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2015-11-05 19:15:00

SHELL & BG PRESENCE

SHELL & BG PRESENCE

Royal Dutch Shell outlined Tuesday its strategy for making its merger with BG profitable in a world with falling oil prices, revealing another $1 billion in cost savings from the deal.

Chief Executive Officer Ben van Beurden said cost savings for the deal are now expected to be $2 billion, bringing total synergies to $3.5 billion in 2018. Examples include savings on corporate costs such as real estate.

"The $1 billion increase is in operating cost synergies and has arisen from both de-risking our original assumptions but also from identifying further opportunities," he told reporters on a conference call. "Plans also call for $1.5 billion of synergies for the combined exploration portfolio in 2018."

Shell agreed to buy British rival BG Group for 47 billion pounds ($69.7 billion) in April, in a deal widely seen as an effort by the energy company to adapt to lower prices. The deal will boost Shell's oil and gas reserves by 25 percent and give it a bigger presence in the fast-growing liquefied natural gas market.

Companies were once accustomed to oil at $100 a barrel or more. But oil dropped to a six-year low in August as Brent crude, the benchmark for North Sea oil, averaged $50.26 a barrel in the third quarter, down 51 percent from a year earlier.

The price of oil was about $58 a barrel on the day the deal was announced.

Van Beurden said only the most competitive projects would go ahead and that Shell was planning for a prolonged downturn.

"We are reshaping the company and this will accelerate once the transaction is completed," Van Beurden said.

The boards of both companies had recommended that shareholders approve the deal.

Christian Stadler, professor of strategic management at Warwick Business School, said Shell's strategy update on Tuesday was essentially taking a pro-active step to avert poor publicity — should shareholders start questioning the mega-merger.

"I presume this was a reassurance call," he said. "People will ask questions with the oil price where it is."

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Tags: SHELL, BG, GAS

Chronicle:

SHELL & BG PRESENCE
2018, June, 22, 13:10:00

THE LARGEST VENEZUELA'S OIL

U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.

SHELL & BG PRESENCE
2018, June, 22, 13:05:00

U.S. DEFICIT UP FROM $116.1 BLN TO $124.1 BLN

U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.

SHELL & BG PRESENCE
2018, June, 22, 13:00:00

EUROPE'S NUCLEAR INVESTMENT : €50 BLN

WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.

SHELL & BG PRESENCE
2018, June, 20, 13:15:00

OIL PRICE: ABOVE $75

REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.

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