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Shell set to abandon Saudi Empty Quarter gas search- sources

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Thu Mar 7, 2013 4:40am EST

* High costs, low returns of Empty Quarter gas search

* Development terms the problem-sources

* Shell says talks with Saudi government continue

By Reem Shamseddine and Amena Bakr

KHOBAR/DUBAI, March 7 (Reuters) – Royal Dutch Shell is set to pull out soon from a joint venture that has searched for gas in Saudi Arabia’s Empty Quarter for years, due to disagreements with the government over terms, four industry sources familiar with the matter said.

The gas search has been a top priority for Saudi Arabia as it struggles to keep pace with rapidly rising domestic demand for energy, but the shale revolution has opened up more lucrative opportunities for energy companies elsewhere. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell to buy Repsol LNG assets for $6.2 billion in cash and assumed debt

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Associated Press: Published February 26, 2013

AMSTERDAM –  Royal Dutch Shell says it has struck a deal with Spain’s Repsol SA to buy Repsol’s liquefied natural gas assets in Peru and Trinidad & Tobago in a deal worth $6.2 billion.

Shell said it would pay $4.4 billion in cash and assume $1.8 billion in Repsol debt and other obligations.

The deal also includes a gas-fueled power plant in Spain.

For Shell, Europe’s largest oil company, the deal builds on an already strong specialization in LNG. More than half of Shell’s production comes from natural gas, rather than oil, and it has stakes in LNG facilities across the world. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Repsol Nears LNG Assets Sale to Shell for Up to EUR1.7 Billion -Report

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Dow Jones Newswires: Published February 25, 2013

Spain’s Repsol SA may announce this week the sale of several of its liquefied natural gas assets to Royal Dutch Shell PLC for a total between 1.50 billion euros ($1.98 billion) and EUR1.7 billion, reports Expansion, citing financial sources.

Repsol’s regasification plant in Canada will be excluded from the sale to Shell, as it is operating below its capacity and likely would force Repsol to make provisions on that asset, the paper adds.

Repsol’s other LNG assets are located in Peru, Trinidad and Tobago and Spain. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Repsol likely to sell LNG assets to Shell: report

By MarketWatch Jan. 28, 2013

The board of Spain’s Repsol SA will analyze and likely approve at its meeting Wednesday the sale of the oil company’s liquefied natural gas assets to Royal Dutch Shell, reports Cinco Dias in its Tuesday Internet edition, citing people close to the operation.

The company was initially looking to raise some 3 billion euros ($4 billion), but the final figure could be much lower, in the ballpark of EUR2 billion, the paper adds, citing the same sources.

Repsol’s LNG assets are located in Peru, Trinidad and Tobago, Canada and Spain. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Europe’s Oil Majors Plead for Patience

August 5, 2012

By ALEXIS FLYNN

Downbeat quarterly earnings from Europe’s major energy companies are a reminder that the bumper returns of two years ago are a long way from returning, as the sector expends time and money trying to secure new oil and gas fields.

While the market was braced for a drop in profits from a year ago, given that crude prices averaged 7% less than in the corresponding period in 2011, the scale of the future challenge faced by companies like BP PLC, Royal Dutch Shell PLC, Total SA and Eni SpA was yet again in evidence, analysts said. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Exxon may lead drop in global oil profits on lower prices

Top Houston companies by market value

Posted on July 25, 2012 at 6:40 am by Bloomberg

The world’s largest oil companies are poised to report a drop in second-quarter earnings after crude prices declined for the first time in three years.

Exxon Mobil Corp. (XOM), the world’s biggest oil company by market value, will probably say tomorrow net income dropped 13 percent from a year earlier to $9.3 billion dollars, based on the average of five analysts’ estimates compiled by Bloomberg. Royal Dutch Shell Plc (RDSA), Europe’s top oil producer, is expected to see profit decline 4 percent after adjusting for certain gains and losses. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Repsol, Shell, Conoco Offer High Bids for Alaska Oil Leases

By Katarzyna Klimasinska – Dec 7, 2011 11:08 PM GMT

Repsol YPF SA (REP), Royal Dutch Shell Plc (RDSA) and ConocoPhillips (COP) are among the high bidders for oil leases offered by the State of Alaska.

The state Department of Natural Resources sold leases today for 281,095 acres in the Beaufort Sea and 335,289 acres on the North Slope, to boost oil exploration and production and push more crude through the Trans Alaska Pipeline.

Repsol of Madrid, Spain’s largest oil company, bid $2.6 million for North Slope tracts and $376,256 for Beaufort leases. Shell of The Hague offered $2.6 million for access to the Beaufort Sea, where it has holdings purchased from the federal government in 2005. Conoco, based in Houston, will pay $2.7 million for access to North Slope lands, according to an interim sale report from the state. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell bets on North Slope in Alaska oil lease sale

Alex DeMarban | Dec 07, 2011

State officials called Alaska’s much-awaited oil and gas lease sale a qualified success on Wednesday, noting that 19 groups spent $21 million.

Still, the state must keep working to roughly double the flow of oil in the trans-Alaska pipeline and meet Gov. Sean Parnell’s goal of 1 million barrels a day, said Dan Sullivan, Natural Resources commissioner.

According to Sullivan, good news from Wednesday’s state lease sale includes:

• Shell Oil snatched up 80,000 acres in state waters of the Beaufort Sea, some 60 miles west of their closest federal lease. If commercial quantities of oil and gas are found in that area in Harrison Bay, Shell might be able to build “synergies” by developing both state and federal areas, said Curtis Smith, spokesman for the oil giant in Alaska. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell, Conoco, Repsol increase Alaska oil holdings

Curtis Smith, spokesman for Shell in Alaska, said the company continues to concentrate on its exploration plans in federal waters of the Beaufort and Chukchi Seas but is seeking to diversify its offshore operations.

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Lukoil/Repsol

Lukoil's Spanish ambitions probably derive in part from the same calculation that has underlain many companies' foreign expansion since the Yukos affair: that owning high-profile assets internationally is insurance against Kremlin assault.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell escapes 96 million euros fine after grassing on other members of “paraffin mafia”

Anglo-Dutch oil major Shell escaped a potential fine of 96 million euros because it blew the whistle first to the EU competition authorities.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell evades potential €96m fine by informing on other cartel members, including ExxonMobil

A fine of more than £500m has been slapped on a group of leading energy companies including ExxonMobil and npower's parent, RWE, after the whistle was blown on a price-fixing cartel by Shell.

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THE WALL STREET JOURNAL

Royal Dutch Shell PLC blew the whistle and thus managed to avoid fines.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Brussels fines paraffin wax cartel

The aggregate €676m penalty would have been even higher but for the fact that Shell eventually blew the whistle on the price-fixing deal. This earned it full immunity from any fine, which would otherwise have cost it close to €100m.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

‘Paraffin mafia’ comes unstuck after €676m fines

The Commission made dawn raids on the companies three years ago after Shell, one of its members, blew the whistle on the illegal activities. Shell escaped a possible fine because it provided the Commission investigators with the initial vital information.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Russia, China and India consider stake in Spanish oil

The national oil companies of Russia, China and India are all running the slide rule over a 5 billion euro stake that has been put up for auction in Repsol, the Spanish oil giant. European majors also known to be taking a look include Royal Dutch Shell, Total of France and Italy’s Eni.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Total and Shell study buying Repsol stakes-paper

The Spanish government has indicated it would look favourably on Total taking over Repsol, Expansion cited sources close to discussions on the issue as saying.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

U.S.-Iran Thaw Hinges on Nuclear Discussions

France's Total SA pulled out of a $10 billion natural gas project last month to develop Iran's South Pars field, citing political risk. Royal Dutch Shell PLC and Spain's Repsol YPF have also pulled back from gas projects due to political pressure.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Repsol stirs Spanish passions for new energy game

Like Shell, Repsol was forced a couple of years ago to restate and write down its oil reserves by as much as a quarter.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Lorry drivers protest: New oil price record fuels hauliers’ anger

The BP chief, Tony Hayward, said it was a "myth" that financial investors buying oil futures were behind the four-year rally.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Venezuela to snub Saudi Arabia over call for Opec summit

Among those expected to attend are the chief executives of the world's eight largest international oil companies by market capitalisation - ExxonMobil, Royal Dutch Shell, BP, Chevron, Total, ConocoPhillips, Eni and Repsol.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Oil Majors Say U.S. Restrictions Delay Iran Projects

Despite an urgent need to replenish reserves, Anglo-Dutch oil giant Royal Dutch Shell PLC and Spanish-Argentine Repsol YPF said they wouldn't sign a $10 billion contract to enter South Pars, the Iranian side of a giant natural-gas field shared with Qatar. Instead, the two oil giants are considering entering later phases of the project.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Petronas backs Santos LNG project

Groups that had expressed an interest in the Gladstone project included Royal Dutch Shell, ConocoPhillips of the US, Eni of Italy, Repsol of Spain, andSempra, owner of the largest US natural gas utility.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Royal Dutch Shell pulled out of one of Iran’s biggest gas projects, dealing a blow to Tehran

 

Google Images: Shell Logo

Financial Times: The Week

By Stanley Pignal

Published: May 17 2008 03:00 | Last updated: May 17 2008 03:00 & Gas

Royal Dutch Shell pulled out of one of Iran’s biggest gas projects, dealing a blow to Tehran’s attempts to expand its energy exports in the face of US and international sanctions. The Anglo-Dutch group, which paired with Spain’s Repsol for the project, will withdraw from the $10bn-plus development of phase 13 of South Pars, the world’s largest gas field.

Copyright The Financial Times Limited 2008 read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell pulls out of Iran gas deal

LONDON (Reuters) - Oil major Royal Dutch Shell (RDSa.L: Quote, Profile,Research) has pulled out of a planned gas project in Iran, after coming under pressure not to participate from U.S. lawmakers who were concerned about Iran's nuclear programme.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell Exits Iran, For Now

The U.S. has passed legislation which makes it illegal for non-U.S. companies to invest more than $20 million a year in any projects in Iran. Any companies that break this rule face fines on their U.S. earnings.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Royal Dutch Shell pulls out of $10bn Iran project

Royal Dutch Shell has apparently caved into political pressure from the US in backing out of a $10 billion gas project in Iran.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell, for Now, Pulls Out Of Iranian Gas Project

THE WALL STREET JOURNAL: Royal Dutch Shell PLC dropped out of a preliminary deal to join an Iranian natural-gas project, although it is looking at joining at a later stage, a company spokeswoman said. Shell's decision is likely to fuel speculation that the company has bowed to U.S. pressure.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell and Repsol drop Iran gas project

Royal Dutch Shell and Spain’s Repsol have pulled out of one of Iran’s biggest gas projects, dealing a blow to Tehran’s attempts to expand its energy exports in the face of US and international sanctions.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell, Repsol not to pull out of Iran

LONDON, May 6 (IranMania) - Royal Dutch/Shell and Spain's Repsol reportedly intend not to capitulate to US pressure by backing away from an energy project in Iran, PressTV reported.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Iran Unaware of Shell, Repsol Plan to Quit

TEHRAN (FNA)- Iran said on Sunday that it has not been informed of any plan by Royal Dutch Shell Plc and Spain's Repsol to withdraw from a $10 billion natural gas project in the Middle East country.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell, Repsol seek way out of Iran gas deal: report

European oil groups Royal Dutch Shell and Repsol YPF are under pressure from the United States to end talks with Iran about a multi-billion dollar natural gas deal, the Expansion newspaper reported Saturday.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell, Repsol aim to leave Iran gas project

MADRID (Reuters) - Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research) and Spain's Repsol (REP.MC: Quote, Profile,Research) are negotiating with the Iranian government to pull out of a $10 billion natural gas project due in part to U.S. pressure, Spanish newspaper Expansion reported on Saturday.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

From Madagascar to the Faroes, oil companies seek out the last frontier

The Business: From Madagascar to the Faroes, oil companies seek out the last frontier

“…Royal Dutch Shell has appointed 80 staff to a new exploration division centred on exploring the waters around the Faroes. That is ten times what it should need to manage its one exploration licence, pointing at a push in the region.”

Sunday July 24, 2005

By: Richard Orange

ON THE face of it, there’s nothing much to link two places as far-flung and disparate as the Faroes and Madagascar. But these islands are two key locations that feature in what looks likely to be the last great land grabs by the international oil industry.

Exxon Mobil last week surprised its peers by buying up rights to explore 13,100 square miles of northern Madagascar from UK company Sterling Energy, which will keep a 30% stake.

The US oil firm is throwing all its weight at exploring the island, which until last year was largely dismissed by Africa’s oil men. Last year it bought into two blocks owned by Vanco Energy, and the island is expected to open a new licensing round later this month. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

THE WALL STREET JOURNAL: Cnooc’s Ambitions Stunted

THE WALL STREET JOURNAL: Cnooc’s Ambitions Stunted: “Cnooc could face stiff competition from other bidders if it tried to grab Woodside, which is 34%-owned by Royal Dutch Shell PLC.”: Friday 22 July 2005

Unocal’s Assets of Oil and Gas
In Asia Will Be Hard to Replicate

By PATRICK BARTA, KATE LINEBAUGH and JASON DEAN
Staff Reporters of THE WALL STREET JOURNAL
July 22, 2005; Page C14

A possible defeat of Cnooc Ltd.’s bid to acquire Unocal Corp. would do little to blunt the Chinese company’s global ambitions. But it would throw up a major roadblock to Cnooc’s ability to realize them.

The bid for Unocal has highlighted how Cnooc’s management — and Chairman Fu Chengyu, in particular — has tired of the company’s earlier piecemeal approach to overseas expansion: opportunistic acquisitions of minority stakes in oil and natural-gas assets, mostly in Asia.

Cnooc’s predicament comes as Unocal, of El Segundo, Calif., has shown greater financial strength. This could make it easier for its suitors to justify sweetening their bids, a step Chevron Corp. of the U.S. took this week.

Unocal’s improved financials are due to high oil prices and the proposed sale of its Canadian properties for $1.8 billion — about 9% more than investors expected. This month, Unocal said it expected to end the second quarter with $1.8 billion in cash, a 55% jump from six months earlier, when both Chevron and Cnooc began pulling together bids. It also said it expects its debt to be about $2.5 billion, 18% less than six months earlier. Altogether, Unocal has strengthened its financial position by $1.2 billion, combining the additional cash and lower debt level.

Should Cnooc’s bid for Unocal fall through — which still is far from certain — its options for picking up sizable oil and gas assets in Asia will be limited, say analysts and people familiar with the company.

So far, its biggest successful acquisition is the $585 million purchase in 2002 of Spain’s Repsol YPF SA’s gas and oil fields in Indonesia, which made Cnooc Indonesia’s largest offshore oil producer, but did little to raise its global profile.

Many of Asia’s best oil and gas prizes are owned by oil companies in countries that harbor the same desire for long-term energy security as China, and therefore would be reluctant to sell. Meanwhile, attempts to make other big U.S. acquisitions would expose Cnooc to the same political backlash that has battered its Unocal bid.

That doesn’t mean Cnooc would abandon its international ambitions in the face of a possible Unocal defeat. “I think the overall strategy will continue. They want to grow in Asia. They want to be the premier Asian energy company,” says a person close to the company.

Its limited options suggest Cnooc may want to press forward with its effort to win Unocal. The Unocal board’s endorsement Wednesday of a sweetened $17 billion offer from Chevron dealt a substantial blow to Cnooc’s bid, which, though still pricier at $18.5 billion, has been beset by criticism from U.S. politicians.

Yesterday’s move by Beijing to loosen the yuan’s peg to the U.S. dollar could ease some of that political tension.

The Unocal decision represented a broader setback for corporate China’s much-trumpeted international aspirations, coming on the heels of Chinese appliance maker Qingdao Haier Co.’s decision to drop out of the bidding to acquire Maytag Corp., of Newton, Iowa.

Plays for Maytag and Unocal were supposed to herald the arrival of Chinese state-controlled companies in the U.S. But as tests of China’s mergers-and-acquisitions prowess, both Maytag and Unocal have proved perilous.

Cnooc is already exploring other international options, as are most energy-industry companies, which have deep pockets from soaring oil prices. Cnooc’s parent, government-owned China National Offshore Oil Corp., is still in negotiations on the Gorgon liquefied natural-gas project in Australia, led, ironically, by Chevron.

The company also is in acquisition talks with another party in a separate deal, say people familiar with the matter who declined to disclose details.

Still, if Cnooc backs down or fails in its Unocal bid, similar opportunities will be hard to come by, analysts say. Other possible targets in the U.S. that have the kind of assets in Asia, or even Africa, that Cnooc wants — such as Murphy Oil Corp. and Marathon Oil Corp. — also have significant operations in the U.S.

That would subject any attempt by Cnooc to acquire these companies to the same national-security review process through the Committee on Foreign Investments in the United States as it would face in a successful Unocal bid.

Other good energy assets in Asia are controlled by international “super majors.” Even if not U.S.-owned, they are loath to give up good prospects when they already are struggling to maintain reserves, analysts say. And national oil companies in countries such as Malaysia — which, like China, are concerned about securing long-term energy sources — are unlikely to sell.

That leaves a handful of regional oil companies or smaller Western independents that Cnooc could acquire, if it wanted to. One oft-cited possibility is Woodside Petroleum Ltd., an Australian oil and gas company with huge gas reserves off the coast of western Australia.

Woodside could be a good fit for Cnooc: Its gas could easily be shipped to China and the company has promising new exploration ventures in Africa and elsewhere.

Cnooc could face stiff competition from other bidders if it tried to grab Woodside, which is 34%-owned by Royal Dutch Shell PLC. Moreover, the same political issues that have hindered Cnooc in the U.S. could be even more pronounced in Australia. Woodside’s reserves are viewed as key strategic assets for Australia’s resource-rich economy. Four years ago, the Australian government blocked an effort by Shell to take over Woodside on the grounds that it wasn’t in the national interest.

“The same would happen with Cnooc,” says David Hurd, an analyst at Deutsche Bank in Hong Kong.

Those challenges highlight the difficult position China’s oil majors are in — and why Unocal is so attractive.

“The fit for them [with Unocal] is perfect,” says Fereidun Fesharaki, a senior fellow at the East-West Center in Honolulu. “What do they want? They want a company that is very established, has good people and has huge Asian oil and gas assets. There is nobody except [Unocal] at this level.”

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Repsol, CVC to Jointly Bid For Shell’s LPG Assets

THE WALL STREET JOURNAL: Repsol, CVC to Jointly Bid For Shell’s LPG Assets

Posted 3 June 2005

By ANDRES CALA and ENZA TEDESCO

DOW JONES NEWSWIRES

Repsol YPF SA signed an agreement with British private equity firm CVC Capital Partners Ltd. to bid around €2.5 billion ($3.05 billion) for Royal Dutch/Shell Group’s liquefied-petroleum-gas distribution and marketing business, a Repsol official said Thursday.

If the bid is accepted, Spanish company Repsol, the fifth-largest European oil company by market capitalization, would also become the world’s largest LPG distributor. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Repsol to spend €21bn to help boost reserves

Financial Times: Repsol to spend €21bn to help boost reserves

By Mark Mulligan

Published: June 1 2005

Repsol YPF, the Spanish oil and gas group, plans to invest €21bn ($26bn) over the next five years as part of a new strategic plan aimed at lifting flagging reserves and reducing its dependence on Argentina and Bolivia.

The company, considered one of the most profitable refiners in the world, will spend €11.4bn on exploration and development, mainly in northern and western Africa, the Caribbean and the Middle East.

This compares with the €8.8bn earmarked under a former four-year plan that would have expired at the end of 2007. As part of the strategy, it is in exclusive talks with First Calgary, the London-listed exploration group, over joint development of large gas deposits in Algeria, where the Spanish company is already well established and has plans to build a gas liquefying plant. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Repsol Plans to Make Bid For Shell’s LPG Business

THE WALL STREET JOURNAL: Repsol Plans to Make Bid For Shell’s LPG Business

Posted 27 May 2005

By ANDRES CALA

Staff Reporter of THE WALL STREET JOURNAL

PARIS — Repsol YPF plans to announce next week it is partnering with other investors to bid for Royal Dutch/Shell’s liquefied petroleum gas distribution and marketing business, a move that if successful would make the Spanish oil and gas company the largest LPG distributor in the world, a person familiar with the negotiations said Thursday.

Repsol, the fifth-largest European energy company by market capitalization, plans to join forces with United Kingdom-based CVC Capital Partners and other undisclosed investors to coincide with a general meeting Tuesday at which Repsol’s new chairman and chief executive, Antonio Brufau, will disclose the company’s strategy for the next five years. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Repsol YPF considers joint bid for Royal Dutch Shell gas unit

THE TIMES (UK): Need to Know

May 13, 2005 

Repsol YPF, the Spanish- Argentine oil and gas group, said that it was in talks with private equity companies over a joint bid for the liquefied petroleum gas unit of Royal Dutch/Shell, which could be worth up to €3 billion (£2 billion). 

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Royal Dutch/Shell, Repsol and the Iranian Government

The Times: Need to Know: “Royal Dutch/Shell and Repsol, the oil and gas giants, have reached a project framework agreement with the Iranian Government…” read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Spanish oil giant reaches deal with Shell

expatica.com: Spanish oil giant reaches deal with Shell

25 June 2004

MADRID — The Spanish oil company Repsol-YPF has reached a deal with the Anglo-Dutch multinational Shell to buy the majority of Shell’s assets in Portugal, the Spanish group said Friday.

Financial details were not disclosed.

Repsol said the deal would give it control of 303 Shell service stations in Portugal, along with fuel-selling and storgage operations.

The transaction will also enable Repsol to become third largest oil sector operator in Portugal, with 417 service stations and a 19 percent share of that market. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.
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