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Tuesday, June 18, 5:41 PM Canada hikes the liability cap for oil spills in Atlantic and Arctic waters to C$1B, up from the respective $30M and $40M limits under existing rules. The changes deal only with offshore activity, which is poised to accelerate as companies begin assessing prospective new fields on the East and Arctic coasts. 10 Comments [Energy]
Tuesday, June 18, 8:24 AM First production from the Majnoon field being developed by a consortium led by Royal Dutch Shell (RDS.A) is expected in July with total output reaching 175K bbl/day by year's end, according to the top energy advisor to Iraq's Prime Minister. But not likely to please the government is news that Chevron (CVX) and Total (TOT) are expanding exploration rights in Kurdish territory (I, II). Comment! [Energy]
Monday, June 17, 12:44 PM Ithaca Energy (IACAF.PK) agrees to sell Edison International (EIX) a 25% interest in the licenses containing the Handcross prospect, with EIX carrying a portion of Ithaca's share of the costs of an exploration well. Ithaca also agrees to sell a 50% stake in a U.K. offshore license to Royal Dutch Shell (RDS.A, RDS.B), with Shell paying the full cost of obtaining seismic data. Comment! [Energy]
Saturday, June 15, 8:25 AM Forget talk of a dividend bubble; it's a "golden age" for dividends, ClearBridge's Hersh Cohen believes. Dividend stocks got extended in this year's run-up, not overpriced, he says. Besides, while price is important, "investors lose sight that their income can double in nine years" with dividend payers. Hersh can still find nicely priced examples, particularly in energy, such as Chevron (CVX), Shell (RDS.A) and Total (TOT). 6 Comments [Energy, Quick Ideas]
Friday, June 14, 8:29 AM Owners of prospective U.K. shale acreage reportedly spurned interest from four of the world's oil majors - Exxon (XOM), Shell (RDS.A), Total (TOT) and Statoil (STO) - in favor of a deal with Centrica (CPYYF.PK) due to its perceived ability to more easily maneuver through political risks. The deal highlights the growing interest in U.K. shale gas reserves even though it's not known if gas can be commercially produced from the license area. 3 Comments [Energy]
Thursday, June 13, 10:32 AM Royal Dutch Shell (RDS.A +0.3%) signs a letter of intent with Guanghui Energy to build a liquefied natural gas import terminal in east China. The Chinese company aims to build a 600K metric tons/year storage and transit plant, then a 1.5M tons/year LNG import facility under a second phase and a 3.5M tons/year terminal in a third stage. Shell wants to jointly invest and operate the facilities from the second phase. Comment! [Energy]
Wednesday, June 12, 8:44 AM Lukoil (LUKOY.PK) and Tullow (TUWLF.PK) secure their first license awards off Norway in the latest licensing round, with Statoil (STO) walking away with the largest haul of 24 blocks awarded to 29 companies. STO picked up seven blocks, including three operatorships; Eni (E) gained three operatorships among four license awards. Other winners: BP, TOT, COP, RDS.A. Comment! [Energy]
Tuesday, June 11, 3:15 PM Nigeria's President says his country will seek to recover $7.8B that audits carried out by a government watchdog found oil companies operating there owed the government in unpaid and underpaid taxes. Foreign oil companies operating in Nigeria include Royal Dutch Shell (RDS.A, RDS.B), Eni (E), Total (TOT), Exxon Mobil (XOM) and Chevron (CVX). 6 Comments [Energy]
Tuesday, June 11, 10:40 AM Shell (RDS.A, RDS.B) reportedly has lifted a force majeure on liquefied natural gas exports from Nigeria's Bonny Island facility which was in place for almost a month and had shut ~1.5B cubic feet of gas per day. This was the year's second force majeure on gas to Nigeria LNG caused by pipeline leaks. 1 Comment [Energy]
Tuesday, June 11, 8:12 AM Chevron (CVX) is selling its stake in two Nigerian shallow water oil blocks holding ~200M barrels of oil, the latest oil major seeking to dispose of assets in Africa's largest producer but where oil theft and a delayed energy law create uncertainty. Shell (RDS.A, RDS.B), Total (TOT) and Eni (E) have sold several blocks; ConocoPhillips (COP) is planning a ~$1.8B sale. 1 Comment [Energy]
Thursday, June 6, 2:22 PM In hundreds of cases across the U.S., drillers have agreed to cash settlements with people who say fracking ruined their water, according to a Bloomberg analysis of legal and regulatory filings. The strategy keeps data from regulators, policymakers, the media and health researchers, and makes it difficult to challenge the industry’s claim that fracking has never tainted anyone’s water. 13 Comments [Energy]
Wednesday, June 5, 9:28 AM FMC Technologies (FTI) scores another order for subsea equipment in the Gulf of Mexico, this time from Royal Dutch Shell (RDS.A, RDS.B). The scope of the work includes 12 enhanced vertical deepwater trees and controls. Financial terms are not disclosed. The news follows an award yesterday from Anadarko and another from Shell two weeks ago. Comment! [Energy]
Wednesday, May 29, 8:35 AM Indonesia's PT Energi Mega Persada will sell its 10% stake in the offshore Indonesia Abadi liquefied natural gas project to Japan's Inpex and Royal Dutch Shell (RDS.A, RDS.B) for an undisclosed sum. Inpex already owns 60% and Shell 30%; each gets an additional 5%. The field in the Masela block of the Arafura Sea is estimated to have ~18.5T cu. ft. of certified gas reserves. Comment! [Energy]
Tuesday, May 28, 4:52 PM Shell's (RDS.A, RDS.B) drilling rig that ran aground in Alaska on New Year's Eve left port in order to avoid millions of dollars in state taxes, a Shell official reportedly told a Coast Guard investigation over the weekend, contradicting earlier statements by CEO Peter Voser that the tax issue was "no factor" in the decision to move the rig. 1 Comment [Energy]
Tuesday, May 28, 8:45 AM Royal Dutch Shell (RDS.A, RDS.B) plans to invest $30B in Australia over the next five years, outgoing CEO Peter Voser tells an industry conference yesterday. Shell has invested in gas projects in Australia and its Arrow LNG project is one of four gas export plants planned for Queensland's Curtis Island, but the project is expected to be abandoned in favor of selling its gas resources to rival projects. 1 Comment [Energy]
Monday, May 27, 3:32 AM Shell (RDS.A) has pulled out of talks to acquire a stake in Anadarko Petroleum's (APC) gas discoveries off the coast of Mozambique in East Africa, due to a high price. Instead, Shell will focus on projects off the coasts of Benin, Gabon and South Africa on the other side of the continent. While these projects are more uncertain, they could be more lucrative, as West African prospects tend to provide more oil than gas. 6 Comments [Energy]

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Royal Dutch Shell plc