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2015-11-05 19:20:00

SHELL WILL SELL $20 BLN

SHELL WILL SELL $20 BLN

Royal Dutch Shell announced organizational changes in its business as it prepares for its biggest ever takeover amid what it expects to be a prolonged downturn in oil prices.

Europe's biggest oil company will run its natural gas business as a "stand-alone organization" led by Maarten Wetselaar, who will become integrated gas director and a member of the executive committee, Shell said in a statement on Tuesday.

Marvin Odum, currently director of the company's upstream unit in the Americas, will lead a new unconventional resources unit, including heavy oil and shale activities in the Americas.

Shell also raised its estimate of savings from synergies for the acquisition of BG Group by $1 billion to $3.5 billion. The company is targeting $11 billion of total cost savings this year, including a 10% reduction in operating costs and 20% lower capital spending, according to the statement.

It plans to sell $20 billion of asset in the two years to the end of 2015 and reiterated a plan to dispose off $30 billion from 2016 to 2018, following the acquisition of BG Group.

The net asset value Brent crude price break even for the BG deal is currently estimated to be in the mid-$60s, the company said.

gasprocessingnews.com

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More: 

SHELL LOSS $6.12 BLN 

SHELL: FUNDAMENTAL DRIVERS 

SHELL & GAZPROM TALKS 

SHELL STOPPED DRILLING 

SHELL & BG RISKS

 

Tags: SHELL, BG, EUROPE

Chronicle:

SHELL WILL SELL $20 BLN
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

SHELL WILL SELL $20 BLN
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

SHELL WILL SELL $20 BLN
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

SHELL WILL SELL $20 BLN
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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