Shell says ex-Deutsche Bank CEO Ackermann to retire from board
Extract from an article by Sarah Young published on Mon 3 March 2014 by Reuters
(Reuters) – London-listed oil companyRoyal Dutch Shell (RDSa.L) said board-member Josef Ackermann would retire as a non-executive director at its annual meeting in May. Shell’s annual meeting is scheduled for May 20. The company is holding a management day on March 13, when it will attempt to win round investors after a major profit warning in January.
DW: Prelude to a $60B FLNG Growth Story?
Extract from an article by douglas-westwood.com published on Monday 03 March 2014 by MarineLink.com
Following first steel cutting in late 2012, Shell’s Prelude Floating Liquefied Natural Gas (FLNG) unit continues to take shape in Samsung’s Geoje shipyard in Korea, Douglas Westwood (DW) said in its Monday report.
Of course, being “serial #1” contains a number of challenges…
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Royal Dutch Shell Uncertainty in Ukraine
*Three days after Russian diplomats assured the West that Russia will not invade Ukraine, Russia … invaded Ukraine.
By John Donovan
In 2012 Shell won a license to start commercial production at the Yuzivska gas field in eastern Ukraine. A year ago then Royal Dutch Shell CEO Peter Voser signed a contract to drill for natural gas in Ukraine.
In January of this year, following negotiations between RDS Chairman Jorma Ollila and the then Prime Minister of the Ukraine, Shell expanded its plans for the Ukraine.
All of these deals were agreed while Viktor F. Yanukovich was President of the country.
Unfortunately for Shell the corrupt President is now deposed and hiding in Russia under the protection and control of Putin.
And Voser, knowing that a firestorm of bad news was about to engulf Shell – profits decline, abandoned projects, fire sale of assets etc – prudently decided on a lifestyle change. Or perhaps he also was deposed?
Seems these developments were all unforeseen by Shell scenarios team.
The dire news coming from the Ukraine adds to the growing uncertainty surrounding Shell projects dogged by misfortune.
If the Russians end up running the Ukraine, at least Shell has plenty of experience in dealing with the Russian mafia, including Putin.
And Shell could supply fuel for the tanks as it did for the Nazi war machine in the run up to World War 2.
RELATED ARTICLE PUBLISHED BY THE MOTLEY FOOL ON 2 MARCH 2014: 5 Reasons War in Ukraine Should Worry You
Extract
*Three days after Russian diplomats assured the West that Russia will not invade Ukraine, Russia … invaded Ukraine.
Oil companiesLargely dry on the oil front, Ukraine is believed to have ample reserves of natural gas, particularly in shale formations, and in offshore regions surrounding the Crimea. Major exploration companies including Royal Dutch Shell (NYSE: RDS-A) and Chevron Corp.(NYSE: CVX) have signed agreements to conduction exploration in the country, while ExxonMobil (NYSE: XOM) is believed to be close to signing an agreement of its own. Bloomberg puts the value of these agreements at upwards of $10 billion — all now at risk from conflict in the country.
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- This Is The Gas Pipeline Map That Shows Why The Crisis In Ukraine Affects All Of Europe
- Putin cooks up Obama’s chicken Kiev moment
Why Royal Dutch Shell Is Selling Downstream Assets
Extracts from an article by Arjun Sreekumar published on 2 March 2014 by The Motley Fool
Royal Dutch Shell (NYSE: RDS-A) has finally found a buyer for its downstream assets in Australia, as the Anglo-Dutch oil major embarks on a major restructuring of its global refining business and plans to sell billions of dollars worth of assets over the next two years. New CEO Ben van Beurden has identified the company’s global downstream business as one of two key business segments — along with its North American shale oil and gas business — that will be restructured in coming years.
Beginning of the end? Oil Companies cut back on spending
Extracts from an article by Gail Tverberg published on 3 March 2014 by TheBull.com.au
Basically, Shell is cutting back. It no longer is going to tell investors how much it plans to produce in the future. Instead, it will focus on generating cash flow, at least partly by selling off existing programs. …all of the major oil companies are reporting divestment programs. Does selling assets really solve the oil companies’ problems? What the oil companies would really like to do is raise their prices, but they can’t do that, because they don’t set prices, the market does–and the prices aren’t high enough. And the oil companies really can’t cut costs. So instead, they sell assets to pay dividends, or perhaps just to get out of the business.
The TRUTH will set you FREE.
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