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Shell had to write-down some of its shale assets in the U.S., after spending $24 billion on a bet that failed to pay off, with company executives regretting ever having made the investment.

By James Stafford: Wed, 14 October 2015

A new report finds that the largest oil companies are set to cut spending on exploration by at least half, potentially leading to very few new oil discoveries in the years ahead.

The report from investment bank Tudor, Pickering, Hold & Co., and reported by Fuel Fix, estimates that exploration budgets among the oil majors will drop to $25 billion in 2016, down from $50 billion from just a few years ago. Obviously, low oil prices are taking their toll, forcing deep spending cuts in a desperate attempt to shore up profitability. But the cuts have large implications for the energy sector, increasing the chances that some large oil fields remain undeveloped for years. 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, Statoil among energy companies forging climate advice group

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Screen Shot 2015-08-27 at 14.29.46Green Business | Thu Sep 24, 2015 

Representatives from energy companies including oil heavyweights Shell and Statoil have joined forces to advise on making cleaner energy decisions, the latest push by energy firms to become more pro-active on climate issues.

Shell Chairman Chad Holliday, Statoil Vice-President Bjorn Otto Sverdrup and RWE Chief Executive Peter Terium are among a list of commissioners acting in a personal capacity to advise governments on how to change their energy markets without damaging the environment. 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.

EU Said to Ramp Up Oil-Benchmarks Probe With Evidence Request

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Regulators may be moving toward sending antitrust complaint

Probe began two years ago with raids on BP, Shell and Statoil

By Gaspard Sebag and Javier Blas: BLOOMBERG.COM: 17 Sept 2015

Major oil companies including Royal Dutch Shell Plc and price publisher Platts were told by regulators to redact business secrets from documents obtained during antitrust raids in a sign the European Union may be moving ahead with a two-year-old probe, according to four people familiar with the investigation.

The redaction request could be a precursor to the European Commission sending a formal complaint, or statement of objections, to some of the firms, said the people who asked not to be named because the investigation into fuel-benchmark rigging isn’t public. 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 seeks permission to operate Corrib gas pipeline

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by Joe Leogue: Wednesday, August 26, 2015

Shell Ireland has officially applied to the Government for permission to operate the controversial pipeline from the Corrib gas field off the coast of Mayo.

The application is the first to be made under the Gas Act since the completion of its construction.

The pipeline is a joint venture by the Corrib Gas Partners which comprises Shell E&P Ireland Limited, Statoil, and Vermillion.

The application was sent to Minister for Communications, Energy, and Natural Resources Alex White on Tuesday, August 18. 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.

August Off To A Shaky Start For Oil Markets

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Screen Shot 2015-01-12 at 08.45.23By Evan Kelly: Tue, 04 August 2015

August started off on a dour note for crude oil, with prices tanking by around 5 percent on August 3. A slew of negative news from around the world weighed on prices. The Greek stock market plummeted on the first day of trading after being closed for five weeks. The Athens Index dropped by 16 percent on August 3 and continued its descent as of midday trading on August 4. Concerns over the Chinese economy once again reared their head as the government moved to put restrictions on short selling to stop the collapse of the stock markets. WTI fell below $46 per barrel and Brent briefly dipped below $50 per barrel before rebounding a bit on August 4. 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.

How the European Oil Industry Decided to Save the Climate

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By Javier Blas: June 23, 2015

By the time the convention chat turned into action, Royal Dutch Shell Plc, BP Plc, Total SA, Eni SpA, Statoil ASA and BG Group Plc published an unprecedented open letter on climate change. Breaking with their biggest U.S. competitors, they announced their support for efforts to put a cost on polluting, acknowledging they were on the wrong side of history.

“They have massively changed the rhetorical position,” says Charlie Kronick, senior climate adviser at Greenpeace in London. “They know that if you are not at the table, you could end up being lunch. 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.

European Big Oil Opens Schism on Climate With U.S. Rivals

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Article by Tara Patel and Javier Blas published 1 June 2015 by Bloomberg.com 

The heads of Europe’s largest oil and gas companies joined together for the first time to call for governments to agree on carbon pricing at a United Nations climate summit, opening a schism with their American rivals.

“It’s clear that the subject isn’t viewed in the same way on both sides of the Atlantic,” Total SA Chief Executive Officer Patrick Pouyanne, one of the signatories, said on Monday at a press conference in Paris. “We are working with those who come forward.”

The banding together on climate-change policy by BP Plc, Eni SpA, Royal Dutch Shell Plc, Statoil ASA, Total and BG Group Plc is unprecedented and follows comments by some of their CEOs calling for the industry to be part of the debate on a deal limiting greenhouse gases. It also highlights division within the sector as the top American companies, Exxon Mobil Corp. and Chevron Corp., decided to stay out of the European initiative. 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 and BP call for international carbon pricing deal

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Oil majors are pushing for scheme to limit emissions as they face growing criticism surrounding global warming

By Andrew Critchlow, Commodities editor: 01 Jun 2015

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Europe’s biggest oil companies, including Royal Dutch Shell and BP, have written an open letter calling for a binding global system of carbon trading in a bid to head off climate change critics.

In a joint statement, the chief executives of Shell, BP, Total, Eni, Statoil and BG Group said: “We need to meet greater energy demand with less CO2. We are ready to meet that challenge and we are prepared to play our part. We firmly believe that carbon pricing will discourage high carbon options and reduce uncertainty that will help stimulate investments in the right low carbon technologies and the right resources at the right pace.” 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.

Royal Dutch Shell, BP plc Seek UN Support Over Carbon Pricing

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By: MICHEAL KAUFMAN: Published: Jun 1, 2015

Major oil exploration and production companies in Europe are coming together to seek the United Nations’ support for the first time, in putting forward a plan that will apply brakes to global warming.

As pressure mounts on oil companies over concerns of climate change, company executives have moved to hold direct talks with government officials ahead of a UN meeting, scheduled to take place in December this year in Paris, the Financial Times (FT) reported on Sunday. 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 Add Firepower to BG Assets in East Africa LNG Race

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Article by Paul Burkhardt published 12 May 2015 by Bloomberg.com

Royal Dutch Shell Plc’s $70 billion takeover of BG Group Plc will put Europe’s largest energy company in the middle of East Africa’s race to export natural gas and is set to boost the chances of Tanzania becoming a major supplier.

The acquisition would include stakes in three blocks off the coast that contain one-third of Tanzania’s estimated resource. This may give the East African nation an edge in the race to first exports of liquefied natural gas from the region over neighboring Mozambique, where discoveries could make it the world’s biggest producer of LNG after Qatar and Australia. 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.

BG staff must compete for jobs after Shell takeover, says boss Helge Lund

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By Andrew Critchlow, The Telegraph Commodities Editor: Article Published 9:53PM BST 10 May 2015

BG Group chief executive Helge Lund speaks exclusively to Andrew Critchlow about his plans to prepare the company for its mega takeover by Shell

When BG Group hired Helge Lund as the company’s new chief executive late last year it came at a high price.

Mr Lund – who had previously been head of the Norwegian state-oil giant Statoil – was handed a large remuneration package that, with bonuses, could be in the region of £25m. In return, he would take the top job at a company that appeared to be lurching from one crisis to another following the sudden departure of the previous chief, Chris Finlayson.

Under Mr Finlayson, who had been in the job for less than a year, BG had suffered a number of production issues and a profit warning just as the oil and gas industry was about to enter a deep downturn, with Brent crude prices plummeting to around $50 per barrel. 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 CLASS ACTION LAWSUIT AGAINST SHELL AND OTHERS FOR OIL PRICE FIXING

(NOW UPDATED WITH 98 PAGE DOCUMENT FILED 24 APRIL 2015 WITH THE U.S. COURTS)

A 194 page Complaint filed in the US Courts two months ago confirms that investigations are underway by the U.S. Federal Trade Commission, the EU Commission and the UK Serious Fraud Office into an alleged oil price-fixing conspiracy involving Shell, BP, Statoil and others. 

The plaintiffs provide what they describe as “concrete evidence” within the Complaint of oil price manipulation.

A link to the entire 194 page document is provided.

Extracts from 194 page Court document dated 27 Feb 2015

SECOND AMENDED CONSOLIDATED CLASS ACTION COMPLAINT FILED 27 FEBRUARY 2015

Case 1:13-md-02475-ALC Document 308 Filed 02/27/15

UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK

I. NATURE OF THE ACTION

1. This action arises from manipulations of North Sea Brent Crude Oil Market  (defined herein) by Defendants Shell International Trading and Shipping Company Limited (“STASCO”), Shell Trading US Company, BP pic (“BP”), BP America, Inc., BP Corporation North America Inc., Statoil ASA (“Statoil”), Statoil US Holdings Inc. (“Statoil US”), Morgan Stanley Capital Group, Inc. (“MSCGI”), Trafigura Beheer B.V., Trafigura AG, Phibro Trading LLC (“Phibro”), Phibro Commodities Limited, Vitol, S.A. (“Vitol”), Vitol, Inc., Hess Energy Trading Company, LLC (“HETCO”), Mercuria Energy Trading S.A., Mercuria Energy Trading, Inc., (collectively, “Defendants”) since at least 2002 through the present (the “Class Period”). 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.

Royal Dutch Shell Arctic Assessment Understated, Say Environmental Groups

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Royal Dutch Shell Arctic Assessment Understated, Say Environmental Groups

Bidness Etc discusses why environmental groups want Shell to reassess the risks for drilling in the Arctic, and that the previous report undermined the drilling risks involved

By: MICHEAL KAUFMANApr 28, 2015

Major oil companies to safeguard themselves from the lower crude oil prices are cutting back on investments and spending. Royal Dutch Shell plc (ADR) (NYSE:RDS.A) is no different and is planning to undertake similar spending plans when it announces earnings on Thursday.

Cuts in capital spending are vital for Shell. Shell recently acquired BG Group plc (ADR) (OTCMKTS:BRGYY) for $70 billion. In addition, the company plans on spending $1 billion for drilling in the Alaskan Arctic. These investments mean that the company would need to make substantial cuts in order to sustain a favorable cash position. 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 face further cuts as low prices linger

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Oil firms face further cuts as low prices linger

Commodities | Fri Apr 24, 2015 12:23pm BST

* Big oil using spending cuts to increase efficiency

* Q1 earnings set to drop by more than 50 pct, tracking oil price

* Strong refining margins set to continue

By Ron Bousso

LONDON, April 24 (Reuters) – Oil majors may need deeper cuts to oil and gas exploration and production spending as they grapple with an extended period of low crude prices.

The industry is expected to reveal another set of grim earnings for the first quarter when benchmark Brent prices averaged $55 a barrel, almost half the level of a year ago. 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’s Huge Gas Bet Underscores Big Oil’s Push to Replace Coal

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Article by Javier Blas and Rakteem Katakey published 10 April 2015 by Bloomberg.com

BP Plc coined the slogan “Beyond Petroleum.” The new industry mantra might be “Beyond Oil and Into Gas.” Oh, and while we’re at it, “Down With Coal.”

Consider Royal Dutch Shell Plc’s recent $70 billion acquisition of BG Group Plc — clearly a huge bet that natural gas will prove to be its cash cow of the future.

The petroleum industry’s move toward gas is hardly new — the hydraulic fracturing shale revolution is in its second decade, after all. Still, Shell’s move is an emphatic confirmation that some among the Big Oil family firmly believe gas will play a growing role in meeting the energy demand of emerging countries such as China and India that are trying to move away from dirtier coal. 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.

Royal Dutch Shell And Others Interested In Iran Following Nuclear Deal Agreement

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By: MICHEAL KAUFMAN

Published: Apr 7, 2015 at 8:20 am EST

Iran’s oil exports are set for a boost after a framework nuclear agreement was reached between the country and world powers in Lausanne, Switzerland. The deal also paves the way for international energy groups to make a comeback to the country after a five year pause.

Western sanctions against Iran have badly hurt its oil and gas industry. The Iranian government now wants foreign investment to return and it’s expected that Tehran will start preparations for new contracts with western companies. 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.

UK Government must defend against big oil and mining dirty tricks

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Screen Shot 2015-03-24 at 16.05.44UK Government must defend against big oil and mining dirty tricks

Oil and mining bodies together with companies such as BP and Royal Dutch Shell have drafted industry compliance guidelines that weaken the impact of new UK anti-corruption laws.

21st March 2015

Anti-corruption campaigners urge the UK Government to divorce itself from industry guidelines that would create transparency black-holes

Oil and mining bodies together with companies such as BP and Royal Dutch Shell have drafted industry compliance guidelines that weaken the impact of new UK anti-corruption laws. (1) A coalition of over 800 organisations including Global Witness, CAFOD, Oxfam, Christian Aid and ONE are urging the Government to reject industry’s proposed guidelines which suggest that the law allows companies to keep certain payments secret. (2) 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 companies Arctic projects in deep freeze

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Information and graphic sourced from an FT article by Richard Milne in Oslo, Christopher Adams in London and Ed Crooks in New York, published 6 February 2015.

The first of two drilling rigs contracted by Shell will soon leave Singapore and once sea ice has sufficiently receded, will embark on a summer drilling project in U.S. Arctic waters, despite the objections of environmental activists. The Arctic is said to hold nearly a third of the world’s undiscovered gas and 13% of undiscovered oil. 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.

Arctic Oil On Life Support

Screen Shot 2014-08-06 at 09.25.26From an OilPrice.com article by Nick Cunningham published 1 Feb 2015 under the headline:

“Arctic Oil On LifeSupport”

Oil companies have eyed the Arctic for years. With an estimated 90 billion barrels of oil lying north of the Arctic Circle, the circumpolar north is arguably the last corner of the globe that is still almost entirely unexplored.

As drilling technology advances, conventional oil reserves become harder to find, and climate change contributes to melting sea ice, the Arctic has moved up on the list of priorities in oil company board rooms.

That had companies moving north – Royal Dutch Shell off the coast of Alaska, Statoil in the Norwegian Arctic, and ExxonMobil in conjunction with Russia’s Rosneft in the Russian far north. 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 companies throwing in the towel

Screen Shot 2015-01-12 at 08.45.23“Other companies – including Maersk, Cairn Energy (Scotland) and Shell (the Netherlands) – have postponed their plans for two years while they consider their options.”

From an article by CW published by the Copenhagen Post on 14 Jan 2015 under the headline:

Oil companies throwing in the towel in Greenland

Greenland’s dream of becoming the next oil mecca is fading. Three major energy companies – Statoil (Norway), GDF Suez (France) and Dong Energy (Denmark) – have given up plans to excavate oil in the ocean west of the world’s largest island.

Other companies – including Maersk, Cairn Energy (Scotland) and Shell (the Netherlands) – have postponed their plans for two years while they consider their options. Investing in oil excavation in Greenland is too expensive and uncertain, the oil companies contend. 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.

Arctic Explorers Retreat From Hostile Waters With Oil Prices Low

Screen Shot 2014-08-06 at 09.25.26From an article by Mikael Holter published 14 Jan 2015 by Bloomberg under the headline:

“Arctic Explorers Retreat From Hostile Waters With Oil Prices Low”

When Statoil ASA (STL) acquired the last of three licenses off Greenland’s west coast in January 2012, oil at more than $110 a barrel made exploring the iceberg-ridden waters an attractive proposition.

Less than two years later, the price of oil had been cut by almost half and Norway’s Statoil, the world’s most active offshore Arctic explorer in 2014, relinquished its interest in all three licenses in December without drilling a single well…

“At $50, it just doesn’t make sense,” James Henderson, a senior research fellow at the Oxford Institute for Energy Studies, said in a Jan. 12 phone interview. “Arctic exploration has almost certainly been significantly undermined for the rest of this decade.” 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 may abandon Arctic drilling indefinitely

Screen Shot 2014-12-19 at 15.36.47By John Donovan

Royal Dutch Shell is expected to announce by March if it will go forward with plans to drill for oil in Arctic waters offshore Alaska in 2015, a decision which may have more to do with the outcome of court cases and U.S. government reviews than global market fundamentals.

Shell’s decision is widely seen as a potential turning point for the company’s long-range Arctic plans, with billions already spent and rival companies putting their own Arctic drilling plans on hold; if Shell does not pursue drilling off north Alaska in 2015, it may abandon the region indefinitely. 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.

OSSL BLACKMAIL PLOT AGAINST SHELL

Screen Shot 2014-11-16 at 23.49.54To its credit Shell has not given in to the subsequent money demands, but neither has it apparently reported the matter to the Irish Police. One can see the difficulty. How do you go about asking the Irish police to investigate a blackmail plot over free alcohol worth over €35,000 given to the Irish Police accused of being “Shell’s Cops” and acting brutally towards people protesting against the controversial project?

JOHN DONOVAN EMAIL TO SUPERINTENDENT PATRICK DISKIN OF THE IRISH POLICE, THE GARDA

From: John Donovan <[email protected]>
Subject: OSSL BLACKMAIL PLOT AGAINST SHELL

Date: 16 November 2014 20:43:08 GMT
Cc: [email protected], Ed Vulliamy <[email protected]>, Lorna Siggins <[email protected]>, Dan Griffin <[email protected]>, Áine Ryan <[email protected]>, Paul O’Donoghue <[email protected]>, “Boucher-Hayes, Philip” <[email protected]>, Olga Cronin <[email protected]>, Erlend Skarsaune <[email protected]>
To: [email protected] 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.

EU investigates price fixing in energy markets

Screen Shot 2014-06-22 at 18.53.03The latest development follows the Libor rigging scandal and the raids carried out in May 2014 on the oil majors BP, Shell and Statoil, seeking evidence of manipulation of oil prices.

By John Donovan

On Tuesday, investigators for the EU Commission raided several companies producing and trading in biofuels.

According to the commission, the surprise inspections resulted from possible collusion when submitting price information to a price reporting agency.

The latest development follows the Libor rigging scandal and the raids carried out in May 2014 on BP, Shell and Statoil, in an investigation seeking evidence of oil price manipulation.

More information can be found in a Financial Times article by Alex Barker: 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’ cost cuts may jeopardise worker safety – Norway watchdog

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Shell oil rig Kulluk seen grounded off the coast of an Alaskan island.

Extract from a Reuters article by Gwladys Fouche published 24 April 2014

OSLO, April 24 (Reuters) – Cost-cutting by oil companies could jeopardise the safety of workers in the future, Norway’s safety watchdog warned on Thursday. The regulator said it was concerned that as a result safety standards could be compromised in Norway, where the world’s biggest oil companies drill offshore, including BP, Royal Dutch Shell, ConocoPhillips, Total, Statoil and Exxon Mobil. 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.

BP and Shell suspected manipulation of oil prices

Extracts from an article by Alex Lawler published on 6 March 2014 by Reuters

BP says U.S., Asia regulators ask for details after EU price probe

Screen Shot 2013-05-17 at 01.06.41(Reuters) – BP Plc said regulators from the United States and Asia have asked it for information after the European Commission’s started an investigation last year into suspected manipulation of oil prices. London-based BP, Europe’s second-largest oil company, made the disclosure in its annual report released on Thursday. Last May, European authorities raided offices of BP, and Royal Dutch Shell and Statoil in an investigation of suspected price manipulation. “Related inquiries and requests for information have also been received from U.S. and other regulators following the European Commission’s actions,” BP said in its 2013 annual report, published on its website. 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.

Benchmark in Jeopardy

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Screen Shot 2013-05-17 at 01.06.41Straining to solve a problem that might be illusory, European regulators soon might create real problems by increasing the volatility of an important crude oil price marker. Worried that shenanigans might reach beyond financial markets, the EC expanded its proposal to encompass commodities, including oil. In May, the EC and European Free Trade Association Surveillance Authority unveiled investigations into suspicions that representatives of Shell, BP, and Statoil had distorted trading information they provided Platts. Results of those probes have yet to be reported. 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.

Fixing the fix

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The European Union wants to change how commodity benchmarks are set

BRUSSELS: Feb 8th 2014

Screen Shot 2013-05-17 at 01.06.41“THE oil price” has a comforting ring of clarity about it. But in reality many benchmark prices for oil and other commodities are merely estimates based on incomplete information from unregulated, illiquid markets. …the European Commission last year raided BP, Royal Dutch Shell, Statoil (all oil firms) and Platts (the biggest PRA) in an investigation of possible market-rigging. An American regulator, the Commodity Futures Trading Commission, is investigating price-fixing by trading houses and oil companies. Many see similarities to scandals involving financial benchmarks such as LIBOR, which purported to track the price of loans between banks in London, but turns out to have been manipulated with gusto. 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.

Price-rigging probes jammed by oil industry bid to protect its secrets

Screen Shot 2013-05-17 at 01.06.41The case alleges collusion to manipulate spot prices among Shell, BP, Statoil, Morgan Stanley, Vitol, the Dutch trading giant Trafigura Beheer BV and others since 2002…

Joel Kirkland, E&E reporter:

A U.S. investigation into whether the world’s biggest crude oil traders fix prices has sparked an escalating and high-stakes court battle over the disclosure of records.

Royal Dutch Shell PLC, Vitol Group and Plains All American Pipeline LP have joined Morgan Stanley in a federal court case that aims to stop mounds of trading data given to U.S. regulators from being used in civil cases alleging market manipulation by a trading house controlled by Norwegian shipping magnate John Fredriksen. 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.

Santa Claus Could Be Sitting on Billions of Barrels of Oil

For several years now, Shell had hoped that the Alaskan Arctic would their ticket to growth that shareholders would appreciate. Unfortunately, it hasn’t been able to get its act together, and over $4 billion has been spent on wasted efforts. 

For peers like ExxonMobil  and Statoil , the Arctic Circle is the future, but they are both reaching outside of the United States. Hopefully, for their sake, the Kara and Barents Sea will be more friendly that the Chukchi has been to Shell. read more

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Shell to Sell Stake in Australian Gas Field

Screen Shot 2013-01-23 at 13.17.19“All too often, Shell’s answer to an issue or problem is that the market is being too short term; that Shell takes the long term view, and that in the long term, the company’s approach will be proved right,” Lucas Herrmann, an analyst at Deutsche Bank in London, wrote in a note to clients on Monday. “Sadly, we would argue that the weight of evidence is, if anything, against the company.’’: Mr. Rats estimates that Shell will have to sell $14 billion worth of assets over the next two years to keep its commitments on reining in capital spending. He forecasts that it will sell oil fields in the North Sea, where it owns a smorgasbord of stakes in oil and natural gas fields; in Nigeria, where Shell’s production has been cut by unrest; and in North America, where the company has been losing money.

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By STANLEY REED: JAN. 20, 2014

LONDON — Royal Dutch Shell said on Monday that it would sell its minority interest in an Australian liquefied natural gas project to the Kuwait Foreign Petroleum Exploration Company for about $1.1 billion.

The sale is likely to be one of many in the oil industry this year, as companies try to raise cash for other projects or to finance share buybacks and higher dividends.

Even though global oil prices are relatively high, with Brent crude trading at about $106 a barrel, profit at many oil companies has been disappointing and the stock performance of some companies, including Shell, has been lackluster. Shares of Shell were slightly lower on Monday afternoon in London. read more

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The Rush for the Arctic’s Riches

Screen Shot 2013-01-11 at 20.09.51The severe challenges of operating in the Arctic have already proved daunting for Shell, which has spent $4.5 billion to exploit reserves off Alaska but has yet to drill a single producing well. In the summer of 2012, during Royal Dutch Shell’s first attempt to probe its Arctic deposits, shifting winds and floating ice halted drilling. Several months later, when one of its drilling rigs ran aground during an especially severe storm, Shell announced that it would suspend operations in Alaska’s Arctic waters. Shell’s misfortunes have heightened concern that Arctic drilling poses an unacceptable threat to the region.

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By MICHAEL T. KLARE: A version of this op-ed appears in print on December 9, 2013, in The International New York Times.

AMHERST, Mass. — While many existing oil and gas reserves in other parts of the world are facing steep decline, the Arctic is thought to possess vast untapped reservoirs. Approximately 13 percent of the world’s undiscovered oil deposits and 30 percent of its natural gas reserves are above the Arctic Circle, according to the United States Geological Survey. Eager to tap into this largess, Russia and its Arctic neighbors — Canada, Norway, the United States, Iceland and Denmark (by virtue of its authority over Greenland) — have encouraged energy companies to drill in the region. read more

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Brent Rigging Suit Lawyers Fight Over Litigation Control

Screen Shot 2013-05-17 at 01.06.41The traders, represented by the New York-based law firm Kirby McInerney LLP, sued last month in Manhattan federal court claiming some of the world’s biggest oil companies, including BP Plc, Statoil ASA, and Royal Dutch Shell Plc, conspired with Morgan Stanley and energy traders including Vitol Group to manipulate spot prices for Brent crude oil for more than a decade.

Screen Shot 2013-02-01 at 15.08.50 By Bob Van VorisNov 27, 2013 9:27 PM GMT

Attorneys for four oil traders suing over alleged manipulation of crude prices copied much of their complaint and violated federal court rules in an attempt to control the litigation, a rival group of lawyers claimed.

The traders, represented by the New York-based law firm Kirby McInerney LLP, sued last month in Manhattan federal court claiming some of the world’s biggest oil companies, including BP Plc (BP/), Statoil ASA (STL), and Royal Dutch Shell Plc, conspired with Morgan Stanley (MS) and energy traders including Vitol Group to manipulate spot prices for Brent crude oil for more than a decade. The benchmark is used to price more than half the world’s crude and helps determine where costs are headed for fuels including gasoline and heating oil. 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.

Iran opens contacts with oil groups

FINANCIAL TIMES

November 26, 2013

In his first interview with the foreign media, the minister who persuaded the likes of Total, Royal Dutch Shell, Eni and Statoil to invest in the oil and gas sector in the 1990s despite US sanctions, said these companies were now among those he was seeking to attract back to Iran. Peter Voser, Shell’s outgoing chief executive, told an industry conference last month that Iran had “vast resources”… FULL FT ARTICLE
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Platts System Could Be ‘Prone’ to Collusion, EU Official Says

Screen Shot 2013-05-17 at 01.06.41Platts’s oil-price reporting system “could be prone to collusion or distortion,” according to the European Union official in charge of the benchmark probe that led to raids on the premises of BP Plc, Royal Dutch Shell Plc and Statoil ASA. The EU probe is still examining two areas of concern — abuse of dominance and unlawful collusion, Gauer said.

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Did BP, Shell, Statoil, And Others Fix Oil Prices?

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Screen Shot 2013-05-17 at 01.06.41Did BP, Shell, Statoil, And Others Fix Oil Prices And Behave Anti-Competitively?

By Werner Kranenburg: Oct 30 2013, 13:46

In legal proceedings, which may prove critical for both physical oil traders and traders in oil-related financial instruments, who should take note for their own possible action, the focus of attention has of last week firmly shifted to a federal trial court in Manhattan for now. The European Commission stating that “[e]ven small distortions of assessed prices may have a huge impact on the prices of crude oil…” concerns all involved and, besides governmental authorities, market participants have their role to play as well in ensuring the integrity of benchmarks and fairness of competition such as through the courts. read more

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PRICE MANIPULATION ARTICLES

Abengoa is the latest name to emerge in the probe that started in May with raids on the offices of energy news and price publisher Platts, Statoil ASA, BP Plc, Royal Dutch Shell Plc and Argos Energies to gather evidence of possible collusion in oil and biofuel pricing.

Abengoa Bioethanol Arm Raided in EU Manipulation Probe

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Abengoa SA (ABG), owner of continental Europe’s biggest bioethanol plant, said that it’s being investigated as part of the European Union’s antitrust probe into possible manipulation of oil and biofuel prices.

The company and its Rotterdam-based Abengoa Bioenergy Trading Europe unit were inspected over possible collusion to manipulate the Platts market-on-close process and exclude companies from the way prices are assessed, Abengoa said in a U.S. regulatory filing dated Oct. 4. read more

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US lawsuit against oil majors on price fixing gains momentum

Screen Shot 2013-05-17 at 01.06.41A US judicial panel is expected to make a decision in a matter of days on where the consolidated lawsuits by US trading firms against oil giants BP, Shell and Statoil will be heard… The lawsuits followed the European Commission’s investigation into the oil majors for alleged price manipulation back in May. BP, Shell and Platts declined to comment.

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by Suzie Neuwirth: October 9, 2013, 2:28am

A US judicial panel is expected to make a decision in a matter of days on where the consolidated lawsuits by US trading firms against oil giants BP, Shell and Statoil will be heard, City A.M. understands.

Around ten plaintiffs, including Chicago-based commodity trading house Prime International Trading, individually sued the oil majors earlier in the year for alleged manipulation of oil prices by relaying false information to price reporting agency Platts, dating back to the year 2000 until the present. 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.

U.S Government Opens Leasing of Chukchi Sea to Other Drillers after Shell Backed Out

The U.S government announced Thursday that they will be welcoming other oil and energy companies interested in leasing Chukchi Sea near Alaska after Shell backed out..

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By Julie S: Sept 29, 2013

The U.S government announced Thursday that they will be welcoming other oil and energy companies interested in leasing Chukchi Sea near Alaska after Shell backed out, Reuters reports.

Chukchi Sea is located at the northwest side of Alaska and believed to hold more than 15 billion barrels of oil, according to the U.S. Bureau of Ocean Energy Management (BOEM) calculation.

Shell was the first company to lease in 2008 for $2.1 billion. The company started its preliminary drilling in 2012 but experienced challenges in their equipment. It also reported accidents happening on-site. Finally, the company announced that it will no longer drill in Chukchi Sea for 2013. It also did not say if there will be drilling for 2014. read more

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In Canada’s north Atlantic, new oil frontier shows life beyond shale

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Fri Sep 27, 2013 3:06pm EDT

* Statoil find opens up new basin for offshore Canada

* Oil majors Chevron and Shell also exploring new fields

* Scarcity of specialised rigs could hamper progress

By Nia Williams

CALGARY, Alberta, Sept 27 (Reuters) – Statoil’s announcement this week of a major oil find off Canada’s Atlantic coast offers a refreshing reminder that new technology and high prices are helping uncover new oil supplies far beyond U.S. shale and the Alberta oil sands.

Statoil says its discovery in the deep-sea Bay du Nord may contain up to 600 million barrels of recoverable oil, making it the third-largest find in Atlantic Canada and rejuvenating hope for an offshore region that was forecast to be in decline for the next several decades. read more

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U.S. govt gauges interest in new Chukchi Sea offshore oil leasing

Screen Shot 2013-01-11 at 20.09.51(Reuters) – The U.S. government on Thursday started to formally gauge energy companies’ interest in future oil and gas leasing in the Chukchi Sea near Alaska, site of a trouble-plagued 2012 exploration season for Royal Dutch Shell Plc. Shell did preliminary drilling on one Chukchi well in 2012. After experiencing equipment failures and accidents, it declined to drill again this year. The company has announced no decision about returning to complete that well or drill others in 2014.

ANCHORAGE, Alaska, Sept 26 | Thu Sep 26, 2013 8:07pm EDT

(Reuters) – The U.S. government on Thursday started to formally gauge energy companies’ interest in future oil and gas leasing in the Chukchi Sea near Alaska, site of a trouble-plagued 2012 exploration season for Royal Dutch Shell Plc.

The “Call for Information and Nominations” issued by the U.S. Bureau of Ocean Energy Management (BOEM) is the first step in a potential Chukchi Sea lease sale under consideration for 2016, officials said. read more

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No Escape From Jail or Fines in Global Market-Abuse Curbs

Screen Shot 2013-05-17 at 01.06.41The European Commission raided the offices of oil price publisher Platts, Statoil ASA, BP Plc, Royal Dutch Shell Plc and Argos Energies in May to gather evidence of possible collusion and abuse of market power, according to the companies. The probe extends to undisclosed crude-derived products and biofuels.

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By Jim Brunsden & Ben MoshinskySep 25, 2013 1:32 PM GMT+0100

Crooked bankers and insider traders would have no safe havens under planned global guidelines for market-abuse penalties, amid concerns some countries don’t have strict enough rules.

Culprits should face prison or tough fines regardless of where they are based, said David Wright, secretary general of the International Organization of Securities Commissions, a group of global regulators working on principles for how to deter investment banks, other financial firms and staff from abusing markets. read more

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LAST NIGHT AT IRISH GOVERNMENT BUILDINGS

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ABOVE IS AN ATTACHMENT TO A BRIEF OSSL EMAIL (BELOW) SENT TO SENIOR EXECUTIVES AND OFFICIALS OF ROYAL DUTCH SHELL EARLIER TODAY

From: THE OSSL COMPANY <[email protected]>
Subject: LAST NIGHT AT IRISH GOVERNMENT BUILDINGS …YOU SHAME THE NAME OF SHELL …
Date: 20 September 2013 07:19:41 GMT+01:00
To: Michael Crothers <[email protected]>, John Shell News <[email protected]>, Michiel Brandjes <[email protected]>, Peter Voser <[email protected]com>, [email protected], [email protected], [email protected], [email protected], Neil Rooney <[email protected]>, [email protected], [email protected] 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.

Europe sets out plans to stop benchmark rigging

The Commission’s antitrust chief continues to investigate benchmarks including Libor and has also raided offices of oil majors Shell, BP and Statoil in an investigation of suspected manipulation of oil prices.

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By John O’Donnell and Barbara Lewis: BRUSSELS | Wed Sep 18, 2013 6:51pm IST

(Reuters) – European Union regulators proposed new rules on setting commodity and interest-rate benchmarks on Wednesday that backed away from their earlier plans for sweeping EU oversight of the multi-trillion-euro markets.

The draft law would regulate benchmarks for the first time at the European level and aims to prevent scandals such as the rigging of the London Interbank Offered Rate (Libor), used to price some $300 trillion of products including home loans and credit cards globally. read more

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Montepeque of Platts Caught in Battle Over Oil Assessments

Screen Shot 2013-05-17 at 01.06.41The oil-market investigation became public in May when European Competition Commissioner Joaquin Almunia, who is also pursuing price-fixing allegations related to the London interbank offered rate, or Libor, sent investigators to seize computer records and documents from Platts offices, and raided BP Plc (BP/), Statoil ASA and Royal Dutch Shell Plc (RDSA), three of Europe’s largest oil companies,

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By the time Jorge Montepeque came to London in January 2002 to revamp Platts energy-price benchmarks amid a series of manipulation scandals, he’d already earned a reputation as the company’s troubleshooter.

During a decade in Singapore leading the company’s Asian editorial operations, Montepeque brought more transparency to the $6 trillion global energy market. He ordered reporters to stop using anonymous tips to determine fair values of fuels, pushed traders into a system that sent bids and offers to subscribers around the world and made it more difficult to manipulate prices of Dubai crude. 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.

U.S. regulators in talks with EU on energy price probe

Screen Shot 2013-05-17 at 01.06.41U.S. regulators are in talks to join European officials in their investigation of the oil markets, a European politician said, as both sides hunt for signs that trading benchmarks have been compromised. The EU executive in May raided the offices of oil majors BP, Shell and Statoil as well as price reporting agency Platts in an investigation of suspected manipulation of oil prices.

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By Simon Falush and Douwe Miedema: LONDON/WASHINGTON | Fri Sep 6, 2013 1:22pm EDT

(Reuters) – U.S. regulators are in talks to join European officials in their investigation of the oil markets, a European politician said, as both sides hunt for signs that trading benchmarks have been compromised.

But while the European Union has already raided the offices of major oil companies and price publisher Platts, the U.S. derivatives regulator has yet to launch a formal probe, two people familiar with the matter said. read more

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SHELL/STATOIL GARDA BRIBERY

Pobal Chill Chomain Press Release – SHELL/STATOIL GARDA BRIBERY – 21/08/2013

As a community group committed to solving the continued difficulties with the ongoing Shell/Statoil Corrib Gas controversy, we are extremely concerned with the most recent developments regarding allegations of bribery and deception involving senior members of An Garda Siochana and agents acting on behalf of the Corrib developers; i.e. the long-term bribery of Garda members with gifts of alcohol, and misleading a Garda Ombudsman investigation.

These allegations strike at the heart of our community, but strike also at the basic notion of democracy and transparency in this country, and must be rooted out at their foundation if we are to move on from conflict and mistrust. read more

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Bribery allegations hit Statoil Ireland development project

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Statoil’s scandal-dogged Corrib project in Ireland is already considerably delayed and three times more expensive than planned. Operator Shell is now accused of amongst other things bribing Irish police with large amounts of alcohol.

By Erlend Skarsaune: 13 August 2013

The Corrib field off the northwest coast of Ireland should have delivered gas ten years ago. But strong opposition from locals has meant that the field is still not producing, and made it NOK 17 billion (almost EUR 2.18 billion) more expensive than planned. The Corrib field’s overrun is 283 per cent when compared with its original budget, probably Statoil’s largest ever.

Shell is the operator, but residents believe the project also definitely falls under Statoil’s responsibility, what with its 36.5 per cent share. Local protesters are of the opinion that police have sided with the oil companies. Farmer Willie Corduff thinks injustices the Corrib project has caused the local community will never be healed. read more

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Garda examining claims alcohol was delivered to Mayo station

ARTICLES BY LORNA SIGGINS ABOUT THE SHELL GARDA SCANDAL PUBLISHED TODAY AUG 13, BY THE IRISH TIMES

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Garda examining claims alcohol was delivered to Mayo station

Senior officer’s examination underway for over a month

Tue, Aug 13, 2013

An Garda Síochána has appointed a senior officer to examine claims a company contracted to Shell E&P Ireland delivered large quantities of alcohol to Belmullet Garda station in Mayo. The Garda Press Office confirmed to The Irish Times last night that “a superintendent has been appointed to examine the matter”.

It is understood Supt Thomas Murphy of Swinford Garda station has been instructed to contact the contractor, OSSL, in relation to a number of allegations against the force. read more

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EU Plans to Wrap Up Oil-Benchmarks Probe as Quickly as Possible

European Union regulators aim to finish their antitrust probe into alleged manipulation of oil prices by companies from BP Plc (BP/) to Royal Dutch Shell Plc (RDSA) “as quickly as possible,” the bloc’s antitrust chief said.

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By Stephanie Bodoni: August 06, 2013

European Union regulators aim to finish their antitrust probe into alleged manipulation of oil prices by companies from BP Plc (BP/) to Royal Dutch Shell Plc (RDSA) “as quickly as possible,” the bloc’s antitrust chief said.

The length of the investigation “depends on a number of factors, including the complexity of the case, the extent to which the undertakings concerned cooperate with the commission and the exercise of the rights of defense,” EU Competition Commissioner Joaquin Almunia said in a written response to a European Parliament lawmaker. 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.
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