The eyes of the world are not focused too closely on Shell and the other western oil multinationals at the moment – but they should be. Whilst the dysfunctionality, incompetence, voracity and self-interest of the financial sector, and the utter failure of finance associated regularity systems, is top of the mind the oil sector is escaping much attention – except amongst the pressure groups and NGOs who specialise in this area. But in reality, and if we take a long term view, the actions of multinational oil companies ought to be just as closely monitored and controlled as those of the banks and finance houses whose dysfunctional management is the major cause of our current global malaise.For any economy to function successfully there need to be solid checks and balances on the free market sector. It was the almost total absence of such controls on the likes of Lehman Brothers and Madoff that allowed them to lie, cheat and defraud at will. Part of the reason was the global nature of these businesses. Lehman Brothers, for example, had offices in more than 30 countries and it was able to finesse its financing both to minimise tax liabilities and to frustrate regulators – whether the whole story will ever emerge remains to be seen. In the oil sector there is a directly comparable focus on optimising the income streams, minimising tax and creating smokescreens around some behaviours and activities.
December, 2008:
Ensuring our energy futures – don’t leave it to the oil companies!
Global energy investment hit by financial crisis
The growing financial crisis and plunging energy prices have forced companies to scale back spending and delay projects, with expensive ventures in the oilsands hardest hit.
Dutch Shell Pension Fund Scandal: Negligent Administration?
The shock waves have however been such that Clive Mather, Chairman of the trustees of the Shell Contributory Pension Fund, has felt it necessary to send a message of reassurance to Shell UK pensioners. Dutch Shell pensioners will no doubt find it informative to contrast their uncertain situation with that of their UK counterparts.
Shell to Buy Assets of U.S. Energy Marketer Enspire
Dec. 26 (Bloomberg) -- Royal Dutch Shell Plc, Europes largest oil company, agreed to buy the assets of Enspire Energy LLC, an energy marketer based in Virginia.
Crude Oil Rises First Time in 3 Days After U.A.E. Cuts Output
Crude hasnt bottomed out as yet because we are getting so much bad economic news, said Tony Regan, a Singapore-based independent energy consultant, who formerly worked for Royal Dutch Shell Plc and Nexant Inc.
Fill ‘er up with coal, thanks
Royal Dutch Shell and Anglo-American recently shelved a $5 billion project to convert coal to diesel in the Latrobe Valley until further research was carried out.
Oil prices near $35 on more dour economic news
HOUSTON (AP) -- Crude prices tumbled Wednesday following a string of economic reports that painted an ugly picture of the nation's economy, suggesting that demand for energy will continue to erode. Light, sweet crude for February delivery fell $3.63 to settle at $35.35 in a shortened day of trading. Prices fell as low as $35.13 just before the market closed for the holiday.
Palin disappointed by Shell’s drilling decision
ANCHORAGE - Gov. Sarah Palin expressed her disappointment Dec. 18 in Shell Oil Company's decision to cancel drilling activities in the Outer Continental Shelf of Alaska's Beaufort Sea for 2009.
Gopec
Uralsib, a Moscow investment bank, suggests Gopec's formation will leave control of gas development, especially LNG, in the hands of members' national energy companies. The likes of ExxonMobil, BP and Shell may be relegated to minority stakes.
FSA fines hit record with more to come
Fines so far have totalled £22.6m the second highest amount yet. It would be a record were it not for the distorting effect on the 2004 £24.8m record of the £17m fine against Shell.
Fatality at Shell Deer Park Refinery
The falling accident took place at approximately 11 a.m. Thursday at a Shell Oil refinery at the 5700 block of State Highway 225.
Shell Oil Cancels Alaskan Drilling Project, 800 Jobs At Stake
Alaska Gov. Sarah Palin said she was disappointed in Shell's decision because of its impact on the job market.
LNG armada could revolutionize industry: Royal Dutch Shell is leading the charge…
Anglo-Dutch oil major Royal Dutch Shell PLC is leading the charge, but U. S. rivals ExxonMobil and Chevron and Australia's Woodside are also eyeing floating LNG, or FLNG.
Contract Extension for Shell Martinez Refinery
Shell Oil Products US has awarded WorleyParsons an extension of the Shell Martinez Master Services Agreement (Contract) until December 31, 2010.
Shell poised for Libra-1 return
Nexus Energy expects the drilling rig for the Shell-operated Libra-1 well off Western Australia to be re-crewed later this week after operations were suspended due to Tropical Cyclone Billy.
Oil-Shale Waste ‘Non Hazardous,’ EPA Says
In November, the Department of the Interior opened the western U.S. to commercial oil shale development after the expiration of a congressional ban that had so far only allowed demonstration projects such as the one operated by Royal Dutch Shell.