Shell investors sue BP for millions over Deepwater share price crash
Extracts from an article by Jim Armitage, Deputy Business Editor of The Independent, published 4 July 2014
The pension fund of oil giant Shell is suing arch rival BP and its former chief executive Lord John Browne for millions of pounds over the Gulf of Mexico oil spill catastrophe.
Shell Pension Trust is one of more than a dozen giant UK investment funds who have joined a massive lawsuit against BP and its directors at the time including Tony Hayward, who took over from Lord John as CEO three years before the Deepwater Horizon disaster.
The investors are suing over the dramatic crash in BP’s share price caused by the spill and have won the right to sue under UK law but in the generous Texas court. While they had the right to take action in the High Court in London, they have held out to take their claims in the US where higher awards are likely.
As a result of the disaster, 11 workers died and millions of barrels of oil spilled into the Gulf of Mexico in what was the worst spill ever.
Saudi Arabia gas project has failed, admits Shell
Extracts from an article by Andrew Critchlow published 6 July 2014 by The Sunday Telegraph
Royal Dutch Shell has admitted that its search for gas in Saudi Arabia has been a decade-long wild goose chase, dashing any hopes of gaining a prized upstream foothold in the kingdom. “We haven’t had a very successful exploration campaign,” Andrew Brown, director of upstream international business at Shell, told The Sunday Telegraph in an interview. Exploration has been plagued by delays and the cost of working in such an environment.
Shell sails ahead without UK shale
Extracts from an article by Andrew Critchlow published in The Sunday Telegraph on 6 July 2014
Shale gas is likely to play an increasingly important role in powering Britain’s growth but don’t expect the country’s largest oil and gas company, Royal Dutch Shell, to help create a fracking-led energy revolution. Andrew Brown, director of upstream international business and the man responsible for the main revenue-generating side of Britain’s most valuable company, is sceptical about the potential for shale oil and gas development in Britain. Outside North America, Shell’s main focus on what Brown calls “unconventional” oil and gas is in China and Russia. The company is also looking at Ukraine and drilling in Turkey, but using North America as a benchmark, the UK is nowhere near the Anglo-Dutch company’s list of viable prospects.The TRUTH will set you FREE.
