Shell And Dow Prepare $2.1 Billion Iraqi Petro Plan
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The companies are rumored to be in talks to upgrade an Iraqi petrochemical plant.
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The Royal Dutch/Shell Group said yesterday that it would sell as much as $12 billion in assets, spend $45 billion on new projects and consider some acquisitions as it tries to bolster oil and gas production.
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Royal Dutch/Shell Group, the third largest publicly traded oil company, plans to raise spending to $15 billion a year, sell assets and cut costs in a bid to regain investor confidence after overstating oil reserves for six years.
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OIL group Shell has pledged to invest $45bn (Â£25bn) and make major disposals in a shake-up of the business, following its reserves crisis earlier this year.
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Royal Dutch/Shell announced plans to boost spending on exploration and production while selling non-core assets, making the replacement of its missing reserves a priority in restoring battered investor confidence.
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Independent oil and gas producer Anadarko Petroleum Corp.  said on Monday it will sell part of its stake in the K2 Unit offshore field in the Gulf of Mexico for $1.2 billion to two unnamed parties.
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LONDON (AP-CP) - Royal Dutch/Shell Group said today it will spend $45 billion (US) and sell up to $12 billion worth of assets to reinvigorate its underperforming oil and natural gas business.
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Royal Dutch/Shell Group announced Wednesday that it would spend US$1.8 billion on exploration and production in the North Sea, including building a pipeline to transfer gas from Norway to Britain.
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Oil prices rose more than $1 a barrel yesterday after an attack on an oil facility in Iraq and after Saudi Arabia's oil minister said OPEC might decide to cut output again when it meets next month.
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Iraq is planning to spend more than $1 billion in 2005 to boost its oil production capacity by about 15 percent to 3.25 million barrels a day, an Iraqi official said.
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The Nigerian Senate has ordered Anglo-Dutch oil giant Shell to pay 1.5 billion dollars (1.2 billion euros) compensation for damages caused by nearly 60 years of exploration in the Niger Delta, a Senate document said.
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Multinational oil giant, Royal Dutch/Shell has disclosed that its out put remains unchanged despite its evacuation of non-essential staff from two oil production plants in its eastern operations area in the Niger- Delta where Nigerian troops are engaged
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LONDON : Royal Dutch/Shell announced plans to boost investment in exploration and production, making the replacement of its reserves a top priority as it seeks to restore battered investor confidence.
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Royal Dutch/Shell Group on Wednesday said it will spend $45 billion and sell off up to $12 billion worth of assets to reinvigorate its underperforming oil and natural gas business.
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A North American energy company which operates a major North Sea oil field is selling its British division for 2.1 billion (Â£1.14 billion), it was announced today.
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The purchase, which ConocoPhillips, the American energy conern, made at an auction today for the Russian government's stake in Lukoil, sets the stage for projects in Iraq.
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OPEC will take one million barrels of oil  a day off oversupplied world markets as soon as possible with  its first output cut in more than two years, a senior OPEC  delegate said on Thursday, sending oil prices up nearly $1.50.