CRUDE PRICED AT $75

Crude Priced At $75

Nov 22nd, 2014 

by John Donovan. 

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Bidness Etc discusses the various crude prices experts feel will allow the US companies to break even and highlights the impact of lower oil price on US oil companies next year

Extracts from a Bidness Etc article Published: November 21, 2014 at 10:47 am EST

By: Micheal Kaufman

The hydraulic fracturing techniques used by the US oil companies have revolutionized the US oil industry, leading to high crude oil production from the shale boom. These techniques have allowed the US to produce around nine million barrels of crude oil per day. This in turn contributed to the global supply glut of crude oil. Saudi Arabia has also increased oil production to safeguard its market share from the US producers.

Although higher oil production was initially welcomed by the US oil companies, its repercussions including lower crude oil and natural gas prices caused the oil companies to suffer considerably. Since June, crude oil price has plummeted 32%. Currently, the West Texas Intermediate crude oil is priced at $76.6 per barrel and the Brent crude oil stands at $79.60. Oil price is expected to drop further after Libya resumes production.

Further consolidation in the energy sector can be expected as oil companies try to survive amid the lower oil price.

FULL ARTICLE

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Posted in: Bidness Etc, Oil, Oil Prices, Shale Gas, Shale Oil, United States.
Tagged: Oil · Oil Prices · Royal Dutch Shell Plc

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BONSAI FRUIT BEARING BY JOEL CASTRO

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Shell is looking to sell of its assets

Shell Sells Off More Assets In Nigeria

Nov 20th, 2014 

by John Donovan. 

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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.

SOURCE ARTICLE

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Posted in: Africa, Bidness Etc, Nigeria, Oil, Royal Dutch Shell Plc.
Tagged: Nigeria · Oil · Royal Dutch Shell Plc

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ARTIST ACCUSES SHELL OF RIPPING OFF HIS WORK IN ADS

Shell accused of stealing another idea

Nov 20th, 2014 

by John Donovan. 

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Mark Brown, arts correspondent
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.

FULL ARTICLE

RELATED ARTICLE

ARTIST ACCUSES SHELL OF RIPPING OFF HIS WORK IN ADS

Comment by John Donovan

Can only guess that Shell does not think Kurt Perschke will have the balls to sue the company.

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Posted in: John Donovan.
Tagged: John Donovan · Litigation · Royal Dutch Shell Plc

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DUTCH SEEK REVISED GAS DEAL

DUTCH SEEK REVISED GAS DEAL WITH SHELL & EXXON

Nov 20th, 2014

by John Donovan. 

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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.

FULL ARTICLE

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Posted in: Environment, Exxon Mobil, Fracking, Gas, GoogleNews, Oil, Royal Dutch Shell Plc.
Tagged: Gas · Oil · Royal Dutch Shell Plc

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UK Court Lifts Secrecy Order

UK Court Lifts Secrecy Order On Corrupt Nigerian Oil Deal Law Suit

Nov 20th, 2014 

by John Donovan. 

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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.

SOURCE

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Posted in: Africa, Bribery, Business Principles, Corruption, Litigation, Nigeria, Oil,Royal Dutch Shell Plc.
Tagged: Corruption · Eni · Nigeria · Oil · Royal Dutch Shell Plc · Shell

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SHELL WON ‘Prix Pinocchio’ 2014

Long noses at Shell

Nov 20th, 2014 

by John Donovan. 

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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)

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Posted in: Business Principles, Fracking, GoogleNews, John Donovan, Oil, Royal Dutch Shell Plc.
Tagged: Fracking · Gas · Oil · Royal Dutch Shell Plc

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