Shell’s CEO says the company plans to leave the Eagle Ford Shale
Extract from an article by Sanford Nowlin published on 18 March 2014 by San Antonio Business Journal.
Oil-and-gas giant Royal Dutch Shell PLC will unload its investments in South Texas’ Eagle Ford Shale and cut U.S. capital spending by 20 percent after disappointing results from its domestic shale operations.
Big Oil Drowning in Extremely High Project Costs
Extracts from a Matt DiLallo article published 17 March 2014 by The Motley Fool
Big oil has a big problem. Cost overruns around the globe are calling into question the commercial viability of many megaprojects. When Gorgon was approved, the project was expected to cost about $37 billion. However, late last year, Chevron raised the estimate to as high as $54 billion. That’s 46% higher than initially expected, and it might not be the end of the cost overruns. The project, in which both ExxonMobil and Royal Dutch Shell own a 25% stake, could end up costing the partners close to $60 billion when all is said and done. …big oil is facing big cost overruns in deepwater projects. The poster child for that is the Kashagan oilfield in the Caspian Sea. Partners that include Royal Dutch Shell and ExxonMobil spent $50 billion to develop the field, which was beset with delays, cost overruns, and technical difficulties. Worse yet, initial production volumes didn’t live up to expectations, and more recently, a new problem has surfaced, which is why the field is currently sitting idle.
Shell Nigeria Oil Terminal Remains Closed After Leak Found
Extracts from a Sarah Kent article published by The Wall Street Journal on 17 March 2014
LONDON–Exports from a major oil terminal in Nigeria operated by a unit of Royal Dutch Shell PLC (RDSA) remain shut-in nearly two weeks after the discovery of a leak in the export pipeline, a spokesman for the company said Monday.
Niger Delta Communities Pressure Shell on 2011 Oil Spill
Extracts from a Heather Murdockarticle published on 17 March 2014 by Voice of America
Local leaders in the Niger Delta want to unite competing communities to pressure Shell Petroleum to pay billions of dollars in reparations and clean up of fishing areas they say were wasted in a 2011 oil spill. Shell disputes the claim, maintaining the spill never hit Nigerian shores or damaged the fishing industry. Early this year the Nigerian government said it was fining Shell $11.5 billion for the Bonga spill. Shell says it has never paid any fines because it is not liable, “legally or otherwise.” Protesters on the beach say the issue is simpler than that. They want the company to pay up or get out.
The TRUTH will set you FREE.
No comments:
Post a Comment