I have some sympathy for Skinner on this score. He is an honourable chairman of the old school and will stay at Rio to see this issue through, although losing the chairmanship of BP will be a personal blow as he also missed out on the chairmanship of Shell, where he spent much of his career.
Posts on ‘February 15th, 2009’
Gazprom bought control of the $22 billion project after a prolonged crisis that forced Royal Dutch Shell, the project’s former leader, and its partners to reduce their holdings. Analysts had expected that the battle would lead to delays. Shell is now a minority shareholder along with Japan’s Mitsubishi and Mitsui.
One of New Zealand’s biggest petrol brands, Shell, is considering selling most of its New Zealand operations.
Panic-gripped management of the Anglo-Dutch oil firm, Shell Petroleum Development Company, on Friday sent its workers in the restive Niger Delta home due to the worsening insecurity in the region.
According to the internal e-mail seen by Reuters, Shell plans to trim its workforce and leave vacancies unfilled and to “ruthlessly” review its use of contract staff.
I asked Hayward if the lower prices would trigger mergers among the majors, as happened in the 1990s. BP used the low prices a decade ago to snap up Amoco and Arco. Rumors have been circulating in the European press about a possible union between BP and Shell.
I am glad the oil company Shell had the wisdom, despite subsidies, to pull out of this flawed project.