Shell’s Board Sued by Institutional Investors Over Lack of Climate Ambition

Shell Plc’s board faces a new front in climate litigation as a group of frustrated shareholders sue the oil giant’s directors in the UK.

Bloomberg News: Katharine Gemmell and William Mathis Published Feb 08, 2023

(Bloomberg) — Shell Plc’s board faces a new front in climate litigation as a group of frustrated shareholders sue the oil giant’s directors in the UK.

Two years after a Dutch court ordered Shell to slash its emissions, the group of investors are filing the first lawsuit of its kind against 11 members of the board, accusing them of failing to manage the company’s climate risks. read more

Report: Output from Shell’s Prelude FLNG Shut Again

BY Bartolomej Tomic, managing editor of Offshore Engineer.

December 22, 2022

Shell has stopped production at its Prelude floating LNG plant off Western Australia after a fire.

A Shell spokesperson told Reuters on Thursday that the fire at the giant FLNG unit “was rapidly extinguished.”

The 488-meter-long, Shell-operated, Prelude FLNG unit forms part of an offshore development that produces natural gas from the remote namesake field, located approximately 475 km north-northeast of Broome in Western Australia. The Prelude is the world’s largest FLNG unit. read more

Bloomberg

Shell’s UK Unit Got £1.2 Billion This Year to Weather Energy Crisis

William Mathis, Bloomberg News: 8 Dec 2022

(Bloomberg) — Shell Plc gave its British retail energy arm roughly £1.2 billion ($1.5 billion) of financial backing this year to survive wild swings in natural gas and power prices.

UK energy retailers have been under extreme stress for more than a year as a supply crunch drove wholesale prices to record highs. Dozens failed in 2021 as costs soared and regulations prevented them from raising tariffs. Those that survived incurred hefty expenses taking on the customers of collapsed rivals. read more

Shell Buys Nature Energy in $2 Billion Push Into Biogas

Shell Plc will buy Nature Energy Biogas A/S from hedge fund Davidson Kempner Capital Management for nearly $2 billion as the oil major expands its transition from fossil fuels.

Bloomberg News: William Mathis:

Publishing date: Nov 28, 2022

(Bloomberg) — Shell Plc will buy Nature Energy Biogas A/S from hedge fund Davidson Kempner Capital Management for nearly $2 billion as the oil major expands its transition from fossil fuels.

Biogas is chemically the same as conventional natural gas, but is made from decomposing organic material like agricultural waste. It’s a platform primed for growth, with the US, through the Inflation Reduction Act, and the European Union both identifying the renewable fuel as a way to boost energy supplies and cut emissions in the coming years. read more

Bloomberg

Shell Seeks Acquisitions to Bolster Australia Power Presence

James Fernyhough: Thu, November 3, 2022 at 1:21 AM

(Bloomberg) — Shell Plc is targeting acquisitions in Australia in its bid to become an integrated energy provider.

The London-based oil major is looking for a “step change” in its Australian presence from electricity generation to retail, including building up “significant battery positions,” Greg Joiner, chief executive officer of Shell Energy Australia, said in an interview.

Shell, which last week reported its second-highest earnings on record, is one of Australia’s biggest liquefied natural gas exporters, but is seeking to diversify away from fossil fuels and become the world’s biggest power company. The company has already made a string of acquisitions in Australia in recent years, including generation company ERM Power Ltd., retailer Powershop, and a stake in windfarm developer WestWind Energy Development Pty. read more

Bloomberg

Shell CEO Says Governments Need to Tax Energy Firms to Help Poor

Governments need to tax energy producers to help the poorest people deal with the soaring cost of fuel, said the boss of Shell Plc.

Bloomberg News: William Mathis: Oct 4, 2022

(Bloomberg) — Governments need to tax energy producers to help the poorest people deal with the soaring cost of fuel, said the boss of Shell Plc.“

One way or another there needs to be government intervention,” Shell Chief Executive Officer Ben van Beurden said at the Energy Intelligence Forum, a major conference for oil and gas producers in London on Tuesday. “Protecting the poorest, that probably may then mean that governments need to tax people in this room to pay for it.” read more

The announcement comes as the Ohio Valley’s flagship petrochemical project, Shell’s multibillion dollar ethane cracker plant in Potter Township, Beaver County, begins operations after a decade of planning and construction.

Flaring at Shell’s fracked plastic plant in Beaver County, PA. Photo from anonymous source.

Mike Bloomberg commits $85 million to stop petrochemical plants in Ohio Valley, Gulf Coast

LAURA LEGERE: Pittsburgh Post-Gazette: Sept 23, 2022

Former New York City Mayor Mike Bloomberg is putting his wealth and clout into an effort to halt the expansion of petrochemical manufacturing in the Ohio Valley and two Gulf Coast states with an $85 million campaign.

The billionaire businessman and philanthropist announced Wednesday that the goal of the new Beyond Petrochemicals campaign is to “turbocharge” efforts by local community groups to block new plastics and petrochemical plants and curb pollution from existing plants in three target regions: the Ohio Valley, Louisiana and Texas. read more

Big Oil Companies Are Greenwashing, Congress Committee Says

by Bloomberg: Kevin Crowley and Ari Natter: Saturday, September 17, 2022

A House congressional committee said internal documents from Exxon Mobil Corp., Chevron Corp., Shell Plc, and BP Plc reveal that their public promises to fight climate change amount to greenwashing.

A cache of emails, lobbying and preparation materials for senior executives obtained by the Committee on Oversight and Reform show that Big Oil climate pledges rely on “unproven technology, accounting gimmicks, and misleading language to hide the reality,” Subcommittee Chair Ro Khanna said in an emailed statement. read more

Bloomberg

New Shell CEO Is a Smart Diplomat Who Faces Historic Challenges

William Mathis: Thu, September 15, 2022 at 5:57 PM

(Bloomberg) — Shell Plc’s next CEO is seen as natural choice who will follow the course laid out by his predecessor — straight into a series of historic challenges.

Wael Sawan, the head of gas and renewables who will take Shell’s top job on Jan. 1, will have to make good on the company’s promise to cut greenhouse gas emissions without sacrificing profits from fossil fuels. He must also navigate the political fallout from a deepening energy crisis that has put the industry’s windfall profits in the cross-hairs of European governments. read more

Bloomberg

Shell Walks Away From Major Russian LNG Project With Nothing

By Will Mathis: 1 September 2022 at 17:30 BST

Shell Plc will walk away from Russia’s Sakhalin-2 liquefied natural gas project with nothing after President Vladimir Putin transferred the major facility to a new operating company.

The London-based firm’s decision is the latest indication that Putin won’t allow international energy companies to realize big financial gains as they exit Russia over the invasion of Ukraine.

Shell had already written off the $1.6 billion value of its 27.5% stake in Sakhalin-2 earlier this year. T read more

Bloomberg

Shell-Backed Cleanup in Niger Delta Is Worse Than Estimated: NGO

William Clowes, Bloomberg News

(Bloomberg) — Restoration work at a Shell Plc-financed cleanup of oil pollution in southern Nigeria may be of poorer quality than previously thought, an organization that monitors the effort said after it re-tested samples in an overseas laboratory.

The $1 billion restoration of Ogoniland – a small kingdom in the Niger Delta — began in 2019, on the advice of a 2011 UNEP report. The project was backed by promised funding from Shell and support from the UN agency. read more

Shell CEO Sees Risk of Even Higher Oil Prices

by Bloomberg | Laura Hurst, Tom Mackenzie | Thursday, July 28, 2022

Oil prices are more likely to rise than fall as the tightness in supply outweighs any risks to demand, said the boss of Shell Plc. 

“Where we are today, there is more upside than downside when it comes to the oil price,” Shell Chief Executive Officer Ben van Beurden said in an interview with Bloomberg TV on Thursday. “Demand hasn’t fully recovered yet and supply is definitely tight.”

The Shell CEO spoke after the company reported record-breaking profits for a second consecutive quarter due to high oil and gas prices. Even with Brent crude remaining above $100 a barrel there’s little sign of demand destruction, and consumption continues to recover from the pandemic, van Beurden said.

“I’m quite optimistic, both on the energy system as well as the global economy,” he said.

There’s limited scope for extra oil supplies from the Organization of Petroleum Exporting Countries or US shale producers, and the full effect of sanctions on Russia’s production may not yet have been felt, Van Beurden said. read more

Bloomberg

Nigeria to Continue $3.5 Billion Claim Against Eni And Shell

William Clowes and Alberto Brambilla: Tue, July 19, 2022, 5:37 PM

(Bloomberg) — Nigeria will continue its $3.5 billion civil claim against Shell Plc and Eni SpA after Italian prosecutors dropped criminal proceedings against the companies, a lawyer representing Africa’s largest crude producer said.

The West African country, which joined the case as a civil party in 2018, still plans to appeal the March 2021 ruling by a court in Milan acquitting the energy giants and several of their current and former executives of corruption charges, Olabode Johnson, a lawyer for the Nigerian government, said by phone. read more

Bloomberg

Shell Is Seeking Applications to Dominate Your TikTok Feed

Kevin Simauchi, Bloomberg News

(Bloomberg) — Shell Plc is looking for someone to manage its TikTok channel, seeking to diversify its social media efforts and appeal to younger, greener audiences.

The London-based oil and gas giant wants a candidate who is a TikTok expert, passionate about video and able to “catapult Shell to be one [of] the best content creators” according to the job description updated June 27. The person will be based in London and be responsible for designing the “overall strategy and vision” for the Shell brand on TikTok, including reporting audience growth data and collaborating with videoagraphers and influencers. read more

Shell Chief Paints Bleak Picture on Global Energy Supply

The world is heading for a “turbulent period” as tightening supplies of liquefied natural gas and oil exacerbate a global energy crunch, Shell Plc Chief Executive Officer Ben van Beurden said.

Bloomberg News: Jun 29, 2022: Sharon Cho, Stephen Stapczynski and Laura Hurst

(Bloomberg) — The world is heading for a “turbulent period” as tightening supplies of liquefied natural gas and oil exacerbate a global energy crunch, Shell Plc Chief Executive Officer Ben van Beurden said.

Speaking in Singapore, the CEO painted a bleak picture of an energy supply that will struggle to replace large swathes of Russian oil and gas that still flow into Europe. read more

Bloomberg

Shell Climate Case to Return to Focus at Annual Shareholder Meeting

Laura Hurst, Bloomberg News

(Bloomberg) — Climate issues are set to take center stage at Shell Plc’s annual general meeting on Tuesday, with a key group saying the energy giant isn’t abiding by a landmark court order requiring it to cut emissions by 45% by 2030.  

Milieudefensie, the Dutch arm of Friends of the Earth, says Shell’s plans around customer-related emissions — which make up the bulk of its pollution — aren’t in line with last year’s judgment. The group originally brought the case against the company.

“The judge’s verdict is clear and necessary: Shell must stop causing dangerous climate change,” said campaign spokesperson Nine de Pater, who plans to attend the meeting in London as a proxy shareholder.  read more