Editor’s Note: Royal Dutch Shell plc (ADR) (NYSE:RDS.A), TOTAL S.A. (ADR) (NYSE:TOT), Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR), PetroChina Company Limited (ADR) (NYSE:PTR)
FG tasked on oil theft, illegal refining, power sector (BusinessDay)
Royal Dutch Shell plc (ADR) (NYSE:RDS.A) has insisted that the incidences of oil theft and illegal refining escalated in 2012 with a significant environmental cost, urging the government to do more in terms of security and power supply to curb the twin menace. The company, in its Sustainability Report 2012 published last week on the company’s website, said its Nigerian unit, SPDC, experienced 137 spills as a result of sabotage and theft last year, with the volume of oil lost amounting to 3.3 thousand tonnes. According to the oil giant, most of the stolen oil ends up in ocean-going tankers that transport it to refineries in other parts of West Africa, Europe and beyond. Those involved – both in Nigeria and outside – mastermind this multibillion-dollar business using influence, corruption and violence to protect their interests.
Morocco: WSEW Denounces Total SA “Irresponsible Comeback” in Occupied Western Sahara (AllAfrica.com)
Western Sahara Resource Watch launched today, Monday, a report denouncing the “irresponsible comeback” of the French oil company TOTAL S.A. (ADR) (NYSE:TOT)’ in occupied Western Sahara, adding that this shows a “complete disregard of basic principles of corporate social responsibility.” In a report published Monday, WSRW underlined that Total SA Company “carries out exploration in the territory despite the UN legal office stating it would be in violation of international law.” “TOTAL S.A. (ADR) (NYSE:TOT) shows a complete disregard of basic principles of corporate social responsibility. It refuses to listen to any talks of the legitimate rights of the people of the occupied territory”, stated Erik Hagen, chair of Western Sahara Resource Watch.
Petrobras oil, gas output in July falls 2.5 pct on maintenance (Reuters)
Production of oil and natural gas at Brazil’s state-run oil company Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) fell 2.5 percent in July compared to a year earlier as platforms and production facilities were shut down for maintenance. Petrobras, as the company is known, produced an average 2.49 million barrels of oil and natural gas equivalent a day (boepd) in Brazil and abroad during the month, compared with 2.55 million boepd a year earlier, the Rio de Janeiro-based company said in a statement. July output was 4.67 percent lower than in June.
Shell Sells More Forties Crude; BP Lifts Saturno Force Majeure (Businessweek)
Royal Dutch Shell plc (ADR) (NYSE:RDS.A) sold two more cargoes of North Sea Forties crude after offloading three lots yesterday. A bid and an offer for Russian Urals blend were withdrawn in the Platts window. Petroineos, a joint venture between PetroChina Company Limited (ADR) (NYSE:PTR) and Ineos Group AG, bought F0908 for loading Sept. 15 to Sept. 17 at 30 cents a barrel above Dated Brent and a Sept. 20 to Sept. 22 cargo at plus 65 cents, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. That compares to three trades yesterday at 45 cents to 95 cents. Glencore Xstrata Plc failed to buy Forties for Sept. 24 to Sept. 27 at 85 cents above Dated Brent, the survey showed.
Total CEO Says Kazakhstan’s Kashagan to Start Output Imminently (Businessweek)
TOTAL S.A. (ADR) (NYSE:TOT) expects Kashagan, a Caspian Sea oilfield in Kazakhstan waters, will start output imminently, according to Chief Executive Officer Christophe de Margerie. “We are very close,” de Margerie said in an interview today at an employers’ group meeting. “We had hoped it would happen already but we had a few little last-minute problems.” Kashagan, slated to produce as much as 370,000 barrels of oil a day, was due to start output by June, about eight years later than first planned and with costs nearing $46 billion, almost double early estimates. Exxon Mobil Corp., Royal Dutch Shell plc (ADR) (NYSE:RDS.A), Eni SpA, Inpex Corp. and KazMunaiGaz also own stakes. TOTAL S.A. (ADR) (NYSE:TOT) is counting on the field to help meet production targets.
