Energetica eyes up overseas investment
Energetica faces a challenge to attract new overseas investment into north east Scotland whilst avoiding robbing 'Peter to pay Paul'.
Shell
Shell-BG merger still works with cheap oil
Should Shell push ahead with its $70 billion bid for BG in the face of cheaper oil? The tumbling oil price – down by a fifth since the merger was announced in April - has raised fears that Shell shareholders might balk at the 50 percent premium the Anglo-Dutch energy group agreed to pay for its smaller rival. But while the price tag may look bigger today on some metrics, so should the cost savings.
Prosafe agrees $24million hire with Shell in North Sea
Semi-submersible provider Prosafe has signed a $24million contract with Shell for its Regalia accommodation vessel at the Brent C platform in the UK sector of the North Sea.
Singer Charlotte Church leads protest against Shell’s Arctic plans
Singer Charlotte Church performed outside Shell's London headquarter as part of a protest against Arctic drilling.
North Sea firms hit hard as markets take a pummelling
Billions of pounds were wiped off the value of North Sea oil companies yesterday as fears of a Chinese economic meltdown sent global stock markets plummeting.
Shell eyes Iran, to pay debt when sanctions end
Royal Dutch Shell will repay a $2 billion debt to the National Iranian Oil Company (NIOC) when sanctions on Iran are lifted and will consider investing in the country's vast energy sector, Shell's boss for new business said. Much would depend on the terms offered by the Islamic Republic once sanctions were lifted, said Edward Daniels, Shell's executive vice-president for commercial and new business development. He was speaking to Reuters while on a British government visit to reopen the country's embassy in Tehran. "We are very pleased to have been part of this historic delegation. Clearly Iran remains under sanctions with time before sanctions will be unwound and clearly we will be absolutely adhering to all sanctions," Daniels said.
Petronas acquires Shell’s stake in gas plant
Malaysia's state oil company Petronas has acquired Shell's 50% stake as operator of the MLNG Dua natural gas plant.
Clinton parts with Obama administration on Arctic drilling
U.S. Democratic presidential candidate Hillary Clinton on Tuesday staked out her opposition to Arctic oil exploration, putting her at odds with the Obama administration one day after it approved drilling off Alaska. "The Arctic is a unique treasure," Clinton said in a Twitter post. "Given what we know, it's not worth the risk of drilling." On Monday, the Obama administration gave Royal Dutch Shell final approval to resume drilling into the oil zone off northern Alaska for the first time since 2012.
Wood Group wins work with Shell
https://www.energyvoice.com/oilandgas/85265/wood-group-turnover-drops-nearly-20/
Shell gets Arctic green light
Shell has been given the go-ahead to drill for oil in Arctic waters off Alaska for the first time in three years.
US law firm investigates alleged price fixing by oil majors on West Coast
Oil refiners including Chevron, ExxonMobil and BP are being investigated for alleged price fixing based on claims that they colluded to control the supply of gasoline in the western United States.
Greenpeace protestors could face fines over Shell stunt
Greenpeace protests who had tried to prevent a Shell oil ship from reaching Alaska could face fines of up to $5,000. According to reports, the Coast Guard has warned the protestors have 30 days to either pay the fines or contest the civil citations before a hearing officer. The environmental group has been ramping up its protest against the move in the past couple of months as Shell looks to resume its operations in the Arctic.
Thailand’s PTT to buy LNG from Shell, BP via long-term contracts
Thai state energy firm PTT PCL has won approval to buy a total 2 million tonnes a year of liguefied natural gas (LNG) from Shell Eastern Trading (PTE) and BP Singapore PTE Ltd in long-term contracts, the energy minister said on Thursday. Shell Eastern and BP will supply 1 million tonnes each to state-controlled PTT from 2017, Energy Minister Narongchai Akrasanee told reporters after a meeting of the ministry's policy and planning office. As part of the 15-to-20 year contracts, PTT will import 0.5 million tonnes of LNG from Shell Eastern and 0.317 million tonnes from BP in April 2016, Narongchai said.
Shell chief exec said he embarked on ‘personal journey’ over Arctic drilling
The chief executive of Shell has revealed he embarked on a “personal journey” before making the final decision to resume drilling in the Arctic this year. Ben Van Beurden said he was aware of the risks the company were taking but believed Shell could responsibly explore for hydrocarbons in the Arctic. His comments to a BBC programme on climate change were made as former BP chief executive Lord Browne – who was also interviewed – warned the company could be taking both reputational and financial risk with the move. Lord Browne made the comments as Shell announced it had just started preliminary drilling in Alaska’s Chukchi Sea after several setbacks.
US sanctions could hit Shell and Gazprom’s strategic alliance
Oil giant Shell’s plans to build a strategic alliance with Gazprom could be affected after the US placed one of the Russian company’s biggest oil fields under sanction. Earlier this year the two companies signed an agreement which would see them develop an alliance in the gas sector. The deal could see them work in a number of areas including exploration and production, to sales – which could include asset swaps.
Shell ends ties with lobby group over climate change stance
Oil giant Shell is said to have ended its ties with the market lobby group the American Legislature Exchange Council (ALEC). The company said the move was as a result of their climate change stance being “inconsistent” with their own. A spokesman said:"While we engage with a number of organisations on selected, and often complex, energy topics, we don't always agree on every position adopted by these organisations.
Shell eyes new Brazilian assets ahead of BG deal
Royal Dutch Shell is considering investing billions in Brazil, set to become a focal point after the planned acquisition of BG Group, even as it prepares to sell huge chunks of its business to pay for the $70 bln deal. Despite a broad drive to cut spending in the face of persistently low oil prices, Chief Executive Ben Van Beurden remains steadfast in his plans to buy BG, which will transform Shell into the world's biggest liquefied natural gas (LNG) supplier. The company has announced plans to sell around $30 billion in assets between 2016 and 2018 to improve its balance sheet and focus on its core deepwater oil and LNG business.
To please investors, big oil makes deepest cuts in a generation
Oil companies are making the largest cost cuts in a generation to reassure investors. They’re risking their own future growth. From Chevron Corp. to Royal Dutch Shell Plc, producers are firing thousands of workers and canceling investments to defend their dividends. Cutbacks across the industry total $180 billion so far this year, the most since the oil crash of 1986, according to Rystad Energy AS, an Oslo-based energy consultant. BP Plc Chief Executive Officer Bob Dudley said last week his “first priority” was payouts to shareholders. Chevron CFO Patricia Yarrington said her company was committed to continuing its 27-year record of annual dividend increases. While the dividend payouts please investors, the producers risk repeating the patterns of 1986 and 1999, when prices slumped and they slashed spending. It took years for them to rebuild their pipelines of production growth.
Shell to sell stake in Chinese lubricant supplier Tongyi
Royal Dutch Shell has agreed to sell its controlling stake in Tongyi Lubricants in China, in the energy company's latest step to restructure its global refining business. Shell said it expects to complete its exit from Tongyi, in which it bought a 75 percent stake in 2006, by late 2015 or early 2016. The value of the sale to Huo's Group, its partner in Tongyi, and private equity firm Carlyle International, was not disclosed. The Anglo-Dutch oil and gas company will remain present in China's growing lubricant industry, which produces liquids such as engine oils and greases.
Opinion:Sub-$50 oil – but for how long?
With Brent crude prices falling below $50, widespread trader views of continuing oversupply and massive cut-backs in the oil and gas industry, Shell has begun drilling in one of the world’s highest cost locations, endeavouring to tap the huge reserves of the offshore Arctic! So what’s going on? We all know, but often choose to forget, that the oil industry is an extremely cyclical business, the continuing victim of regional wars, global geopolitics and macroeconomics. After nearly 20 years of subdued prices, oil convincing broke through $50 in the second quarter of 2005, surging to exceed $140 in summer 2008 before collapsing again to $40 during the global financial crisis.
In case you missed them, Energy Voice’s Friday Five
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Shell declares force majeure on Nigerian gas supplies to NLNG
Shell has declared force majeure on gas supplies to Nigeria's LNG export terminal on Bonny Island in Rivers State due to a pipeline leak, a spokesman for the company said on Thursday. "Shell declared force majeure on gas supplies from SPDC to NLNG (Nigeria Liquefied Natural Gas Co), effective August 4," spokesman Precious Okolobo said, adding that the company was investigating the cause of the leak.
Shell to sell off stake in North Sea assets for $105million
Oil major Shell and Esso Exploration have signed a sales and purchase agreement to sell off their interest in the Anasuria cluster in the Central North Sea for $105million. The move comes after the company announced in February last year it planned to sell its stake in the asset as it looked to focus on assets where it sees an opportunity for growth. In a joint venture, the assets have been taken over by Hibiscus Petroleum and Ping Petroleum, in a first step for both companies to enter the UK market.
Sound secures Italian job with Shell
Sound Oil, the Mediterranean focused upstream gas company, has signed a gas sales agreement with Shell for the Casa Tonetto production concession.
Tributes paid to offshore worker after death on North Sea FPSO
An offshore worker has died while working on an FPSO (Floating, Production, Storage and Offloading) vessel in the North Sea. Tributes have been paid to William Nichol, 61, who had been working for IKM Testing UK Limited on the Anasuria FPSO. Police were sent offshore to investigate following the incident which happened at around 4pm on Tuesday on the Shell-operated vessel.