Western Cape, South Africa (CNN) — South Africa has an energy deficit on its hands. Too many people want fuel for their cars and electricity for their homes, and the country is struggling to keep up with demand. To help ease this perceived crisis the big companies want to start drilling for natural gas using [...]
Posts under ‘CNNMoney.com’
Big Oil sees energy bonanza ahead
Oil industry executives appearing Tuesday at the World Petroleum Congress in Doha, Qatar. DOHA, Qatar (CNNMoney) — Just three years after fears of an energy supply shortage, executives of the world’s leading oil companies now foresee a bonanza of oil and natural gas on the horizon. In 2008, concern that a rapidly developing world was [...]
The end of Big Oil? Not so fast.
BP’s Wytch Farm oil well in Poole, England August 5, 2011: 5:00 AM ET Splitting up energy giants may make sense while oil prices are as high as they are today, but it may not be worth the organizational headache for Big Oil to break apart. By Shelley DuBois, writer-reporter FORTUNE — Big Oil may [...]
BP: ‘An accident waiting to happen’
When Tony Hayward took over BP in 2007 – after the oil giant had experienced a series of calamitous accidents – he vowed that safety would be his top priority. So how did he come to preside over one of the worst industrial disasters in history? A Fortune investigation reveals a saga of hubris, ambition, and a safety philosophy that focused too much on spilled coffee and not enough on drilling disasters.
Shell: We’ll produce more gas than oil by 2012
Interview by Shelley DuBois December 15, 2010: 3:25 PM ET FORTUNE — Slowly but surely, the energy landscape in America and around the globe is changing. Crude is still king, but oil and gas companies are increasingly folding in more and different assets. Shell (RDSA), for example, has purchased and developed tons of natural gas [...]
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Death and oil in Niger Delta’s illegal refineries
By Christian Purefoy, CNN August 3, 2010 — Updated 1322 GMT (2122 HKT) STORY HIGHLIGHTS Illegal refineries distill diesel from crude oil by heating over naked flames Worker: “I cannot count the number of people who have died in explosions” Nigeria is major oil exporter, but most in Niger Delta live on less than $2 [...]
FORTUNE GLOBAL 500 RANKING BY REVENUE WORLD’S LARGEST CORPORATIONS: 2010
Number 1: Wal-Mart Stores Number 2: Royal Dutch Shell Number 3: Exxon Mobil Number 4: BP Number 5: Toyota Motor RANKINGS FOR FIRST 100
Nigerians angry at oil pollution double standards
By Christian Purefoy, CNN June 30, 2010 — Updated 1133 GMT (1933 HKT) Niger Delta, Nigeria (CNN) — Nigeria’s Niger Delta is one of the most oil-polluted places on the planet with more than 6,800 recorded oil spills, accounting for anywhere from 9 million to 13 million barrels of oil spilled, according to activist groups. [...]
BP could be ripe for takeover
By Aaron Smith, CNNMoney.com staff writerJuly 1, 2010: 12:20 PM ET NEW YORK (CNNMoney.com) — BP’s stock price has fallen far enough for the oil company to become an attractive takeover target for its biggest rivals, according to industry analysts. BP’s (BP) stock finished at $28.88 Wednesday, a plunge of more than 50% from its [...]
Essar Oil hit by a steep fall in crude-oil prices
Essar, which plans to have a refining capacity of one million barrels a day, is in talks to buy three European refineries from Royal Dutch Shell PLC. In July, Essar acquired a 50% stake in 80,000-barrel-a-day Mombasa- based Kenya Petroleum Refineries Ltd. from Shell, Chevron Corp. and BP PLC.
Shell pledges $100,000 to aid Haitians affected by the earthquake
Shell Announces Disaster Relief Support for Haiti January 15, 2010: 06:30 PM ET HOUSTON, Jan. 15 /PRNewswire-FirstCall/ – Shell Oil Company and Motiva Enterprises, LLC are donating $100,000 to the American Red Cross to aid in disaster relief and recovery efforts in Haiti. “This is a trying time for Haiti and a chance for the [...]
Shell Withdraws From Sinopec, Kuwait Refinery Project
BEIJING -(Dow Jones)- Royal Dutch Shell (RDSA.LN) is no longer involved in talks on joining China Petroleum and Chemical Corp. (SNP), known as Sinopec, and Kuwait Petroleum Corp. in a major refinery project in China, opening the way to other international oil companies to join the venture.
Meet Shell’s new CEO
CNNMoney/Fortune Magazine Peter Voser, head of the world’s largest oil company, is shaking things up. By Peter Gumbel, Europe editor July 8, 2009: 8:33 AM ET (Fortune Magazine) — Royal Dutch Shell this year has toppled Exxon Mobil from the top of the list of Fortune Global 500 companies, just as the Dutch oil company [...]
Why oil is on the rise again
Oil shot past $70 a barrel last week, meaning the cost per barrel has doubled since hitting a low in mid-February. And the swiftness of that move has plenty of observers wondering if we’re headed toward another period of even more dramatic price gains. Among the oil insiders worried about such a scenario is Royal Dutch Shell CEO Jeroen van der Veer, a 38-year veteran of the energy giant, who is scheduled to retire June 30…


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