JOEL CASTRO
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The Truth will set you free.
Thursday, November 20, 2014
BONSAI FRUIT BEARING BY JOEL CASTRO
JOEL CASTRO
YOU MAY ALSO LIKE THIS ONE
The Truth will set you free.
Shell is looking to sell of its assets
Shell Sells Off More Assets In Nigeria
Due to the rise in incidents of oil theft in the Niger Delta Shell is looking to sell of its assets in the region
Published: November 20, 2014 at 2:56 pm EST
By: Micheal Kaufman
Nigeria’s Niger Delta has been see a lot of oil spills over the last 30 years. According to statistics the Niger Delta has experienced more than 400,000 tons of oil spills during this period, and 70% of the oil has not been recovered. While some of the spills have been attributed to ageing facilities and human error, oil theft has also contributed significantly. Oil theft has also led to violence in the region which has caused many foreign investors to quit the region.
Royal Dutch Shell plc. (ADR) (NYSE:RDS.A) has also been on the receiving end of oil theft and has decided to sell all of its assets in the Niger River Delta. It has already been working on trying to reach agreement to this end, for a few months now.
On Thursday, Shell sold a 30% stake in Oil Mining Lease 24 (OML). The stake was sold to Newcross Exploration and Production Limited, which is based in Nigeria. According to Shell, OML 24 produces around 13,000 barrels of oil and natural gas per day. Shell sold its stake in an all-cash deal worth $600 million. Other companies such as Eni Spa and Total SA also sold smaller stakes to Newcross Exploration, which now has a 45% stake in OML 24.
Last month Shell signed agreements to sell all of its Nigerian assets which it had put up for sale last year. Shell, Eni Spa (ADR) (NYSE:E) and Total SA agreed to sell their 45% stake in Oil Mining Lease 18(OML 18) to a consortium including Mart Resources Inc. The majority of the stake, 55% was retained by Nigerian National Petroleum Corporation which pumps around 30,000 barrels of oil per day.
Shell has now been a part of four sale and purchase agreements including that of OML 18. It seems that Shell is doing quite well in its objective of selling all of its Nigerian Assets this year. Shell also came to an an agreement with a consortium comprising three companies including the Taleveras Group, Aiteo Energy and Tempeo Energy for the sale of OML 29 along with a related pipeline.
OML 29 is larger than all the other assets that Shell has put up for sale or sold so far. The agreement was signed last year but it is still awaiting approval by the Nigerian government.
The TRUTH will set you FREE.
ARTIST ACCUSES SHELL OF RIPPING OFF HIS WORK IN ADS
Shell accused of stealing another idea
Mark Brown, arts correspondent
The Guardian, Thursday 20 November 2014 16.14 GMT
The Guardian, Thursday 20 November 2014 16.14 GMT
A New York artist who has been placing giant red balls around cities for 13 years has accused the oil company Shell of using his idea for its latest billboard campaign.
RELATED ARTICLE
Comment by John Donovan
Can only guess that Shell does not think Kurt Perschke will have the balls to sue the company.
DUTCH SEEK REVISED GAS DEAL
DUTCH SEEK REVISED GAS DEAL WITH SHELL & EXXON
The Dutch government Minister of Economic Affairs, Henk Kapm, is seeking to renegotiate deals with Exxon Mobil and Royal Dutch Shell on the extraction and sale of Dutch gas. It seems reasonable to speculate that it is not his intention for the renegotiation to benefit the oil giants, who are joint owners of the Dutch Petroleum Company (Nederlandse Aardolie Maatschappij – NAM), operators of the earthquake prone Groningen gas field.
The TRUTH will set you FREE.
UK Court Lifts Secrecy Order
UK Court Lifts Secrecy Order On Corrupt Nigerian Oil Deal Law Suit
A High Court in the United Kingdom has lifted a secrecy order imposed on a 2013 legal challenge by The Corner House of a decision by the Crown Prosecution Service (CPS) not to freeze some $215million alleged proceeds of crime from a corrupt Nigerian oil deal. Shell and ENI have denied paying any money to Malabu Oil and Gas. But they were aware and in agreement that the deal was for the benefit of Malabu.
By Edegbe Odemwingie: 7 November 2014
A High Court in the United Kingdom has lifted a secrecy order imposed on a 2013 legal challenge by The Corner House of a decision by the Crown Prosecution Service (CPS) not to freeze some $215million alleged proceeds of crime from a corrupt Nigerian oil deal.
The fund arose from the sale of one of Nigeria’s largest offshore oil concessions, known as OPL 245 to subsidiaries of oil multinationals, Royal Dutch Shell and ENI.
Police in the UK and magistrates in Italy are now formally investigating the deal.
Both companies denied any illegal conduct.
The OPL 245 concession was originally awarded in 1998 by the then Nigerian oil minister, Dan Etete, to Malabu Oil and Gas, a company that he set up and owns. In effect, Etete awarded one of Nigeria’s most lucrative oil blocks to himself.
In 2011, Shell and ENI paid $1.1billion, plus a signature bonus of $200million, to the Nigerian government for the concession. In a back-to-back deal negotiated by the attorney general of the federation, the Nigerian government then undertook to transfer $1.1billion to Etete’s company, Malabu.
The deal effectively converted into money an asset that had been acquired by Malabu Oil and Gas in highly suspicious, possibly illegal, circumstances.
Shell and ENI have denied paying any money to Malabu Oil and Gas. But they were aware and in agreement that the deal was for the benefit of Malabu.
In 2011, a middleman acting for Malabu sued the company in the UK Commercial Court for fees he claimed he was owed for services rendered to Malabu in the sale of OPL 245.
The TRUTH will set you FREE.
SHELL WON ‘Prix Pinocchio’ 2014
Long noses at Shell
Worthy winners of France’s fiercely contested ‘Prix Pinocchio’ 2014 were selected last night, recognising corporate greed, hypocrisy and malfeasance, based on a record vote since the awards began. Shell won hands down for the Pinocchio award category ‘One for all and all for me!’, with 43% of the vote, for the development of shale gas projects across the entire world – except in Holland, its home country, which is subject to a fracking moratorium.
(Extract from the linked article)
The TRUTH will set you FREE.
Fire sale of Shell assets gathers pace
Oil price slump: fire sale of Shell assets gathers pace
*Royal Dutch Shell Plc has sold a $600 million stake in a Nigerian oil lease as part of its plan to sell off $15bn worth of assets around the world. The fire sale no doubt has added momentum in view of the collapse in the price of oil. Shell has already disposed of under-performing assets in Australia, the USA and in the North Sea. Bloomberg News has reported that Shell may close its Draugen oil field in the Norwegian Sea a decade earlier than intended because of rising costs and the slump in oil prices. According to a Wall Street Journal report, Shell is claiming that it has sold its stake in a set of oil wells and processing plants in the Niger Delta because the company has struggled with oil theft and other security issues. Guess a fire sale is better than Nigerians ending up being hanged for protesting against decades of Shell’s plunder and pollution in Nigeria, exploiting a succession of corrupt regimes.
THE HAGUE, the Netherlands, November 20, 2014 /PRNewswire/ —
The Shell Petroleum Development Company of Nigeria Limited (SPDC), a subsidiary of Royal Dutch Shell plc (Shell)(NYSE: RDS.A)(NYSE: RDS.B), has completed the assignment of its 30% interest in Oil Mining Lease 24 (OML24) and related facilities in the Eastern Niger Delta to Newcross Exploration and Production Limited (Newcross). Total cash proceeds for Shell amount to some $600 million.
This divestment is part of the strategic review of SPDC’s onshore portfolio and is in line with the Federal Government of Nigeria’s aim of developing Nigerian companies in the country’s upstream oil and gas business.
Shell has been in Nigeria for more than 50 years and remains committed to keeping a long-term presence there, both onshore and offshore. Through SPDC and its other Nigerian companies, Shell responsibly produces the oil and gas needed to fuel the economic and industrial growth that generates wealth for the nation and jobs for Nigerians.
OML24 covers an area of some 430 square kilometres and includes the Awoba, Awoba Northwest and Ekulama fields and related facilities. The divested infrastructure includes three oil flow-stations and three gas processing plants, in addition to various oil and gas pipelines. The divested fields produced on average around 13,000 barrels of oil equivalent per day (100%) during the first half of 2014.
Total E&P Nigeria Limited (10%) and Nigerian Agip Oil Company Limited (5%) have also assigned their interests in the lease, ultimately giving Newcross a 45% interest.
All approvals have been received from the relevant authorities of the Federal Government of Nigeria.
*Introduction in red text by John Donovan.
The TRUTH will set you FREE.
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