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Share Price Information for Shell (SHEL)

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Share Price: 2,815.00
Bid: 2,814.50
Ask: 2,815.00
Change: 24.00 (0.86%)
Spread: 0.50 (0.018%)
Open: 2,797.50
High: 2,817.00
Low: 2,796.50
Prev. Close: 2,791.00
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Newcomer Elysian, Petrobras notch big wins in Brazil oil auction

Wed, 13th Dec 2023 23:16

RIO DE JANEIRO, Dec 13 (Reuters) - Oil companies including Elysian along with veterans Petrobras and Chevron snapped up the most blocks up for grabs in Brazil's latest offshore oil auction marked by climate protests, as the South American nation looks to replenish reserves with new discoveries.

Oil regulator ANP ran the tender that assigned 192 exploration and production areas out of more than 600 on offer, with newcomer Elysian winning 122 of them.

The government will receive nearly 500 million reais ($102 million) from the blocks auctioned, mostly from contracts for areas in the deep water Pelotas Basin along Brazil's southern coast.

State-run Petrobras secured 29 blocks in the deep water basin, all as operator with consortium partner Shell . In three of them, China's state-owned CNOOC also formed part of the winning group.

"We achieved a very successful strategy... We entered a border area with little probability of having environmental problems," said Petrobras CEO Jean Paul Prates, describing the area as "very prolific."

U.S. major Chevron also won rights in 15 blocks in the same basin.

Elysian is based in Minas Gerais state and was created only in August to compete in the auction. Its winning bids stretched across three other offshore basins - Potiguar, Espirito Santo and Sergipe Alagoas.

Outside the Rio de Janeiro hotel where the auction took place, climate activists loudly protested the push to keep pumping more fossil fuels, linked by scientists to catastrophic global warming, demanding an immediate transition to clean energy.

"The signals that the Brazilian government is sending to the international community with an oil auction a day after the (the global climate meetings in Dubai) are the worst possible," said Marcelo Laterman, coordinator of Greenpeace's Oceans Front.

In his opening speech, ANP head Rodolfo Saboia acknowledged the auction may seem like a contradiction, but he argued the world's dependence on fossil fuels will not be eliminated in five or ten years.

He added that new oil and gas exploration is needed to avoid falling oil production over the next decade.

Brazil is Latin America's top crude oil producer, followed by Mexico, Colombia and Venezuela.

In the offshore Santos Basin, Karoon won a pair of blocks, while CNOOC and Norway's Equinor won the other two alone.

Five more blocks in Brazil's pre-salt offshore areas were also auctioned under a sharing regime, with BP winning the rights for the only one that received bids in the Santos Basin. ($1 = 4.9256 reais) (Reporting by Marta Nogueira and Rodrigo Viga Gaier; Writing by Peter Frontini; Editing by Jonathan Oatis, Leslie Adler and Josie Kao)

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Trinidad court recognizes ConocoPhillips' $1.3 bln claim against Venezuela

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30 May 2024 13:13

Exxon moves to smaller offices as it cuts back Nigerian operations

LAGOS, May 30 (Reuters) - ExxonMobil is not renewing a 33-year-old lease on its expansive offices in Lagos's upscale Lekki district which expires on Friday, three sources inside the company told Reuters, as it looks to scale down operations in Nigeria.

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Japan's Inpex supplied oil to Germany from Kashagan, sources say

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29 May 2024 21:16

BP, Trinidad's NGC receive US license for gas development with Venezuela

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29 May 2024 16:19

Sustainable Finance Newsletter - Corporate rage at proxy advisers may be misplaced

May 29 (Reuters) -

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29 May 2024 13:36

Shell, Exxon near deal to sell North Sea assets to Viaro, sources say

LONDON, May 29 (Reuters) - Shell and Exxon Mobil are nearing an agreement to sell their jointly-owned gas fields in the southern North Sea to independent British producer Viaro Energy, three industry and banking sources said.

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28 May 2024 11:21

All change at top of Ithaca Energy ahead of purchase of Eni UK assets

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27 May 2024 11:00

BP, EOG Resources in talks to jointly develop Trinidad gas field

May 27 (Reuters) - Oil major BP and U.S. shale producer EOG Resources are in discussions to jointly develop a natural gas field off the coast of Trinidad and Tobago, the British company said.

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25 May 2024 17:56

South Africa's Central Energy Fund acquires Durban refinery land, assets

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24 May 2024 09:03

Equinor to boost Troll gas output with $1.1 bln investment

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23 May 2024 21:40

Republican-led states ask Supreme Court to quash Big Oil climate lawsuits

May 23 (Reuters) - Nineteen Republican attorneys general have filed a rare complaint directly with the U.S. Supreme Court asking it to block several Democratic-led states from pursuing climate change-related litigation against major oil and gas companies in state courts.

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23 May 2024 14:29

Australian natural gas industry seeks policy repairs to boost investment

PERTH, May 23 (Reuters) - Australia's natural gas industry executives are seeking more measures to restore an investment environment they say has been damaged by a series of state interventions to boost domestic supply and curb soaring energy prices.

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22 May 2024 21:54

US lawmakers urge Justice Department to probe climate deception by Big Oil

May 22 (Reuters) - U.S. lawmakers behind a congressional probe of major oil companies on Wednesday called on the Justice Department to investigate whether the industry deceived the public about fossil fuels' impact on climate change.

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21 May 2024 19:07

Shell shareholders reject investor climate resolution

Investor climate resolution gets 18.6% shareholder support

*

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20 May 2024 18:18

Europe Distillates-Diesel margins rise slightly

LONDON, May 20 (Reuters) - Northwest European diesel barge refining margins about 20 cents to $19.04 a barrel on Monday amid a flurry of buying activity.

*         Nearly 15,000 metric tons of diesel barges traded on
Monday
after a quiet previous session. Glencore, Shell and BP sold to
TotalEnergies and Litasco.
* EU and UK diesel and gasoil imports are on track to
reach 1.16
million barrels per day this month, Kpler data showed, broadly steady
from April levels.

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