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Doha, Qatar | AFP | Europe faces painful “industrial rationalisation” due to its energy crisis that risks political trouble, the head of Shell warned Sunday, as the oil giant joined a natural gas project in Qatar. Shell chief executive Ben van Beurden agreed a deal for a 9.3 percent stake in Qatar Energy’s North Field South project, that will play a major role in the Gulf state’s effort to increase liquefied natural gas (LNG) […]
LONDON, United Kingdom (AFP) – Shares in energy giant Shell slid Thursday after revealing that third-quarter profit would be hit by a slump in refining margins. The British group’s stock lost 3.9 percent to around £23 ($26) as it forecast a hit of up to $1.4 billion in the three months to the end of September compared with the second quarter. “Shell enjoyed record profits in the first and second quarter spurred by a surge […]
LONDON, United Kingdom (AFP) — British energy giant Shell said Thursday that its net profit soared more than five-fold to $18 billion in the second quarter, fuelled by resurgent oil and gas prices, and rewarded shareholders with another bumper buyback. The surge in profits in the three months to June was partially attributable to a reversal of $4.3 billion in impairments after the company raised its forecasts for the gas and oil market. “We […]
This snail was seen at a mall parking in Metro Manila amid the pandemic. At the time the photo was taken, Metro Manila was still under Alert Level 4 last year, 2021. It was just about an inch long, and New Era University student Carmie Hufano who took the shot, said she happened to see the snail slowly inching its way across a parking lot of a mall in Alabang, Manila one late Wednesday […]
Energy giant Shell said Tuesday it would withdraw from its involvement in Russian gas and oil, including an immediate stop to purchases of crude from the country. The UK-based company also issued an apology for buying a cargo of Russian crude oil last week and said it would shut its service stations, aviation fuels and lubricants operations in the country. Shell said it would withdraw from its involvement in all Russian hydrocarbons “in a […]
WASHINGTON, D.C., United States (AFP) – US climate scientists accused four of the world’s largest oil companies Tuesday of lying about the harms linked to their industry and trying to delay the switch to cleaner fuel. American multinationals ExxonMobil and Chevron, as well as Britain’s BP and Shell, are being investigated by the US Congress for their role in spreading misinformation about climate change. Michael Mann, an academic, told the House oversight committee the companies […]
NEW YORK, United States (AFP) – A leading activist investor called Wednesday for Royal Dutch Shell to break itself up, bolster its low-carbon investment and return more cash to shareholders. Bemoaning how the Anglo-Dutch giant’s stock valuation has lagged that of oil industry rivals, activist Daniel Loeb called for a “bold strategy” shift from the oil giant as he announced that he took a stake in the company. “Shell has too many competing stakeholders pushing […]
by Benoît PELEGRIN Agence France-Presse LONDON, United Kingdom (AFP) – Oil prices jumped above $80 this week for the first time in almost three years, handing a major boost to producers — but fuelling more inflationary pain for consumers, analysts say. The price of European benchmark Brent North Sea crude for delivery in November hit $80.75 per barrel on Tuesday, attaining the highest level since October 2018, but edged lower on Wednesday. The market has […]
by Callum PATON Agence France-Presse LONDON, United Kingdom (AFP) — Britain’s Supreme Court ruled on Friday that more than 40,000 people in the Niger Delta region of Nigeria can make pollution claims against Anglo-Dutch energy giant Shell in English courts. The ruling overturned a 2017 decision against the Ogale and Bille communities, who brought legal claims for clean-up and compensation following decades of repeated spills in the oil-rich region. The claimants have argued for five […]
by Julien MIVIELLE Agence France-Presse PARIS, France (AFP) — Already under pressure due to climate change, the world’s top listed oil firms suffered historic losses in 2020 as the Covid-19 pandemic sent demand and prices tumbling. The oil majors — BP, Chevron, ExxonMobil, Shell and Total — suffered $77 billion in losses for the year. Shell CEO Ben van Beurden called 2020 an extraordinary year. Total’s Patrick Pouyanne said: “All of us will remember 2020 […]
by Ben PERRY Agence France-Presse LONDON, United Kingdom (AFP) — Royal Dutch Shell on Thursday became the latest oil major to reveal huge annual losses as the coronavirus pandemic slashed energy demand and prices in 2020. Shell dived into a net loss of $21.7 billion (18.1 billion euros) last year as factories shut and planes were grounded. The Anglo-Dutch group’s loss compared with a net profit of $15.8 billion in 2019, the company said in […]
OSLO, Norway (AFP) — Norway gave approval Tuesday to a giant project to capture and store CO2 below the North Sea, a technology that could help efforts to reduce carbon emissions. The Northern Lights project aims to inject CO2 captured from Norwegian industrial firms into geological formations 2,600 metres (8,530 feet) below the seabed where it should be trapped permanently. Initially the project aims to capture and store 1.5 million tonnes of CO2 per year […]
