By Jacqueline Cowhig LONDON | Thu May 17, 2012 12:16pm BST May 17 (Reuters) – Shell International Trading and Shipping Company Ltd this month resumed trading in coal derivatives more than a decade after parent Royal Dutch Shell exited the coal business and sold its mines, sources close to the company said. Shell declined to [...]
Posts Tagged ‘Venezuela’
Caribbean island Curacao faces oil refinery dilemma
Shell remained on the island for decades and became a major employer, especially in the 1950s and 1960s when the number of jobs at the refinery topped 10,000.
Caesar Chávez drives campaign of oil seizures
Some 19 companies – including BP, Chevron, Shell, StatoilHydro, and Total – have expressed interest in bidding for the Carabobo projects that could collectively produce more than 800,000 bpd, and require investments of up to $30bn.
Venezuela’s ‘Shell’ Game
Similarly, Shell will invest in a billion-dollar pipeline in Venezuela if it expects a billion-dollar payoff down the road. For Shell, this requires a leap of faith–a pipeline can’t be taken apart and reassembled in Texas or Alaska if things don’t work out under Chavez. It’s in Venezuela for good, unlike a truck that can be driven across the border to deliver packages in Colombia or Peru instead. Once the expense has been incurred, or the investment has been made, what’s to stop Chavez from sending in troops to nationalize Shell’s assets, or jacking up the royalty fees that Shell pays to the government?
Big Oil Can’t Resist the Chavez Charm
You’d think BP or Royal Dutch Shell, for instance, would be especially hesitant about cozying up to the strongman again. After all, BP saw one of its executives flee Russia to escape trumped up charges while having a power-sharing agreement forced on it. Shell was forced to sell its Sakhalin Island interests to Russian gas giant Gazprom. Such are the dangers of signing over your soul to the devil.
EMBARGO – Quietly, Chávez opens the door to Western oil firms
…faced with the plunge in oil prices and a decline in domestic production, senior officials here have quietly begun soliciting some of the largest Western oil companies in recent weeks, including Chevron, Royal Dutch Shell and Total, in the hope of getting them to invest in Venezuela again.
Venezuela reduces oil production
It says the cuts will be made from joint ventures between Venezuela’s state oil company and foreign companies including Royal Dutch Shell, Chevron Corp. and France’s Total
Venezuela to Cut Chevron, BP, Shell Output for OPEC
Venezuela, a founding member of the Organization of Petroleum Exporting Countries, will cut output at joint ventures with Chevron Corp., BP Plc and Royal Dutch Shell Plc to help restrain oil supply and bolster prices.
OPEC Plans Drastic Cut In Oil Production
Royal Dutch Shell has announced that it will delay some of its planned expansion of expensive oil sands projects in Canada. Rob J. Routs, executive director of oil products and chemicals and a member of the board at Royal Dutch Shell, said that reaching the target of 700,000 barrels a day would be “pushed out at least two to four years.”
An Ode to Oil
Oil is, after all, a primary source of man-made global warming, while spillages and drilling have sometimes inflicted lethal environmental damage. Despite the sharp falls of recent months, dramatic price rises have also underwritten every postwar global recession, including the current economic malaise.
OPEC to Discuss Another Round of Production Cuts
Having failed twice in two months to calm plunging oil markets, OPEC ministers are set to weigh another round of steep production cuts as the world’s economic travails continue to drive crude prices to levels unseen in years.
From the Kremlin to Caracas, how oil collapse changes everything
As the price of a barrel falls to below $50 for the first time in years – to a third of its value just a few months ago – petrol will be cheaper but the shockwaves mean crisis for oil-producing nations and further instability for a battered global economy
The bravest woman in oil
Ann Pickard, Shell’s chief in Nigeria, knows the true meaning of oil crisis. By Jon Birger, senior writer NOVEMBER 21, 2008: 7:13 AM ET (Fortune Magazine) — Ann Pickard’s title sounds normal enough – she’s regional executive vice president in Africa for Royal Dutch Shell’s exploration and production division. But there’s nothing normal whatsoever about [...]
From boom to glut
If sustained, the lower price level will have further repercussions. Big producers such as Russia and Venezuela will struggle to exert political influence through energy policy. Resource nationalism, where oil-rich governments impose tougher terms on independent companies and notably in the case of Shell in Russia force them to cede control of assets, may soon be a spent force.
Time is ripe for greater public control of the oil industry in Europe
But, as we have seen, the pursuit of personal reward by top executives, driven by a pursuit of profit above everything else, can lead to disaster as it has in the banking sector and as it did for Enron and very nearly for Shell as well at the time of its reserves crisis a few years ago.
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