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Shell: Gas field in Groningen must be completely closed this year, in light of earthquakes

NL TIMES

Shell: Gas field in Groningen must be completely closed this year, in light of earthquakes

SUNDAY, 26 MARCH 2023 

The gas field in Groningen must be completely closed this year, said the CEO of Shell Netherlands, Marjan van Loon. Currently, the gas field is still supplying minimal amounts of gas to keep the wells usable, but she doesn’t think that’s necessary. “It can and must be done, so the field has to be closed,” Van Loon said on the TV program WNL Op Zondag. read more

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Damning report slams state, oil companies for Groningen gas failures

DutchNews.nl

Damning report slams state, oil companies for Groningen gas failures

February 24, 2023 – By Robin Pascoe

The interests of the people of Groningen were systematically ignored by both the government and oil companies, and making money remained the dominant concern when natural gas extraction started causing earthquakes, according to the parliamentary commission set up to investigate.

The worlds of those making the decisions and the locals were ‘miles apart’, commission chief Tom van der Lee said at the presentation of the report into the problems, which has taken two years and hundreds of interviews to complete.

Gas extraction has become an ‘unprecedented system failure’ and both the public and private sector have failed in their duties, Van der Lee said.

Ministers were not properly informed and that meant that MPs could not fulfill their role as guardians of the public interest. The damage, both material and mental, suffered by locals was consistently underestimated and the maximalisation of profit was the guiding force. read more

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Dutch gov’t, Shell and Exxon ignored Groningen risks for years, inquiry finds

“Gas extraction in Groningen was so successful and lucrative for the Dutch government, Shell and Exxon Mobil that they hardly took any notion of the long-term risks and the ever-clearer signs of the detrimental effects for the people in Groningen…” 

REUTERS

Dutch gov’t, Shell and Exxon ignored Groningen risks for years, inquiry finds

AMSTERDAM, Feb 24 (Reuters) – The Dutch government and energy companies Shell (SHEL.L) and Exxon Mobil (XOM.N) ignored the risks of gas production in Groningen for years, to the detriment of people living in the province, a parliamentary inquiry concluded on Friday.

Prime Minister Mark Rutte and others involved “gravely underestimated” the urgency of the problems in Groningen, said the committee set up to investigate the decades of lucrative gas extraction that caused tremors damaging thousands of houses and buildings in the region.

The massive Groningen field is operated by Shell and Exxon joint venture NAM and was one of Europe’s major suppliers of natural gas for decades.

“These are hard and painful conclusions,” Rutte told a news conference. “They make clear there is a lot to do to help the region and to hopefully restore trust.”

The government will take time provide a full response to the report, he said without indicating how long that would take.

A statement from NAM director Johan Atema said: “It is clear that we need to have a better eye for the society in which we work. It is up to us to show that we as a company have learned from this.” read more

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BP and Shell could be takeover targets if Exxon and Chevron snatch opportunity for ‘industry arbitrage’ – Citi

BP and Shell could be takeover targets if Exxon and Chevron snatch opportunity for ‘industry arbitrage’ – Citi

proactiveinvestors.co.uk

Jamie Ashcroft: Wed 25 Jan 2023

BP PLC (LSE:BP.) and Shell PLC (LSE:SHEL, NYSE:SHEL) may find themselves at the negotiating table as American peers Exxon Mobil Corporation (NYSE:XOM) or Chevron Corporation (NYSE:CVX) could come calling, that’s the view of analysts at Citigroup.

A megamerger between either London-listed oil major and either of America’s largest oilers appears increasingly attractive, on valuation terms at least, according to the Wall Street bank. read more

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Netherlands To Shut Down Europe’s Largest Gas Field

OILPRICE.COM

Netherlands To Shut Down Europe’s Largest Gas Field

The Dutch government plans to close the Groningen gas field this year despite Europe’s precarious supply position. Groningen is the largest gas field in Europe.

The field is dangerous, a government official from the Hague told the Financial Times, and the government has no plans to boost production from it.

“We won’t open up more because of the safety issues,” Hans Vijbrief told the FT. “It is politically totally unviable. But apart from that, I’m not going to do it because it means that you increase the chances of earthquakes, which I don’t want to be responsible for.” read more

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Shell boss reveals regrets and pride as he steps down after decade

thenationalnews.com

Shell boss reveals regrets and pride as he steps down after decade

Ben van Beurden’s regrets were linked to financial issues in the Arctic and safety at a Dutch oilfield

Soraya Ebrahimi: Oct 28, 2022

Shell’s chief executive Ben van Beurden has said he regretted not acting earlier on two problems linked to the environment, as he prepares to step down after nearly a decade in charge.

Mr van Beurden said he should have acted in 2015 on data coming out of the Groningen gasfield in the Netherlands. read more

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Exxon And Shell Look To Sell $1.5 Billion Natural Gas Venture

OILPRICE.COM

Exxon And Shell Look To Sell $1.5 Billion Natural Gas Venture

Supermajors ExxonMobil and Shell are looking to sell their 50/50 NAM natural gas producing joint venture in the Netherlands in a potential sale worth up to $1.5 billion, Reuters reported on Tuesday, citing industry sources and a document it had seen.

Shell and Esso set up the NAM joint venture in the 1950s and started producing gas from the giant Groningen field in the Netherlands in the 1960s. According to NAM’s website, the company supplies 75% of the natural gas required by Dutch households and businesses. A total of 93% of all Dutch households use natural gas and gas accounts for 45% of all the energy that is used in the Netherlands.

Shell and Exxon’s decision to sell one of the oldest gas-producing ventures would be part of both companies’ plans to divest aging assets they no longer consider core to their respective operations, Reuters notes.

According to Reuters’ sources, NAM’s assets up for sale – including three gas processing plants, pipeline networks, and offshore gas fields – could be valued at between $1 billion and $1.5 billion.

The two international majors expect that the current dire need for gas supply in Europe and the high natural gas prices could make those assets attractive to prospective buyers, the sources told Reuters. read more

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Shell Permits Probed Over Loss of $200 Million in Nigeria

Bloomberg UK

Shell Permits Probed Over Loss of $200 Million in Nigeria

  • Motion argues state lost revenue through 30-year licenses
  • Investigation targets joint venture operated by Shell

By William Clowes: 23 June 2022, 13:04 BST

Nigeria’s Senate will investigate Shell Plc’s historic license renewals in the West African state to determine whether they were extended unlawfully and cost the government up to $200 million.

Senate President Ahmad Lawan formed a committee on Wednesday to probe the oil major’s permits that expired in 1989 and 2019, according to a statement emailed by his spokesman. The decision followed a motion submitted by Senator George Sekibo who said the duration of the licenses should have been 20 years rather than 30 years under Nigerian law.
A spokesman for Shell didn’t immediately respond to a request for comment. read more

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U.N. pact may restrict plastic production. Big Oil aims to stop it

REUTERS

U.N. pact may restrict plastic production. Big Oil aims to stop it

By John Geddie, Valerie Volcovici and Joe Brock: Fri., February 18, 2022

A global explosion of disposable plastic, which is made from oil and gas, is increasing carbon emissions, despoiling the world’s oceans, harming wildlife and contaminating the food chain. More than 50 countries, including all 27 members of the European Union, are calling for the pact to include measures targeting plastic production.

That’s a problem for big oil and chemical companies. The industry is projected to double plastic output worldwide within two decades. read more

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U.S. House panel subpoenas Big Oil in climate deception probe

U.S. House panel subpoenas Big Oil in climate deception probe

By 

WASHINGTON, Nov 2 (Reuters) – The head of a U.S. House panel on Tuesday subpoenaed four major oil companies and two lobbying groups for documents related to their actions on global warming as part of a year-long probe into potential climate deception by the energy industry.

Representative Carolyn Maloney, a Democrat and the chairwoman of the House Committee on Oversight and Reform, issued subpoenas to Exxon Mobil Corp (XOM.N), Chevron Corp (CVX.N), BP America (BP.L) and Shell Oil (RDSa.L), and to industry body the American Petroleum Institute (API) and the U.S. Chamber of Commerce. read more

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Designate Groningen earthquakes a national crisis, Ombudsman says

NL TIMES

Designate Groningen earthquakes a national crisis, Ombudsman says

MONDAY, OCTOBER 25, 2021

The consequences of the fracking earthquakes in Groningen have all the features of a national crisis and should therefore be designated as such, National Ombudsman Reinier van Zutphen said. He wants this to keep attention on the situation in Groningen until homes are reinforced, damages are repaired, and residents feel safe, Trouw reports.

“I wanted to choose words that hit so hard that people think: damn it, now we really have to do something,” the National Ombudsman said in an interview with Trouw. “In one way or another, the attention for Groningen is disappearing. Things are taking too long, and the good things don’t really happen. This is a national crisis, which the government and administration have to deal with differently.” read more

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Big Oil to attend U.S. House climate disinformation hearing

Reuters

Big Oil to attend U.S. House climate disinformation hearing

WASHINGTON, Oct 22 (Reuters) – Top executives from Exxon Mobil Corp, BP America, Chevron Corp and Shell Oil will testify on Oct. 28 at a congressional hearing examining whether the fossil fuel industry led an effort to mislead the public and prevent action to curb climate change warming, a House panel said on Friday.

Reporting Valerie Volcovici, Timothy Gardner and Doina Chiacu; Editing by Bill Berkrot read more

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Vermont sues 4 oil companies, alleges false info on climate

The Washington Post:

Vermont sues 4 oil companies, alleges false info on climate

By Wilson Ring | AP: 14 Sept 2021 at 2:22 p.m. EDT

BURLINGTON, Vt. — Vermont on Tuesday became the latest state to sue some of the country’s top fossil fuel companies by alleging they misled the public about the impact their products have on climate change.

The suit names ExxonMobil Corporation, Shell Oil Company, Sunoco LP, CITGO Petroleum Corporation and other corporations.

“They have known for decades that the Earth’s climate has been changing because of emissions of CO2 and other greenhouse gases, and that the fossil fuels they sell are the primary source of those emissions,” the lawsuit said. read more

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Code red for humanity?

CITY A.M.com

Shell and BP: why we’re hopeful for a sensible transition to renewables

Sue Noffke: Monday 6 September 2021 9:13 am

The devastating effects of unchecked global warming were laid bare by this week’s landmark report from the Intergovernmental Panel on Climate Change (IPCC).

UN secretary-general António Guterres described the report’s findings as “a code red for humanity”.

The world’s major energy companies were already on the front line of the climate change battle, but following this week’s report public scrutiny of the industry can only intensify. read more

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Merger Mania Is Over: Oil Deals To See Quietest Year In Decades

OILPRICE.COM

Merger Mania Is Over: Oil Deals To See Quietest Year In Decades

Extracts

Sir Winston Churchill once admonished leaders to never let a good crisis go to waste, and Big Oil has rarely failed to heed the advice. Under normal circumstances, energy downturns have created perfect opportunities for deep-pocketed oil and gas heavyweights to land prime assets on the cheap. A good case in point: the last oil bust of 2016 was followed by a sizable number of huge M&A deals in the sector including the $60B tie-up between Royal Dutch Shell (NYSE:RDS.A) and BG Group, Canadian Oil Sands and Suncor EnergyEnergy, as well as a handful that fell through including the proposed merger between Halliburton (NYSE:HAL) and Baker Hughes (NYSE:BKR). read more

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Exxon and Shell join Scottish carbon capture project

FINANCIAL TIMES

Exxon and Shell join Scottish carbon capture project

, Energy Editor: 16 JULY 2021

The Acorn carbon capture and storage project in north-east Scotland has signed provisional deals with customers including ExxonMobil, Royal Dutch Shell and a company backed by Kuwait’s sovereign wealth fund, bringing together some of the largest operators in the UK North Sea.

The memorandums of understanding announced on Friday cover two of the three terminals at St Fergus, one of which is jointly owned by ExxonMobil and Shell. read more

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Revealed: Fossil fuel companies lobby UK government for gas ‘compromise’ ahead of COP26

channel4.com

Revealed: Fossil fuel companies lobby UK government for gas ‘compromise’ ahead of COP26  

Washington Correspondent: 7 July 2021

Some of the world’s largest fossil fuel companies have lobbied the UK government to support a gas “compromise” ahead of the COP26 UN conference, Channel 4 News can reveal.

Last year, representatives from ExxonMobil, Shell, Chevron, Equinor and BP met with the then UK trade minister for a private dinner in Texas where natural gas was championed as a “vital part of the solution” to tackling climate change, according to a freedom of information request obtained by Greenpeace UK’s investigations unit Unearthed and shared exclusively with this programme. read more

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Shell To Bow Out Of California Joint Venture With Exxon

OILPRICE.COM

Shell To Bow Out Of California Joint Venture With Exxon

Shell (-2.37%) is reportedly planning to quit its California-based joint venture with fellow oil supermajor ExxonMobil (-3.56%) as it looks to accelerate its transition away from fossil fuels.

Four sources told Reuters that the FTSE blue chip had informed Exxon that it intended to exit subsidiary Aera Energy, in which it holds a 52 percent stake. The firm did not respond to a request for comment. read more

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Renewable Energy Soars As Exxon, Shell Falter

FORBES

Renewable Energy Soars As Exxon, Shell Falter

Miriam TuerkInvesting

As many know, Big Oil companies have suffered major losses as a result of the pandemic, as oil demand plummeted. Now, however, the prospects for the industry are looking more dismal than ever. As oil supermajors have faced increasing pressure to shift toward more sustainable business strategies, such pressure will certainly result in companies looking to renewables as the solution to this shift.

Recently, both Exxon Mobil and Royal Dutch Shell were hit with critical climate-related decisions. A Netherlands court ruled that Shell must drastically reduce its emissions this decade in what was “the first time a court ordered a private company to, in effect, change its business practice on climate grounds.” This was a seminal moment that will greatly benefit the clean technology space, leading it to become the norm, and no longer the alternative source for power in society. read more

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The Unintended Consequences Of Punishing Big Oil

OILPRICE.com

The Unintended Consequences Of Punishing Big Oil

By Tsvetana Paraskova – Jun 23, 2021, 12:00 PM CDT

The ‘day of reckoning’ for Big Oil, when events at boardrooms and courtrooms issued last month the starkest warning to oil majors’ license to operate yet, was hailed as a huge victory for climate activists. But the climate celebration may be a bit premature.

Rebel shareholder votes at Exxon and Chevron and a court ruling against Shell delivered a blow to Big Oil in a single day, and environmentalists are ecstatic. read more

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Supreme Court Allows San Francisco, Oakland Lawsuits Against Big Oil Companies To Proceed

CBS SF

Supreme Court Allows San Francisco, Oakland Lawsuits Against Big Oil Companies To Proceed

SAN FRANCISCO (CBS SF) – Two more ambitious lawsuits would be hard to image: in 2017 the cities of Oakland and San Francisco filed separate public nuisance lawsuits against five of the world’s biggest energy companies, seeking to hold them responsible for the local effects of sea level rise.

On Monday, the U.S. Supreme Court declined to throw the suits out of court, although the cases still face many daunting obstacles ahead. read more

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Exxon’s defeat in a boardroom battle is a turning point for social activism.

Exxon’s defeat in a boardroom battle is a turning point for social activism.

June 10, 2021, 4:59 a.m. ET

An activist investor successfully waged a battle to install three directors on the board of Exxon Mobil last week with the goal of pushing the energy giant to reduce its carbon footprint. The investor, a hedge fund called Engine No. 1, was virtually unknown before the fight.

The tiny firm wouldn’t have had a chance were it not for an unusual twist: the support of some of Exxon’s biggest institutional investors. BlackRock, Vanguard and State Street voted against Exxon’s leadership and gave Engine No. 1 powerful support. These huge investment companies rarely side with activists on such issues. read more

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Forget Activism: Chronic Underperformance Is Big Oil’s Biggest Problem

OilPrice.com

Forget Activism: Chronic Underperformance Is Big Oil’s Biggest Problem

By Alex Kimani – Jun 06, 2021, 7:00 PM CDT

Just last week, some of the world’s largest integrated energy companies faced the wrath of furious investors and climate activism. Exxon Mobil (NYSE:XOM) lost three board seats to Engine No. 1, an activist hedge fund, in a stunning proxy campaign, while a good 61% of Chevron (NYSE:CVX) shareholders voted to further cut emissions at the company’s annual investor meeting a week ago.

Engine No. 1 has told the Financial Times that Exxon will need to cut fossil fuel production for the company to position itself for long-term success, “What we’re saying is, plan for a world where maybe the world doesn’t need your barrels,” Engine No.1 leader Charlie Penner has told FT.

Meanwhile, a Dutch court has ordered Royal Dutch Shell (NYSE:RDS.A) to cut its greenhouse gas emissions harder and faster than it had previously planned.

Whereas climate change issues are the presumptive reasons behind the latest wave of investor revolts at the oil and gas giants, lurking beneath the surface is a growing sense of apprehension about Big Oil’s strategy and failure to generate adequate returns for shareholders in recent decades. read more

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OPEC, Russia seen gaining more power with Shell Dutch ruling

REUTERS

OPEC, Russia seen gaining more power with Shell Dutch ruling

Dmitry Zhdannikov: June 1, 2021

Climate activists who scored big against Western majors last week had some unlikely cheerleaders in the oil capitals of Saudi Arabia, Abu Dhabi and Russia.

Defeats in the courtroom and boardroom mean Royal Dutch Shell (RDSa.L), ExxonMobil (XOM.N) and Chevron (CVX.N) are all under pressure to cut carbon emissions faster. That’s good news for the likes of Saudi Arabia’s national oil company Saudi Aramco… read more

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Big Oil’s Very Bad Wednesday

Seeking Alpha

Big Oil’s Very Bad Wednesday

May 30, 2021 11:55 PM ETBNO, CVX, DBE… MV Financial

Summary

  • Those paying attention to the market chatter this week may have heard the phrase “Black Wednesday” pass the lips of pundits who study the fossil fuels industry, though the events didn’t result in any kind of immediate panic-selling by investors of energy shares.
  • At the annual shareholder meeting of Exxon Mobil, the company ceded at least two seats on its board of directors to a climate activist group called Engine No. 1.
  • At Chevron’s general meeting, shareholders voted on a measure to set strict emissions targets from the products it sells.
  • A Dutch court in The Hague, Netherlands, ruled that Royal Dutch Shell must reduce its carbon emissions by 45 percent by 2030 against its 2019 levels – on an absolute basis, which is stricter than the carbon intensity targets that the company prefers to use as its benchmarks. Black Tuesday 1929 turned out to be a big deal.
  • read more

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    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 replace 

    almost a third read more

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    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. read more

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    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. read more

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    New York City sues Exxon, BP, Shell in state court over climate change

    New York City sues Exxon, BP, Shell in state court over climate change

    By Reuters Staff: April 22, 2021

    (Reuters) – New York City is suing three major oil companies and the top industry trade group in state court after a federal appeals court this month rejected its effort to hold the companies liable to help pay the costs of harm caused by global warming.

    The lawsuit filed on Thursday said Exxon Mobil Corp, BP Plc, Royal Dutch Shell and industry group the American Petroleum Institute “have systematically and intentionally misled consumers” about “the central role their products play in causing the climate crisis.” read more

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    Will Big Oil’s Huge Carbon Capture Bet Pay Off?

    Will Big Oil’s Huge Carbon Capture Bet Pay Off?

    By Tsvetana Paraskova – Apr 21, 2021, 1:00 PM CDT

    “We’re sending carbon back where it came from,” Norway’s energy giant Equinor says, describing its efforts to make carbon capture and storage (CCS) commercially viable in a future decarbonized energy system. Equinor is a joint venture partner with two other oil majors, Shell and Total, in developing the Northern Lights project in Norway, which is planned to deliver carbon storage as a service to help third-party industries to reduce emissions. read more

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    A great deception’: oil giants taken to task over ‘greenwash’ ads

    Damian Carrington Environment editor: Mon 19 Apr 2021 06.01 BST

    Some of the world’s biggest fossil fuel companies have used advertising to “greenwash” their ongoing contribution to the climate crisis, according to files published by the environmental lawyers ClientEarth. They describe the practice as “a great deception”.

    The files compare the adverts produced by ExxonMobil, Aramco, Chevron, Shell, Equinor and others with the companies’ operations and products, overall climate impact and progress toward climate-safe business models. read more

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    Houston, We Have A Problem. Oil Reserves Have Fallen Below 10 Years

    Houston, We Have A Problem. Oil Reserves Have Fallen Below 10 Years

    Tim TreadgoldAsia: Apr 12, 2021

    Big oil has a big problem. It’s running out of oil.

    Years of under-investment in exploration and a decline in project development has blown a hole in the reserves of the major international oil companies (IOCs), a group that includes ExxonMobil, Chevron and Royal Dutch Shell.

    Since 2015 the average reserves of the oil majors has fallen by 25% to now stand at less than 10 years of annual production.

    Reserves in the ground is a critical measure of an oil company with a decline seen as a negative by investors. read more

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    Oil Giants Win Climate Suit as Judges Push For Political Fix

    Oil Giants Win Climate Suit as Judges Push For Political Fix

    Chevron Corp., Royal Dutch Shell Plc and ConocoPhillips were also sued in the case.

    Bloomberg News: Chris Dolmetsch and Erik Larson: Publishing date: Apr 01, 2021(Bloomberg) — New York City failed to persuade a federal appeals court to reinstate a climate-change lawsuit against Exxon Mobil Corp., BP Plc and three other oil companies, with the judges saying the problem demands political rather than legal solutions.

    The Friday ruling by the U.S. Court of Appeals in New York is a setback for those trying to use the courts to hold the industry responsible for costs associated with rising seas and other consequences of a warming planet.

    Chevron Corp., Royal Dutch Shell Plc and ConocoPhillips were also sued in the case.

    The court said global warming “is a uniquely international concern” that requires the federal government to step in rather than judges. Only the U.S. Environmental Protection Agency has the authority to regulate domestic greenhouse gas emissions, the unanimous three-judge panel held. read more

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    Big Oil Clashes Over Fossil Fuel Future

    Big Oil Clashes Over Fossil Fuel Future

    By Charles Kennedy – Mar 02, 2021, 9:00 AM CST

    Executives from major oil companies clashed over the prospects of oil and gas for the future at the first virtual edition of the CERAWeek conference in Houston.

    While BP’s Bernard Looney and Shell’s Ben van Beurden boasted about their shift away from their core business and into renewable energy, Baker Hughes, Hess Corp., and Spain’s Repsol were among those believing that fossil fuels have yet to leave the scene for good, the Houston Chronicle’s Paul Takahashi reports. read more

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    Shell Shuts Down 310,000 Bpd Deer Park Refinery

    Shell Shuts Down 310,000 Bpd Deer Park Refinery

    By Charles Kennedy – Feb 15, 2021, 9:30 AM CST

    Shell has shut down the crude distillation units of its Deer Park refinery due to a malfunction, Reuters has reported, citing unnamed sources familiar with the matter.

    The two crude distillation units have a combined capacity of 310,000 barrels of oil daily. According to the Reuters sources, they were shut down after a seal failed on a pump that feeds crude to other units at the refinery. read more

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    How Biden should meet his promise to cut fossil fuel emissions

    How Biden should meet his promise to cut fossil fuel emissions

    Full power of US Clean Air Act must be used to cut oil and gas sector’s methane output 9 FEB 2021 Extracts

    It is clear, however, that the oil and gas sector’s concerns over methane emissions have reached a breaking point.

    The industry’s shift follows decades of climate denial and obfuscation. The industry eventually turned to voluntary commitments such as the Oil and Gas Climate Initiative, insisting they would suffice in place of the force of law. But under immense investor and public pressure, some of the oil majors, including BP, Shell, ExxonMobil, Total, and Equinor, have now publicly announced support for government regulation of methane pollution read more

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    Hedge funds bet on oil’s ‘big comeback’ after pandemic hobbles producers

    Hedge funds bet on oil’s ‘big comeback’ after pandemic hobbles producers

    FILE PHOTO: A combination of file photos shows the logos of five of the largest publicly traded oil companies; BP, Chevron, Exxon Mobil, Royal Dutch Shell, and Total. REUTERS/File Photo

    TORONTO (Reuters) – Hedge funds are turning bullish on oil once again, betting the pandemic and investors’ environmental focus has severely damaged companies’ ability to ramp up production. read more

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    Nigeria negotiates terms with Big Oil to keep investments

    Nigeria negotiates terms with Big Oil to keep investments

    LAGOS (Reuters) – Nigeria’s state oil company is renegotiating commercial contract terms with major oil firms, its chief told Reuters, in a move that it hopes will keep investment flowing into a sector crucial for its economy at a time when spending is being slashed.

    Africa’s largest oil exporter and biggest economy relies on the oil sector for half of its budget and 90% of its foreign exchange. It wants to raise revenue but also attract investment. read more

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    Oil giant Shell follows rivals into huge loss

    Oil giant Shell follows rivals into huge loss

    “2020 was an extraordinary year,” said Chief Executive Ben van Beurden. “We have taken tough but decisive actions,” he said, with Shell having already announced plans to axe up to 9,000 jobs, or more than 10 percent of its global workforce.

    Published on: Friday, February 05, 2021: By AFP

    LONDON: Royal Dutch Shell on Thursday became the latest oil major to reveal huge annual losses as the coronavirus pandemic slashed energy demand and prices in 2020.

    Shell dived into a net loss of $21.7 billion (18.1 billion euros) last year as factories shut and planes were grounded. read more

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    Rating agency S&P warns 13 oil and gas companies they risk downgrades as renewables pick up steam

    Rating agency S&P warns 13 oil and gas companies they risk downgrades as renewables pick up steam

    Ben Butler: Wed 27 Jan 2021

    Rating agency S&P has warned 13 oil and gas companies, including the some of the world’s biggest, that it may downgrade them within weeks because of increasing competition from renewable energy. On notice of a possible downgrade are Australia’s Woodside Petroleum as well as multinationals Chevron, Exxon Mobil, Imperial Oil, Royal Dutch Shell, Shell Energy North America, Canadian Natural Resources, ConocoPhillips and French group Total. read more

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    Barrett hears climate case against her father’s ex-employer Shell

    Barrett hears climate case against her father’s ex-employer Shell

    This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

    Investors see splits among energy company climate efforts

    Investors see splits among energy company climate efforts

    (Reuters) – Investors are judging how well energy companies have reoriented their businesses to cut emissions as they weigh activists’ calls for divestment, climate finance specialists said on Thursday.

    Growing differences between oil majors have clarified when companies are positioned to achieve “net-zero” emissions, becoming more focused on renewable power and offsetting remaining greenhouse gas emissions with measures like carbon sequestration or conservation efforts, specialists said at a Reuters Next panel held online. read more

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    Shell-Exxon aims at $2.5 bln in Dutch subsidies for carbon storage

    Shell-Exxon aims at $2.5 bln in Dutch subsidies for carbon storage

    Thu, January 14, 2021, 6:17 PM

    AMSTERDAM, Jan 14 (Reuters) – A consortium that includes oil majors Royal Dutch Shell and ExxonMobil has requested a total of 2.1 billion euros ($2.55 billion) in subsidies for a project to store CO2 gasses in empty Dutch gas fields in the North Sea, the Dutch Economy ministry said on Thursday.

    The subsidies were requested together with industrial gas suppliers Air Liquide and Air Products for a project which aims to capture carbon dioxide emitted by factories and refineries in the Rotterdam port area in order to significantly reduce emissions in Europe’s largest sea port. read more

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    2020 Was One of the Worst-Ever Years for Oil Write-Downs

    2020 Was One of the Worst-Ever Years for Oil Write-Downs

    Royal Dutch Shell’s Prelude floating facility has struggled to deliver income. PHOTO: ROYAL DUTCH SHELL AUSTRALIA/REUTERS

    By Collin Eaton and Sarah McFarlane: Dec. 27, 2020 9:00 am ET

    The pandemic has triggered the largest revision to the value of the oil industry’s assets in at least a decade, as companies sour on costly projects amid the prospect of low prices for years.

    Oil-and-gas companies in North America and Europe wrote down roughly $145 billion combined in the first three quarters of 2020, the most for that nine-month period since at least 2010, according to a Wall Street Journal analysis. That total significantly surpassed write-downs taken over the same periods in 2015 and 2016, during the last oil bust, and is equivalent to roughly 10% of the companies’ collective market value. read more

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    New York Becomes The First State To Divest From Oil And Gas

    New York Becomes The First State To Divest From Oil And Gas

    09/12/2020 13:10 GMT | Updated 09/12/2020 14:54 GMT

    The Empire State’s pension fund is the largest to dump fossil fuel investments ― ever, in the entire world.

    New York state announced plans on Wednesday to eject oil and gas stocks from its $226 billion financial portfolio, becoming the first U.S. state and the biggest pension fund anywhere to divest from fossil fuels.

    By 2025, the New York State Common Retirement Fund, which disburses some $1 billion in benefits to retirees each year, will sell off its “riskiest” oil and gas stocks, following a review. The state aims to completely eliminate carbon polluters from its portfolio by 2040. read more

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    Oil majors wipe $80 billion off books as epidemic, energy transition bite

    Oil majors wipe $80 billion off books as epidemic, energy transition bite

    By Ron Bousso:

    By Ron Bousso

    LONDON (Reuters) – The world’s top energy companies have slashed the value of their oil and gas assets by around $80 billion (60.05 billion pounds) in recent months after revising lower the long-term outlook for fuel prices in the wake of the coronavirus epidemic and the energy transition.

    Exxon Mobil, the largest U.S. oil company, announced on Monday it would write down the value of natural gas properties by $17 billion to $20 billion, its biggest ever impairment following the sharp drop in energy prices this year. read more

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    5 legal tactics environmentalists are using to fight climate change

    “Fossil fuel companies, like tobacco companies before them, have allowed governments to pay for the harms caused by their products“…

    5 legal tactics environmentalists are using to fight climate change

    Activists are increasingly using litigation as a tool to influence climate action worldwide. Here’s a look at some of the main tactics they’re wielding to force change on fossil fuel firms and weak government policies.

    More than 700 climate lawsuits have been filed around the world since 2015, according to the Climate Change Litigation Databases. That’s a huge increase, considering there have only been about 1,700 of these types of cases since the late 1980s, most of them in the US. read more

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    The Big Oil Side Hustle: Where ‘Renewable’ Money Is Really Going

    The Big Oil Side Hustle: Where ‘Renewable’ Money Is Really Going

    By Alex Kimani – Oct 20, 2020, 6:00 PM CDT

    In 2016, Shell set an ambitious goal to invest $4bn to $6bn in clean energy projects by 2020, though the Guardian recently reported that it was unlikely to meet that target. So, why is Big Oil still dragging its feet…

    Every time an oil and gas major announces a major foray into renewable energy, the skeptics come out like clockwork and lambast the sector for merely trying to burnish its green credentials. read more

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    Nigeria Repays Dues To Oil Majors

    Nigeria Repays Dues To Oil Majors

    By Tsvetana Paraskova – Oct 20, 2020, 12:30 PM CDT

    The Nigerian National Petroleum Corporation (NNPC) has repaid most of the arrears it owes to international oil companies for joint venture operating expenses, recently repaying US$3 billion to Exxon and Shell, Bloomberg reported on Tuesday, citing a statement from the Nigerian state oil firm.

    NNPC works in joint ventures with the major international oil producers in Nigeria, including ExxonMobil, Chevron, Shell, Total, and Eni. However, the stretched finances of the Nigerian company has led to arrears in its payments for contributions to the operating expenses of those joint ventures. read more

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    Gas company NAM to cut hundreds of jobs as prices drop and production is squeezed

    Gas company NAM to cut hundreds of jobs as prices drop and production is squeezed

    October 15, 2020

    Dutch gas company NAM is cutting its workforce by hundreds of jobs as gas prices fall and production is cut back.

    Over the next six months, 200 to 300 of the permanent workforce of 1,300 will be able to take advantage of a voluntary redundancy scheme and a further 300 contract workers will be let go, regional paper Dagblad van het Noorden said.

    Director Johan Atema told the paper that the company had been hit by falling gas prices. ‘We are supplying almost as much gas as last year, but our income has halved,’ he said. ‘Then you are talking about a crisis situation.’ read more

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