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Big Oil’s Most Profitable Business Is No Longer Oil

Big Oil’s Most Profitable Business Is No Longer Oil

It’s been a rough year for oil, to say that least. And the worst isn’t over yet. Even though oil demand, and therefore oil prices, have been slowly recovering, that upward trajectory is now running out of steam and we’re headed toward a slump amidst what will almost certainly be a yearslong recession in the wake of the economic fallout from the devastating spread of the novel coronavirus. Even as oil demand and prices have recovered, the tried and true economic model is no longer a failsafe option for oil and gas companies. Pumping crude just isn’t paying the bills. This is not solely due to the COVID-19 pandemic–it’s been a long evolution in the sector. “Over the past decade, the ‘oil’ companies, whose profits were mostly derived from pumping crude out of the oil fields they discovered, transformed themselves into ‘oil and gas’ companies,” oil strategist Julian Lee wrote for Bloomberg Opinion this week. “Now they are evolving once again to become ‘energy’ companies. Shell’s latest report shows that almost half of its production was natural gas, compared with less than 40 percent in 2005.” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell to change-up FIFO roster at Australian operations

Shell to change-up FIFO roster at Australian operations

Paul Hunt: Senior Journalist: Oil & Gas, Policy. 07 August 2020

SHELL is urging its staff to move to a new fly-in, fly-out, roster, a move that has been described by unions as “unsafe.”

Currently FIFO staff work three weeks on, four weeks off, then three weeks on and five weeks off but under the new proposed agreement, employees would simply do a four week on, four week off roster.

In a power-point presentation leaked to Energy News this week, Shell Australia said a new roster was needed due to interstate travel restrictions, and the combined impact of a 14-day quarantine requirement for FIFO staff. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell gets green light for huge Crux backfill project

Shell gets green light for huge Crux backfill project

SHELL Australia has been granted approval by the national oil and gas regulator for development of its massive Crux field offshore Western Australia, though the company earlier flagged a delay to the development thanks to pandemic and oil price concerns.

Paul Hunt: Senior Journalist: Oil & Gas, Policy. 05 August 2020

The 2 trillion cubic feet Crux gas field project will be the source of backfill for the Prelude floating LNG vessel, which has not sent a cargo since February.

The development will consist of five subsea production wells tapping into the northern Browse Basin, which will then be tied back to an unmanned platform. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell Signs Charter Contracts for Six Newbuild LNG Carriers

Shell Signs Charter Contracts for Six Newbuild LNG Carriers

BY THE MARITIME EXECUTIVE 08-03-2020 04:29:49

Shell Tankers (Singapore) Private Limited (“Shell”) has agreed long-term charter contracts for six newbuild liquefied natural gas (LNG) carriers.

Shell has signed separate agreements for two LNG ships each with affiliates of Knutsen LNG, Korea Line Corporation, and ICBC Financial Leasing and institutional investors advised by J.P. Morgan Asset Management.

The state-of-the-art 174,000 cbm LNG ships will be built by Hyundai Heavy Industries and Hyundai Samho Heavy Industries. They will all be equipped with efficient dual-fuel X-DF engines, boil-off management plants, air lubrication systems and shaft generators for auxiliary power. The design and addition of energy efficiency technologies will give these ships the best emissions performance in their class. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell avoids loss with strong trading, wipes $17 billion off assets

Shell avoids loss with strong trading, wipes $17 billion off assets

Ron BoussoShadia Nasralla: JULY 30, 2020

LONDON (Reuters) – Royal Dutch Shell (RDSa.L) avoided its first quarterly loss in recent history, helped by a booming trading business, but announced nearly $17 billion in impairment charges reflecting a pessimistic outlook for oil and gas prices.

Shell had warned last month it was set to slash the value of its oil and gas assets by up to $22 billion as the coronavirus crisis hollowed out energy demand.

“Shell has delivered resilient cash flow in a remarkably challenging environment,” CEO Ben van Beurden said in a statement on Thursday. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Energy majors ‘spend 90%’ on fossil fuels despite climate pledges

Energy majors ‘spend 90%’ on fossil fuels despite climate pledges

23/07/2020: Paris (AFP)

Energy giants Shell and Total continue to invest 90 percent of their capital on planet-warming fossil fuels despite promises to slash their greenhouse gas emissions, according to an industry analysis seen exclusively by AFP.

With combined emissions equivalent to that of Germany — the world’s fourth largest economy — both companies are likely to fall “well short” of their own sustainable investment targets, the Institute for Energy Economics and Financial Analysis (IEEFA) said. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell eyes $2.2 billion divestment from giant Indonesia gas project

Shell eyes $2.2 billion divestment from giant Indonesia gas project

Shell is pushing ahead with plans to divest its share of the giant Abadi LNG project in the Masela Block offshore Indonesia. Its 35% stake is valued at $2.2 billion, data from Rystad Energy shows. But, despite the block’s close proximity to Asian demand markets, it will be tough to find buyers for one of the world’s largest undeveloped gas resources, potentially leaving the project in limbo.A spokesperson for Indonesian upstream regulator SKK Migas told local media on 6 July that the Anglo-Dutch supermajor had decided to exit the proposed project due to the low oil price environment and development delays caused by the COVID-19 pandemic.

Similar rumours about Shell’s exit emerged in early 2019, but Inpex, the Japanese operator of the Masela Block, subsequently won approval for a new development plan, including additional fiscal incentives to enhance the project’s economics, Andrew Harwood, Asia Pacific research director at Wood Mackenzie, told Energy Voice.

However, “there is more substance behind the news this time, with Shell’s recent decision to write-down the value of its upstream portfolio perhaps signaling a wider portfolio review,” added Harwood. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

US sanctions trying to stop Nord Stream 2 are unacceptable – German Foreign Office

1 JUL, 17:49

US sanctions trying to stop Nord Stream 2 are unacceptable – German Foreign Office

Minister of State at the Federal Foreign Office Niels Annen pointed out that, in addition to German, French, Dutch, and Austrian companies, as well as services, in particular, certification and supervision, may be at risk of restrictive measures

BERLIN, July 1. /TASS/. Possible new US sanctions against Nord Stream 2 are aimed at halting the project’s implementation, which complies with EU legislation, and therefore unacceptable, Minister of State at the Federal Foreign Office Niels Annen said on Wednesday.

“It would block a commercial project, which is being implemented on the basis of EU law,” he said. “The position of the German government on this issue is unequivocal: extraterritorial sanctions are a blatant interference with EU sovereignty. It is obvious that the US side is trying to unilaterally stop the project,” Annen said. He pointed out that, in addition to German, French, Dutch, and Austrian companies, as well as services, in particular, certification and supervision, may be at risk of restrictive measures. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Coronavirus Takes a Toll on Shell Imposing $15-$22B Write-Offs

Coronavirus Takes a Toll on Shell Imposing $15-$22B Write-Offs

Zacks Equity Research: Zacks Royal Dutch Shell RDS.A recently provided an update on second-quarter 2020 guidance, envisioning its post-tax impairment charges between $15 billion and $22 billion. This hefty write-down comes as the coronavirus and associated demand deceleration wipe billions off the oil and natural gas asset value. Recently, Shell’s continental rival BP plc BP management confirmed that it anticipates taking impairments to the tune of $17.5 billion in the second quarter of 2020.

What Does the Record Write-Down Imply?

The energy industry, grappling with the twin demerits of oversupply and low pricing, expects the weak macro environment to persist. Companies like Shell and BP are carrying assets on their balance sheets that were purchased/developed at a time when commodity prices were materially higher than the current figures. As the market deteriorates, the operators are ultimately forced to take write-offs. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

OPL 245: Fresh Charges Against Malabu Oil and Gas Limited

EFCC drops Adoke from key OPL 245 case, files fresh charges against Malabu

The Economic and Financial Crimes Commission (EFCC) has arraigned Malabu Oil and Gas Limited on fresh charges of money laundering in the OPL 245 deal of 2011.

July 02, 2020

Malabu, alongside Aliyu Abubakar, a businessman, and six other companies were arraigned on a 48-count charge before Iyang Ekwo, judge of a federal high court in Abuja.

The companies listed in the charge are: A-Group Construction Company Limited, Rocky Top Resources Limited, Mega Tech Engineering Limited, Novel Properties and Development Company Limited, and Carlin International Nigeria Limited. read more

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Shell secures biogas supply as part low-carbon shift

Shell secures biogas supply as part low-carbon shift

JUNE 30, 2020 / 8:35 PM

COPENHAGEN (Reuters) – Royal Dutch Shell said on Tuesday it has agreed to buy renewable gas, known as biomethane, from Denmark’s Nature Energy, in what the smaller company termed the largest deal of its kind.

The gas will be supplied to Europe’s pipeline network from July 1. The size and financial details of the contract were not disclosed.

In April, Shell laid out the oil and gas sector’s most extensive strategy yet to reduce greenhouse gas emissions to net zero by 2050. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Big Oil’s Nightmare Is Coming True

By Nick Cunningham – Jun 30, 2020, 5:00 PM CDT

Royal Dutch Shell said that it could cut the value of its oil and gas assets by as much as $22 billion, as it takes a dim view of the state of the oil market. The move adds more evidence to the notion that a huge slice of oil reserves will wind up as stranded assets.  Shell cut its Brent oil prices forecast from $60 per barrel to $35 for this year, and lowered its 2021 and 2022 forecasts to $40 and $50 per barrel, respectively, down from $60 previously. The lower outlook reflects the expected damage to the oil market due to the coronavirus and the negative impacts on the global economy, Shell said. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Big Oil’s Long Bet on Hydrogen Offers a Climate Lifeline

Big Oil’s Long Bet on Hydrogen Offers a Climate Lifeline

Bloomberg News: Will Mathis and Akshat Rathi: June 25, 2020 6:06 AM EDT: Last Updated June 25, 2020 8:48 AM EDT

(Bloomberg) — On particularly cold winter days, the vast majority of the U.K.’s energy comes from burning natural gas. That arrangement will have to change radically–and soon–if the country is to hit its legally mandated target of net-zero emissions by 2050. As other countries adopt similar targets to align with the Paris climate agreement, they too will have to find an alternative to natural gas. That leaves fossil fuel companies with a ticking clock.

Hydrogen burns cleanly, leaving only water behind. That’s made it an attractive alternative fuel source–not just for governments looking to satisfy climate mandates, but also for oil companies trying to ensure their continued relevance. Oil-and-gas majors such as Shell, Equinor, and BP have spent tens of millions of dollars on pilot projects. Now in the face of record-low oil prices, frozen international travel, and growing shareholder unease over greenhouse gas emissions, investing in hydrogen has taken on a new urgency. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell Foresees LNG Market Rebounding From Coronavirus Lows

Zacks Equity Research: Zacks

Shell Foresees LNG Market Rebounding From Coronavirus Lows

Shell & LNG

Shell became the largest LNG producer in the world following the acquisition of BG Group Plc in 2016, which boosted its portfolio of supply contracts and stakes in LNG plants around the world. In fact, in the recently-released quarterly report, Shell’s earnings per ADS of 74 cents outperformed the Zacks Consensus Estimate of 51 cents on higher LNG sales volumes.

Coronavirus Hurts LNG Volumes

Over the past few months, the oil and gas industry has been in shambles, thanks to the coronavirus pandemic that shook most sectors until now. Global fuel demand is visibly dented in the aftermath of large-scale travel bans imposed globally. As a result, the outlook for all the industries in the energy sector business is downbeat. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell boss ‘bothered’ by depiction of firm as ‘unwelcome player’ in energy transition

Shell boss ‘bothered’ by depiction of firm as ‘unwelcome player’ in energy transition

Royal Dutch Shell Plc had been turning out about 2.7 million barrels of oil each day until the novel coronavirus took hold of the world.

By Bloomberg: 09/06/2020

Demand for oil, the company’s core product, dropped almost a third in April, and the price of West Texas Intermediate briefly dipped into negative numbers for the first time.

It’s not easy to run an oil major when people suddenly stop needing oil.

Chief Executive Officer Ben van Beurden responded by slashing spending and cutting Shell’s dividend for the first time since World War II. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell Energy debuts new ‘carbon neutral’ tariffs

Nature based solutions: Shell Energy debuts new ‘carbon neutral’ tariffs

Energy giant launches new carbon offset tariffs, as polling shows majority of public think lockdown has made them more aware of climate impacts

James S Murray:

Shell Energy Retail has this week launched two new ‘carbon neutral’ energy tariffs for British households, combining its existing 100 per cent renewable power offer with a promise to offset emissions from heating and cooking through investment in nature-based projects. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil Firms Raise $171 Billion in Debt as Virus Hits Fuel Demand

Bloomberg News: Jacqueline Poh: May 29, 2020: 10:51 AM EDT

Bloomberg) — Oil and gas companies worldwide have raised $171 billion of debt from the loan and bond markets since March after the coronavirus pandemic hit demand for fuel.

The $171 billion tally is equivalent to the volume of bonds sold for the industry in the whole year of 2019. The debt pile is set to grow further with almost $120 billion of borrowings due by the end of the year that will need to be either repaid or refinanced. Of that amount, $43 billion is in bonds and $76 billion in loans. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell, XOM to seek arbitration against Netherlands: report

Shell, XOM to seek arbitration against Netherlands: report

May 29, 2020

Shell and ExxonMobil will file an arbitration claim against the Netherlands government over compensation for the early closure of gas field, according to Global Arbitration Review (GAR).

The companies operate the Groningen gas field through NAM — a 50-50 Dutch joint venture. Production from the onshore gas field causes earthquakes affecting local communities, which has prompted the government to shut it down early.

NAM is working with the Dutch government and other stakeholders to fulfill its obligations to residents of the area, which include compensation for damage caused by the earthquakes. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell Offers Staff Voluntary Severance Pay

Shell Offers Staff Voluntary Severance Pay

As the price of a Brent barrel is trading at nearly half of what it was at the beginning of the year, Royal Dutch Shell Plc (NYSE: RDS.A) is planning on offering some staff voluntary severance, according to Bloomberg sources.

In a note to its staff, Shell CEO Ben van Beurden said that the Dutch oil major was working to become leaner and more resilient, according to the Bloomberg sources who saw the correspondence. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell, Pieridae to try again after Alberta regulator blocks license transfers

Shell, Pieridae to try again after Alberta regulator blocks license transfers

May 15, 2020 4:58 PM ET|About: Royal Dutch Shell plc (RDS.A)|By: , SA News Editor

  • A controversial license transfer deal between Royal Dutch Shell (RDS.A, RDS.B) and Pieridae Energy (OTC:PTOAF) over aging assets in Alberta that failed to win approval from the province’s energy regulator say they will try again.
  • The regulator yesterday refused to allow licenses for sour gas wells, pipelines and other facilities to be transferred to Pieridae Energy from Shell Canada, saying the deal appeared to reduce Shell’s responsibility for cleaning up the sites, adding that the extent of contamination at the hundreds of facilities is unknown.
  • Shell says it will look for a way to transfer the licenses to Pieridae and keep the cleanup liabilities.
  • read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

    Germany denies Nord Stream 2 pipeline waiver of EU rules

    The regulator said the Nord Stream 2 consortium – which also includes Uniper, Wintershall-Dea, Royal Dutch Shell, OMV and Engie – did not qualify for an exemption…

    Vera Eckert: MAY 15, 2020

    FRANKFURT (Reuters) – Germany’s energy regulator on Friday declined to grant a waiver of European Union gas directives to the operators of the Nord Stream 2 pipeline, dealing a fresh blow to the project to carry gas from Russia to Germany under the Baltic Sea.

    Nord Stream 2, designed by Russia’s Gazprom to increase direct shipments to Europe, is far behind schedule and has faced political opposition from Washington, as well as from Ukraine and Poland through whose territory Russian gas is shipped to consumers in western Europe. read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

    Shell poised for investment in Nigeria LNG venture

    Shell poised for investment in Nigeria LNG venture

    |About: Royal Dutch Shell plc (RDS.A)|By: , SA News Editor

    Royal Dutch Shell (RDS.A, RDS.B) says all conditions have been met for the final investment decision on a new liquefied natural gas processing unit at Nigeria LNG, including a formal commitment from the groups expected to provide financing for the project.

    Nigeria LNG is a joint venture, with 49% owned by Nigerian National Petroleum, 26% by Shell, 15% by Total (NYSE:TOT) and 10% by Eni (NYSE:E).

    Once operational, the new unit Train 7 will add 8M metric tons/year of capacity to the Bonny Island facility, taking the total to ~30M mt/year. read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

    Alberta Energy Regulator blocks sale of Shell assets over clean-up concerns

    Alberta Energy Regulator blocks sale of Shell assets over clean-up concerns

    The Canadian Press: May 14, 2020

    CALGARY — Alberta’s energy regulator has cited clean-up concerns in blocking the sale of sour gas wells, pipelines and other facilities from an energy giant to a much smaller company.

    In a decision released Thursday, the regulator said Calgary-based Pieridae Energy’s attempted purchase of the southern Alberta assets from Shell Canada goes against the intent of environmental laws.

    The issue was seen as a test case of the regulator’s determination to avoid clean-up costs for energy facilities falling to the taxpayer. read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

    Sakhalin-2 LNG postpones part of maintenance to 2021 -source

    Sakhalin-2 LNG postpones part of maintenance to 2021 -source

    Russia’s Sakhalin-2 liquefied natural gas (LNG) plant will postpone some annual maintenance work to 2021 due to logistic difficulties over the spread of the coronavirus, a source familiar with the plans told Reuters on Tuesday.

    Russia’s second-largest LNG plant after Novatek-led Yamal LNG had initially planned to complete the work this summer.

    However, the source said the maintenance would be done gradually, at one of two lines and start in June. The first stage of the maintenance would last about a month, the source said. read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

    Yes, oil is dead. Just read the writing on the wall.

    May 12th 2020

    It has been an interesting week. On the morning of May 6, I held a press conference in West Block before the weekly in-person session of Parliament opened. I spoke about how virtual Parliament is working, and Green recommendations to make it work better.

    When we got to questions, the first one was CBC’s Julie Van Dusen. She asked about a possible bailout to Big Oil. And I explained that the evidence was coming in thick and fast that oil’s day was done. And she zeroed in on: “Are you saying oil is dead?” read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

    Oil Majors Take On More Debt To Fund Dividends

    By Nick Cunningham – May 04, 2020, 5:00 PM CDT

    Exxon posted its first quarterly loss in more than 30 years. But even as debt mounts and questions arise about peak oil demand, the oil supermajor nevertheless vowed to protect its dividend while also aiming to grow indefinitely into the future. Exxon lost $610 million in the first quarter, down from a profit of $2.4 billion a year earlier. Worse, the period only included a few weeks of oil prices at catastrophically low levels. As a result, the second quarter is bound to lead dramatically worse numbers. read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

    Shell Has A Dire Warning For Oil Markets

    By Alex Kimani – May 04, 2020, 3:00 PM CDT

    After months of a deep and harrowing slide, fuel demand across the world is finally starting to sputter back to life. Traffic data, pipeline flows, and sales at gas stations in the Texas City of San Antonio, Beijing, and Barcelona all suggest that the oil demand slump may have already bottomed out. But don’t rush to pop the champagne corks just yet.  Indications so far are that the road to full recovery is going to be harder than climbing out of a subterranean pit, with many oil traders predicting that it might be a year or more before demand returns to pre-crisis levels. read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

    Bloomberg: The Next Chapter of the Oil Crisis: The Industry Shuts Down

    Bloomberg News: Javier Blas: April 26, 2020

    (Bloomberg) — Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down.

    The economic impact of the coronavirus has ripped through the oil industry in dramatic phases. First it destroyed demand as lockdowns shut factories and kept drivers at home. Then storage started filling up and traders resorted to ocean-going tankers to store crude in the hope of better prices ahead. read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

    Shell Sets Bolder Emissions Goal Even as Virus Hits Oil

    Royal Dutch Shell Plc plans to eliminate all net emissions from its own operations and the bulk of greenhouse gases from fuel it sells to customers by 2050.

    The energy giant is following in the footsteps of its peers BP Plc and Repsol SA, which have already set similar targets. Shell’s move indicates that, despite the turmoil caused in the industry by the coronavirus, major oil and gas companies aren’t abandoning the transition to cleaner energy. read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

    China’s GCL, Shell sign preliminary deal on LNG trading joint venture

    SINGAPORE, April 14 (Reuters) – GCL Oil& Natural Gas Co Ltd has entered a framework agreement with Royal Dutch Shell to explore setting up a joint venture based in eastern China to market and trade liquefied natural gas (LNG), the privately owned Chinese company said on Tuesday.

    The proposed JV would secure LNG supplies from Shell and market the fuel to a receiving terminal which GCL is planning in Jiangsu province, GCL said in a statement.

    A Shell spokeswoman confirmed the agreement. read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

    Shell offers LNG cargoes for five years from 2021 in unusual move: traders

    APRIL 13, 2020 / 7:53 AM /

    SINGAPORE (Reuters) – Shell has, in an unusual move, offered liquefied natural gas (LNG) cargoes for loading from 2021 onwards for a period of at least five years through a tender, three traders said on Monday.

    The firm has issued a five-year strip tender offering four cargoes a year from 2021 onwards with an option to extend for another five years, two of them said.

    The tender closes on May 18, they added.

    The cargoes are likely for loading from Australia, one of them said. read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

    Shell nets $110m North Sea tax refunds

    8 April 2020

    ROYAL Dutch Shell received around $110 million (£87m) more back from the UK Government in respect of its oil and gas exploration and production activity than it paid in taxes last year, the company has revealed.

    In a report on the payments it made to governments in 2019 the oil giant disclosed that it received tax rebates in respect of its UK North Sea business totalling $116 million. These dwarfed the $6.5m that the company paid in fees.

    The report highlights the value of the tax relief provided to firms in respect of the costs of decommissioning North Sea facilities. read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

    Is Gazprom’s LNG Megaproject Doomed To Fail?

    Viktor Katona: Oilprice.com April 4, 2020

    The gas giant Gazprom is no longer in the spotlight after the US Treasury sanctioned Rosneft, the Russian national oil company, most probably triggering the collapse of the OPEC+ agreement and bringing about an unexpectedly low pricing environment for March 2020 within both the oil and gas segments. Having launched Power of Siberia to China, Gazprom is now intent on bringing Nord Stream-2 online before the end of the year, moving its own pipe-laying vessel from the Russian Far East to the Baltic region to deliver on all its major promises from the 2010s. Yet there is one project that has had significant problems starting up, combining in itself all the deficiencies of modern-day Russia. read more

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    Shell To Post Q1 Charges Up To $800 Mln; Sees Uncertainty Due To COVID-19

    : MAR 31, 2020

    (RTTNews) – Royal Dutch Shell plc (RDS-B, RDSB.L, RDSA.L, RDS-A) Tuesday said it expects to record post-tax impairment charges in the range of $400 million to $800 million for the first quarter, based on changes to oil price outlook for 2020.

    In its first-quarter trading update, the company said it expects Integrated Gas production to be between 920 and 970 thousand barrels of oil equivalent per day. LNG liquefaction volumes are expected to be between 8.8 and 9.2 million tonnes.

    In the Upstream, production for the quarter is expected to be between 2,650 and 2,720 thousand barrels of oil equivalent per day. read more

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    Shell pulls out of U.S. Lake Charles LNG project, Energy Transfer delays FID

    UPDATE 2-Shell pulls out of U.S. Lake Charles LNG project, Energy Transfer delays FID

    Ron Bousso, Shradha Singh: MARCH 30, 2020 

    * Energy Transfer delays FID from late 2020 to early 2021

    * Shell relinquishes 50% stake amid spending cuts

    * Decision comes after collapse in oil prices 

    By Ron Bousso and Shradha Singh

    March 30 (Reuters) – Royal Dutch Shell Plc pulled out of a major liquefied natural gas (LNG) export plant under development in Louisiana following the recent crash in oil and natural gas prices that has forced the company to make deep spending cuts.

    Energy Transfer LP, which was developing the project with Shell, said it remains focused on the commercial development of Lake Charles and is working toward making an early 2021 final investment decision (FID) to build the plant. read more

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    MPs’ pension fund still investing in oil companies despite climate emergency

    Shares in Shell and BP still part of the scheme

    Jon Stone Policy Correspondent @joncstone: 24 March 2020

    The parliamentary pension fund for MPs is still investing in fossil fuels despite parliament declaring a climate emergency, new figures show.

    The fund is still heavily invested in Shell (£8m) and BP (£4.4m) despite over 350 current and former MPs backing a campaign to set a good example by diverting cash elsewhere.

    MPs have however welcomed news in the fund’s latest filings that it is increasingly shifting its cash towards renewable energy – with five per cent of investments going to the green sector for the first time. read more

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    LNG Canada Construction Said On Track, Despite Covid-19

    Gordon Jaremko: March 17, 2020

    Canada’s C$40 billion ($30 billion) inaugural natural gas export project on the west coast has remained on schedule despite the global Covid-19 outbreak, project managers said in an update.

    The executives overseeing the Royal Dutch Shell plc-led LNG Canada project said the British Columbia (BC) construction labor force of more than 2,000 had so far remained sealed against the pandemic. Crews of 1,200 building the liquefied natural gas (LNG) export terminal’s supply pipeline, Coastal GasLink (CGL), had also to date evaded the pandemic. read more

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    Big Oil Is Literally Burning Cash In The Permian

    By Alex Kimani – Mar 15, 2020, 10:00 AM CDT

    Global oil giants are facing ever-increasing public pressure and higher levels of scrutiny over their responsibility to curb harmful greenhouse emissions. Yet, in the sprawling oilfields of Texas, New Mexico and North Dakota, an industry-old practice of burning off unwanted natural gas has refused to die.

    The burning off (flaring), as well as the intentional release (venting) of natural gas, is proving to be a black eye that Permian producers just can’t get rid of. read more

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    Canada’s LNG Dreams Fade as Blockades Add New Costs to Industry

    Hopes that Canada could turn into a gas export powerhouse seem to be waning fast.

    The current climate for energy investments in the country and the global market for liquefied natural gas are a far cry from October 2018, when a Royal Dutch Shell Plc-led group announced plans to build a massive LNG terminal on British Columbia’s coast and Prime Minister Justin Trudeau hailed the project as “a vote of confidence” in Canada.

    The latest sign of disenchantment came this week as a C$9 billion ($6.7 billion) LNG project in Quebec lost a large potential investor, which the Canadian Broadcasting Corp. identified as Warren Buffett’s Berkshire Hathaway Inc. That follows announcements last year that Chevron Corp. is planning to sell its 50% stake in an LNG project in British Columbia, and its partner in the venture is seeking to trim its stake as well. read more

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    Interview: Shell’s chief technology officer says energy transition must make ‘economic sense’

    Bringing about the energy transition needs to make “economic sense” and be socially and environmentally sustainable, according to Shell’s chief technology officer.

    Yuri Sebregts, the top scientist for the energy giant, said long-term solutions need to be “investible” and the move to a lower-carbon energy system “cannot happen based entirely on goodwill-funded developments”.

    The Shell boss, speaking to EV at the Baker Hughes conference in Florence last month, said Shell’s near-term goals are to invest $2-3 billion annually on development of low-carbon technologies which could make an 8-12% return on investment and later be scaled up. read more

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    UPDATE 2-Asia to absorb LNG supply growth from mid-2020 -Shell

    Ekaterina Kravtsova, Nina Chestney: FEBRUARY 20, 2020

    * LNG supply soared over past year, excess cargoes sent to Europe

    * Shell sees supply growth easing from mid-2020

    * Expects impact of coronavirus on Chinese demand to be temporary

    * (Updates throughout with outlook for 2020, quotes from webcast)

    By Ekaterina Kravtsova and Nina Chestney

    LONDON, Feb 20 (Reuters) – Asia will be able to absorb most of the growth in liquefied natural gas (LNG) supply from the second half of 2020, with Europe ceasing to be a balancing market, Royal Dutch Shell said on Thursday.

    Excess cargoes have been sent to Europe in the past year as global LNG supply has been soaring, in particular from projects in the United States and Australia. read more

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    Canada’s Trudeau stresses the need for peaceful end to pipeline protests

    COMMODITIES FEBRUARY 17, 2020 / 11:14 PM

    TORONTO (Reuters) – Canadian Prime Minister Justin Trudeau on Monday called for a peaceful solution to end rail blockades by indigenous rights groups protesting the construction of a natural gas pipeline.

    Indigenous communities across Canada have blocked key rail lines for nearly two weeks to oppose construction of the Coastal GasLink pipeline in British Columbia, which has forced Canada’s biggest railroad, Canadian National Railway Co, to shut operations in eastern Canada.

    Trudeau, who called off a planned Barbados trip to resolve the escalating pipeline protests, told his top cabinet ministers that this “urgent situation needs to be approached in a way that builds trust and respect toward an immediate resolution with all parties.” read more

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    Egypt’s offshore segment poised for growth

    Carla Sertin Carla Sertin: Feb 12, 2020

    At the close of Egypt’s Red Sea bidding round, it is clear that international oil companies see opportunity in the country, and its growth is just beginning to swell. Egypt awarded Shell, Mubadala, and Chevron exploration rights in the Red Sea. Chevron and Shell each won one block, and a third block was awarded to Shell and Mubadala.

    The three concessions cover a combined 10,000sqkm, and will require a minimum investment of $326mn. The licensing round started in February, following Egypt’s gas boom in multiple regions. The Red Sea bidding round included ten exploration blocks, each approximately 3,000sqkm. Saudi Arabia has also discovered large amounts of gas in the Red Sea, and is planning to conduct feasibility studies. It will use its autonomous subsea seismic acquisition fleet for its Red Sea exploration efforts, which are expected to intensify in the next two years. read more

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    Explainer: Why are indigenous groups protesting a Canada gas pipeline?

    FEBRUARY 12, 2020

    WINNIPEG, Manitoba (Reuters) – Protests broke out in many parts of Canada over the past week, triggered by arrests of dozens of protesters on traditional indigenous land along a route for TC Energy Corp’s (TRP.TO) planned Coastal GasLink pipeline.

    The demonstrations have disrupted freight and passenger rail and Canadian Prime Minister Justin Trudeau on Wednesday urged protesters to find a quick solution.

    WHAT ARE THE PROTESTS ABOUT?

    The flashpoint was police arrests that started last week in northern British Columbia of protesters who oppose the pipeline’s construction on traditional land of the Wet’suwet’en indigenous people. read more

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    Shell and Total reject Chinese force majeure on liquefied natural gas contracts

    Bloomberg News: China LNG Force Majeure Rejected (6:29 p.m. HK) read more

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    Asia LNG prices plummet to record lows as China shuts down

    |About: Royal Dutch Shell plc (RDS.A)| By , SA News Editor

    Liquefied natural gas is selling at the lowest price on record in Asia, a troubling sign for U.S. energy producers who have relied on overseas shipments of shale gas amid a weak domestic market.

    Asian LNG prices fell to $3/MMBtu today, plunging from above $5/MMBtu as recently as Jan. 15, as a glut in the commodity spreads from the U.S. all over the globe.

    “The fundamentals were already really weak” even before the coronavirus outbreak stalled economic activity in China, says Ira Joseph, head of gas and power analytics at S&P Global Platts. “The whole market is really oversupplied.” read more

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    Shell boosts crude output in top U.S. shale field to 250,000 bpd

    FEBRUARY 5, 2020

    (Reuters) – Royal Dutch Shell, which plans billions of dollars in spending on shale drilling projects, boosted output in the top U.S. shale field to 250,000 barrels per day in December, the company’s Permian Basin head said on Wednesday.

    Shell plans to spend about $3 billion per year for the next five years on shale projects, said Amir Gerges, vice president of Permian assets for Shell, at the Argus Americas Crude Summit in Houston. Its Permian Basin production rose more than 100,000 barrels per day in the last year. read more

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    Oil and gas giant Shell restricts travel to Hubei Province on virus

    NEW YORK, Feb 5 (Reuters) – Royal Dutch Shell has banned business travel to and from China’s Hubei province due to the coronavirus, the company said in a statement.

    Shell has restricted non-essential business travel to mainland China, Hong Kong, Macau and Taiwan.

    (Reporting By Jessica Resnick-Ault)

    SOURCE

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

    Shell shares sink as full-year net profit tumbles 23% on lower oil and gas prices

    Sam Meredith @SMEREDITH19: PUBLISHED THU, JAN 30 20202:08 AM EST KEY POINTS
    • Net income attributable to shareholders on a current cost of supplies (CCS) basis and excluding identified items,  used as a proxy for net profit, came in at $16.462 billion for full-year 2019.
    • That compared with a profit of $21.404 billion for full-year 2018, reflecting a year-on-year drop of 23%.
    • The Anglo-Dutch energy giant warned last month that it would book additional charges against its income in the fourth quarter.

    Oil giant Royal Dutch Shellreported a sharp fall in full-year net profit on Thursday, citing challenging macroeconomic conditions and lower oil and gas prices.

    Net income attributable to shareholders on a current cost of supplies (CCS) basis and excluding identified items, which is used as a proxy for net profit, came in at $16.462 billion for the full-year 2019. That compared with a profit of $21.404 billion for full-year 2018, reflecting a year-on-year drop of 23%.

    Analysts had expected full-year 2019 net income attributable to shareholders on a CCS basis, and excluding identified items, to come in at $17.770 billion, according to data from Refinitiv. read more

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    Malabu Oil deal: EFCC seeks arrest warrant to extradite ex-Minister Etete, others

    JANUARY 29, 2020

    Yusuf Alli, Managing Editor, Abuja

    THE Economic and Financial Crimes Commission (EFCC) has asked the High Court of the Federal Capital Territory for a warrant of arrest to enable it extradite a former Minister of Petroleum Resources, Dauzia Loya (Dan) Etete and two others.

    The others are Munamuna Seidougha and Amaran Joseph.

    The anti-graft agency has preferred charges against the three suspects before the High Court over the $1.09billion Malabu Oil Block (OPL 245) Settlement Agreement.

    The EFCC alleged that Rasky Gbinigie, Munamuna Seidougha (at large), Amaran Joseph sometime in 2013, in Abuja “dishonestly used as genuine the forged form CAC 7 and Board Resolution of Malabu Oil and Gas Limited and the letter of resignation of one Mohammed Sani, which they then knew to be forged documents, to open a bank account No. 2018288005 to receive $401,540,000.00 . read more

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