Offshore union RMT has warned of long-term damage to Britain’s energy industry after BP posted its largest annual loss for 20 years and revealed another 3,000 job losses as it continued to hack back on budgets in the face of global turmoil.
The London market has dived deep into the red once more amid falling oil prices and as blue chip giant BP posted its largest annual loss for at least 20 years.
Shell has reached a conditional agreement with Malaysian Hengyuan International Limited (MHIL) for the sale of its shareholding in the Shell Refining Company for $66.3million.
Oil major Shell is transitioning its trucking fleet to more liquefied natural gas-fuel vehicles in Houston and Louisiana.
Royal Dutch Shell Plc is under pressure to reward the faith of the more than 80 percent of shareholders who shrugged off the risks from slumping oil prices to back its record acquisition of BG Group Plc.
Shell's shareholders today approved its takeover of BG.
China’s government has approved Shell’s £47billion takeover of BG Group, a Ministry of Commerce spokesman has confirmed. This means that Shell has passed the last anti-monopoly review prior to the completion of the acquisition. Shell is expected to account for some 30% of China’s total natural gas imports by 2017, according to available statistics.
Oil major Shell’s Corrib gas project was officially opened in Co Mayo yesterday by the Minister of State for Natural Resources.
Royal Dutch Shell Plc is on the brink of completing its biggest acquisition as shareholders look set to back its purchase of BG Group Plc. Risks to the deal completing have almost disappeared. The discount of BG’s shares to the offer price narrowed to a record low of 2.2 percent on Monday after some of Shell’s top shareholders and advisory firms backed the transaction this month. It was at 12.5 percent on Dec. 21.
Filings from the Companies Registration Office in Ireland have shown that Norwegian operator Statoil injected €150million into the Corrib gas gield, according to reports. The company owns a 36.5% stake in the field off the West of Ireland, while Shell owns a 45% stake and Vermilion owns 18.5%.
Norway's $790billion sovereign wealth fund will vote in favour of a merger of energy companies Shell and BG.
Shell's shares dropped 4% after the update amid wider falls on the London market as the oil price slump continues to hit stocks.
Markets tumbled on opening this morning as traders reacted to sliding oil prices, and as Royal Dutch Shell said its earnings are expected to more than halve for 2015. The FTSE 100 Index fell 3%, or 175.2 points, to 5699.5 after the price of Brent Crude fell below $27.50 before staging a slight recovery.
BG Group Plc, which agreed to be acquired by Royal Dutch Shell Plc last April, expects to report full-year profit of at least $2.3 billion after crude oil prices extended their decline.
Shell today confirmed its total job cuts for 2015-2016 would tally 10,000.
Wood Group has secured a three year contract with Shell's Prelude Floating Liquefied Natural Gas (FLNG) project in Australia.
Shell boss Ben van Beurden is optimistic that shareholders will overwhelmingly back its mega-merger with rival BG Group as investors mull the final case put out by both oil giants later this week.
Top Shell executive Huibert Vigeveno is set to become the transitional chief executive of BG Group after the expected completion of the £34billion “mega-merger” of the two oil giants next month
Scaffolding was left precariously dangling from Shell's Brent Delta after storm weather battered the platform.
Shell boss Ben van Beurden said he was “very, very confident” oil price would more than double.
Oil major Shell’s bid for BG Group has been approve by the ISS (Institutional Shareholder Services). The positive move comes after the company had sought to alleviate shareholder concerns over whether its takeover was still viable at sub $50 oil. ISS, a proxy advisory body, has backed the deal which it said had a “compelling strategic rationale” in the current climate.
Oil major Shell has told investors its purchase of BG Group will work even if the oil price stays at an average of $50 a barrel for the next two years. According to reports, the lowest estimate yet for the oil price has been made in a bid to retain shareholder support for the $51billion deal amid plunging crude markets.
Oil major Shell and the National Iranian Oil Company (NIOC) have reached a final deal on how the Anglo-Dutch company must clear its debt of $2.3billion outstanding since 2011. The head of the NIOCs international affairs, Mohsen Qamsari, said the two sides had reached an agreement on a mechanism after several round of negotiations.
Oil and gas producers should see an increase in deals this year as cheap crude prices and limited funding options force debt-saddled energy companies to sell assets, according to consultant IHS.
Sound Energy, the European/Mediterranean focused upstream gas company, has said its ability to attract companies such as Shell and Schlumberger as partners illustrates the potential in its portfolio.