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Archive for October 27th, 2006

Russia softens rhetoric on Shell, keeps tough talk

Russian Resources Minister Yuri Trutnev softened his rhetoric against the Shell-led Sakhalin-2 project on Friday but repeated that the venture could be halted if its environmental record was not up to scratch.

"It is hard to suspend a project with so much investment and so many employees. We would regard that as an extreme measure. We [...]

Friday, October 27th, 2006

Prosecutors: crime probe into Sakhalin-2 environmental record possible

Russia's General Prosecutor's Office may start a criminal investigation into alleged environmental violations of Sakhalin Energy, the operator of the Sakhalin-2 oil and gas project, provided there are grounds for such an investigation, Marina Gridneva, acting media relations director at the General Prosecutor's Office, said Friday, ITAR-TASS reported.
"After the Natural Resources Ministry submits documents (on [...]

Friday, October 27th, 2006

Sakhalin II may be suspended in some sections

The Shell-led Sakhalin II hydrocarbon project in Russia's Far East could be suspended in some sections, Russia's natural resources minister said Friday.
The multibillion-dollar Sakhalin II project has been accused of inflicting large-scale damage to the ecosystem on Sakhalin's, including illegal deforestation, the dumping of toxic waste, and soil erosion.
Yury Trutnev said the project would not [...]

Friday, October 27th, 2006

Russia ambivalent about Sakhalin production sharing deals

Russian energy projects governed by production sharing agreements are now facing environmental scrutiny, possibly indicating Moscow's unhappiness over the terms of deals made almost a decade ago.
Russian officials went as far as threatening to shut down the country's largest production sharing agreement (PSA) project, Sakhalin-2. Last week Natural Resources Minister Yuri Trutnev issued a warning: [...]

Friday, October 27th, 2006

Sparkling results help Shell show BP how to do it

Shell rubbed salt into the wounds of bitter rival BP with sparkling third-quarter results and said it hoped to overcome problems at its flagship Sakhalin development in Russia through talks with the authorities.
Buoyed by strong oil prices, the Anglo-Dutch oil and gas giant grew underlying profits by 21% to $7bn (?3.7bn), well above expectations, as [...]

Friday, October 27th, 2006

Shell Sees Sakhalin-2 in Black by 2013

Royal Dutch Shell said Thursday that it expected to recover by 2013 the costs incurred under a production-sharing agreement governing its Sakhalin-2 project.
Shell is in talks with Russian authorities and is still negotiating an asset swap that would bring Gazprom into the venture, chief executive Jeroen van der Veer said in a conference call.
"We are [...]

Friday, October 27th, 2006

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