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Nigeria sues Shell and Eni over 2011 ‘oil bribes’

December 14 2018, 12:01am

Nigeria is suing Royal Dutch Shell and Eni for $1.1 billion that it claims it missed out on as a result of alleged corruption in a 2011 oil deal. The country said that it had lodged the claim in the High Court in London against the companies to recoup payments they made for an offshore oil exploration block. It alleges that the oil majors knew that much of the $1.3 billion they had paid to the Nigerian government to secure ownership of the OPL 245 licence ultimately would be paid in bribes. The allegations are already the subject of criminal proceedings in Italy and Nigeria. Both Shell and Eni deny any wrongdoing. Shell is an Anglo-Dutch group that employs about 80,000 people in more than… Want to read more? read more

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Scale of theft at Shell’s Singapore refinery much greater, court documents show

Almost a year on from raids that led to over a dozen arrests, including of several former employees of the local unit of Royal Dutch Shell, charge sheets state that around 340,000 tonnes of gasoil were stolen from the oil major’s Pulau Bukom site in Singapore. Some of the incidents date back to 2014.

Smokes rises out of chimneys from a Shell oil refinery on Pulau Bukom, five kilometres to the south of the main island of Singapore on January 13, 2015. 

Around $150 million worth of oil was stolen from Shell’s biggest global refinery over several years, Singapore court documents reviewed by Reuters show, far more than reported when police first revealed the heist earlier this year.

Almost a year on from raids that led to over a dozen arrests, including of several former employees of the local unit of Royal Dutch Shell, charge sheets state that around 340,000 tonnes of gasoil were stolen from the oil major’s Pulau Bukom site in Singapore, in incidents dating back to 2014. read more

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Shell says talks over asset swap with Gazprom are suspended: Kommersant

Dec 12, 2018

MOSCOW (Reuters) – Talks about a possible asset swap deal between Royal Dutch Shell and Gazprom have been suspended, Kommersant business daily reported on Wednesday, citing Cederic Cremers, head of Shell’s business in Russia.

The memorandum on the possible asset swap was signed in 2015 and was seen as a coup for Gazprom at a time when many Western companies were reducing their exposure to Russia because of Western sanctions over Moscow’s actions in Ukraine.

Cremers also told the newspaper that the plans for the expansion of Sakhalin-2 plant, which produces 11 million tonnes of liquefied natural gas per year, hinge on the outcome of the talks with the Sakhalin-1 consortium led by Exxon Mobil Corp and Rosneft about gas supplies. read more

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Shell’s Shearwater hub could help discoveries in ‘development purgatory’

Shell’s confirmation that it is expanding the Shearwater hub could lead to further North Sea investment, according to an analyst. 

The Shearwater platform will serve newly-sanctioned projects like Fram and Arran, as well as the nearby Columbus field.

However, Jack Allardyce from Cantor Fitzgerald, highlighted that it could be host to other discoveries such as Jackdaw, which have been “mired in development purgatory”.

Shell holds a 74% stake in Jackdaw, which was discovered in 2005 and is thought to be capable of producing more than 100million barrels of oil equivalent.

The hub expansion is the operator’s seventh investment decision in the UK North Sea, showing the “ongoing commitment” to the region. read more

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The detail in Shell’s pledge is Paris-defiant

While it is true that Royal Dutch Shell gave shareholder activists on climate an early Christmas present, agreeing to reduce its carbon footprint by 20 per cent by 2035 and 50 per cent by 2050 ( FT View, December 7), a closer look reveals that the commitment is a cynical game.

FULL FT ARTICLE

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Shell confirms small oil leak in seaborne transfer in Brazil waters

Alexandra Alper: DECEMBER 11, 2018

RIO DE JANEIRO (Reuters) – A small amount of crude oil belonging to Royal Dutch Shell Plc leaked during a ship-to-ship oil transfer in Brazilian waters last month, the company confirmed to Reuters on Monday.

About 200 milliliters of crude were released on Nov. 30 during the maneuver, which was halted after the drip was detected, Shell said, adding that authorities were notified and the incident left no trace of oil in the sea.

However, a letter obtained by Reuters and sent to Brazilian environmental regulator Ibama by chartering firm Triaina Agencia Maritima said “drops of oil spilled into the ocean” and that the small quantity could not be measured. read more

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New North Sea Shearwater pipeline announced by Shell

The gas is coming from the Shearwater platform

A new pipeline to help take gas from Shell’s Shearwater platform to the St Fergus plant in Aberdeenshire has been announced.

The 23-mile (37km) link will join Shearwater, 140 miles (225km) east of Aberdeen, with the Fulmar Gas Line.

Shell said the move – part of the creation of a gas infrastructure hub in the central North Sea – would reduce costs.

The hub is expected to produce as much as 400 million cubic feet of gas a day.

Analysis by BBC Scotland business and economy editor Douglas Fraser read more

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Shell to go ahead with Shearwater gas expansion in North Sea

DECEMBER 10, 2018 / 12:28 PM

LONDON (Reuters) – Royal Dutch Shell said on Monday it would expand the Shearwater gas hub in the British North Sea, its seventh project to get the green light in the aging basin this year.

The project, a joint venture with Exxon Mobil and BP, will include a modification of the Shearwater platform to allow production and processing of wet gas as well as the construction of a 23 mile (37 kilometre) pipeline from the Fulmar Gas Line (FGL) to Shearwater, Shell said in a statement. read more

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Australia grabs world’s biggest LNG exporter crown from Qatar in Nov

Australia will further cement its top position as the final new project in the pipeline, Royal Dutch Shell’s Prelude, comes online by next year.

Jessica Jaganathan: DECEMBER 10, 2018

SINGAPORE (Reuters) – Australia overtook Qatar as the world’s largest exporter of liquefied natural gas (LNG) for the first time in November, data from Refinitiv Eikon showed on Monday.

The surge in Australian exports follows the start up of a number of export projects in the country over the past three years, most recently the Ichthys project offshore its northern coast.

In November, Australia loaded 6.5 million tonnes of LNG for exports while Qatar exported over 6.2 million tonnes, the data showed. read more

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BP, Shell to Face New Shareholder Challenge Over Climate in 2019

  • Dutch group Follow This may also target Exxon Mobil, Chevron
  • Resolutions ask companies to align business with Paris accord

The activists who rankled Royal Dutch Shell Plc by filing climate-change resolutions for three straight years now are targeting other oil majors.

Follow This, a Dutch group that accumulates shares in oil companies in order to press them over greenhouse gas emissions, has filed another resolution against Shell for 2019. It also filed its first resolution against BP Plc and may target Chevron Corp. and Exxon Mobil Corp. in the same way.

The group, led by former journalist Mark van Baal, has been a source of frustration for Shell management, even though its resolutions have gone down to defeat. Van Baal stood up at the Anglo-Dutch supermajor’s May 2018 shareholder meeting and said Shell was misleading its investors by saying it was on track to meet global climate targets, prompting CEO Ben van Beurden to angrily retort that wasn’t the case. read more

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Shell sued by Arcadia, Calif. over TCP contamination

7 December 2018

Dow Chemical Co and Shell Oil Co have been hit with a lawsuit by the city of Arcadia, California accusing the companies of contaminating the city’s drinking water with a toxic chemical found in pesticides the companies once made.

Filed on Thursday in Los Angeles federal court, the lawsuit said the companies knew or should have known that the chemical, known as 1,2,3-trichloropropane, or TCP is toxic and renders drinking water unsafe.

The companies still manufactured and marketed pesticides containing the chemical for years, the lawsuit said. read more

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Government to encourage oil firms to follow Shell on climate and exec pay

Written by

The UK Government has said it will encourage other oil and gas firms to follow Shell in linking executives’ pay packs to climate targets.

Earlier this week the energy major announced an unprecedented move to link remuneration to reducing its carbon footprint.

Climate groups widely welcomed the action, as Shell aims to make a 20% reduction by 20135 and 50% by 2050.

Starting in 2020, Shell will set the target each year, for the following three or five-year period.

In the House of Lords yesterday, the Bishop of St Albans,  Alan Smith, asked about efforts to encourage more oil and gas firms to follow suit. read more

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Shell News 5 Dec 2018: Includes latest on OPL 245 graft case

DECEMBER 5, 2018

MILAN (Reuters) – The Russian government has asked Italy to be “reasonable” over a Russian citizen caught up in a Nigerian graft case in Milan and drop the charges against him, according to legal documents seen by Reuters.

Ednan Tofik ogly Agaev, a former Russian ambassador in Colombia, is charged with international corruption in a case revolving around the 2011 purchase by oil majors Eni and Shell of Nigeria’s OPL 245 oilfield.

Milan prosecutors allege bribes totalling around $1.1 billion (£862.4 million) were paid to win the licence to explore the field. read more

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Carl Mortished: Shell’s great incentive is to oil the wheels of transition

Ben van Beurden

The linkage of carbon reduction targets to bonuses will not just apply to the top team but to a thousand or more senior Shell managers.

CARL MORTISHED: 5 Dec 2018

It’s tough setting pay incentives for the boss. You want him to have an eye on the big prize — more profits, more dividends. But you also want him to invest well, to run a tight ship and not sacrifice the long-term in pursuit of a quick buck. But what incentive is right when you worry that the core business might be banned within several decades?

Big oil companies wrestle with this. Investors adore the cash dividend from crude. But many want to know what the oil majors will do if petroleum-based fuels are phased out in order to reduce carbon emissions. Shell has been playing cat and mouse with some saintly shareholders who want their dividends free of soot and CO2. In order to achieve that, these investors want carbon-reduction targets embedded in the bosses’ bonus plans. read more

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Shell says production at Prelude FLNG to start at end-2018

Jessica Jaganathan: DECEMBER 4, 2018

SINGAPORE (Reuters) – Royal Dutch Shell expects production at its Prelude floating liquefied natural gas (LNG) unit to start at the end of the year, a spokeswoman told Reuters on Tuesday.

“We continue to progress Prelude towards operations, with safety and quality being our main focus … We expect to see production around the end of the year,” she told Reuters in an emailed statement.

Prelude – which will process natural gas produced offshore northern Australia and export it as LNG – is expected to have an annual LNG production capacity of 3.6 million tonnes. It will also produce 1.3 million tonnes a year of condensate and 400,000 tonnes a year of liquefied petroleum gas (LPG). read more

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Groningen gas output to drop 75% by 2023, Dutch government says

Dec. 3, 2018 2:45 PM ET|By: , SA News Editor

Gas production at the earthquake-prone Groningen field will drop by at least 75% to below 5B cm/year in the next five years, the Dutch government says, as measures to reduce demand for Groningen gas are working ahead of schedule.

The government decided this year to shut down in 2030 what was once Europe’s largest natural gas field, citing several earthquakes over decades of extraction that damaged thousands of homes and buildings.

Production is set to drop to 19.4B cm in the year that began in October, already down 65% from its peak of 54B cm in 2013. read more

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A ‘Greener’ Shell Means Richer Executives? That’s the Oil Giants Radical New Plan

By DAVID MEYER A year ago, Royal Dutch Shell said it was going to halve the carbon intensity of its operations and products by the middle of the century. That followed investor pressure, and now the energy giant’s shareholders have scored another major win.

Shell issued a big announcement Monday: Not only will it be setting short-term targets in line with its longer-term “Net Carbon Footprint” ambition, but it will also be linking these targets with executive remuneration. Greener Shell = richer executives, or at least that’s the plan — the link will be subject to a shareholder vote at the company’s 2020 AGM.

The move is not entirely unprecedented — Statoil’s head of Norwegian production and development gets more money when absolute carbon emissions fall — but the scale of Shell’s proposal, which reverses a previous aversion to hard targets, is something else. According to the Financial Times, the link between long-term financial incentives and emissions reductions could affect up to 1,200 Shell executives. read more

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Shell sets carbon cutting targets after investor pressure

Ron Bousso: DECEMBER 3, 2018 * Shell, investors make joint statement on targets

* Shell to link short-term targets to executive pay

* CEO van Beurden had called targets ‘foolhardy’

LONDON, Dec 3 (Reuters) – Royal Dutch Shell caved in to growing investor pressure over climate change on Monday with plans to set short-term targets for reducing its carbon footprint.

BP and Total have already set short-term targets, but Shell Chief Executive Officer Ben van Beurden had previously resisted setting hard goals, saying it would be “foolhardy” to expose Shell to legal challenges. read more

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Shell cuts its losses by selling stake in Corrib gas field

Shell has sold its remaining stake in the Corrib gas field, formally marking its exit after nearly two decades of involvement.

The UK company, one of the largest oil and gas firms in the world, announced yesterday that it had completed a deal to offload a 45 per cent interest in the gas field to a unit of the Canada Pension Plan Investment Board.

The deal, which was agreed in July last year, will include a cash payment of $958 million (€846 million), interest of $54 million and additional payments of $285 million, subject to gas prices and production from Corrib. The transaction could therefore be worth $1.3 billion (€1.1 billion). read more

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Royal Dutch Shell completes Corrib share sale

Western Correspondent

The oil company Royal Dutch Shell has completed the sale of its shares in the Corrib gas field off the north Mayo coast.

The deal means Shell no longer has any involvement in the operation of the project.

Last year, the Canada Pension Plan Investment Board (CPPIB) agreed a deal to purchase all Shell interests on the Corrib venture, for €1.08 billion.

Gas was first detected off the north west coast in the late 1990s but the project to bring it ashore was mired in controversy and subject to several challenges. read more

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Shell upset causes high flaring

An alert was issued by Shell Canada about an upset at its Corunna plant Thursday morning.

The Aamjiwnaang Notification System says a cat cracker unit trip is causing high flaring and noise.

A Chemical Valley Emergency Coordinating Organization notice was issued.

Imperial says elevated flaring and noise is expected to continue for several more days at the Sarnia refinery while equipment repairs are made.

Company spokesperson Kristina Zimmer said Wednesday afternoon that construction of scaffolding was complete, and a repair plan had been finalized that includes replacement of a line. read more

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Workers taken off Shell’s Brent Charlie after power failure

More than 130 workers have been evacuated from a North Sea oil platform after it lost power.

Written by

Shell’s Brent Charlie, which is 185km (115 miles) North East of Lerwick, Shetland, contacted HM Coastguard just before 5pm on November 27 reporting that they had lost power and were running on backup batteries.

“The Brent Charlie platform was shut down for maintenance and although the 184 crew were safe and well the platform had limited power, meaning no lighting, heating or water,” said a spokeswoman for the Maritime and Coastguard Agency.

“With severe incoming weather HM Coastguard and Shell made the decision to ensure the safety of the crew and to declare an emergency situation and evacuate 135 non-essential crew. read more

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SHELL HASN’T PAID PROFIT TAX IN NETHERLANDS FOR YEARS: REPORT

Shell has not paid any profit tax in the Netherlands for years, despite earning billions of euros in the country every year, newspaper Trouw reports based on “well informed” sources and a confidential internal document from the Ministry of Finance. 

Over the past decade Shell made profits ranging from 2 billion to 55 billion euros per year all over the world. Most of this was earned abroad, and the company was taxed in the country were the profits were made. In the Netherlands Shell derives income from its head office’s activities, service stations, the chemical plants in Moerdijk, and the refinery in Pernis. All in all Shell made 1.3 billion euros in profit on those activities last year.

According to Trouw’s sources, Shell has two main ways to brush away the profits made in the Netherlands, so as not to pay tax, using legal deductions. Firstly, the company can deduct interest in the Netherlands for loans that are used to invest abroad. And secondly, Shell charges losses suffered from, for example, the search for oil abroad, against the profit made in the Netherlands. Profits made by foreign oil extraction are not taxed in the Netherlands, but the losses made with that oil extraction may be deducted from Dutch profits. read more

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Shell starts pumping Clipper South field gas

Friday, Nov 23, 2018

Shell has started to supply natural gas from the Ineos and Spirit Energy-owned Clipper South field into the UK gas network via Shell’s Clipper hub in the southern North Sea.

Under a new commercial agreement with Ineos and Spirit Energy, Shell is remotely operating the Clipper South field and transporting the gas through the Clipper hub for processing at Shell’s Bacton terminal in Norfolk. The gas is then fed into the UK National Grid.

The unmanned Clipper South platform had relied upon the Lincolnshire Offshore Gas Gathering System (LOGGS) and Theddlethorpe gas terminal to transport its gas to shore. The new Clipper hub to Bacton route will help ensure its continued operation after the planned decommissioning of those assets. read more

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Shell joins Dunkirk offshore wind project consortium for French tender

London — Oil major Shell’s new energy unit has joined a consortium for the 500 MW offshore wind project at Dunkirk to be tendered by the French government in H1 2019.

Shell is already part of a successful consortium that was awarded the 730 MW Borselle 3 and 4 offshore wind tender in the Netherlands at Eur54.60/MWh.

Shell’s New Energy unit plans to invest an average $1 billion-$2 billion per year until 2020 in mainly renewable energy projects, it said.

–Andreas Franke, [email protected] read more

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Bacton gas terminal: £300m spent on upgrading plant

22 November 2018

The energy giant Shell is to increase the amount of gas processed at a Norfolk terminal by 16% – securing its future for “decades to come”.

The firm has spent £300m updating the plant at Bacton to allow 400 million cubic feet (11,300 litres) of gas to be processed.

“This means we can use the facilities more and reduce operating costs,” Anne O’Halloran, from Shell, said.

This firm is also drilling more wells in the Southern North Sea gas field. read more

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East Timor to buy Shell’s stake in Greater Sunrise gas fields for $300 million

NOVEMBER 21, 2018 / 10:20 AM

MELBOURNE (Reuters) – East Timor has agreed to buy Royal Dutch Shell’s stake in the Greater Sunrise natural gas fields off the northern coast of Australia for $300 million, the government and Shell Australia said on Wednesday.

The agreement for Shell’s 26.56 percent stake in the project will allow the tiny nation to push for development of the field. The site, which was discovered in 1974, straddles the maritime border between Australia and East Timor and disputes between the two countries over the border has delayed development. read more

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Shell is Wrong: Global Oil Demand Can Only Increase

By Jude Clemente: Rigzone Contributor Wed, Nov 21, 2018 Bolstered by the U.S. shale revolution, global oil production has surged by over 20 percent in the past 15 years. The great rise has put to bed the “peak oil production” theory but it has not stopped the apparent new concern of “peak oil demand,” now portrayed as perhaps the main threat to the future of the world’s oil industry. In fact, it’s hardly just anti-oil environmental groups; many of the major producers themselves (Royal Dutch Shell plc in particular) assert that global oil consumption will soon peak and thereafter begin its terminal decline. The basis of this belief is the growth of electric vehicle sales and the need to reduce oil use to combat climate change.

Yet for oil, what’s past is prologue: even with higher prices, both the Energy Information Administration (EIA) and International Energy Agency (IEA) modeling have repeatedly forecast more demand for as far as the eye can see. After all, oil is the world’s most important fuel, supplying 35 percent of all energy used. While the link between economic growth and oil use can be viewed from a variety of perspectives, the two clearly progress in tandem – a long studied link demonstrated in regression modeling and peer-reviewed studies. read more

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Shell’s UK gender pay gap narrows to 19 percent

NOVEMBER 21, 2018 / 12:17 PM

LONDON (Reuters) – Royal Dutch Shell’s (RDSa.AS) female employees in Britain earned on average 18.6 percent less than their male colleagues in 2018, the company said in a report on Wednesday, narrowing the gender pay gap from 2017’s 22.2 percent.

The difference in earnings between men and women has provoked significant anger among many women in recent years and sparked a public debate in Britain over why pay is still so different for men and women.

“We are confident that we pay men and women equally for work of equal value,” the Anglo-Dutch company said in a statement. read more

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Shell exit from Greater Sunrise paves way for Chinese

Shell exit from Greater Sunrise paves way for Chinese

East Timor has bought Shell’s stake in the Greater Sunrise project, giving it a majority share and putting more impetus behind the project’s development

By Damon Evans 21 November 2018

East Timor’s decision to buy out Shell’s stake in the Greater Sunrise fields has revived momentum in the project, which will require billions of dollars of investment, and paves the way for Chinese participation.

Dili agreed on Tuesday to pay $300 million for Shell’s 26.56% stake in the fields, which straddle the Australian and Timorese sea beds. The move follows a recent agreement to buy out ConocoPhillips’ share of the fields.

The Greater Sunrise project was considered to be politically stranded and of negligible… read more

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Royal Dutch Shell – Staying True To The Plan

Summary

  • Royal Dutch Shell has had a difficult time since the start of the oil crash. However, the company has an impressive portfolio and is executing on its plan.
  • Royal Dutch Shell continues to earn tens of billions of dollars annually. The company is investing heavily in growth and buying back shares.
  • I recommend interested investors take advantage of the current share prices given the company’s strength.

Royal Dutch Shell (RDS.A) (RDS.B) is an integrated oil company, one of the largest in the world. The company has a market cap of more than $250 billion and pays investors a very respectable dividend in the high-single digits. As we will see throughout this article, Royal Dutch Shell’s asset portfolio, growth, and potential make the company a strong investment.

Royal Dutch Shell Asset Portfolio

Royal Dutch Shell has an incredibly strong asset portfolio that will provide it with both strong production and strong cash flow. read more

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Dutch government to cut Groningen gas production, eventually to zero

By: , SA News Editor

  • The Dutch government says it expects gas production from Groningen, Europe’s largest onshore field, will fall to 7.5B cm/year by 2022 and drop to zero in the following years.
  • The government also gave its final approval to limit output from Groningen to 19.4B cm/year for the gas year 2018-19, compared to 21.6B cm/year previously.
  • Groningen production is limited due to activity at the site linked to earthquakes in the region, with the government under pressure to enforce further restrictions.
  • Gas company NAM, which runs the Groningen field, is a joint venture of Royal Dutch Shell (RDS.A, RDS.B) and Exxon Mobil (NYSE:XOM).
  • read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

    Royal Dutch Shell: Follow The Cash Flow Story And You’ll Find The Way

    Nov. 12, 2018 11:13 AM ET

    Summary

    • The European Oil sector has demonstrated an impressive capital discipline, with renewed focused on cash earnings.
    • Royal Dutch Shell is an exceptional cash generating machine that has recently released the best quarterly results in the company’s history.
    • The muted share response to the earnings report creates a wonderful entry point to an unloved sector.

    My high conviction investment thesis in Royal Dutch Shell (RDS.B) is based on three success pillars. The first pillar is growth in net income, accompanied by a significant rise in free cash flow. The second pillar is shareholder friendliness, or how Shell treats its shareholders well. The third pillar, as in with every investment, is the current compelling valuation of shares

    Responsible, Consistent Growth

    In the third quarter, Shell generated adjusted net income in the amount of $5.6 billion, up a whopping 37 percent compared to the third quarter of last year. Earnings were 70 cents a share, up 40 percent year over year. More importantly, the company’s growth is well balanced between its different divisions. The upstream division (oil exploration) generated adjusted net income of1.88$ billion, compared to a meager 562$ million during the third quarter of 2017. read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

    Shell and Anadarko in dispute over Mozambique gas

    , Africa Editor, in Maputo: 13 November 2018

    Royal Dutch Shell has accused Anadarko Petroleum of holding it and the Mozambican government to hostage by refusing to supply enough domestic gas in the first phase of a giant liquefied natural gas project. 

    As part of efforts to develop the local economy, Shell plans to build a 38,000-barrel-a-day gas-to-liquid plant that will produce kerosene, diesel and naphtha. But Moon Hussain, director of the project, said Anadarko was obstructing its plans by refusing to supply gas until the second phase of the LNG project, which is not expected to start until 2031.  read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

    Shell Oil’s plan to ease global warming will be presented in Aspen Tuesday

     

    David Hone, chief climate advisor for Shell International

    A key figure in Shell Oil Co.’s surprising emergence as a world leader in demonstrating how to reduce fossil fuel use and prevent global warming from reaching catastrophic levels will outline his company’s work in Aspen this week.

    David Hone, Shell International’s chief climate adviser, is attending a workshop on industrial de-carbonization at the Aspen Global Change Institute and will give a public presentation Tuesday night at the Limelight Hotel in Aspen. It’s titled, “How Society Can Meet the Goals of the Paris Agreement.” read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

    Saudi Aramco ‘on way to becoming gas powerhouse’

    Aramco this year signed a memorandum of understanding with Royal Dutch Shell to jointly pursue global gas business opportunities…

    LONDON: Saudi Aramco has outlined to Arab News how it plans to massively ramp up its multibillion-dollar natural gas business, both in the Kingdom and overseas, as gas gradually replaces coal and oil in global power generation.

    Gas is viewed as a cleaner energy source than coal or oil in power stations, and there is soaring demand in Asia.

    “Gas is already a large global business and is expected to be among the fastest-growing fuels (60 percent growth) over the next quarter-century. And LNG (liquefied natural gas) is expected to make up almost half of global gas trade over the same period,” Aramco said in a statement. read more

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    Remembering Ken Saro-Wiwa 23 years after brutal killing by Nigerian govt

    Shell is facing a civil suit in Netherland over its alleged complicity in the killing of Mr Saro-Wiwa and the eight other Ogoni activists. The suit was filed on June 28, 2017, by four of the widows of the Ogoni Nine, led by Esther Kiobel.

    10 November 2018

    It is exactly 23 years today since Ken Saro-Wiwa, a playwright, environmental activist and Ogoni leader was brutally executed.

    He was executed on November 10, 1995, by the Nigerian government under the leadership of the then military dictator, Sani Abacha.

    Mr Saro-Wiwa and eight of his kinsmen, who became popularly known as the Ogoni Nine, were sentenced to death by a special military tribunal set up by Mr Abacha who later died in June 1998 inside the presidential villa under mysterious circumstances. read more

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    This Big Oil Company Has More Cash Than It Knows What to Do With

    November 04, 2018, 07:19:00 AM EDT By Tyler Crowe,

    This past quarter,  Royal Dutch Shell ‘s (NYSE: RDS-A) (NYSE: RDS-B) results showed the company can fund just about anything it wants right now. A large capital expenditure program? Yup. Pay down some debt? Sure! Fund its dividend? Of course! How about a $2 billion share repurchase program on top of all of that? Why not! The reason it is able to do this is that the company is generating an almost unfathomable amount of cash right now. Shell’s management said this was the most cash it has pulled in since the second quarter of 2008 when oil prices were in the $110-to-$120-per-barrel range. read more

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    Shell Canada sees cost advantage in LNG Canada expansion

    Julie Gordon, Rod Nickel: NOVEMBER 1, 2018

    CALGARY, Alberta (Reuters) – An expansion of LNG Canada has a cost advantage over its rivals in the race to build more liquefied natural gas export capacity, but a go-ahead decision on phase two is likely still a few years away, Shell Canada’s president said on Thursday.

    The first phase of the C$41 billion ($31.3 billion) Royal Dutch Shell (RDSa.AS)-led project was given the go-ahead last month, firing up a race among companies eager to be the next to tap into booming Asian demand for the gas that is supercooled into liquid form for export by tanker. read more

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    Shell churns out cash like oil’s above $100 again

    Oil is trading well below its price of a decade ago, but you’d have no idea looking at Royal Dutch Shell Plc’s giant pile of cash.

    The Anglo-Dutch oil major generated the most cash from operations in 10 years last quarter — almost $15 billion. The last time Shell pumped out that much money was the year crude soared to $140 a barrel, compared with about $75 today.

    As a result, the company is showing greater confidence. It increased the pace of a $25 billion buyback program, rewarding shareholders who stuck with it through crude’s collapse. The cash surge is a feather in the cap of Chief Executive Officer Ben van Beurden, who splashed more than $50 billion on buying BG Group Plc in 2016 during the depths of the downturn. read more

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    Royal Dutch Shell sees profits jump as oil price rises

    1 November 2018

    Royal Dutch Shell’s profits surged by 37% in the third quarter of the year on the back of rising oil prices.

    The Anglo-Dutch giant said earnings excluding one-off items on a current cost of supply measure (CCS), which strips out price fluctuations, hit $5.6bn (£4.3bn) from $4.1bn last year.

    Rising oil and gas prices in the July-to-September period were the main driver of profits.

    Shell joins rivals, including BP, in reporting strong results.

    However, the figure was lower than a company-provided analysts’ consensus forecast of nearly $5.8bn. read more

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    Shell taps its deepwater legacy to fund its future

    Anglo-Dutch oil major banks on Gulf of Mexico to help navigate energy transition read more

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    Shell and BP pumped up by oil prices

    Giants amass cash for share buybacks and dividends

    The two biggest London-listed oil majors are expected to report higher profits and cash levels this week, driven by rising oil and gas prices as the industry’s recovery continues.

    The price of a barrel of Brent crude averaged $75.80 during the third quarter of the year, 45% higher than the same period in 2017, while UK gas prices are up 54% year-on-year.

    The rally following the crash that sent prices below $30 a barrel in 2016 is helping companies to repay debt and start rewarding shareholders, even as it pushes up costs for households and motorists. Analysts’ profit forecasts for BP, which reports on Tuesday, averaged $2.8bn (£2.2bn) compared with $1.9bn during the same quarter last year. read more

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    Shell hit for further €89m loss as it awaits completion of Corrib gas field sale

    A billion-euro acquisition deal struck last year by a giant Canadian pension fund for Shell’s holds in the Corrib gas field still has not been fully completed. (stock picture)

    Fearghal O’Connor: 

    Pre-tax losses at Shell’s Corrib gas field operation fell substantially last year, from €187m to €89m, according to newly-filed financial results.

    A massive billion-euro acquisition deal struck last year by a giant Canadian pension fund for Shell’s 45pc holding in the controversial gas field off the Mayo coast still has not been fully completed. read more

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    Shell starts rollout of ultrafast electric car chargers in Europe

    First in network of chargers three times faster than current models installed near Paris read more

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    China’s CNOOC, Shell sign MOU to build integrated petchem plant in Huizhou

    Singapore — China National Offshore Oil Corporation, or CNOOC, and Shell International Petroleum Company Limited signed a memorandum of understanding to build an integrated petrochemical site at the Nanhai site in Huizhou, Guangdong, Shell said in a statement late Wednesday.

    In May this year, the two companies started up the second steam cracker at Nanhai, which has an ethylene production capacity of 1.2 million mt/year. The complex’s downstream units include styrene monomer and propylene oxide. This MOU will expand their current collaboration, Shell said in the statement. read more

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    Shell’s up next, and last, in $200 billion Australia LNG bonanza

    And then there was one.

    Australia’s nine-year, $200 billion boom in liquefied natural gas still has a final debut in the works: Royal Dutch Shell Plc’s Prelude, floating 200 kilometers (124 miles) off its northwest coast. It’s the last project in that investment cycle to start production after Japan’s Inpex Corp. shipped its maiden cargo from Ichthys LNG on Monday.

    Shell’s Prelude is among seven export projects in gas-rich Australia sanctioned since 2009 by global energy giants including Chevron Corp. and Exxon Mobil Corp., as well as regional big hitters such as Australia’s Woodside Petroleum Ltd. and Malaysia’s Petroleum Nasional Bhd. The Pacific nation now rivals Qatar as the world’s biggest seller of LNG, a form of natural gas super-chilled into a liquid that can be shipped on tankers. read more

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    Shell to set up 10,000 new gas stations

    A Shell employee refuels a vehicle at a gas station in Chengdu, capital of Sichuan province. [Photo by Mo Xiao / For China Daily]

    By Zheng Xin | China Daily | Updated: 2018-10-23

    Global energy giant Royal Dutch Shell PLC plans to set up 10,000 new gas stations worldwide by 2025, with 5,000 in the five high-growth markets of China, India, Indonesia, Mexico and Russia.

    The company is also looking to introduce more electric vehicle charging stations, and increase sales of fluid process oils and grease to support electric-powered trains and vehicles in China.

    The move comes after its first electric-vehicle charging station entered service in Tianjin in September. read more

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    MALABU SCANDAL: Shell, Eni officials’ trial continues as anti-corruption group head appears before court

    The trial of officials of oil giants Eni and Shell over the controversial Malabu scandal will resume Wednesday at the Milan Palace of Justice in Italy, PREMIUM TIMES has learnt.

    The Milan court’s decision came after Simon Taylor, a founding director of anti-corruption group, Global Witness, appeared before it as witness on Wednesday.

    Mr Taylor’s Global Witness, together with PREMIUM TIMES and its London partner, Finance Uncovered, have for years done extensive investigations into the long-running controversial oil deal. read more

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    National Gallery loses Shell funding after protests

    Shell’s sponsorship prompted protests at the National GalleryCORBIS/GETTY IMAGES

    Another oil company has pulled out of a sponsorship deal with a British cultural institution after years of protests.

    Shell’s withdrawal from a deal with the National Gallery follows that of BP from Tate and other organisations.

    Shell said that its decision to end the 12-year agreement, thought to have been worth about £500,000 over that period, would allow it to focus on work to “inspire the next generation of engineers” through science, technology, engineering and mathematics programmes. read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan