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THE NEW YORK TIMES: Shell, Libya Reach Gas Exploration Deal

THE NEW YORK TIMES: Shell, Libya Reach Gas Exploration Deal

4 May 2005

By THE ASSOCIATED PRESS

LONDON (AP) — The Royal Dutch/Shell Group of Cos. said Tuesday it has reached a long-term agreement for a major gas exploration and development deal with Libya’s National Oil Corp.

Shell said the agreement covers the rejuvenation and upgrade of the existing liquefied natural gas plant at Marsa Al-Brega on the Libyan coast and the exploration and development of five areas located in the heart of Libya’s major oil and gas producing Sirte Basin.

Shell’s return to Libya — where it was active from the 1950s until 1974 and where it conducted exploration in the late 1980s — has been aided by the country’s improved ties with the West following its announcement in December 2003 that it would dismantle its chemical, nuclear and biological programs. read more

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SHELL EXCITED BY LIBYAN GAS DEAL WITH ACCESS TO FIVE BLOCKS

FINANCIAL TIMES: SHELL EXCITED BY LIBYAN GAS DEAL WITH ACCESS TO FIVE BLOCKS

 By James Boxell

Published: May 4 2005

Royal Dutch/Shell has eased some of the disappointment about the loss of its Oman field by striking a gas exploration and development deal with Libya, its first big project in the energy-rich former pariah state for 30 years, writes James Boxell.

Shell will spend $105m (£55m) on renovating a liquefied natural gas plant on the Libyan coast and has been granted a licence to search for gas in five blocks in the Sirte basin, the country’s main energy-producing region. read more

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Shell plans to pump £340m into Libya for gas exports

THE TIMES: Shell plans to pump £340m into Libya for gas exports

4 May 05

By Carl Mortished, International Business Editor

SHELL has secured a foothold in the development of a Libyan gas export industry, agreeing to invest up to $637 million (£337 million) in the country that a year ago emerged from pariah status when its leader, Colonel Gaddafi, renounced weapons of mass destruction.

Shell has agreed to rejuvenate and upgrade a liquefied natural gas (LNG) plant on the Libyan coast in a deal that also gives the company the right to explore for gas in an area covering 20,000 square kilometres of the Sirte Basin, a major oil and gas producing region. read more

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The Guardian: Shell steps on the gas as Libya comes in from the cold

The Guardian: Shell steps on the gas as Libya comes in from the cold

Terry Macalister

Wednesday May 4, 2005

Shell announced plans yesterday to invest up to $637m (£335m) in Libya, the biggest new investment since the country came in from the political cold.

A landmark oil and gas agreement with Muammar Gadafy’s government will see up to $450m spent on potentially quadrupling the size of the Marsa al-Brega liquefied natural gas terminal. This could eventually lead to LNG being exported to Britain and is a tangible success for Tony Blair, who went to Libya 12 months ago to signal relations had thawed with the west. read more

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BBC NEWS: Shell forges Libyan gas agreement

BBC NEWS: Shell forges Libyan gas agreement

3 May 2005

Investors in Shell said they welcomed the Libyan deal.

Shell has agreed a major gas exploration and development deal with Libya and its state oil company.

The deal could eventually see Shell producing more than 100 million barrels of oil equivalent from the country.

Anglo-Dutch firm Shell will spend $105m-$450m (£55.5m-£238m) on upgrading a Libyan gas plant and $187m on exploration.

The deal is seen as key for Shell, as it tries to rebuild investor trust after overstating its reserves. read more

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THE WALL STREET JOURNAL: Shell to Return to Libya With Natural-Gas Deal

THE WALL STREET JOURNAL: Shell to Return to Libya With Natural-Gas Deal

By BENOIT FAUCON

DOW JONES NEWSWIRES

May 3, 2005

LONDON — Royal Dutch/Shell Group Monday said it reached a comprehensive agreement for natural-gas exploration and liquefaction with Libya’s National Oil Co., its first major project in the country in 30 years.

The return to Libya may help boost the oil major’s dwindling reserves and strengthen its position as the world’s largest producer of liquefied natural gas, or LNG. read more

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Reuters: Shell agrees gas exploration deal with Libya

Reuters: Shell agrees gas exploration deal with Libya

Tue May 3, 2005

By Emma Thomasson and Tom Bergin

AMSTERDAM/LONDON (Reuters) – Oil giant Royal Dutch/Shell Group has agreed a deal with Libya that will allow it to drill for natural gas and develop gas export facilities in the former pariah state.

Shell, which is grappling with falling production and dwindling oil and gas reserves, said on Tuesday that the deal was an important step in rebuilding its resource base.

The deal also shows how Libya’s massive hydrocarbon reserves are facilitating its reintegration into the international community, as tight oil supplies send prices to record levels. read more

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Shell News Tuesday, 1 February 2005

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Shell News Sunday, 30 January 2005

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Shell News Monday, 17 January 2005

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Daily Mail: Shell launches charm offensive

Daily Mail: Shell launches charm offensive

“Shell shares at 417 1/2p have recouped their losses on the reserve shock. That should help in fighting US legal claims, but it is largely due to the soaring price of crude.”

20 September 2004,

SHELL will this week beat the drum about slimming down its sprawling global empire. Chief executive Jeroen van der Veer can point to up to £5.6bn of likely proceeds from a growing list of disposals.

But his major City presentation on Wednesday needs to convince investors that the sales cash will not be soaked up in cost overruns on major projects.

The best news of all would be some sizable new discoveries. Shell has been drilling actively in the Gulf of Mexico, Nigeria, Morocco and Malaysia. It is also seeking to line up a big gas deal in Libya. Its £1.1bn share buyback programme is likely to be stepped up. read more

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U.S. Oil Concerns Are Lining Up To Bid on Rights for Libyan Crude

THE WALL STREET JOURNAL: U.S. Oil Concerns Are Lining Up To Bid on Rights for Libyan Crude

“But National Oil Corp. has yet to firm up a deal with Royal Dutch/Shell Group after signing a preliminary agreement in March”

By KAREN MATUSIC

DOW JONES NEWSWIRES

August 18, 2004; Page A2

WASHINGTON — U.S. oil companies keen to get their first chance to do business in Libya in 18 years are expected to be active participants in the former pariah state’s first post-sanctions licensing round.

Given soaring crude-oil prices and the likelihood Iraq will be off limits to foreign oil companies until the violence subsides and an elected government is installed, interest in the Libyan round will be high, industry executives said. read more

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Daily Telegraph: Libya invites bids for drilling rights

Daily Telegraph: Libya invites bids for drilling rights

“The news emerged amid reports that Shell’s Libyan deal, which is still at the preliminary stage, was stalling.”

By Christopher Hope, Business Correspondent (Filed: 17/08/2004)

Libya, which was welcomed back into the international fold four months ago, yesterday invited oil and gas companies to bid for drilling rights there.

The news is the first open invitation to oil and gas companies since Shell signed a deal to build a $200m liquefied natural gas terminal during a visit by Prime Minister Tony Blair in March.

Libya’s National Oil Company announced that it was offering exploration and production rights on almost 130,000 sq km, divided into 15 blocks in the north and west of the country. read more

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The Business: Shell battles to save gas deal with Libya

The Business: Shell battles to save gas deal with Libya

“it needs to report progress to investors battered by this year’s disastrous reserves downgrade.”: “I would imagine Shell is desperate to sign something.”

By Richard Orange

15 August 2004

SHELL will be working over the next month to revive stalled negotiations on a key Libyan investment in time for its September strategy meeting. It needs to report progress to investors battered by this year’s disastrous reserves downgrade.

Shell announced a preliminary deal to re-enter Libya in March this year after a high-profile visit by UK Prime Minister Tony Blair to Tripoli. But The Business has learnt that the agreement has stalled because of Shell’s insistence on part ownership of some of Libya’s gas fields. read more

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The Guardian: Filthy lucre: Oil, oil – everywhere!

The Guardian: Filthy lucre: Oil, oil – everywhere!

“And what about Rajasthan? Shell had more or less abandoned prospecting there, but oil minnow Cairn Energy made several major finds this year and reckons Rajasthan could be the new Texas”

Stephen Moss

Thursday August 5, 2004

Oil prices are soaring, stock markets are falling, the end of the world is nigh. Purnomo Yusgiantoro, the Indonesian president of Opec, has warned that the cartel will not be able to increase production to bring down prices, the rise in which has been fuelled by uncertainty over the future of Russian oil giant Yukos and attacks on pipelines in Iraq. Better fill up now before we hit $50 a barrel.

The 11 members of Opec – Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela – supply more than 40% of the world’s oil and have more than 75% of all proven reserves. They have us over a … well, they’ve certainly got us where they want us. Yusgiantoro’s statement may even be a bargaining ploy. So the answer, surely, is to start looking beyond Opec. read more

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Fortune.com: Now If Only Shell Could Find Some Oil

Fortune.com: Now If Only Shell Could Find Some Oil

Forget the reserve drama: At the current rate, Shell will run out of oil in a decade: “Shell will be a no-growth company at least for the next few years.”

By Janet Guyon

Posted 27 July 2004

Now that Royal Dutch/Shell has come clean about the games it was playing with its oil reserves, can it get out of the hole it’s in? That’s what investors want to know, and the prospects aren’t good. At least not in the short term.

Sure, the company is still selling lots of oil, and at high prices. But it’s only replacing 60% of the oil it is pumping, giving it the shortest reserve life—10.2 years—of any oil major. At current production rates, Shell will run out of oil in a decade. read more

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