CBS SF

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

June 15, 2021 at 5:20 pm

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

THE NEW YORK TIMES

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

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

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

By Nick Toscano: June 9, 2021 — 5.09pm

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

Seeking Alpha

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

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

OilPrice.com

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

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

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

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.

By Hanna Ziady, CNN Business

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 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.

almost a third read more

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

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

Shell Green Plans Under Scrutiny as Holders Seek More Action

Laura Hurst: Tue, May 18, 2021, 4:21 PM

(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

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

Hannah Godfrey: 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

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

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

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

Sabrina Valle: May 4, 2021 10:43 PM BST

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

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.

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

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

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

Officials give notice to Shell refinery on emissions release

April 21, 2021Updated: April 21, 2021 7:02 a.m.

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

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

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

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

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

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

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

• BY KRISTEN MOSBRUCKER | STAFF WRITER
• PUBLISHED APR 14, 2021 AT 5:00 PM | UPDATED APR 14, 2021 AT 7:43 PM

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

NAM disputes Groningen gas extraction earthquake damage claims

NAM, the Dutch gas concern responsible for gas extraction in Groningen, raised doubts about the level of damage claims and the home strengthening operation in the fracking earthquake zone in the province. In a statement, NAM said that a major part of the damages was wrongly attributed to earthquakes, and that the standards of the reinforcement project are far too strict, NOS reports.

According to NAM, the risks in the earthquake zone are grossly overestimated, and as a result, many homes will be reinforced with measures that far outweigh the risks, “for some buildings even by a factor of a thousand to ten thousand”. “This leads to unnecessary feelings of insecurity among residents and additional costs.” read more

ZeroAvia raises fresh cash for zero-emission hydrogen planes

Other existing investors, including Bill Gates’ Breakthrough Energy Ventures and energy giant Royal Dutch Shell also joined this funding round…

By Nick Carey: 2 MIN READ: MARCH 31, 2021 / 11:19 AM

LONDON (Reuters) – Hydrogen plane startup ZeroAvia said on Wednesday it had secured $24.3 million in a third funding round from investors, including British Airways, which it will use to develop a regional zero-emissions aircraft that can seat more than 50 people. read more

Shell To Tie Executive Bonus Pays With Energy Transition Goals

By Tsvetana Paraskova – Mar 29, 2021, 11:30 AM CDT

Oil and gas supermajor Shell is set to tie the bonuses for its top executive directors more closely to the group’s performance in reaching its net-zero goals, if shareholders approve the plan at the annual general meeting in May, Reuters reported on Monday.

Two years ago, Shell became the first supermajor to set short-term emission reduction targets and link these targets with executive pay, yielding to growing investor pressure about establishing short-term emission goals. read more

North Sea oil and gas minnow wins vote of confidence from Shell

By Mark Williamson  @MarkWHerald

Group Business Correspondent

NORTH Sea oil and gas minnow Deltic Energy has seen its shares rise around eight per cent after the company won a fresh vote of confidence from the mighty Royal Dutch Shell.

Shell has decided to go ahead with a plan to drill a well with Deltic, on a prospect that has generated lots of excitement.

The companies have confirmed to the North Sea regulator that they have made a firm commitment to drill a well on the Pensacola prospect, which is set for next year. read more

Shell says green power shift will lift need for Australia’s LNG

By Nick Toscano: March 26, 2021

The Australian boss of global energy giant Shell sees demand for liquefied natural gas exports continuing to grow until at least the late 2030s even as COVID-19 hastens the shift away from planet-warming fossil fuels.

Shell, which believes its oil output may have hit a peak in 2019 and is now likely to gradually decline, has revealed a brighter outlook for its liquefied natural gas (LNG) assets including those in Queensland and off Western Australia. read more

Shell announces completion of sale of minority interest in QCLNG Common Facilities infrastructure to Global Infrastructure Partners

WEBWIRE – Monday, March 15, 2021

QGC Common Facilities Company Pty Ltd, a wholly-owned subsidiary of Shell, today announced it has completed the sale of a 26.25% interest in the Queensland Curtis LNG (QCLNG) Common Facilities to Global Infrastructure Partners Australia for US$2.5 billion, following the receipt of regulatory approval.

The sale was announced on December 21, 2020, and is consistent with Shell’s strategy of selling non-core assets in order to further high-grade and simplify Shell’s portfolio. The transaction has an economic reference date of January 1, 2021. read more

Shell’s oil trading earnings double in 2020 to $2.6 bln

By Reuters Staff: 1 MIN READ: MARCH 12, 2021: 10:58 AM

LONDON, March 12 (Reuters) – Royal Dutch Shell’s 2020 earnings from crude oil and refined products trading nearly doubled from the previous year to $2.6 billion, according to the company’s annual report.

Reporting by Ron Bousso; Editing by Edmund Blair

SOURCE

Shell to Charter 10 New Dual-Fuel Crude Tankers

March 11, 2021

Oil major Shell has signed agreements to charter ten new crude tankers powered by dual-fuel liquefied natural gas (LNG) engines, with the company planning to halve half of the long-term chartered crude tankers run on LNG in 2023.

Four of the very large crude carriers (VLCCs) have been chartered from Advantage Tankers, three from AET, and three from International Seaways. All 10 ships will be built in South Korea by DSME, the first operational from 2022, and be on charter to Shell for seven years. read more

Shell (RDS.A) Receives Europe’s First Carbon-Neutral LNG Delivery

Zacks Equity Research

Royal Dutch Shell Plc RDS.A, through its subsidiary Shell Global LNG, accepted the delivery of the first carbon-neutral liquefied natural gas (“LNG”) in Europe from Gazprom.

Notably, Gazprom is a global energy company and is recognized as one of the largest producers and exporters of LNG in Russia.

The carbon-neutral gas had been delivered at the Dragon terminal in Wales, which is a LNG regasification terminal in the U.K., owned by Shell. Importantly, this will allow Shell to further supply it to the domestic energy markets in the U.K. read more

Gazprom makes first delivery of carbon-neutral LNG to Europe

By Reuters Staff: 1 MIN READ

MOSCOW (Reuters) – Russian energy giant Gazprom said on Monday it had delivered its first carbon-neutral shipment of liquefied natural gas (LNG) to Europe.

Gazprom said its shipment of Russian LNG, which it said was made carbon neutral by offsetting emissions resulting from its production and transport, had been delivered to Royal Dutch Shell at the Dragon terminal in Wales.

Carbon-neutral LNG typically involves companies supporting nature-based projects that reduce emissions to offset those generated from the exploration and production of natural gas. read more

Big Oil Clashes Over Fossil Fuel Future

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

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

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

Shell Canada employing ‘agile teams’ to power energy transition and reduce emissions

CALGARY — The president and country head for Shell Canada says its transition into a provider of cleaner energy is being driven by a network of “agile teams” of employees who are examining between 30 and 40 project ideas at a time.

Michael Crothers says the teams formed from employees brought in from various parts of the company are looking at proposals that include the use of hydrogen, biofuels, and wind and solar energy to help the company reduce its environmental impact. read more

Shell Energy to take part in renewable, gas-based power value chain for grid stability

Shell, one of the largest oil and gas explorer and supplier, sees natural gas as the most suitable alternative to bundle with renewables to meet the grid intermittency challenge during night or when sun is not visible. Bundling natural gas with renewables will allow unhindered power generation for anytime of the day or night.

Ajay Shah, VP, Shell Energy Asia, told FE that Shell through its global pronouncements has expressed its aspirations to participate in the power or electricity value chain and form partnerships on the renewables and gas. read more

EU should include ‘methane performance’ standard in emissions legislation: Shell

• AuthorStuart Elliott 
• EditorDaniel Lalor 
• COAL | NATURAL GAS
• 24 Feb 2021 | 15:50 UTC
• London

London — The EU should include a “methane performance” standard in its upcoming legislative proposals to tackle the issue of methane emissions to ensure it only imports gas from countries with similar policies, a senior official from Shell said Feb. 24.

Speaking during IP Week, Shell’s head of integrated gas, Maarten Wetselaar, said Europe has a major role to play in helping reduce methane emissions from upstream activity. read more

By Ron Bousso and Shadia Nasralla

LONDON (Reuters) – Energy giant Royal Dutch Shell vowed to eliminate net carbon emissions by 2050, raising its ambition from previous targets, as its oil output declines from a 2019 peak.

The Anglo-Dutch company is in the midst of its largest overhaul yet as it prepares to expand its renewables and low-carbon business in the face of growing investor pressure on the oil and gas sector to battle climate change.

Shell last year laid out a plan to reach net zero by 2050, in line with the Paris climate agreement and European Union ambitions, but it said the goal depended on its customers. read more

Canada’s Crescent Point to buy Shell’s Kaybob assets for C$900 mln

By Reuters Staff: FEBRUARY 17, 2021

Shell LNG Canada’s coronavirus restart plan approved

Fri, February 12, 2021, 1:40 PM·

Feb 12 (Reuters) – Royal Dutch Shell’s LNG Canada export project in British Columbia has won approval from health officials for construction to ramp back up with improved coronavirus protection measures.

Work at the site was curtailed last month by an order from the Provincial Health Officer which applied to five major industrial projects in British Columbia, including LNG Canada.

“Our approved restart and measured workforce increase at the project site will continue over the coming months,” LNG Canada and JGC I Fluor, the engineering joint venture building the project, said in a statement on Thursday. read more

How Biden should meet his promise to cut fossil fuel emissions

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

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

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

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

By Maiya Keidan, Rod Nickel: 5 MIN READ: FEBRUARY 7, 20212:20 PM

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

Oil giant Shell follows rivals into huge loss

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

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

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

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

Shell makes record loss in 2020 after more write-offs

Published date: 04 February 2021

Shell posted a record loss in 2020 after it booked more hefty write-offs in the fourth quarter.

Excluding inventory effects, Shell made a loss of $4.48bn in the October-December period, compared with a profit of $871mn a year earlier. The quarterly loss was largely driven by pre-announced, non-cash post-tax impairment charges of $2.7bn and charges of $1.1bn mainly for “onerous contract provisions”. read more

Shell resumes production at massive floating LNG plant

Article by Adam Duckett: 14JAN 2021

SHELL has resumed production of LNG from its huge floating processing plant – Prelude – following a series of project setbacks that halted output for almost a year.

The oil major said this week: “LNG cargoes have resumed from Shell’s Prelude FLNG facility.”

Shell repeated the statement it has made in response to a series of setbacks at the project, which at 488 m long is the largest ship ever built: “Prelude is a multi-decade project, and our focus remains on delivering sustained performance over the long-term.” read more

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

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

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

Shell resumes LNG shipments from world’s largest floating structure

Fishermen lose out as oil giant Shell delays survey on gasfields off Whitby and Scarborough

Anglo-Dutch oil giant Shell has postponed a seismic survey on two gasfields off the North Yorkshire coast, disappointing fishermen who were in line for tens of thousands of pounds of compensation.

The energy firm had been looking to conduct the 3D survey on the Resolution – first discovered in 1966 – and Endeavour gasfields in the first quarter of this year, but said it needed more time to “conclude agreements with commercial and other stakeholders in the area”. read more

Shell postpones North Sea seismic job due to fishing, environmental concerns

Operator Shell made the decision following “extensive stakeholder engagement” and the revision of the environmental impact assessment.

The oil giant concluded that the commercial impact on local fishing businesses, along with potential impacts on marine mammalian movements, the breeding season for sea birds and tourism, meant it would be better to do the work in February.

The survey had originally been scheduled for March or April 2021. read more

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

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

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

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

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