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Shell to ‘evaluate’ 25 bln pound British investments after windfall tax

REUTERS

Shell to ‘evaluate’ 25 bln pound British investments after windfall tax

By :

LONDON, Nov 21 (Reuters) – Shell (SHEL.L) said on Monday it will evaluate plans to spend up to 25 billion pounds in Britain over the next decade following the government’s decision to increase a windfall tax on oil and gas producers.

“We’re going to have to evaluate each project on a case by case basis,” said Shell’s UK country chair David Bunch told the Confederation of British Industry’s annual conference in Birmingham. “When you tax more you’re going to have less disposable income in your pocket, less to invest.” read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Court rejects Nigeria’s compensation request against Eni, Shell

REUTERS

Court rejects Nigeria’s compensation request against Eni, Shell

By  and : November 11, 2022

MILAN, Nov 11 (Reuters) – An appeals court in Milan on Friday rejected Nigeria’s $1.092 billion compensation request against Italian energy group Eni SpA (ENI.MI) and Shell Plc (SHEL.L) in civil proceedings relating to a $1.3 billion oilfield deal.

The decision was read out in court.

In July prosecutors had dropped related criminal proceedings, clearing Eni and Shell, as well as managers including Eni Chief Executive Claudio Descalzi, in one of the oil industry’s biggest alleged corruption cases. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Nigerian widows end their case in the Netherlands against Shell

REUTERS

Nigerian widows end their case in the Netherlands against Shell

AMSTERDAM (Reuters) – A group of four widows who had sought to hold Shell liable for damages in the Netherlands after their anti-oil activist husbands were executed by the Nigerian government in 1995 have cancelled further legal proceedings, their lawyer said on Monday.

“Obviously this is not without disappointment and frustration,” said lawyer Channa Samkalden in statement announcing that the widows have cancelled an appeal launched after the Hague District Court rejected their case earlier this year. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell should have quit Groningen gas project in Netherlands earlier -CEO

REUTERS

Shell should have quit Groningen gas project in Netherlands earlier -CEO

AMSTERDAM, Oct 13 (Reuters) – Shell CEO Ben van Beurden told a Dutch parliamentary panel investigating problems relating to natural gas production at the large Groningen gas field in the Netherlands that the company should have pulled out of the project earlier.

Production at Groningen was scaled back sharply over a period of years in the 2010s after the Dutch government and producer NAM, a Shell-Exxon joint venture, realized the earthquakes it caused posed too great a threat to life and property.

“We had to continually ask what makes sense,” as production was dialled back to levels at which NAM made little to no profit, Van Beurden told lawmakers.

“What made sense for Shell was to quit. In any other country we would have stopped this operation. But in the Netherlands that was impossible because the Netherlands was dependent on Groningen gas.”

A damning report in 2015 from the independent Dutch Safety Board had accused the government and the field’s operators of ignoring the threat of earthquakes linked to the field for years. As vast amounts of gas were removed from under the province since 1963, the ground sank and settled above empty pockets, triggering quakes. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

‘Tax people in this room’ to help the poor, Shell CEO tells energy conference

REUTERS

‘Tax people in this room’ to help the poor, Shell CEO tells energy conference

Published 04 Oct 2022

European governments should tax the wealthy to help weaker parts of society weather soaring energy costs but not intervene to cap gas prices, Shell Chief Executive Officer Ben van Beurden said on Tuesday.

Speaking before the Energy Intelligence Forum in London, Van Beurden said that European energy prices and the huge volatility in the markets threatened broader social instability.

“You cannot have a market that behaves in such a way … that is going to damage a significant part of society.”

“One way or another there needs to be government intervention” in the face of soaring energy prices, Van Beurden said. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell to buy African solar firm Daystar

Reuters

Shell to buy African solar firm Daystar

Wed, September 28, 2022 at 2:18 PM

STORY: Royal Dutch Shell will buy African solar provide Daystar Power, the two companies said on Wednesday (September 28).

That’s as the oil giant pursues a mandate of cutting its greenhouse gas emissions in half by 2030.

Shell is one of the most influential oil producers in Africa but the Daystar purchase is its first power acquisition on the continent.

Thomas Brostrom, Shell’s vice president for renewable generation, said in a statement that Shell was helping to address a “critical energy gap for many who rely on diesel generators for backup power”. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell’s Prelude FLNG off Australia resumes LNG production, shipments

Shell’s Prelude FLNG off Australia resumes LNG production, shipments

: PUBLISHED SEP 18, 2022 06:19PM EDT

Sept 19 (Reuters) – Shell Plc SHEL.L said on Monday it has resumed producing and shipping liquefied natural gas (LNG) from its Prelude floating LNG (FLNG) facility, nearly a month after the oil and gas major and workers’ unions reached a wage deal.

In late August, Shell and unions representing workers at the floating facility off northwest Australia reached the deal, ending a long-running strike that had shut down the 3.6 million-tonne-a-year facility in July and halted LNG supplies. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Breakingviews: Shell’s next boss looks a shoo-in

REUTERS

Breakingviews: Shell’s next boss looks a shoo-in

By : September 2, 2022: 2:40 PM GMT+1

LONDON, Sept 2 (Reuters Breakingviews) – Shell (SHEL.L) is about to get a new boss. Chief Executive Ben van Beurden, who has been in situ since the start of 2014, is likely to step down from the $192 billion oil giant next year, Reuters has reported read more . Plenty of credible candidates exist to replace him, but one looks the most obvious.

Despite battling with two major oil price slumps and an unprecedented 66% cut to Shell’s dividend in April 2020, Van Beurden’s track record looks acceptable. Since Jan. 1 2014, when he took over, Shell shares have returned 67%… He also pulled off the $70 billion purchase of BG Group in 2016, which made it a leading force in liquefied natural gas (LNG). read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Exxon, Shell sell California oil assets for $4 billion to IKAV

Reuters

Exxon, Shell sell California oil assets for $4 billion to IKAV

By

HOUSTON, Sept 1 (Reuters) – Exxon Mobil Corp (XOM.N) and Shell Plc (SHEL.L) on Thursday confirmed the sale of their California oil joint-venture Aera to German asset manager IKAV for $4 billion, ending a 25-year-long partnership that was one of the state’s largest oil producers.

The sale reflects the two companies move out of mature energy properties at a time when high oil and gas prices favor new deals. Reuters this week reported the oil giants were in advanced talks on a sale of the San Joaquin Valley property. read more

The transaction is expected to close in the fourth quarter of 2022, subject to regulatory approvals. Shell faces a $300 million to $400 million impairment charge as a result of the sale, it said.

IKAV buys assets with strong cash yields and holds them to maximize returns to its funds, according to its website. Last year, it built a solar plant in Italy and took a majority stake in Metaenergia, an Italian operator of gas-fired power plants. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Russian court rules local Shell JV to move under Moscow control – Ifx

Reuters

Russian court rules local Shell JV to move under Moscow control -Ifx

By Reuters: Updated: 22/08/2022 – 16:45

MOSCOW – A Russian court ruled on Monday that Salym Petroleum Development (SPD), a joint venture between Shell and Gazprom Neft, should be transferred to Russian jurisdiction, Interfax news agency reported, citing the verdict.

Kommersant daily reported last week that Gazprom Neft was suing to have its Salym Petroleum Development joint venture with Shell be transferred to Russian jurisdiction, and for Shell’s shareholding rights to be suspended. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell places U.S. Gulf of Mexico assets up for sale -sources

REUTERS

Shell places U.S. Gulf of Mexico assets up for sale -sources

Reuters: David French and Ron Bousso: Publishing date: Jul 20, 2022 

NEW YORK/LONDON — Shell is exploring a sale of its stakes in two U.S. Gulf of Mexico oil and gas developments which could raise as much as $1.5 billion for the energy major, people familiar with the matter said on Wednesday.

Potential divestments of some aging assets would allow the company to focus on newer and larger fields around the world, including its giant Whale development in the Gulf which is expected to start production in 2024, the sources said. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Exclusive-Shell Wants to Share More of Its Blockbuster Profits, CEO Says

REUTERS

Exclusive-Shell Wants to Share More of Its Blockbuster Profits, CEO Says

By Ron Bousso

OXFORD, England (Reuters) – Shell is considering boosting shareholder returns on the back of bumper profits from soaring energy prices, while the extra cash will also help it shift more swiftly towards renewables and low-carbon energy, the chief executive said on Thursday.

Europe’s largest oil and gas company, as well as rivals including BP, have seen profits surge this year following two years of declining revenues due to the pandemic. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Europe faces tough winter, may need to ration energy, Shell CEO says

REUTERS

Europe faces tough winter, may need to ration energy, Shell CEO says

OXFORD, Britain (Reuters) – Europe faces a “really tough” winter in the face of soaring energy costs which might require fuel rationing, Shell CEO Ben van Beurden said on Thursday.

“It will be a really tough winter in Europe.. We will all face very significant escalation in energy prices,” van Beurden told the Aurora Spring Conference in Oxford.

In the worst case, Europe will need to ration its energy consumption, he added. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Exxon, Shell May Pursue Part of $1.8 Billion Nigerian Award–US Appeals Court

REUTERS

Exxon, Shell May Pursue Part of $1.8 Billion Nigerian Award–US Appeals Court

By

By Jonathan Stempel

NEW YORK (Reuters) – A U.S. appeals court on Friday said Exxon Mobil Corp and Royal Dutch Shell Plc affiliates may try to enforce part of a $1.8 billion arbitration award against Nigeria’s state-run oil company, in a dispute concerning oil extraction near the African country’s coastline.

It said the judge should have determined which parts of the award had been deemed enforceable by a Nigerian appeals court. Lawyers for the companies did not immediately respond to requests for comment. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell ships LNG from Australia’s Prelude despite staff stoppages

REUTERS

Shell ships LNG from Australia’s Prelude despite staff stoppages

CONTRIBUTOR: : JUL 8, 2022

MELBOURNE, July 8 (Reuters) – Shell SHEL.L said on Friday it had loaded and shipped a cargo of liquefied natural gas (LNG) this week at its Prelude floating LNG facility after workers scaled down industrial action at the site off northwestern Australia.

The oil and gas giant slowed output at the 3.6-million tonne per year facility last week during a series of work stoppages by unions fighting for better pay and had warned that shipments would be disrupted for at least two weeks. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell boosts oil and gas asset value as refining soars

Shell boosts oil and gas asset value as refining soars

REUTERS PUBLISHED THU, JUL 7 20223:26 AM EDT

Shell said on Thursday said it would reverse up to $4.5 billion in writedowns on oil and gas assets after it raised its energy prices outlook following Russia’s invasion of Ukraine.

In an update before second quarter results on July 28, Shell said its refining margins almost tripled over the period, boosted by recovering global demand from the pandemic, a lack of refining capacity and lower fuel exports from Russia.

Earnings from oil and refined products trading were expected to be strong in the quarter but lower than the first quarter of 2022, Shell said.

Shell’s indicative refining margin rose in the second quarter to $28.04 per barrel from $10.23 a barrel in the first quarter and $4.17 a year earlier.

Oil and gas prices remained elevated in the quarter, with benchmark Brent crude averaging about $114 a barrel.

“In the second quarter 2022, Shell has revised its mid and long-term oil and gas commodity prices reflecting the current macroeconomic environment as well as updated energy market demand and supply fundamentals,” it said.

Shell increased its assumed price for Brent to $80 a barrel in 2023, up from $60 in its 2021 annual report. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.