Europe, Middle East and Africa Oil and Gas Correspondent
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Apr 26, 2012

Analysis: Slower China economy a worry for Western firms

BOSTON/LONDON (Reuters) – As China’s economy cools, some big U.S. and European companies are losing what had been one of their surest growth bets.

Caterpillar Inc (CAT.N: Quote, Profile, Research, Stock Buzz), 3M Co (MMM.N: Quote, Profile, Research, Stock Buzz), United Technologies Corp (UTX.N: Quote, Profile, Research, Stock Buzz) and ABB Ltd (ABBN.VX: Quote, Profile, Research, Stock Buzz) are among the manufacturers that have reported weak performances in China in the first quarter, as economic growth slowed to a near three-year-low.

Apr 26, 2012

Shell bullish on China shale gas

LONDON, April 26 (Reuters) – Royal Dutch Shell gave
a bullish outlook for the development of shale gas in China on
Thursday, saying the Anglo-Dutch oil major’s drilling there
suggested vast resources could be unlocked at a relatively low
cost.

Chief Financial Officer Simon Henry said Shell had not yet
determined the cost of producing shale gas in China but that it
would probably be within the $2 to $6 per million British
thermal units (Btu) seen in North America, a level that would be
competitive with alternative gas sources.

Apr 26, 2012

Shell first quarter profit rises on higher oil

LONDON (Reuters) – Royal Dutch Shell beat forecasts with an 11 percent rise in fourth-quarter profit, as higher oil prices outweighed the impact of lower U.S. gas prices.

Europe’s largest oil company by market capitalization said on Thursday its current cost of supply (CCS) net income was $7.70 billion (4.7 billion pounds).

Apr 26, 2012

Shell Q1 profit rises on higher oil

LONDON (Reuters) – Royal Dutch Shell (RDSa.L: Quote, Profile, Research, Stock Buzz) beat forecasts with an 11 percent rise in fourth-quarter profit, as higher oil prices outweighed the impact of lower U.S. gas prices.

Europe’s largest oil company by market capitalization said on Thursday its current cost of supply (CCS) net income was $7.70 billion.

Apr 22, 2012

Argentina’s YPF cuts computer links with Repsol

LONDON, April 22 (Reuters) – Argentine oil group YPF has cut
computer links with parent Repsol, two sources familiar
with the matter said on Sunday, following Buenos Aires’ plans
unveiled last week to seize control of the leading energy
company.

The move is the latest in a string of actions that have shut
Spain’s Repsol out of YPF, even before Argentina has implemented
laws to provide the basis for the nationalisation.

Apr 19, 2012

Companies shun Bahrain Grand Prix hospitality

LONDON, April 19 (Reuters) – Western companies are opting
not to entertain clients and partners at the Bahrain Grand Prix
following calls for sponsors to boycott the event because of
political turmoil.

Royal Dutch Shell, which sponsors the Ferrari
racing team, will not be hosting any guests at the event, a
source familiar with the company’s plans said.

Apr 17, 2012

Repsol seen riding out Argentina nationalisation

LONDON, April 17 (Reuters) – On the day he was appointed
head of Spanish oil company Repsol in 2005, Antonio Brufau
expressed “fullest confidence” in, and a “firm business
commitment” to, Argentina, before almost immediately plotting a
retreat from the South American country.

With the announcement of the nationalisation of Repsol’s YPF
unit on Monday, Brufau’s ambition to dramatically scale back the
company’s position in Argentina has finally come to fruition,
albeit not on the terms he would have liked.

Apr 12, 2012

Shell’s Nigerian oil spills soar

LONDON, April 12 (Reuters) – Royal Dutch Shell Plc
said on Thursday that oil spills at its facilities in Nigeria
soared last year, as it faces lawsuits in the UK regarding
earlier spills.

Shell said in its annual Sustainability Report that the
number of operational spills onshore increased to 63 in 2011,
from 32 in 2010.

Apr 12, 2012

BP shareholders balk at bosses pay

LONDON, April 12 (Reuters) – Two years on from the Gulf of
Mexico oil spill and BP suffered a significant
shareholder rebellion over bosses pay on Thursday, the price of
a share performance and dividend payout that languishes well
below pre-spill levels.

The company comfortably won a vote at its Annual General
Meeting on adoption of its remuneration report, but investors
representing 11.78 percent of shares voted against — a bigger
rebellion than usually accompanies such events for big UK
companies.

Apr 11, 2012

Shareholders, protesters line up to lambast BP

LONDON, April 12 (Reuters) – BP will run the gauntlet
of protests from environmentalists and investors alike at its
annual shareholder meeting on Thursday where it will make the
latest in a series of attempts to put the Gulf of Mexico oil
spill behind it.

Chairman Carl-Henric Svanberg and Chief Executive Bob Dudley
are likely to face some harsh questions from shareholders
frustrated at the group’s continued weak share price, sceptical
about its turnaround prospects and unhappy about executive pay.

    • About Tom

      "Tom leads our coverage of the oil and gas industry in Europe, the Middle East and Africa and is also author of 'Spills & Spin: The Inside Story of BP'. A former oil broker who turned to journalism 12 years ago, he is regularly interviewed on CNBC and other TV and radio stations on energy matters. Tom has reported from over twenty countries including Iran, Iraq, India, Pakistan, Tanzania, the U.S. and Russia. As Europe, Middle East and Africa Oil & Gas Correspondent, he has chartered the rise in oil prices to record levels, interviewed oil ministers and the CEOs of ..."
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