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Archive for October 26th, 2006

Exxon says not expecting any ‘real issues’ on Sakhalin-1 probe

Exxon Mobil Corp. does not expect major issues to arise out of an environmental probe by the Russian government on its Sakhalin-1 project, a company executive said Thursday.
"The inspection hasn't started," but there has been ongoing interaction with government officials, said Henry Hubble, Exxon Mobil's vice president for Investor relations. The company is "not expecting [...]

Thursday, October 26th, 2006

Russian prosecutors say they are targeting oil firms

Russian prosecutors promised on Thursday to crack down on oil companies that break environmental rules following a minister's call for a criminal investigation into the Royal Dutch Shell-led Sakhalin-2 project.
"The Prosecutor General Office has taken the decision to introduce additional measures and strengthen legal supervision of compliance with environmental rules," the Prosecutor General's office said [...]

Thursday, October 26th, 2006

Shell: what the analysts say

Analysts were pleased with Shell's increase in profits in the third quarter results.
Oswald Clint, an analyst at Sandford C Bernstein, said: "It looks like a solid set of numbers. All divisions look strong. They should do very well today. We're a 'hold' at the moment, mainly over cost concerns which are the main overhang on [...]

Thursday, October 26th, 2006

Shell says asset swap talks with Gazprom continue despite Sakhalin woes

Royal Dutch Shell PLC and Gazprom are continuing discussions over a possible asset exchange, which includes Sakhalin-2, despite the environmental problems suffered by the controversial 20 bln usd Russian gas project.
The pair last year signed a preliminary agreement giving Gazprom, the Russian gas monopoly, a 25 pct stake in Sakhalin-2.
Shell, in return, will get a [...]

Thursday, October 26th, 2006

Shell hopes talks will resolve Sakhalin problems

Royal Dutch Shell Plc hopes discussions with Russian officials will resolve problems at its Sakhalin-2 project and expects to remain operator of the development, the oil major's chief executive said on Thursday.
Sakhalin-2 has been subject to intense Kremlin scrutiny since Shell doubled its estimate of the project's development budget to $20 billion last year.
Russian officials [...]

Thursday, October 26th, 2006

Minister: Sakhalin Energy implements Sakhalin 2 project disgracefully

"There is no intention to close Sakhalin 2 Project; however, we will demand to observe the environmental legislation," Russian Natural Resources Minister Yuri Trutnev, who is on his work visit in Sakhalin Region, is quoted by Sakhalin Region administration press office as stating on October 25, a REGNUM correspondent informs.
Responding to questions of Russian and [...]

Thursday, October 26th, 2006

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