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

CBS SF

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

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

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

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Shell is said to evaluate sale of holdings in largest U.S. oil field valued at as much as $10B

Seeking Alpha

Shell is said to evaluate sale of holdings in largest U.S. oil field valued at as much as $10B

Jun. 13, 2021 7:19 PM ET Royal Dutch Shell plc (RDS.A)RDS.BBy: Josh FinemanSA News Editor

  • Royal Dutch Shell (NYSE:RDS.A) (NYSE:RDS.B) is said to be considering selling its holdings in the largest U.S. oil field, holdings that may be worth as much as $10B.
  • The oil major is said to be evaluating selling all of part of its about 260,000 acres (105,200 hectares) in the Permian Basin, located mostly in Texas, according to media reports earlier.
  • CNBC reported that a sale is not imminent, though talks with a buyer or multiple acquirers are ongoing.
  • Last week, Shell to speed up emissions cuts following Dutch court ruling, CEO says.
  • Also see, Watch out for the next ‘oil crisis’: Sector Watch.
  • read more

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    OPL 245: Groups Urge Nigeria’s Public Prosecutor To Appeal Judgement Favouring Shell, APC

    OPL 245: Groups Urge Nigeria’s Public Prosecutor To Appeal Judgement Favouring Shell, APC

    In a statement on Wednesday, spokesperson for the campaign groups noted that the judges have set a terrible precedent for the global fight against corruption involving fossil fuel companies.

    BY SAHARAREPORTERS, NEW YORK JUN 10, 2021

    Human Rights Groups, Global Witness, Human and Environmental Development Agenda, have urged the Nigerian public prosecutor to appeal the judgement of the Milan Tribunal which acquitted Eni, Shell and others for international corruption related to the acquisition of the OPL 245 oil field in Nigeria. read more

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

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

    June 10, 2021, 4:59 a.m. ET

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

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

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    Shell’s Australia boss says Big Oil faces a push for faster change

    Shell’s Australia boss says Big Oil faces a push for faster change

    By Nick Toscano

    The Australian boss of global energy giant Shell says society’s growing determination to speed up the shift to cleaner energy has driven a sharp escalation of climate pressure engulfing oil and gas producers this year.

    In his first public comments since a Dutch court ordered Shell to set deeper and faster emissions cuts targeting a 45 per cent reduction by 2030, Shell Australia chairman Tony Nunan said he believed industry, governments and the public were becoming increasingly aligned on the need to achieve net-zero emissions by the middle of the century. read more

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    Former Shell U.S. President John Hofmeister dies at 73

    REUTERS

    Former Shell U.S. President John Hofmeister dies at 73

    : June 7, 2021

    Former Shell Oil President John Hofmeister, who led the oil major’s U.S. efforts to help restore investor confidence after an accounting scandal nearly two decades ago and later set up an energy advocacy group, has died. read more

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    Shell climate case verdict: ‘A stark warning to any corporate polluter’

    euronews.green

    Shell climate case verdict: ‘A stark warning to any corporate polluter’

    By Johnny White

    Last week a Dutch court ruled that one of the world’s biggest oil companies, Royal Dutch Shell, must reduce its greenhouse gas emissions by almost half in the next nine years.

    It’s no exaggeration to say this landmark verdict, which linked the need for the fossil fuel company to decarbonise to climate science and human rights, is a watershed moment for corporate climate accountability.

    The case, brought by Friends of the Earth Netherlands and over 17,000 Dutch citizens, established that Shell was in breach of its duty of care under the Dutch Civil Code, informed by its human rights responsibilities, by contributing dangerously to climate change. read more

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    Nord Stream 2’s completion a ‘fait accompli’

    Seeking Alpha

    Nord Stream 2’s completion a ‘fait accompli,’ Blinken tells House panel

    Jun. 07, 2021 2:25 PM ETBASFY, ENGIY…By: Carl SurranSA News Editor

  • Secretary of State Antony Blinken called completion of the Nord Stream 2 pipeline a “fait accompli” in testimony today before the House Foreign Affairs Committee, and said the U.S. is working with Germany to mitigate the damage it will cause to Europe’s energy system.
  • Sanctioning the top executive of the project’s parent company would have led to worse U.S.-German relations, Blinken said, and now Germany has expressed a desire to prevent Russian President Putin from using Nord Stream 2 as leverage to weaken European nations by increasing dependency on Russia.
  • “We have an opportunity to make something positive out of a bad hand that we inherited when we came into office,” Blinken said.
  • The Gazprom-led (OTCPK:OGZPY) project also includes Western partners Royal Dutch Shell (RDS.ARDS.B), BASF’s (OTCQX:BASFY) Wintershall, Uniper (OTC:UNPPY), OMV (OTCPK:OMVJF) and Engie (OTCPK:ENGIY).
  • Putin said last week that the pipelaying of the first line of the pipeline from Russia to Germany had been completed.
  • read more

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

    OilPrice.com

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

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

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

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

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

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

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    OPEC, Russia seen gaining more power with Shell Dutch ruling

    REUTERS

    OPEC, Russia seen gaining more power with Shell Dutch ruling

    Dmitry Zhdannikov: June 1, 2021

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

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

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    Big Oil’s Very Bad Wednesday

    Seeking Alpha

    Big Oil’s Very Bad Wednesday

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

    Summary

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

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    Oil Giants Get 20-Year License Extension from Nigeria

    allAfrica.com

    Oil Giants Get 20-Year License Extension from Nigeria

    The Nigerian National Petroleum Corporation has signed a contract with its partners on oil mining lease (OML) 118 to expand the Bonga oilfield and unlock a U.S.$10 billion investment in the country’s deepwater resources. The OML license for the block partners Shell, Total, Exxon Mobil and Eni were renewed for another 20 years, and five agreements including settlements on a tax dispute and production sharing contracts were finalized. The deal signals the end of “long-standing disputes over the interpretation of the fiscal terms of the production-sharing contracts” between the investors in the field. read more

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    OPL 245 Saga: Anti-corruption groups applaud President’s stance

    THE SUN

    OPL 245 Saga: Anti-corruption groups applaud President’s stance

    27 MAY 2021

    By Henry Uche

    Human & Environmental Development Agenda, HEDA, Re: Common, Corner House and Global Witness have applauded President Buhari’s insistence that the oil field could not be developed until corruption cases had concluded.

    HEDA’s Chairman, Olarenwaju Suraj in a statement revealed that the license for Nigeria’s offshore OPL 245 oil block has expired, as Eni confirmed in response to questions at their 2021 annual general meeting. The expiry of the license returns control of the oil field to the Nigerian Government. read more

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    Court orders Shell to slash CO2 emissions in landmark climate ruling

    CNN

    Court orders Shell to slash CO2 emissions in landmark climate ruling

    “This is a turning point in history,” said Roger Cox, lawyer for Friends of the Earth Netherlands.

    Updated 2000 GMT (0400 HKT) May 26, 2021

    London (CNN Business)A Dutch court has ruled that Royal Dutch Shell must dramatically reduce its carbon emissions in a landmark climate decision that could have far reaching consequences for oil companies.

    The company must slash its CO2 emissions by 45% by 2030 from 2019 levels, according to a judgment from a district court in The Hague on Wednesday. That includes emissions from its own operations and from the energy products it sells.

    This is the first time that a court has ruled a company needs to reduce its emissions in line with global climate goals, according to Friends of the Earth Netherlands, an environmental campaigning group that brought the case against Shell (RDSA).

    The verdict could pave the way for similar cases to be brought in other countries, forcing oil companies to reduce fossil fuel production. It comes just a week after the influential International Energy Agency told oil companies they need to stop drilling for oil and gas right now to prevent a climate catastrophe.

    The Anglo-Dutch company announced plans in September to become a net zero emissions company by 2050, a target that includes emissions from its products. It is currently targeting a 20% reduction in carbon intensity by 2030, and 45% by 2035.

    “This is a turning point in history,” said Roger Cox, lawyer for Friends of the Earth Netherlands.

    “This case is unique because it is the first time a judge has ordered a large polluting corporation to comply with the Paris Climate Agreement. This ruling may also have major consequences for other big polluters,” added Cox.

    The impact of the decision will be amplified because the court relied on global human rights standards and international instruments on climate change in arriving at its decision, according to legal experts.

    “I can imagine this will inspire a series of other cases against companies, especially those active in the oil extraction industries like Shell,” said Eric De Brabandere, a professor of international dispute settlement at Leiden University in the Netherlands. “It is a groundbreaking decision, it’s really a landmark.”

    Mounting pressure

    While Shell claims that its carbon intensity targets are aligned with the Paris Agreement — which aims to limit global temperature increases to 1.5 degrees Celsius — Friends of the Earth Netherlands argues that the company’s ongoing investments into oil and gas extraction show that it doesn’t take climate change seriously.

    The court found that Shell’s carbon emissions pose a “very serious threat” to Dutch residents, and that the company has an “individual responsibility” to reduce emissions. The court said the company would have “total freedom” to comply with its order and to shape corporate policy.

    Shell indicated it would appeal the ruling, which is immediately enforceable, according to De Brabandere.

    “We are investing billions of dollars in low-carbon energy, including electric vehicle charging, hydrogen, renewables and biofuels. We want to grow demand for these products and scale up our new energy businesses even more quickly. We will continue to focus on these efforts and fully expect to appeal today’s disappointing court decision,” a Shell spokesperson said in a statement.

    Oil companies are facing mounting pressure from shareholders and activists to ditch fossil fuels and invest into cleaner energy sources. The ruling handed down on Wednesday “may sound revolutionary, but, in fact, it is in line with what long term investors are increasingly asking companies to do anyway,” said Cees van Dam, a professor of international business and human rights at the Rotterdam School of Management.

    At its annual meeting on Wednesday, ExxonMobil (XOM) will face a challenge from activist investor Engine No. 1, which is seeking to replace 

    almost a third read more

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    Court orders Royal Dutch Shell to cut carbon emissions by 45% by 2030

    The Guardian

    Court orders Royal Dutch Shell to cut carbon emissions by 45% by 2030

    Daniel Boffey: Wed 26 May 2021 15.25 BST

    A court in the Hague has ordered Royal Dutch Shell to cut its global carbon emissions by 45% by the end of 2030 compared to 2019 levels, in a landmark case brought by Friends of the Earth and over 17,000 co-plaintiffs.

    The oil giant’s sustainability policy was found to be insufficiently “concrete” by the Dutch court in an unprecedented ruling that will have wide implications for the industry. read more

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    Shell To Sell Interest In Deer Park Refinery To Partner Pemex

    Shell To Sell Interest In Deer Park Refinery To Partner Pemex

    THE HAGUE, NetherlandsMay 24, 2021 /PRNewswire/ — Shell Oil Company, a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its interest in Deer Park Refining Limited Partnership, a 50-50 joint venture between Shell Oil Company and P.M.I. Norteamerica, S.A. De C.V. (a subsidiary of Petroleos Mexicanos, or Pemex). The transaction will transfer Shell’s interest in the partnership, and therefore full ownership of the refinery, to Pemex, subject to regulatory approvals. read more

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    Shell sees potential in North Sea prospect amid exploration slump in area

    The Herald

    Shell sees potential in North Sea prospect amid exploration slump in area

    By Mark Williamson: Group Business Correspondent: 25 May 2021

    ROYAL Dutch Shell has underlined its belief in the potential of a North Sea prospect that was brought to its attention by a relative minnow.

    North Sea-focused Deltic Energy announced yesterday that Shell has appointed contractors to complete site survey work on the Pensacola prospect in preparation for the firms drilling a well on it.

    FULL ARTICLE
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    Shell faces Dutch court ruling on global emissions

    EnergyVoice.com

    Shell faces Dutch court ruling on global emissions

    By Ed Reed: 24 May 2021

    A court in The Hague will rule on May 26 on a climate case against Shell, led by Friends of the Earth Netherlands (Milieudefensie).

    The environmentalist case demands that Shell cut CO2 emissions by 45% by 2030. Success for the NGO would see the corporation ordered to “reduce its emissions in line with global climate goals”.

    The outcome, it said, should “impact climate policy and corporate accountability globally”. It does not seek compensation, rather a change to Shell’s business plan. read more

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    Baton Rouge-based firm bids $1.25 bln for Shell’s idled Louisiana refinery

    Baton Rouge-based firm bids $1.25 bln for Shell’s idled Louisiana refinery

    CONTRIBUTOR: : PUBLISHED MAY 24, 2021 2:07AM EDT

    HOUSTON, May 24 (Reuters) – American Clean Energy Refining LLC (ACER) is bidding to buy an idled refinery of Royal Dutch Shell Plc RDSa.L in Convent, Louisiana, the chief executive of the Baton Rouge-based company said on Sunday night.

    ACER has offered $1.25 billion for the idled 211,146 barrel-per-day (bpd) Convent refinery, which was shut in December 2020, Chief Executive Officer George Dabbs said.

    A Shell spokesman was not immediately available for comment. 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.

    Why the World Worries About Russia’s Nord Stream Pipeline

    THE WALL STREET JOURNAL

    Why the World Worries About Russia’s Nord Stream Pipeline

    May 20, 2021 at 3:26 p.m. GMT+1

    A natural gas pipeline being built under the Baltic Sea from Russia to the German coast is shaking up geopolitics. Nord Stream 2, as it’s called, fuels worries in the U.S. and other countries that the Kremlin’s leverage over Europe and its energy market may increase once the pipeline is operational. The U.S. administration has admitted that stopping the gas link, which the project operator says is 95% complete, would be a long shot yet remains committed to opposing it. read more

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    Shell Green Plans Under Scrutiny as Holders Seek More Action

    Shell Green Plans Under Scrutiny as Holders Seek More Action

    Laura Hurst

    (Bloomberg) — Royal Dutch Shell Plc has been under increasing pressure from investors to slash emissions and pivot toward cleaner energy, and the tension was on show at its shareholder meeting on Tuesday.

    The company’s long-term energy transition plan, laid out to investors for the first time, received overwhelming support, but a competing resolution asking for stricter targets also garnered more votes than ever. Adding to the tension, shareholders were meeting as the International Energy Agency warned that all new oil and gas developments need to stop immediately for climate targets to be met. read more

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    Shell in talks with Nigeria to divest onshore oil stakes

    REUTERS

    Shell in talks with Nigeria to divest onshore oil stakes

    May 18, 2021: Shell, the operator of the West African country’s onshore oil and gas joint venture SPDC, has struggled for years with spills in the Niger Delta as a result of pipeline theft and sabotage as well as operational issues. The spills have led to costly repair operations and high-profile lawsuits. Speaking at the company’s annual general meeting, CEO Ben van Beurden said that Shell can no longer be exposed to the risk of theft and sabotage.  read more

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    U.S. Supreme Court backs energy companies over Baltimore in climate case

    U.S. Supreme Court backs energy companies over Baltimore in climate case

    WASHINGTON (Reuters) – The U.S. Supreme Court on Monday ruled in favor of BP PLC, Chevron Corp, Exxon Mobil Corp, Royal Dutch Shell PLC and other energy companies contesting a lawsuit filed by the city of Baltimore seeking monetary damages from them due to costs caused by global climate change.

    The 7-1 ruling, authored by conservative Justice Neil Gorsuch, came on a technical legal issue that could help the companies in their effort to have the case heard in federal court, as they would prefer, instead of state court, which the city favors as it is seen as a more amenable venue. read more

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    Shell, Singapore university to work on $3.4 mln decarbonisation study

    Shell, Singapore university to work on $3.4 mln decarbonisation study

    Reuters: May 14, 2021, 7.29 AM BST

    Royal Dutch Shell (RDSa.L) said on Friday it will be working with a university in Singapore in a research project worth S$4.6 million ($3.4 million) over three years to convert carbon dioxide to fuels and petrochemicals.

    Researchers from Shell and the National University of Singapore (NUS) will develop processes to produce ethanol and n-propanol from carbon dioxide, a byproduct from industrial processes, the two organizations said in separate statements on their websites. read more

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    JPMorgan ordered to disclose US documents in Nigeria oil case

    JPMorgan ordered to disclose US documents in Nigeria oil case

    Ruling comes ahead of trial in which bank is accused of enabling $875m in misappropriated payments

    Nigeria has succeeded in an effort to force JPMorgan Chase to disclose more documents ahead of a trial in which the US bank stands accused of enabling the misappropriation of almost $900m in state funds. The UK High Court on Tuesday granted the African nation’s application to secure records from top US executives and compliance officers involved in signing off $875m in payments between 2011 and 2013 relating to the controversial OPL 245 oil licence deal. read more

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    Vote against Shell’s energy transition strategy, Pirc urges investors

    Vote against Shell’s energy transition strategy, Pirc urges investors

    : Tuesday 11 May 2021

    Shareholder advisory PIRC has recommended investors vote against Shell’s non-binding resolution on its energy transition strategy at its annual meeting next week.

    The Pensions & Investment Research Consultants (PIRC), a major proxy advisory, said Royal Dutch Shell’s strategy to cut emissions “does not seem to have a clear plan for the competitive aspects of the energy transition.” read more

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    Just 100 km left to complete Nord Stream 2 pipeline, ambassador says

    Just 100 km left to complete Nord Stream 2 pipeline, ambassador says

    May 10, 2021 11:43 AM ET Public Joint Stock Company Gazprom (OGZPY)By Carl SurranSA News Editor

  • Only ~100 km of the Nord Stream 2 gas pipeline are left to lay, according to Russia’s ambassador to Germany, meaning the remaining pipeline could need just three more months for completion.
  • In an interview with German media outlet RND, Sergei Nechayev also said he was hopeful the Gazprom-led (OTCPK:OGZPY) pipeline would be completed before the upcoming German election on Sept. 26.
  • The ambassador’s comments suggest ~21 km have been laid in Danish waters in the April 1-May 7 period, according to S&P Global Platts.
  • Two Russian vessels – the Fortuna and the Akademik Cherskiy – currently are operating in Danish waters; it they will lay pipe at a combined 1 km/day, and assuming weather conditions allow, it would take ~100 days to lay the remaining pipeline.
  • Gazprom leads European partners Royal Dutch Shell (RDS.ARDS.B), BASF’s (OTCQX:BASFY) Wintershall, Uniper (OTC:UNPPY), OMV (OTCPK:OMVJF) and Engie (OTCPK:ENGIY) in building Nord Stream 2.
  • read more

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    NAM director calls for rethink on Groningen earthquake damage

    NAM director calls for rethink on Groningen earthquake damage

    Just 50 not 26,000 homes in the Groningen earthquake area need strengthening to comply with the latest safety standards, according to Johan Atema, director of gas company NAM in the NRC.

    So far 2,000 homes have been strengthened because they are vulnerable to the quakes, caused by the ground settling after natural gas has been extracted. And only half the 26,000 homes identified as being problematic have actually been inspected. read more

    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 tells Tunisia it plans to exit upstream activities next year

    Shell tells Tunisia it plans to exit upstream activities next year

    TUNIS (Reuters) -Royal Dutch Shell has informed Tunisian authorities it will hand back upstream concessions and leave the country next year as it turns its focus to renewable energy, Rania Marzouki a senior official in the energy ministry, told Reuters.

    Shell’s departure will mean the Miskar concession in southern city of Gabes will be handed back to the government, she said, and Shell has also requested the early hand-back of the Asdrubal permit, which expires in 2035. read more

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    Cheniere and Shell deliver carbon-neutral U.S. LNG to Europe

    Cheniere and Shell deliver carbon-neutral U.S. LNG to Europe

    Sabrina Valle: 

    U.S. liquefied natural gas company Cheniere Energy Inc (LNG.A)said Tuesday it supplied a carbon neutral cargo to Royal Dutch Shell (RDSa.L) as part of a long-term agreement, joining a list of sellers neutralizing emissions as more buyers commit to environmental targets.

    “I think offering climate solutions to our customers is going to be a bigger and bigger portion of our business,” Cheniere Chief Executive Jack Fusco said during the company’s first quarter earnings call. read more

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    Shell Sells Washington Puget Sound Refinery To HollyFrontier

    Shell Sells Washington Puget Sound Refinery To HollyFrontier

    NEWS PROVIDED BY

    Shell Oil Company 

    May 04, 2021, 16:40 ET

    HOUSTONMay 4, 2021 /PRNewswire/ — Equilon Enterprises LLC d/b/a Shell Oil Products U.S. (Shell), a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its Puget Sound Refinery near Anacortes, Washington to a subsidiary of HollyFrontier Corporation, an independent refiner headquartered in Texas (HollyFrontier), for $350 million in cash plus the value of the hydrocarbon inventory. The transaction is expected to close in Q4 2021, subject to regulatory clearance and other customary closing conditions. read more

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    Shell raises dividend for second time in six months after first-quarter earnings beat forecasts

    Shell raises dividend for second time in six months after first-quarter earnings beat forecasts

    Sam Meredith: PUBLISHED THU, APR 29 20212:09 AM EDT

    KEY POINTS
    • The Anglo-Dutch company reported adjusted earnings of $3.2 billion for the three months through to the end of March. Analysts had expected $3.1 billion, according to Refinitiv.
    • Shell also raised its dividend by around 4%, its second increase in six months.
    • It comes as energy majors seek to reassure investors that they have gained a more stable footing in recent months.

    LONDON — Oil giant Royal Dutch Shell on Thursday reported slightly better-than-expected first-quarter earnings, amid stronger commodity prices and growing expectations of a fuel demand recovery.

    Shell also raised its dividend by around 4%, its second increase in six months, as the oil major seeks to reassure investors it has gained a more stable footing. It comes after Shell slashed its payout for the first time since World War II in April last year. read more

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    Malabu Scandal: UK group declares support for Nigerian anti-corruption activist

    Malabu Scandal: UK group declares support for Nigerian anti-corruption activist

    By Premium Times: April 28, 2021: 10 min read A UK anti-corruption group, Global Witness, has declared support for a Nigerian activist, Olanrewaju Suraju, who was recently questioned by the police based on a petition by Nigeria’s former attorney-general, Mohammed Adoke.

    Mr Suraju’s civil society organisation, HEDA, and other international anti-graft CSOs including Global Witness have been at the forefront of the demand for justice over the Malabu OPL 245 scandal involving Mr Adoke and many others including oil giants, Shell and Eni.

    While the prosecution of the suspects is still ongoing in Nigeria, a court in Milan recently discharged the oil giants and their officials who were named in the scandal which involved the transfer of about $1 billion from the oil giants to private Nigerian accounts for the control of an oil block, OPL 245. Mr Adoke was involved in the negotiation as Nigeria’s attorney general during the Goodluck Jonathan administration but has denied any wrongdoing. read more

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    DFS to automate Shell’s sites in the UK, South Africa and Hungary

    DFS to automate Shell’s sites in the UK, South Africa and Hungary

    The global supplier’s EPOS and FCC solution will be implemented across 1,100 stations in three countries.

    Last update: April 27, 2021

    Dover Fueling Solutions (DFS) has been awarded three contracts by Shell for the provision of its site automation across its 1,100 sites in the United Kingdom, Hungary and South African markets.

    “The award of these contracts is a significant achievement for DFS and further solidifies our long-standing collaboration with Shell. It also demonstrates Shell’s recognition of DFS’ proven ability to provide quality, continuous improvement and innovative, state-of-the art products for the energy and retail market,” said Kurt Dillen, VP, Global Business Development at DFS. read more

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    OPL 245: Withdraw Your Defamatory Fraud Allegations Or Face Legal Action, UK Anti-Corruption Group Tells Adoke

    OPL 245 Scandal: Withdraw Your Defamatory Fraud Allegations Or Face Legal Action, UK Anti-Corruption Group Tells Adoke

    It vowed to initiate legal action against the former minister if no retraction is made within the next 10 days

    BY SAHARA REPORTERS, NEW YORK APR 25, 2021

    One of the leading anti-corruption groups in the UK, The Corner House has threatened legal action in response to a widely publicised complaint sent on behalf of former Nigeria’s Attorney General, Mohammed Bello Adoke (SAN) to the Police Inspector-General that the Mutual Legal Assistance, (MLA) made by UK to Italy which aided his recent judgment in Milan, was forged. read more

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    The World’s Largest Gas Flaring Environmental Disaster

    Senior executive directors of Royal Dutch Shell Plc had advance sight some days ago of a draft of the article below. It is a follow-up article by a whistleblower whose identity is known to us.

    The World’s Largest Gas Flaring Environmental Disaster Shell Exposing The World Bank Group to Corruption & US Sanctions

    Under Shell’s egregious stewardship, Iraq is literally burning billions of dollars in lost revenue, and the country’s power plants are being deprived of the much-needed fuel supply to end Iraq’s chronic power crisis.  The power outages have been the main destabilizing force in the country, which have also often led to mass protesting, civil unrest, and countless civilian casualties.    

    By: The Iraqi Governance Revolt & Systemic Overhaul!

    Introduction

    Iraq holds the 12th largest natural gas reserve in the world, however, the country equally represents 12% of global gas flaring, “suggesting there may be systematic and structural barriers to reducing gas flaring practices,” according to the latest Global Gas Flaring Tracker Report produced by The World Bank Group.

    Although officially signed in 2011, Royal Dutch Shell (Shell) formalized the establishment of its gas monopoly in Iraq, the $17 billion Basrah Gas Company (BGC), in May 2013, which also gave birth to the so called ‘world’s largest flare reduction program’. read more

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

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

    By Reuters Staff: April 22, 2021

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

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

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

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

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

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

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    International Groups Condemn Detention of Nigerian Anti-corruption Campaigner

    International Groups Condemn Detention of Nigerian Anti-corruption Campaigner

    We will be raising Mr Suraju’s totally unjustified detention with the board of the Extractive Industries Transparency Initiative (EITI) and calling for Nigeria’s suspension.

    BY SAHARA REPORTERS, NEW YORK APR 21, 2021

    International Anti-Corruption and Human Rights Groups have condemned the detention of Nigerian Anti-Corruption Activist and Chairman of HEDA Resource Center, Olanrewaju Suraju, for exposing corruption allegations surrounding the acquisition of the OPL 245 oil field by oil multinationals Shell and Eni. read more

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    Officials give notice to Shell refinery on emissions release

    Officials give notice to Shell refinery on emissions release

    ANACORTES, Wash. (AP) — The Northwest Clean Air Agency issued Tuesday a violation notice against the Shell Puget Sound Refinery for the release of emissions in August and September.

    The refinery, on March Point near Anacortes, may face a financial penalty because of the incidents, which impacted the surrounding community including the Swinomish Indian Tribal Community, the Skagit Valley Herald reported.

    The notice said two flaring events exceeded allowable, visible emissions for more than 5 minutes. The first occurred on Aug. 19, and the second on Sept. 29. The air agency received 12 complaints and verified the presence of odors following the Sept. 29 incident, according to a news release. read more

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    Energy Giants Ditch Oil and Coal Projects. Smaller Rivals Want Them

    Energy Giants Ditch Oil and Coal Projects. Smaller Rivals Want Them.

    BP, Rio Tinto and others sell assets for financial and environmental reasons, in possible boon for those who still embrace fossil fuels

    By David Hodari: April 21, 2021 5:30 am ET

    For all the talk of a transition away from fossil fuels, players in the energy sector are still willing to bet there is more money to be made in oil and coal.

    Major oil companies such as BP PLC and Royal Dutch Shell PLC are selling billions of dollars of assets to bolster their finances and reduce carbon emissions, while mining companies including Anglo American PLC and Rio Tinto PLC have exited coal projects. read more

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    Brazil sees solar boom ahead of cut in subsidies for new projects

    Brazil sees solar boom ahead of cut in subsidies for new projects

    FILE PHOTO: A photovoltaic solar panel farm is seen in Porto Feliz, Sao Paulo state, Brazil February 13, 2020. REUTERS/Amanda Perobelli

    By : 2 MIN READ: APRIL 20, 2021

    (Reuters) – Power utilities and developers are rushing to register solar projects in Brazil, one of the most promising markets for renewables, as it prepares to cut subsidies for new solar installations and wind farms, according to a report by consultancy ePowerBay.

    Spain´s Iberdrola, France´s Voltalia, EDF, Italy´s Enel and Portugal´s EDP Renewables are among the main players developing solar projects in Brazil, as well as Atlas Energia, controlled by the British private equity firm Actis, ePowerBay said on Tuesday.

    Only projects registered with the electricity industry regulator ANEEL by March 2022 will benefit from the subsidies, which will be scrapped. The subsidies halve the price renewable projects pay for the usage of transmission networks.

    “Certainly the looming end of the subsidy has accelerated the seeking of approval for new projects by developers, primarily for the solar ones,” the consultancy said.

    Last September, before the government proposed the law cutting subsidies, investors had filed requests with ANEEL for the development of 8.7 gigawatts (GW) in new renewable projects. In March, after the law passed, requests for new projects jumped to 18 GW, lead by solar projects.

    The volume of projects seeking approval in just the month of March surpasses many times over the total capacity of solar parks currently operational in Brazil (3.3 GW).

    According to ePowerBay, Voltalia registered 4 GW in new solar projects with ANEEL, followed by Iberdrola (2.1 GW), EDP Renewables (1.75GW), Atlas (1.2GW), EDF (1GW), and Enel Green Power (910 megawatts).

    Oil majors are also betting on the Brazilian renewables market, the consultancy said, with Royal Dutch Shell registering solar projects totaling 1.5GW, while Total Eren, owned by France´s Total, has already obtained approval for 49 megawatts in solar projects.

    Reporting by Luciano Costa in Sao Paulo; Editing by Sonya Hepinstall

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    Shell’s maiden trial for hydrogen fuel cell in ships to aid Singapore’s clean fuel ambitions

    Shell’s maiden trial for hydrogen fuel cell in ships to aid Singapore’s clean fuel ambitions

    HIGHLIGHTS
    • Shell, SembCorp Marine Ltd, LMG Marin AS, Penguin International to collaborate on the project
    • Trial to develop, install auxiliary power unit PEM fuel cell on existing roll-on/roll-off vessel
    • Initiative part of Shell Singapore’s plan to cut its CO2 emissions by about a third within a decade.

    Singapore — Shell said April 21 it would collaborate on a feasibility study to trial the use of hydrogen fuel cells for ships, the first of its kind for both Shell and in Singapore, paving the way for cleaner and hydrogen-powered shipping.

    “This trial is an important step in demonstrating the applicability of hydrogen and fuel cells on ships,” the statement quoted Nick Potter, general manager of Shell Shipping and Maritime, Asia Pacific & Middle East, as saying. read more

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    Shell to trial use of hydrogen fuel cells for ships in Singapore

    Shell to trial use of hydrogen fuel cells for ships in Singapore

    Jessica Jaganathan: April 21, 2021

    Royal Dutch Shell (RDSa.L) said on Wednesday it was conducting a feasibility study with partners to trial the use of hydrogen fuel cells for ships in Singapore, the first such move for the oil major.

    If successful, the trial will pave the way for cleaner, hydrogen-powered shipping, the company said, adding that its analysis points to hydrogen with fuel cells as the zero-emissions technology having the greatest potential to help the shipping sector achieve net-zero emissions by 2050. read more

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    Activists gear up for a fight over green-washing at AGMs

    Activists gear up for a fight over green-washing at AGMs

    : April 20, 2021

    Spring is the season for annual general meetings and this year they provide a test of environmental credentials. Activist non-government organisations (NGOs) have tabled ambitious resolutions to several UK-listed companies and they are keen to remind asset managers with voting rights of their stewardship responsibilities to investors and the planet.

    Barclays (BARC)Rio Tinto (RIO)BP (BP.) and Royal Dutch Shell (RDSB) are subject to resolutions from NGOs seeking ambitious commitments in keeping with the Paris Climate Agreement. Its objective is to limit global temperature increases to two degrees Celsius above pre-industrial levels, with strenuous efforts to keep the rise to just one-and-a-half degrees. read more

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

    Damian Carrington Environment editor: Mon 19 Apr 2021 06.01 BST

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

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

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    Shell calls on investors to vote for its new climate strategy

    Jillian Ambrose: Thu 15 Apr 2021 13.58 BST

    Royal Dutch Shell has urged investors to vote for its strategy to shift the business towards cleaner energy sources, despite warnings that the plan does not go far enough to meet the Paris climate agreement goals.

    The oil company set out its energy transition plan before its annual shareholder meeting in May, when investors will be able to take part in an advisory vote on Shell’s climate plans for the first time. The vote will not be binding. read more

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    The World Still Needs Hundreds Of Billions Of Barrels Of Oil

    The World Still Needs Hundreds Of Billions Of Barrels Of Oil

    By Haley Zaremba – Apr 14, 2021, 2:00 PM CDT

    Has peak oil demand already come and gone? That’s an exceptionally hard question to answer. There are some experts that say unequivocally, yes. They claim that peak oil is already upon us, thanks to the crushing blow that the Covid-19 pandemic dealt to global oil demand as well as the ever-escalating worldwide transition toward clean energy. But there are just as many who say that the world’s thirst for oil still has a long way to go before we hear its swan song. read more

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    Shell looks to Gulf of Mexico for lower carbon oil drilling; here’s what it means for Louisiana

    Shell looks to Gulf of Mexico for lower carbon oil drilling; here’s what it means for Louisiana

    Despite headwinds from corporate mandates to reduce carbon emissions, a temporarily halt for new federal leases in the Gulf of Mexico while the Biden administration reviews its impact on climate change and low oil prices, Royal Dutch Shell sees itself drilling for more oil off the coast of Louisiana and Texas.

    “We still think that we’ll be here for decades to come,” said Rick Tallant, vice president Gulf of Mexico at Shell. “There’s still a lot of running room in the Gulf of Mexico, the margins are very good for our investors and the greenhouse gas intensity is arguably the best in the industry.” read more

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    OPL 245: Abacha family and Malabu trial scandal

    OPL 245: Abacha family and Malabu trial scandal

    14 April 2021

    Ten years after an international inquiry into the circumstances surrounding the sale of OPL 245 oil field by Malabu Oil and Gas Limited to Shell and its partners, ENI and Agip, for a princely sum of $1.3 billion following the resolution agreement of 2011 was opened, findings so far have revealed no evidence of corrupt practices on the part of those involved in the deal.

    And, like a pack of badly arranged cards on a shaky table, the case of criminal prosecution against Mohammed Bello Adoke, Nigeria’s former attorney-general and minister of justice and the man whose legal advice formed part of the processes leading to the resolution agreement of 2011, and international oil giants, Shell, ENI and Agip, over their respective roles in the sale of OPL 245 appears to be collapsing from one international jurisdiction to the other. From Washington to London and Milan, the efforts of the Federal Government and its partners to proceed with the criminal prosecution of Bello Adoke and others have been fruitless and unsuccessful. read more

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