Shell – Page 4 – Oil & Gas 360

QatarEnergy to supply crude oil to Shell for five years in “first ever” contract agreement

December 29, 2023

World Oil (WO) – QatarEnergy has announced a five-year crude oil supply agreement with Shell International Eastern Trading Company, Singapore (Shell). The agreement stipulates the supply of up to 18 MMbbl per annum of Qatar Land and Qatar Marine crude oils to Shell starting January 2024. QatarEnergy and Shell have a long-standing strategic partnership through several shared investments in the

Shell extends job cuts as CEO seeks to trim costs

December 22, 2023

World Oil (Bloomberg) — Shell Plc has begun cutting jobs beyond previously announced reductions in its low-carbon division as CEO Wael Sawan seeks to trim costs and be more competitive with U.S. rivals, people familiar with the matter said. Roles are being eliminated on a division-by-division basis, with those affected offered options including redundancy packages or applying for jobs elsewhere

Shell advances Gulf of Mexico growth with Sparta project investment

December 21, 2023

World Oil (WO) — Shell Offshore Inc., a subsidiary of Shell plc, has made a final investment decision (FID) for Sparta, a deepwater development in the U.S. Gulf of Mexico that represents our competitive approach to simplifying and replicating projects. Owned by Shell Offshore Inc. (51% operator) and Equinor Gulf of Mexico LLC (49%), Sparta is expected to reach a

Exclusive-Venezuela close to approving offshore gas license with Trinidad, Shell

November 20, 2023

Yahoo Finance Venezuela is close to approving a license for Shell and the National Gas Company of Trinidad and Tobago to develop a promising offshore natural gas field and export its production to the Caribbean country, two people close to the matter said. The license could set in motion a long-running effort by Trinidad to boost its gas processing and

Exclusive-Shell cuts low-carbon jobs, scales back hydrogen in overhaul by CEO

October 25, 2023

US News LONDON – Shell will cut at least 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan’s drive to boost profits, it said on Wednesday. The staff cuts and organizational changes come after Sawan, who took the helm in January, vowed to revamp Shell’s strategy to focus

Analysis: Mega transatlantic oil mergers less likely after Exxon, Chevron deals

October 23, 2023

Yahoo Finance LONDON – The prospect of Exxon Mobil or Chevron buying European majors has receded after the two leading U.S. oil companies announced major acquisitions focused on the Americas this month, investors said. Speculation that Chevron and Exxon might try to buy rivals BP and Shell intensified over the last two years as the European majors underperformed their U.S.

Namibia expects first oil production by 2030

October 11, 2023

Oil Price One of the world’s exploration hotspots, Namibia, expects first oil from the recent major offshore discoveries by 2030, the country’s Petroleum commissioner Maggy Shino told Reuters on Wednesday. “For the oil project, deep water we are thinking of having an FPSO and then exporting the crude to the market,” the commissioner told Reuters on the sidelines of a petroleum

Shell CEO plans company-wide meeting to discuss shift back to fossil fuels

October 6, 2023

World Oil (Bloomberg) – Shell Plc Chief Executive Officer Wael Sawan will meet with employees later this month to discuss the decision to put a greater share of investment into fossil fuels. Sawan invited staff to join a virtual meeting titled “A Conversation With Wael” on Oct. 17 to “deepen our conversation on the opportunities and dilemmas we face as we

Exclusive: Shell CEO comes under pressure from within on renewables shift

September 27, 2023

Nasdaq LONDON – Shell SHEL.L CEO Wael Sawan has come under pressure over his strategy from within the energy company after two employees issued a rare open letter urging him not to scale back investments in renewable energy, sparking an internal debate. The open letter, posted earlier this month on Shell’s internal web and seen by Reuters this week, comes after Sawan

Shell and TotalEnergies profits slump as oil and gas prices cool

July 27, 2023

Nasdaq LONDON/PARIS – Shell SHEL.L and TotalEnergies TTEF.PA reported sharp falls in second-quarter profit from bumper 2022 earnings as oil and gas prices, refining margins and trading results all weakened. Oil and gas prices soared last year in the wake of Russia’s invasion of Ukraine but energy prices have dropped sharply this year as fears of shortages eased amid global economic challenges.

Shell considers selling stake in renewable power unit as CEO turns focus back to fossil fuels

July 13, 2023

World Oil (Bloomberg) – Shell Plc is exploring options for its global renewable power operations, including a potential stake sale to outside investors, people with knowledge of the matter said. The UK energy giant is working with advisers to study a range of possibilities that could also include separating the business into a more independent unit, the people said.

Shell expects ‘significantly lower’ trading in gas business

July 7, 2023

Yahoo Energy giant Shell has warned that trading from its gas division is set to be “significantly lower” for the past three months compared with the previous quarter. The London-listed oil and gas firm said trading was affected by seasonal factors in the second quarter of 2023. Nevertheless, it stressed that the performance from the gas operation would be in line

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