PARIS (Dow Jones)--Royal Dutch Shell PLC (RDSB.LN) Chief Executive Jeroen van der Veer said Thursday that global oil industry spending this year is likely to fall by more than 12% compared with last year as the fallout builds from weaker oil prices and the global economic recession.
The Wall Street Journal
Shell CEO:09 Oil Sector Capex Likely To Fall By +12% On Yr
Energy-Reserve Revisions
In 2004, Royal Dutch Shell PLC disclosed that it had overstated its reserves by 20%, leading to the ouster of its chairman, a Securities and Exchange Commission investigation and closer scrutiny of reserve calculations across the industry.
U.S. predicts fall in global demand for oil in ’08, ’09
Battered by the global economic crisis, world oil demand will fall in 2008 for the first time since 1983, said a U.S. government forecast. It also predicted demand will fall again in 2009.
Shells Routs: On Diesel, Algae, and OPEC
Mr. Routs talked with the WSJs Neil King about the worlds thirst for oil, the challenges facing Detroit and the U.S. transportation sector, and where oil prices are heading.
Shell Weighs Green Project
Oil giant Royal Dutch Shell PLC and Dutch utility Essent NV said Monday they have agreed to study the feasibility of a 1,000-megawatt power plant in the Netherlands from which carbon-dioxide emissions would be captured and stored underground.
Oil Glut: Why Contango Is Stretching the Oil Market, and Why You Should Care
How severe is the global oil glut? Its the worst in at least a decade, if oil-market tea leaves are any guide. That explains why oil companies like Shell have contracted more than 16 supertankers (including our friend the Leander) to simply hold onto crude until prices go up.
Tossing Capex Over the Side
Chesapeake is facing the reality of contracting energy demand and credit availability. Several of its peers, from Royal Dutch Shell to Apache Corp., have also delayed new projects until energy demand, and prices, stabilize.
Oil’s Slide Set to Leave Dark Trail
Already in free fall, the price of oil could soon push much lower as the effects of a global recession take hold.
Commodities Collapse: Fast, Big and Still Going: Analyst who projected $200 oil should have lopped off a zero
The crash in oil, copper, grain and other commodity stocks in 2008 has outpaced the crash of technology stocks at the turn of this century -- with many taking only six months for the 80% wipeouts that took the tech sector two years.
Chevron Case Weighs Extent of Overseas Liability
Early next year, Royal Dutch Shell PLC faces a similar case in New York federal court stemming from the 1995 death of Ken Saro-Wiwa, an activist in oil-rich coastal Nigeria critical of the oil industry's environmental impacts. Shell has denied to an oil-industry publication that it was complicit and called the allegation "false and without merit."
An Ode to Oil
Oil is, after all, a primary source of man-made global warming, while spillages and drilling have sometimes inflicted lethal environmental damage. Despite the sharp falls of recent months, dramatic price rises have also underwritten every postwar global recession, including the current economic malaise.
Oil: Up 9% on the Week, Down for Month
With oil prices off more than $90 from this year's historic highs, OPEC has in the past two months announced output reductions totaling about two million barrels a day. Many analysts expect the organization to cut output further, but they're unsure of when.
OPEC to Discuss Another Round of Production Cuts
Having failed twice in two months to calm plunging oil markets, OPEC ministers are set to weigh another round of steep production cuts as the world's economic travails continue to drive crude prices to levels unseen in years.
China natural gas opportunity for Chevron, Total and Royal Dutch Shell
China's desire to boost natural-gas output and master advanced drilling technology has led it to open up a handful of onshore blocks to foreign partners, including Chevron Corp., Royal Dutch Shell PLC and Total.
Oil Slick: Oil-Market Bears Speak ChineseOr Do They?
What will it take to raise oil prices? On Monday, a Saudi Aramco supertanker was hijacked by Somali pirates. Chevron and Shell both announced pipeline disruptions in Nigeria. And yet crude oil prices barely moved, still trading around $56 a barrel.
How to Put the Squeeze on Iran
U.S. outreach to foreign banks and to oil companies considering investing in Iran's energy sector has reportedly convinced more than 80 banks and several major potential oil-field investors to cease all or some of their business with Iran. Among them: Germany's two largest banks (Deutsche Bank and Commerzbank), London-based HSBC, Credit Suisse, Norwegian energy company StatoilHydro, and Royal Dutch Shell.
Crude Oil Falls 5.8% on Demand Concerns
Crude-oil futures fell on signs that a widening economic slowdown may freeze growth in petroleum demand next year.
Shell Wagers That Delays Will Pay Off
Practically speaking, therefore, it is easier for Shell to ease off in Canada during a period of uncertainty than in many other countries.
Green Ink: Peak Oil and Hunting Elephants
THE WALL STREET JOURNAL
October 30, 2008, 8:00 am
Posted by Keith Johnson
Crude oil futures rose above $70 on the back of interest rate cuts in the U.S. and China as well as a weaker dollar, Bloomberg reports. Shell posted a 22% gain in third-quarter profit and said itsCFO will take the top job next year, both in the WSJ (sub reqd.). But tough economic conditions also forced Shell to delay expansion of its Canadian tar sands project, Bloomberg reports. Peak oil will come sooner than expected and is a bigger threat to the U.K. than terrorism, an industry group concludes, in The Guardian. Big Oil is certainly having trouble tapping big new fields. Chevron has spent seven years and $3 billion on a Brazilian field that will supply three days worth of global oil consumption, the WSJ reports (sub reqd.). But thats about all Western majors can get these days: If youre only going after elephants, youll never hunt, says a top Chevron executive. As gasoline prices fall, are American drivers returning to their old habits? Gasoline demand is still down from a year agobut not as much in recent weeks, reports the NYT. Volatile energy prices are a headache forsavvy companies burned by hedging, so what are poor consumers supposed to do this winter? in the WaPo. Sen. Barack Obamas half-hour informercial reiterated that energy would be a top priority in his administration, in the WaPo. Make that energy independence, with a special emphasis on reducing demand, Grist notes. The credit crunch and big losses could force T. Boone Pickens to delay construction of the worlds biggest wind farm, in Earth2Tech. Chinas GreenGen project is now the worlds biggest clean coal demonstration facility, notes Scientific American, but the project faces a looming coal shortage in China and concerns about cost. Eastern Europe is jumping on the nuclear power bandwagon, both as a way to cut emissions and also to diversify energy supplies away from Russian natural gas, in the IHT. The U.K.s Royal Society is seriously looking at geo-engineering solutions to battle climate change, The Guardian reports. Finally, check your cowsmethane emissions are on the rise suddenly, and scientists dont know why, in Reuters. |
Higher Oil Prices Lift Shell’s Net
Shell Class B shares closed at £16.70 ($27.70) Wednesday, a drop of almost a quarter from their peak in mid-May as concerns about the global economy have driven down the oil price.
Africa’s Potential to Sate World’s Oil Demand Dims
For big state-owned and private oil companies, Africa has played an outsized role. It is responsible for adding nearly a quarter of the globe's total increase in reserves over the past decade. That has been a boon for companies such as Royal Dutch Shell PLC, Exxon MobilCorp. and Total SA, all of which have struggled to replace reserves on their books
How Washington Can Help Alaska Drill: Three years in, Shell is still waiting to recover a single barrel of oil
Two years ago, environmentalists teamed up with Alaska Natives who depend on subsistence whaling for their livelihoods and culture. They sued in federal district court in Alaska in July 2007 to stop Shell's exploratory drilling, claiming that it could disturb the whales and interfere with traditional bowhead-whale hunts.
Oil’s Plunge Is Biggest In Dollars Since 1991
Crude-oil futures plummeted more than $10 a barrel Monday after the House voted down a plan to rescue financial markets, magnifying doubts about demand growth.