Campaigners cheer a bad week for Shell
Campaigners in Canada protesting proposed drilling in the Arctic. Tavis Ford under a Creative Commons Licence
By Kevin Smith
It’s been a bad week for Shell. On the international stage, a lawsuit from indigenous communities and environmental groups has scuppered their chances of drilling for oil in the Alaskan Arctic, while in London, it was announced that Shell was no longer going to be the sponsor for the 14/15 Classic Series at the Southbank Centre. Two events of a very different scale to each other, and on different sides of the world, but connected through the concept of the ‘social licence to operate’.
Shell Sells 900 Australian Petrol Stations
By Athena Yenko | February 3, 2014 2:57 PM EST
As a result of the massive decline in its annual profit announced Thursday, Shell today confirmed that it is putting its 900Australian petrol stations for sale to recover from the 39 per cent slump of its profit. Shell also announced its plan to sell its 32Australian fuel terminals, including the Geelong refinery which had been in the market since the early quarter of 2013. Company Chief Executive Ben Van Beurden says he will not reveal the details.
Why Do Investors Put Up With Oil and Gas Madness?
Royal Dutch Shell just announced that it had a terrible 2013, but management wants to assure you that this year will be better. Shell announced that it was backing away from its absurd plans to return to Alaska’s Chukchi Sea to revive its Arctic drilling activities. That’s good, because watching Shell try to get back to the Chukchi was like watching a train wreck in slow motion. It was a comedy of errors, and cutting its losses was the only possible call for Shell to make.
by Feb 2nd 2014 8:00AM
Royal Dutch Shell just announced that it had a terrible 2013, but management wants to assure you that this year will be better.
Shell announced that it was backing away from its absurd plans to return to Alaska’s Chukchi Sea to revive its Arctic drilling activities. That’s good, because watching Shell try to get back to the Chukchiwas like watching a train wreck in slow motion. It was a comedy of errors, and cutting its losses was the only possible call for Shell to make.
Ben Van Beuren, Shell’s new CEO, said the company planned in 2014 to focus more on profitability, rather than on increasing oil and gas output. That’s welcome news, especially since Shell had a reserve replacement ratio of 131% in 2013, which means the company has a strong asset base to support it. Van Beuren said that Shell would work to enhance capital efficiency in 2014, with “hard choices on new projects, reduced growth investment, and more asset sales.”
ExxonMobil and Chevron had disappointing results, too..
All three companies are pushing ahead with other megaprojects that smack of desperation. Here’s a little taste:
- The Gorgon: If you’re picturing some freaky, snake-headed sisters turning onlookers to stone, well, that wouldn’t be far off. The Gorgon is a 15 million-ton-per-year liquefied natural gas plant on Australia’s Barrow Island. Chevron owns 47%, and Shell and ExxonMobil own about a quarter each. Its cost overruns are the stuff of nightmares. The project is 75% completed, and more than 45% over budget.
- Caspian Islands: Exxon and Shell are part of a consortium that aims to pump oil from man-made islands in the Caspian Sea. The project could cost $40 billion, where it was originally budgeted for $10 billion.
Bids Lodged for Shell’s Australian Refineries, Filling Stations – Report
Monday, 3 February 2014
Two consortia have submitted rival bids each worth over 3.0 billion Australian dollars (US$2.6 billion) for Royal Dutch Shell PLC’s (RDSA) Australian refining and filling station assets, The Australian Financial Review newspaper reported Monday.
The TRUTH will set you FREE.
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