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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.

£7.5bn taxpayer handout for oil titans Shell and BP

This is MONEY.co.uk

Shell and BP to share in huge giveaway that will blow hole in gains from windfall tax: £7.5bn taxpayer handout for oil titans

  • Energy giants already receive Treasury incentives to invest in the North Sea 

  • Fresh changes have been ushered in that will turbocharge the subsidies 

  • Plans introduced at same time as Government’s £5bn ‘windfall tax’ 

  • City sources describe exceptionally high incentives as ‘beyond believable’ 

Oil and gas titans are set to reap a mammoth taxpayer giveaway of up to £7.5billion despite making record profits.

BP and Shell are among the firms that will benefit from new tax breaks, despite BP boss Bernard Looney comparing his firm to a ‘cash machine’.

Energy giants already receive Treasury incentives to invest in the North Sea, but fresh changes have been ushered in that will turbocharge the subsidies. The plans have been introduced at the same time as the Government’s £5billion ‘windfall tax’ – billed as taxing energy firms to help pay for the cost-of-living crisis. 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 reports record profit, again, with $11.5 billion in latest quarter.

The NewYork Times

Shell reports record profit, again, with $11.5 billion in latest quarter.

The energy giant is thriving because of soaring oil and gas prices and a tight market for refined products.

: July 28, 2022, 6:03 a.m. ET

Shell reported record earnings for the second consecutive quarter on Thursday, as the energy giant continues to prosper from high oil and gas prices spurred by the war in Ukraine and other factors.

Shell, Europe’s largest energy company, said adjusted earnings were $11.5 billion for the second quarter. The figure topped Shell’s previous record of $9.1 billion in the first quarter. 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.

Greenpeace lodges legal bid to halt Jackdaw gas field in North Sea

BBC News

Greenpeace lodges legal bid to halt Jackdaw gas field in North Sea

By Kevin Keane
BBC Scotland’s environment correspondent

Greenpeace has lodged a legal challenge over consent being given to develop a large North Sea gas field.

Regulators gave the go-ahead in June for Shell to develop the Jackdaw field, which lies 150 miles east of Aberdeen.

The environmental charity believes that in granting consent, the UK government failed to consider emissions from burning the gas.

The UK government would not comment on legal proceedings but said Jackdaw would boost domestic gas supply. 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 invests in the Jackdaw gas field in the UK North Sea

Shell invests in the Jackdaw gas field in the UK North Sea

Jul 25, 2022

BG International Limited, an affiliate of Shell U.K. Limited, has taken the final investment decision (FID) to develop the Jackdaw gas field in the UK North Sea, following regulatory approval earlier this year. Jackdaw will comprise a wellhead platform that is not permanently attended, along with subsea infrastructure which will tie back to Shell’s existing Shearwater gas hub.

The project is expected to come online in the mid-2020s, and at peak production rates, could represent over 6% of projected UK North Sea gas production in the middle of this decade, with operational emissions of less than 1% of the whole UK basin. That is enough energy to heat 1.4 million homes. 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.

Campaigners threaten legal action after Jackdaw gas field approved in Scottish waters

THE SCOTSMAN

Campaigners threaten legal action after Jackdaw gas field approved in Scottish waters

Environmental campaigners are threatening legal action in a bid to halt development of the Jackdaw gas field after it was awarded final regulatory approval.

By Katrine Bussey: Thursday, 2nd June 2022, 3:45 pm

Greenpeace insisted that by giving the development the green light, the UK Government had “shown no regard” for emissions or the project’s “ultimate climate impact”.

Ami McCarthy of Greenpeace UK said: “We think that’s unlawful. We’re looking at legal action to stop Jackdaw, and [to] fight this every step of the way.”

Her comments came after UK business and energy secretary Kwasi Kwarteng confirmed Shell had been given the go-ahead for the field, which is situated in waters to the east of Aberdeen. 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 Jackdaw gas field given go-ahead by regulators

BBC NEWS

Shell’s Jackdaw gas field given go-ahead by regulators

By Justin Rowlatt: Climate editor:

June 1st, 2022

The development of a major North Sea gas field has been approved by regulators.

The Jackdaw field, east of Aberdeen, has the potential to produce 6.5% of Britain’s gas output.

The regulatory approval comes as the UK government seeks to boost domestic energy output following Russia’s invasion of Ukraine.

Shell’s proposals were initially rejected on environmental grounds in October. 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: ‘We understand worry for millions – but windfall tax creates uncertainty’

CITYA.M.

Shell: ‘We understand worry for millions – but windfall tax creates uncertainty’

 and : FRIDAY 27 MAY 2022

Shell has slammed the government’s windfall tax, saying while it “understands the worry for million” about the cost of living it will creates “uncertainty” about investment.

This follows Chancellor Rishi Sunak announcing a so-called Energy Profits Levy, a 25 per cent surcharge on North Sea oil and gas sector profits, which could last for up to three years.

The Treasury expects the tax will raise around £5bn over the next 12 months – which will help fund a £15bn package to save the country’s most vulnerable households £1,200 this year.

After BP said the tax may force it to reconsider its UK investment plans, Shell is the latest energy giant to come out against the levy.

A spokesperson told City A.M. : “We understand the worry for millions of people about how high energy costs are challenging their household budgets – and the need for support to help make ends meet.” 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.

I worked at Shell for 33 years – the government is wrong on North Sea oil

SOURCE MSN/Independent

I worked at Shell for 33 years – the government is wrong on North Sea oil

By Grahame Buss: 27 May 2022

I was a principal scientist for the oil company Shell, for which I worked for 33 years. I have a degree in aeronautical engineering and a PhD in fluid mechanics.

I recently read a letter from the business and energy secretary, Kwasi Kwarteng, in which he tries to justify government plans to encourage investment in new North Sea oil and gas. He says it would “protect Britain’s energy security” and smooth the “transition to cheap, clean, home-grown energy”, as well as cutting energy bills.

But expanding North Sea oil will do none of those things, for several reasons.

We don’t own the oil and gas, which we give away to energy companies together with substantial subsidies. They sell the oil and gas to the highest bidder on international markets, keep all the revenue, and are currently making eye-watering profits on which they pay almost no tax. Almost 80 per cent of UK production of crude oil is exported and plays no part in our domestic energy security.

We don’t own the companies that exploit this oil and gas. According to one study, more than a third of the licence blocks in the North Sea now have a private or state-backed controlling interest, with fossil fuel firms from China, Russia and the Middle East playing an increasingly dominant role. As well as being unaccountable to UK shareholders, these businesses have no strategic interest in UK energy security or in keeping bills low for UK households. 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.

Jackdaw gas field set for official approval

THE SUNDAY TIMES

Jackdaw gas field set for official approval

Michael Glackin:

Westminster’s oil and gas regulator is set to approve a controversial North Sea gas project it previously rejected on environmental grounds amid increased concerns about UK energy security.

It is understood approval for Shell’s Jackdaw gas field, 150 miles east of Aberdeen, is now “imminent” following Russia’s decision to cut off gas supplies to a number of European countries. 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.

Energy giant Shell fined £50,000 by North Sea regulators

Evening Standard

Energy giant Shell fined £50,000 by North Sea regulators

The North Sea Transition Authority imposed the penalty for breaches of production consents.

By Katrine Bussey: 28 April 2022

Energy giant shell has been fined £50,000 by North Sea regulators for breaching production consents.

The North Sea Transition Authority (NSTA) requires the consents for companies to produce oil and gas.

It has now fined Shell and served the company with a sanction notice for breaching five field consents.

The NSTA said adhering to production consents is “an indicator of good stewardship of fields, and is an important component of a stable, well-regulated industry which has the trust and confidence of investors and the public”. 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 goes tax free in the North Sea after £100m government refund

CITYA.M.

Shell goes tax free in the North Sea after £100m government refund

: WEDNESDAY 06 APRIL 2022

Energy giant Shell paid no tax on its North Sea oil and gas production last year even as the global energy crunch saw it profits soar to more than $19bn.

The London-headquartered firm bagged tax refunds relating to the decommissioning of old oil platforms in the North Sea, meaning it received $131.8m from the UK treasury in 2021, according to details of its payments to government released yesterday. 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 says North Sea windfall tax won’t ease energy crisis

The Herald

Shell says North Sea windfall tax won’t ease energy crisis

By Mark Williamson Group Business Correspondent

SHELL chief executive Ben van Beurden has rejected calls for a windfall tax on North Sea firms and said the company remains keen to invest in new fields in the area after dropping plans for the controversial Cambo development.

The energy giant may have helped stoke calls for a one-off tax to be imposed on firms to help tackle the energy crisis in the UK yesterday when it posted a 300 per cent increase in annual profits, to $19.3 billion (£14.3bn), from $4.8bn. 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.

Brits face a massive increase in energy bills. BP and Shell could be on the hook to pay

CNN BUSINESS

Brits face a massive increase in energy bills. BP and Shell could be on the hook to pay

Updated 1221 GMT (2021 HKT) January 10, 2022

London (CNN Business)The UK government is coming under mounting pressure to increase taxes on oil and gas companies, including BP and Shell. The aim: to help British households cope with skyrocketing energy bills.

The main opposition Labour Party this weekend called on Prime Minister Boris Johnson to impose a windfall tax on companies pumping oil and gas from the North Sea, saying that the money raised could be used to cut £200 ($272) from soaring household bills. 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.

The tragedy of lifeboat accidents relating to offshore drilling rigs

EXPERT COMMENT ON THE ARTICLE…

Report: Fatal Lifeboat Accident Caused by Damaged Release Cable

…MADE BY “AN  OLD SHELL E&P ENGINEERING SEA DOG”

RELATED CHILLING STORIES ALSO INVOLVING SHELL

FROM 2019: Shell confirms two fatalities in a routine lifeboat drill

FROM 2017: Shell North Sea Lifeboats Dangerous Farce No. 3 

FROM 2008: Lifeboats trouble at Brent field

23 Dec 2021

Following the Alexander Kielland disaster in 1981 and the subsequent enquiry of the many recommendations made lifeboats launching arrangements were to be changed to on load release.  This recommendation was endorsed by the Norwegian Government despite objections regarding this system requiring specialist attention due to complexity and sequence of use. 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.

Report: Fatal Lifeboat Accident Caused by Damaged Release Cable

The Maritime Executive

Report: Fatal Lifeboat Accident Caused by Damaged Release Cable

RELATED STORIES

FROM 2019: Shell confirms two fatalities in routine lifeboat drill

FROM 2017: Shell North Sea Lifeboats Dangerous Farce No. 3 

FROM 2008: Lifeboats trouble at Brent field

20 December 2021

The U.S. Coast Guard has issued its final report into the fatal lifeboat accident that occurred aboard Shell’s Auger platform in 2019. The inquiry concluded that a degraded release cable – which had previously been identified by service technicians – was the primary root cause of the casualty. 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.