Royal Dutch Shell Awards Enterprise Framework Agreement to Tyco

- Royal Dutch Shell Awards Enterprise Framework Agreement to Tyco



Aug 31, 2011

Tyco International's (NYSE:TYC) flow control unit has been selected by Shell (NYSE:RDS-A) to provide butterfly valves to Shell globally.

The five-year Enterprise Framework Agreement covers more than 2,500 of Tyco's Vanessa, Winn, NeoTecha, Sapag brand butterfly valves, for use in projects, maintenance repair operations and turnaround applications.

David Dunbar, president of Tyco Valves & Controls, a unit of Tyco Flow Control said, "We appreciate the confidence Shell has shown in Tyco Flow Control with this EFA. As Shell grows, Tyco can scale with the company, bringing technology, leadership and service wherever they are needed."

Tyco International (NYSE:TYC) has a potential upside of 25.3% based on a current price of $41.9 and an average consensus analyst price target of $52.5.

Oil & Gas Post

Promote Your Page Too
LINK

Royal Dutch Shell Trying to Stop Oil Leak in North Sea

- Royal Dutch Shell Trying to Stop Oil Leak in North Sea



Aug 18, 2011

Royal Dutch Shell (NYSE:RDS.A) is trying to stop an oil spill leak in the North Sea.

In the first phase of the operation to shut down the leak, engineers have lowered five giant concrete "blankets" on to a stretch of pipeline to place it back on the seabed after it lifted 4 feet off the sea floor.

Work is ongoing to lay concrete blankets to secure the pipeline, Shell spokesman Steve Harris said.

"First, we have to make a risk assessment ... to make sure that we can find a safe way to shut it off. We expect the result of the risk assessment very quickly and then divers will go down 300 feet (90 meters) and turn off the remaining amount of oil that is leaking into the sea."

Nearly 1,300 barrels of oil has leaked from its Gannet Alpha platform since August 12.

Royal Dutch Shell (NYSE:RDS.A) has a potential upside of 32.6% based on a current price of $63.21 and an average consensus analyst price target of $83.83.

Oil & Gas Post

Promote Your Page Too
LINK

56,600 Gallons of Oil Spilled in North Sea

- 56,600 Gallons of Oil Spilled in North Sea



Aug 15, 2011

Royal Dutch Shell (NYSE:RDS.A) estimated Monday that 54,600 gallons of oil have spilled into the North Sea from an oil rig off eastern coast of Scotland.

The Gannet Alpha oil rig, located 112 miles east of the city of Aberdeen, is operated by shell and Eddo, a subsidiary of Exxon Mobil (NYSE:XOM).

According to the technical director of Shell's European exploration and production activities, "We care about the environment and we regret that the spill happened."

It was not clear when the leak began last week. Shell announced it Friday and said it was under control on Saturday.

Exxon Mobil (NYSE:XOM) has a potential upside of 25.7% based on a current price of $73.9 and an average consensus analyst price target of $92.88.

Oil & Gas Post

Promote Your Page Too
LINK

PetroVietnam Explores Overseas Options

PetroVietnam Explores Overseas Options

Friday, April 01, 2011
Knight Ridder/Tribune Business News

The PetroVietnam Group will spend US $2.35 billion developing 25 petroleum projects in countries of the former Soviet Union, as well as Venezuela and elsewhere in Latin America. Oil and gas exploitation overseas would eventually reach 2-3 million tonnes per year, with reserves as high as 15 million tonnes.

The group made the announcement at a conference in Ha Noi this week held by the ministry of industry and trade to discuss opportunities for the development of Viet Nam's oil and gas industry with Dutch companies.

PetroVietnam was also intending to invest a total of $84 billion between now and 2015 in strengthening oil and gas exploitation, petrochemicals production and other related lines of business, the group said.

Nguyen Thanh Tung, an official from the ministry of industry and trade, told the conference that the potential for the oil and gas industry and the energy sector overall in Vietnam remained great. However, he said, foreign investment and technology was needed to develop a domestic gas processing industry.

Tung said that, to attract investment in the petroleum sector, the Vietnamese government had offered incentives and created opportunities for foreign investors and joint ventures to develop various projects in the nation's oil industry.

Gas exploration and exploitation, particularly in the southern part of the continental shelf, remained in the beginning stages, he said. The nation's untapped gas reserves have been estimated at 682 billion cubic meters, offering a greater potential for exploitation than oil.

According to PetroVietnam, Vietnam's crude oil reserves stood at 4.4 billion barrels at the end of 2010, while crude oil productivity last year reached 15.1 million tonnes. Gas production reached 9.4 billion cubic meters.

The Dung Quat oil refinery has been in operation for two years with a capacity of 6.5 million tonnes per year, corresponding to approximately 148,000 barrels a day and meeting 30 percent of domestic demand for refined petroleum products.

PetroVietnam has plans to build additional refineries in the provinces of Thanh Hoa and Ba Ria-Vung Tau.

Royal Dutch Shell issued deepwater drilling permit by BOEMRE

Royal Dutch Shell issued deepwater drilling permit by BOEMRE



The Bureau of Ocean Energy Management, Regulation and Enforcement, or BOEMRE, approved a deepwater drilling permit for a new well that was described in Shell Offshore’s recently approved Exploration Plan. In order to receive the permit approval, Shell complied with new safety standards implemented in the wake of the Deepwater Horizon explosion and resulting oil spill, BOEMRE said. The approved permit is a permit to drill a new well for Shell’s Well #DC001 in Garden Banks Block 427 in 2,721 ft. water depth, approximately 137 miles off the Louisiana coastline, south of Lafayette.