Posts under ‘Bloomberg’

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

OILPRICE.COM

Shell’s Brazil Wells Come Up Dry

By Irina Slav – May 17, 2022, 8:30 AM CDT

Three exploration wells that Shell has drilled in Brazil in hopes of making the next big discovery have come up dry, Bloomberg has reported, citing an analyst with Wood Mackenzie.

This latest turn of events adds to bad news for Brazil and supermajors’ plans to turn it into the next hot spot in oil.

Shell and several partners paid $1 billion for drilling rights for three offshore blocks in Brazil and spent three years drilling exploratory wells. None of them turned up commercially viable volumes of oil, Marcelo de Assis, chief of Latin America upstream research at Wood Mackenzie, told Bloomberg. read more

Bloomberg

Loeb’s Third Point Adds to Shell Position: The London Rush

Bloomberg News: Charles Capel and Leonard Kehnscherper: May 09, 2022(Bloomberg)

EXTRACT

Third Point Investors Ltd: Dan Loeb’s flagship Offshore Fund returned -11.5% in the first quarter of 2022, dragged down by companies including  Rivian Automotive, Inc and Cie Financiere Richemont SA.  

The investment company said its stake in Shell Plc helped mitigate some of its losses, and it has found interesting new investments in oil and natural gas companies, as well as other companies that might benefit from inflation, supply shortages, and the energy transition read more

Bloomberg

Activist Investor Dan Loeb Increases Shell Stake, Reuters Reports

(Bloomberg) — Dan Loeb’s Third Point LLC has increased its $750 million stake in the energy giant Shell Plc as the investor seeks to pressure the company to split up its businesses, Reuters reported.

Loeb has held discussions with Shell’s management, board members and other shareholders, according to a letter sent to Third Point investors and seen by Reuters.

The letter described the company’s stock price as cheap but said there could be gains ahead with “proper management,” according to Reuters. read more

The Telegraph

‘Latvian blend’: How Russia bends the rules to keep its oil flowing

There is a growing gap between rhetoric and reality on the vast trade of Russian oil

Three Chinese energy firms are in talks to buy Shell’s stake in a huge Russian natural gas export project, a report says

Grace Dean: Fri, April 22, 2022, 12:27 PM

Chinese firms are in talks to buy Shell’s stake in a Russian natural gas export project, sources told Bloomberg.

CNOOC, CNPC, and Sinopec are in joint discussions, the sources said.

Shell and other Western energy companies are withdrawing from the Russian oil and natural gas sector.

Three Chinese state-run energy companies are in talks to buy Shell’s 27.5% stake in a huge Russian natural gas export project, Bloomberg reported, citing people with knowledge of the matter. read more

Bloomberg

Shell starts withdrawing staff from Russia as part of exit strategy

Oil company is demobilising its seconded employees in ventures with Gazprom and Gazprom Neft in a phased process

Shell has started to withdraw staff from its joint ventures with Russia’s Gazprom as it moves forward with plans to exit investments in response to the war in Ukraine.

Dozens of Shell employees on temporary assignment at the Sakhalin-2 liquefied natural gas export project in Russia were removed over the weekend to be relocated back to other offices, according to people with knowledge of the matter. Operations at the facility are unlikely to be affected by the move, the people said. read more

“For Shell, the strategy is not risk free. The company was forced to issue a rare apology last month after its traders bought a single cargo of deeply discounted Russian Urals crude, triggering an outcry that included the Ukrainian foreign affairs minister accusing the company of profiting from Ukrainian blood.”: “The moral question awaits its reckoning.”

The Washington Post

The Backdoor That Keeps Russian Oil Flowing Into Europe

By Javier Blas | Bloomberg: 8 April 2022 read more

Bloomberg

Shell Will Have Difficulty Paying for Russian Gas Due to U.K. Sanctions

• Shell is prevented from dealing with Gazprombank by U.K. law
• Gazprom is looking at ways to solve Shell’s payment issue

1 April 2022, 16:37 BST

Shell Plc may have difficulty paying for Russian gas supplies this month because the Kremlin wants payments transfered through U.K.-sanctioned Gazprombank JSC, according to two people familiar with discussions in Russia.

Gazprom PJSC, the single largest provider of natural gas to the European continent, now only accepts ruble payments for supplies of the fuel to so-called ‘unfriendly’ states, including the European Union and the U.K. Shell has at least two long-term contracts that would be affected by this rule, jointly equivalent to about 1.5% of Gazprom’s annual exports to key foreign clients. read more

QUARTZ

Shell is already backtracking on its boycott of Russian oil

Since the start of Russia’s invasion of Ukraine on Feb. 24, traders have struggled to unload Russian oil: Western buyers are adhering to a voluntary embargo in response to the violence, and in case sanctions start hitting the oil industry.

On Tuesday, March 1, Shell was lauded for cutting ties with Russian firms Gazprom and Salym Petroleum, and for ending its involvement in the Nord Stream 2 gas pipeline. “We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression which threatens European security,” Shell CEO Ben van Beurden said at the time. “Our decision to exit is one we take with conviction.” read more

fin24/Bloomberg

‘Does it smell like Ukrainian blood?’ Shell under fire after buying cut-price Russian oil

6 March 2022

After taking a barrage of criticism for buying a cargo of Russian crude, Europe’s largest oil company Shell says it’s navigating the market with government guidance.

“We will continue to choose alternatives to Russian oil wherever possible, but this cannot happen overnight because of how significant Russia is to global supply,” Shell said in a statement on Saturday. “We have been in intense talks with governments and continue to follow their guidance around this issue of security of supply.” read more

Shell Is Said to Continue Purchasing Russian Oil and Gas

Laura Hurst, Bloomberg News

(Bloomberg) — Shell Plc, Europe’s largest oil company, is continuing to purchase oil and gas from Russia in the wake of the country’s invasion of Ukraine, according to a person briefed on the matter.

The company is in discussion with governments and will comply with any changes in regulations, the person said.

The decision may help calm an oil trading and shipping market that’s become paranoid about touching Russian barrels for fear of a sanctions backlash following the invasion. The person didn’t go into details about specifics of purchases. read more

Bloomberg Green

Shell Faces U.K. Showdown Over Impact of ‘Cataclysmic’ Oil Spill

• Communities claim impact of spill not felt until years later
• Shell said it’s implausible, damage is from other pollutants

By Katharine Gemmell: 26 February 2022, 08:32 GMT

A group of Nigerians want a trial against Royal Dutch Shell Plc in the U.K. for what they allege was a “cataclysmic” oil spill that wreaked havoc on their communities years later.

The pollution was caused by oil from the so-called Bonga Spill in 2011 but was only felt following flooding and storms three to four years after the initial mishap, say lawyers for Harrison Jalla and Abel Chujor, the two lead claimants in the lawsuit. read more

Independent.ie

Shell to rejig renewables department after head announces departure

Elisabeth Brinton will leave her position as executive vice president for renewables and energy solutions

Laura Hurst: Bloomberg.com: January 26 2022 02:30 AM

Shell is reshuffling its renewables unit after the department’s head said she will step down.

Elisabeth Brinton will leave her position as executive vice president for renewables and energy solutions.

Her role won’t be directly replaced, with Thomas Brostrom, being appointed EVP of renewable generation and Steve Hill to be put in charge of energy marketing. read more