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Posts from ‘July, 2008’

BP hits a record but warns of Russia risk

Colin Smith, analyst at Dresdner Kleinwort, said BP had a superior short-term growth outlook than Shell.

Speculation about Sir David Varney, former Managing Director of Shell UK Limited

Sir David then left with part of his contract still to run. (Was he hoping to go to the Lords? Was he expecting another job offer? Speculation continues.)

Nationals’ champion

For the likes of ExxonMobil, BP and Royal Dutch Shell, that means losing the most lucrative part of their business – the part they have relied on to achieve growth in production, revenue and reserves for much of their existence.

Oil: Soaring BP profit of £6.7bn draws fire from unions and motoring lobby

BP was under fire at home and abroad yesterday after reporting a 23% jump in first half profits to $13.4bn (£6.7bn) on the back of soaring oil prices and a strong performance from its endangered Russian joint venture, TNK-BP.

Australia faces worse crisis than America

The world’s financial storm has swept through Australia and New Zealand this week amid mounting signs of contagion across the Pacific region.

Exercise caution in Russia, Tony Hayward warns investors

Speaking yesterday, during a press conference to announce BP’s profit figures, Mr Hayward said: “Russia is quite a challenging place to do business.”

Where next for TNK-BP?

Gazprom seems the most obvious buyer. However, the state-controlled gas giant has huge investment ahead. Its willingness to spend on acquiring a stake in TNK-BP is uncertain – unless it could be tempted at a bargain price

Shell Corrib Gas Pipeline Controversy Continues

For the Henry family in Erris, there seems to be no escaping Shell’s security and monitoring despite never having been involved with the protesters opposed to the development

Shell Employees in Africa Protest Against Being ‘Sold’ by Shell

Shell Employees in Africa Protest Against Being ‘Sold’ by Shell By John Donovan 29 July 2008 Shell has confirmed the sale of its downstream businesses in Ethiopia, Sudan and Djibouti to Oil Libya. Completion of the transfer is expected before the end of 2008. Until then, Shell continues to manage the business. Details were confirmed [...]

‘Blood oil’ dripping from Nigeria

BBC News ‘Blood oil’ dripping from Nigeria   By Andrew Walker  BBC News, Abuja   Oil company employees are suspected of selling their skills to oil bunkerers Under cover of night dozens of barges queue up to dock at a jetty in a creek somewhere in Nigeria’s oil-rich Niger Delta.Their holds are filled with stolen [...]

Shell Ethiopia Employees Demonstrate

This is not the first time the company has been involved in a conflict with its employees. The two had a disagreement which took them to court a couple of months ago, in connection with the amendment of a retirement policy. According to the Labor Union, the revision was made without the consent of the employees and the litigation is still pending.

Shell declares force majeure after Nigeria attack

Royal Dutch Shell declared force majeure on Tuesday on its Nigerian Bonny Light crude oil exports for July to September following an attack by militants on an oil trunk pipeline in the Niger Delta on Monday.

Nigerian Militants Bomb Two Shell-Operated Pipelines

Nigeria’s main militant group said it bombed two Royal Dutch Shell PLC-operated oil pipelines early Monday and warned more attacks were planned over the next month, helping push up oil prices by more than $1 a barrel.

Pipeline Attack in Nigeria Pushes Crude Oil Higher

Shell has yet to clarify the extent of the damage to Nembe Creek, but oil traders see Nigerian production problems as the key element keeping prices buoyant.

Pricey Crude Can Be Trouble for Big Oil

Yet Exxon Mobil also has lost some $64 billion in market value this year, as its stock price has sunk 14%.