Shell NEWS

Shell said on Thursday surging demand for oil products that had almost tripled refining profits in the second quarter would boost earnings by up to $1.2 billion. In an update before second quarter results on July 28, Shell also said it would reverse up to $4.5 billion in write downs on oil and gas assets after it raised its energy prices outlook following Russia's invasion of Ukraine. Earnings from oil and refined products trading were expected to be strong in the quarter but lower than the first quarter of 2022, Shell said.

Shell said on Thursday surging demand for oil products that had almost tripled refining profits in the second quarter would boost earnings by up to $1.2 billion. In an update before second quarter results on July 28, Shell also said it would reverse up to $4.5 billion in write downs on oil and gas assets after it raised its energy prices outlook following Russia's invasion of Ukraine. Earnings from oil and refined products trading were expected to be strong in the quarter but lower than the first quarter of 2022, Shell said.

The UK’s two biggest listed oil companies will face an odd dilemma this week as they present what is likely to be their best set of results for years while facing calls to cough up more in tax.

The London-listed company is in joint talks with Chinese state-run oil companies CNOOC Ltd, CNPC and Sinopec over its 27.5 per centholding in the Sakhalin-2 liquefied natural gas venture, the British newspaper said.

The French oil major, which holds a 19.4% stake in Novatek, Russia's largest producer of liquefied natural gas, said it "will no longer provide capital for new projects in Russia".

LNG prices lurched from record lows under $2 per mmBtu in 2020 to record highs of $56 in October 2021 as markets struggled to keep pace with global economies recovering from the pandemic.

Mantashe said the pausing of operations in SA’s biggest refinery, SAPREF, will cause job losses and uncertainty of supply. Mineral Resources and Energy Minister, Gwede Mantashe has called Shell and Beyond Petroleum (BP) greedy and arrogant for pausing refinery operations at SAPREF, their Durban-based facility.

Shell has become the first supplier of sustainable aviation fuel (SAF) in Singapore, and plans to start blending the fuel at its plant in the aviation hub.

Energy giant Shell has made a new oil discovery in its exploration well in the Orange Basin offshore Namibia. The well in question is the Graff-1 well located in Block 2913A in the Orange Basin which Shell operates. Its partners in the block are QatarEnergy and the national oil company of Namibia NAMCOR.

Shell Plc, one of the world’s top liquefied natural gas (LNG) traders, is ready to deliver more natural gas to Europe in case the Russia-Ukraine crisis escalates to a conflict that could interrupt Russian gas supply to Europe. “So far Europe has never really suffered significant disruptions from Russia even in very troubled geopolitical times,

Risks for BP and Shell's substantial operations in Russia intensified following the announcement by the UK of legislative changes as part of moves to bolster sanctions against Moscow. The amendments that are to be approved by the UK Parliament by Feb. 10 expand its sanctions targets from those directly linked to Russian actions in Ukraine,

Shell has completed the acquisition of Powershop Australia, an online electricity and gas retailer, it said on February 1. The deal was announced in November last year. The transaction has taken place through the 100% acquisition of Meridian Energy Australia Group (MEA), the parent company of Powershop, by a consortium of Shell and Infrastructure Capital Group (IGC),

Power problems on Shell’s giant Prelude gas vessel in December with almost 300 workers onboard risked the “catastrophic failure” of parts of the ship’s structure, according to a report by the offshore safety regulator. While the crew off the WA coast battled in tropical heat without air conditioning or ventilation to restore power, the steel spine of the vessel was cooling towards a point where it could have lost the strength to support the 80,000 tonnes of gas processing equipment on top of the 488 metre-long vessel.

A South African court has stopped Shell’s seismic testing for oil and gas along the nation’s eastern coastline, the BBC has reported, adding that this is pending a final ruling. Now This News also shared that the Wild Coast is also an area where whales breed. The article noted that environmentalists are worried that Shell, which said that it had paused operations while reviewing the judgment, could cause harm to marine life.

Australia’s offshore safety regulator has ordered Shell to shut down its giant Prelude floating LNG vessel off Western Australia’s North West coast while damning the company’s ability to operate the facility after it descended into chaos in early December following a series of power failures.

Shell Oil (RDS.A) closed the most recent trading day at $42.86, moving +0.07% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.87%. Elsewhere, the Dow lost 0.08%, while the tech-heavy Nasdaq lost 0.54%.

"Indore-based green consultancy EKI Energy Services will float a joint venture with oil major Royal Dutch Shell that will invest $1.6 billion over a five-year period to provide ""nature-based solutions"" to industries in India, people familiar with the matter said. The joint venture will target production of 115 million carbon credits in five years, as part of Shell's plan to expand in India's renewables space, these people told ET."

Sinking the exploration well is a firm commitment on a 30th licensing round award. If successful, Jaws will be tied-back to the Shell Nelson platform around 10miles to the north-west. Cairn Energy, soon to be renamed Capricorn Energy, is partnered 50-50 on the Shell-operated Jaws project in licence P2380. In March 2020, Shell completed a working interest swap with Cairn, which included 50% of Jaws being swapped with 50% of Cairn’s nearby Diadem prospect in licence P2379, which it expects to spud in Q2 2022.