

    By Kevin Crowley and Kelly Gilblom
    25 June 2018, 00:00 BST

    Big Oil’s fortunes are becoming tied more closely to natural gas than ever before.

    Majors including Royal Dutch Shell Plc and BP Plc have boosted their proportion of gas output in recent years, helping them trim Exxon Mobil Corp.’s lead as the world’s most valuable oil company. Meanwhile Chevron Corp. added two giant Australian liquefied natural gas projects and Exxon is punching back with two major projects of its own, in Papua New Guinea and Mozambique. read more

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    Debate Over Netherlands’ Tax Treatment of Shell Heats Up

    June 20, 2018

    By Linda A. Thompson

    Practitioners are divided over whether an agreement between Shell and the Dutch tax administration breaks EU government aid rules.

    The debate has heated up in recent days after an article released June 18 by a Dutch academic claimed Royal Dutch Shell Plc avoided a tax on dividends by routing shares through a trust in the Channel Island of Jersey.

    Shell didn’t immediately return a request for comment.

    The company received permission to use the structure in 2005 during a merger of its British and Dutch parent companies, but the agreement may have violated Dutch withholding tax rules, according to the article, written by Jan van de Streek, a professor at the University of Amsterdam. read more

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    Shell May Be Rediscovering Its Swagger in Texas Shale Oil Country

    By Kelly Gilblom: 18 June 2018, 05:00 BST

    Shale oil hasn’t always been Royal Dutch Shell Plc’s best friend, but they’re working on the relationship.

    Shell is said to have bid, with partner Blackstone Group LP, on a portfolio of U.S. shale assets BHP Billiton Ltd. wants to sell for about $10 billion. If it wins, the Anglo-Dutch oil major could exceed its goal of doubling its American onshore output, according to JPMorgan Chase & Co.

    That would boost the unit’s free cash flow — currently on track to grow by $2 billion by 2025 — and turn around a shale portfolio that is currently “mid-lower ranked,” analysts from the bank including Christyan Malek said in a report. read more

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    Shell says Nigeria attacks continue despite oil output recovery

    Nigeria’s oil wells may be flowing again, but the country’s largest operator says attacks continue to put a brake on output.

    Written by

    “Security in parts of the Niger delta remains a major concern with persisting incidents of criminality, kidnapping and vandalism as well as onshore and offshore piracy,” said Igo Weli, general manager for external relations at Royal Dutch Shell Plc’s local unit. The warning underlines the enduring threat of attacks even as production recovers from a major militant campaign in 2016.

    Shell declared force majeure on Bonny Light crude shipments last month following pipeline leaks, while loadings of Forcados exports were also delayed. Weli didn’t specifically link those incidents to his comments on vandalism. read more

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    As Trump Riles Europe on Trade, Putin Offers More Natural Gas

    …the EU may protect the companies financing Nord Stream 2. Those include Royal Dutch Shell Plc…

    By William Wilkes and Ewa Krukowska
    4 June 2018, 05:00 BST

    As Donald Trump’s trade policy risk worsening economic conflict with Europe Union, Russia’s Vladimir Putin is strengthening ties with the region.

    Putin will mark 50 years of gas exports to Europe at an event in Vienna on Tuesday. A controversial 9.5 billion-euro ($11 billion) pipeline to feed more supplies from Siberia directly into Germany is progressing despite a U.S. sanctions threat. And Moscow-based Gazprom PJSC last month settled a seven-year-old pricing dispute with the European Union, enabling it to expand its market share. read more

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    Shell Tries to Market Some of Its Natural Gas as Clean Energy

    By Mathew Carr, 1 June 2018

    Royal Dutch Shell Plc is attempting to market some of its natural gas as clean energy, packaging it with credits for eco-friendly projects that offset pollution coming from the fuel.

    The oil giant is offering business customers in Europe a combination of gas and certificates that show emissions are offset with financing for carbon-reduction projects. It’s testing markets in Germany, Italy, Spain and Britain to gauge demand for what credits to use, according to David Wells, head of Shell Energy Europe. read more

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    Petronas Takes 25% Stake in Shell-Led Canadian LNG Project

    By Elffie Chew and Natalie Obiko Pearson: 31 May2018

    (Bloomberg) — Malaysia’s Petroliam Nasional Bhd. agreed to take a 25 percent equity stake in a proposed liquefied natural gas project in Canada led by Royal Dutch Shell Plc.

    The Canadian unit of Shell will hold a 40 percent stake, while subsidiaries of PetroChina Co. and Mitsubishi Corp. will have a 15 percent share each, according to a statement from Thursday from Petronas. A unit of Korea Gas Corp. will hold 5 percent. The announcement confirmed an earlier Bloomberg News report that a deal was imminent. read more

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    The Mystery of a Geneva Briefcase, Nigeria Middleman and Big Oil

    By Hugo Miller , Kelly Gilblom , and Sergio Di Pasquale: 24 May 2018, 08:40 BST Updated on 24 May 2018, 10:23 BST

    A briefcase seized from a Geneva apartment two years ago could be the key to an Italian bribery case against Royal Dutch Shell Plc and Eni SpA — if it makes it to Milan in time.

    The bag held SIM cards, Nigerian passports, a laptop and a hard drive containing more than 40,000 documents, and belonged to Emeka Obi, according to a spokesman for the Geneva Prosecutor’s Office. Swiss prosecutors found it during a raid for an unrelated investigation and are trying to get it to their Italian colleagues, who are prosecuting Obi as an alleged middle man in a $1.1 billion kickback scheme involving the energy companies vying for a Nigerian oil license.

    Obi’s lawyers persuaded a Geneva judge to put the contents of his briefcase under seal, citing his rights to privacy. Now a decision by Geneva’s Measures of Constraint Court on whether to lift that seal is expected as soon as this month.

    While officials in Milan have moved forward with charges against the oil companies without the briefcase, the evidence could strengthen the graft case. The trial, which centers around events in 2011, begins on June 20. Milanese Prosecutor Fabio De Pasquale said he has “sent more reminders” to the Swiss saying he wants the briefcase, underscoring its importance. read more

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    Climate Change Warriors’ Latest Weapon of Choice Is Litigation

    By Jeremy Hodges, Lauren Leatherby and Kartikay Mehrotra
    May 24, 2018

    In the global fight against climate change, one tool is proving increasingly popular: litigation.

    From California to the Philippines, activists, governments and concerned citizens are suing the biggest polluters and national governments over the effects of climate change at a break-neck pace.

    “The courts are our last, best hope at this moment of irreversible harm to our planet and life on it,” said Julia Olson, an attorney for Our Children’s Trust, a legal challenge center in the U.S. that is involved in climate change litigation across 13 countries, including the U.S., Pakistan and Uganda. read more

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    Shell Sees Off Controversial Votes on Climate Change, CEO Pay

    Photographer: Andrey Rudakov/Bloomberg

    Kelly Gilblom: 22 May 2018, 14:48 BST

    Royal Dutch Shell Plc has seen off the two most debated issues at its shareholder meeting — the boss’s pay and responsibility in tackling climate change. But not without a degree of drama.

    The company won the backing of about 94 percent of shareholders to not set specific emission-reduction targets, with Chief Executive Officer Ben van Beurden saying it is taking “leadership” on the issue. However, while almost 75 percent of investors also approved the remuneration report, it faced stiffer resistance after an influential advisory firm asked them to reject the package. read more

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    Shell Faces Shareholder Outcry Over Incident That Killed 200

    BY Kelly Gilblom: 14 May 2018, 12:02 BST

    Royal Dutch Shell Plc will face difficult questions at its annual general meeting next week after an investor-advisory group urged shareholders to challenge executive pay and the company’s response to a fatal accident in Pakistan. 

    Institutional Shareholder Services Inc., an influential adviser on corporate governance, has recommended investors reject Shell’s pay report at its AGM on May 22, saying it was initially “silent” on the Pakistan incident. ISS also said it could only offer “qualified support” to the re-election of the independent director looking after corporate social responsibility.  read more

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    Shell’s Investing in a Battery Startup Targeting Grocery Stores

    By Mark Chediak: 9 May 2018, 05:00 BST

    Royal Dutch Shell Plc’s corporate venture arm and GXP Investments led a $7.6 million investment in energy storage startup Axiom Energy to expand its service to grocery stores and cold-storage facilities. 
     
    The round also included WorldQuant Ventures LLC, SV Tech Ventures and Meson Capital Partners LLC, according to a statement from the Richmond, California-based startup. 
     
    Axiom’s refrigeration battery freezes tanks of salt water at night when electricity costs are low and then provides cooling services during the day when power prices are high. The company says it can reduce peak energy demand by as much as 40 percent. read more

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    Shell to Sell Canadian Natural Resources Stake for $3.3 Billion

    Shell seeking to sell $30 billion in assets to cut debt

    A unit of Royal Dutch Shell Plc has agreed to sell its entire stake in oil sands producer Canadian Natural Resources Ltd. for about $3 billion, which will be used to reduce debt.

    Shell Gas BV will sell its 97.6 million shares in Canadian Natural for total pretax proceeds of $3.3 billion, and the transaction is expected to be completed by Wednesday, according to a statement from Hague-based Shell. The shares are being offered at $34.10 each, according to a person familiar with the matter, a 2.9 percent discount to its close Monday in New York. read more

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    Oil Companies Ask Judge to Kill NYC’s Global Warming Lawsuit

    By Bob Van Voris: 4 May 2018, 23:09 BST Updated on 5 May 2018, 02:09 BST

    Case affects global economy, national security, companies say

    New York argues oil companies denied climate change science

    This lawsuit is based upon the fundamental principle that a corporation that makes a product causing severe harm when used exactly as intended should shoulder the costs of abating that harm. Defendants here produced, marketed, and sold massive quantities of fossil fuels—primarily oil and natural gas—despite knowing that the combustion and use of fossil fuels emit greenhouse gases (“GHG pollution” or “GHGs”), primarily carbon dioxide (“CO2”). Defendants have also known for decades that GHG pollution accumulates and remains in the atmosphere for up to hundreds of years, where it traps heat, a process commonly referred to as “climate change” or “global warming,” and that this process would cause grave harm.

    Five of the world’s biggest oil companies asked a judge to throw out New York City’s lawsuit seeking to hold them responsible for costs related to the environmental changes caused by their products. 

    BP Plc, Chevron Corp., ConocoPhillips, Exxon Mobil Corp., and Royal Dutch Shell Plc argued that the court lacks the authority to resolve broad policy questions with “profound implications for the global economy, international relations and America’s national security.” read more

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    As Oil Hits $75, Shell Wants Deepwater Costs at $40 or Below

    The Big Oil playbook has been straightforward for decades: Higher prices mean offshore projects that are further, deeper, more complex than ever before. It’s different this time, according to Royal Dutch Shell Plc.

    Deepwater projects need to break even at $40 a barrel, or preferably lower, said Harry Brekelmans, Shell’s project and technology director, in an interview Monday, That’s almost half the cost of some projects commissioned before the 2014 oil-price crash, he said. On Monday, Brent crude, the global benchmark, rose to more than $75 a barrel in London.  read more

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    Holding Onto Major Clients Is Now Tougher for WPP

    Martin Sorrell’s departure as chief executive officer of WPP Plc comes at a sensitive time for the world’s largest advertising company as it faces an intense period of fighting to keep major clients.

    Here are some key accounts that WPP will want to defend from rivals such as Publicis Groupe SA and Omnicom Group Inc. after his departure:

    4. Shell

    Europe’s largest energy company Royal Dutch Shell Plc is reviewing its global creative and media account, held by WPP’s J. Walter Thompson and MediaCom for decades, according to The Drum. The account is worth more than $200 million, according to AdAge. read more

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    Big Oil Bids to Burnish Credentials in War on Climate Change

    The world’s biggest oil companies, for long typecast as villains of climate change, are seeking to reinvent themselves as environmental pioneers.

    “We’re not going to be sitting back and say let’s see what society does and we’ll follow that,” said Ben van Beurden, chief executive officer of Royal Dutch Shell Plc. “We’re more than prepared to be assertive and lean forward and say: ‘This is what it takes.”’

    Irked by a shareholder resolution that would force Europe’s largest oil company to create specific emissions targets, the CEO took the unusual step of engaging with five reporters on Monday about Shell’s vision for a decarbonized world. Not only is Shell implementing its own, much stronger, measures to manage the energy transition, according to Van Beurden, but it can also drag the rest of the world along with it. read more

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    Shell’s CEO Tells Activists and Investors: Trust Me to Cut CO2

    Chief Executive Officer Ben van Beurden has the same message for activists seeking to bind Royal Dutch Shell Plc to deep emissions cuts, and investors concerned about the merits of shifting away from oil and gas: Trust me.

    He advised shareholders on Monday to reject a resolution from climate group Follow This that would set clear targets for the company’s greenhouse-gas emissions, more specific than its current broad “ambition.” He also reiterated his intention for Shell to make most of its money from clean energy in 20 years, such as renewables, hydrogen or carbon capture in 20 years.  read more

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    Shell’s Oil Isn’t Stranded Today, But Tomorrow Matters More

    Current oil reserves are only part of the equation for assessing future risks.

    By Liam Denning: 12 April 2018, 18:36 BST   Photographer: Andrey Rudakov/Bloomberg  

    The 92220 Evening Star was the last steam locomotive built by British Rail, back in 1960. It was retired only five years later, as diesel and electrification consigned the age of steam to history.

    Building an engine and using it for only five years is a great way to waste investment. Which is why there’s a raging debate today about stranded assets in the fossil-fuels business. Given the planet’s diminishing capacity to absorb greenhouse gases without potentially catastrophic environmental effects, there is an implied cap on how much more oil, gas and coal can be used (absent some major breakthrough in carbon-capture technology). And, as happened with the Evening Star, rival ways to power transportation threaten to overturn the internal combustion engine’s dominance. So producers increasingly face questions about whether some of their oil and gas reserves will ever actually be produced — with obvious implications for their stocks. read more

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    Shell envisions long road to low carbon future

    By Daniel J. Graeber  |  April 12, 2018

    April 12 (UPI) — A transition to a cleaner economy is underway as evidenced by a rate of decline in global oil demand, but it’s a long journey, Royal Dutch Shell said Thursday.

    The Dutch supermajor has committed to reducing its carbon footprint in half by 2050 and said it would invest about $2 billion per year on alternative energy solutions until the end of the decade. CEO Ben van Beurden said that Shell would play its part in meeting global energy demand with cleaner options. read more

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    Shell’s Climate Push Fails to Cut Emissions

    Royal Dutch Shell Plc is demonstrating how tough it is for a massive, 100-year-old oil company to become a friend to the climate.

    Shell’s greenhouse-gas emissions rose last year to the highest since 2014, it said Monday. The increase shows the challenge facing Chief Executive Officer Ben van Beurden as his company grows to meet burgeoning energy demand while investors demand a clear path toward a low-carbon future. 

    “As living standards rise, energy demand could double over the course of the century,” Van Beurden said in Shell’s sustainability report. “The world is going to have to make meeting this demand part of the approach to cutting emissions.”  read more

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    Shell Suspects Ex-Executive Committed Crime in Nigeria Deal

    A bank account linked to Robinson was frozen by the Attorney-General in Switzerland after requests for legal assistance from the Dutch and Italian authorities, people familiar with the matter said last week. Several hundred million Swiss francs were in the account…

    • Oil giant filed a criminal complaint to Dutch authorities
    • Peter Robinson already facing corruption charges in Italy

    Royal Dutch Shell Plc referred a former vice president for sub-Saharan Africa Peter Robinson to the Dutch authorities, suspecting he may have committed crimes related to an asset sale in Nigeria.

    The allegations of criminal misconduct by one of its employees come at a difficult time for Shell. Europe’s largest energy company and several former executives, including Robinson, are already facing a criminal trial in Milan over an alleged bribery scheme related to the separate purchase of a Nigerian oil block called OPL 245.  read more

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    Oil’s Seven Sisters Enter a ‘Golden Age’, Goldman Sachs Says

    The world’s largest oil companies have survived a life-changing crisis, and are now poised to reap the rewards, Goldman Sachs Group Inc. said.

    Big Oil is in a sweet spot with rising oil prices and low operating costs, leaving them with the biggest cash-flow growth in two decades and boosting earnings, Goldman said in a report Monday. That will increase their attraction for investors after years of elevated spending followed by crude’s slump sent their weighting in global equity indexes to a 50-year low, according to the bank.  read more

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