Shell – Oil & Gas 360

European oil giants commit $500 million to help boost access to energy

November 15, 2024

(Oil Price) – European oil and gas supermajors BP, Equinor, Shell, and TotalEnergies are committing a joint investment of $500 million to help ensure access to affordable, reliable, sustainable, and modern energy for all. The joint investment commitment is part of the energy majors’ efforts to support promising, high-impact projects, primarily in Sub-Saharan Africa, South, and Southeast Asia. These projects are aimed at

Shell's $6 bln profit smashes forecasts as LNG offsets weak refining- oil and gas 360

Shell’s $6 billion profit smashes forecasts as LNG offsets weak refining

October 31, 2024

(Yahoo Finance) – LONDON – Shell reported on Thursday third-quarter profits of $6 billion that exceeded forecasts by 12% as higher liquefied natural gas (LNG) sales offset a sharp drop in oil refining and trading results. The results, together with a drop in debt and strong cash flow, could lift investor confidence in CEO Wael Sawan’s efforts to boost the company’s

Chevron shuts In Gulf of Mexico oil and gas platform ahead of Hurricane Milton

October 7, 2024

(Oil Price) – Chevron has shut in its Blind Faith platform in the U.S. Gulf of Mexico and evacuated all personnel from the facility in preparation for Hurricane Milton, the supermajor said on Monday. “Production from our other Chevron-operated Gulf of Mexico assets remains at normal levels,” Chevron said in a media update as weather services, forecasters, and Gulf of Mexico producers are

Shell poised to add pipeline capacity in the Gulf of Mexico

October 3, 2024

(Oil & Gas 360) – HOUSTON, Oct. 3, 2024 /PRNewswire/ — Shell Pipeline Company LP (“Shell”) today announced the Final Investment Decision (FID) for the Rome Pipeline, an offshore pipeline construction project increasing access between Shell’s Green Canyon Block 19 (“GC-19”) pipeline hub platform and the Fourchon Junction facility on the Louisiana Gulf Coast. The pipeline will bring additional capacity to Shell’s

IOC’s across the seas-Size matters

September 26, 2024

(Oil & Gas 360) – A review of recent valuations between international oil companies (IOCs) on both sides of the Atlantic Ocean suggests that size and strategy remain high on the list of investors’ criteria. One traditional indication is the price-to-earnings ratios (“PE”) for ExxonMobil and Chevron on the American side compared to their European counterparts, Shell, BP, and TotalEnergies.

Shell scraps blue hydrogen project plans following refocus on oil and gas business

September 25, 2024

(World Oil) – (Bloomberg) – Shell Plc’s Norwegian unit won’t pursue a project that would have used natural gas from its Nyhamna processing facility to make blue hydrogen due to a lack of demand. Having assessed its feasibility, Shell is shelving the project, company spokesman Jan Soppeland said Tuesday. That follows Friday’s announcement by Equinor ASA — Norway’s biggest oil

Oil firms evacuating US Gulf of Mexico staff as major hurricane looms

September 24, 2024

(BOE Report) – U.S. oil producers were scrambling on Monday to evacuate staff from Gulf of Mexico oil production platforms as the second major hurricane in two weeks was predicted to tear through offshore oil producing fields. The U.S. National Hurricane Center said a potential Tropical Cyclone in the Caribbean was expected to rapidly intensify over the gulf’s warm waters

Exxon, Shell refineries resume Gulf Coast operation

September 13, 2024

Oil Price Refineries that had to dial down operations ahead of Hurricane Francine’s landfall are starting to reopen, with significant damages unlikely, according to a Reuters report. Exxon, which had cut operation rates at its Baton Rouge refinery to just a fifth of capacity, had now brought the refinery back online. “Our Baton Rouge area facilities are operating as normal. We

Exclusive-Shell plans wide cuts in oil exploration division, sources say

August 29, 2024

Yahoo Finance LONDON – Shell plans to scale back its oil and gas exploration and development workforce by 20% as CEO Wael Sawan widens his cost-saving drive to the highly profitable division after deep cuts in renewables and low-carbon businesses, company sources said. The restructuring in the exploration and wells development and subsurface units will see hundreds of job cuts

Shell to sell Scottish offshore wind leases to refocus on oil and gas

July 23, 2024

World Oil (Bloomberg) – Shell Plc plans to sell leases it won to develop floating offshore wind farms off the coast of Scotland, as the oil major continues to roll back a once-ambitious expansion into renewable power. The company wants to sell its share of projects in a joint venture with Iberdrola SA’s Scottish Power to develop as much as

Trinidad’s court reaffirms recognition of ConocoPhillips’ claim against Venezuela

July 19, 2024

Yahoo Finance Trinidad and Tobago’s High Court reaffirmed on Thursday a decision recognizing U.S. oil producer ConocoPhillips’ arbitration claim against Venezuela, which could freeze the Caribbean country’s payments to its neighbor for joint natural gas projects. In late May, the court’s original decision opened the door for ConocoPhillips to enforce in that country a $1.33 billion claim against Venezuela for

Shell begins Perdido evacuation as Hurricane Beryl threatens operations

July 3, 2024

Oil Price Shell announced on Wednesday that it had safely paused some drilling operations in the Gulf of Mexico as Hurricane Beryl was preparing to deliver a massive blow to Jamaica, Reuters reported, noting that so far no impact on GOM production had been noted. On Wednesday, Shell said it had begun evacuating non-essential crew at its Perdido asset in

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