Dutch Prosecutors Target Shell Over Nigeria Oil Deal
Dutch prosecutors are preparing criminal charges against Royal Dutch Shell over the $1.3 billion acquisition of an Nigerian offshore oilfield, ramping up pressure on the energy firm that already faces bribery charges in Italy over the case.Within hours of Friday's announcement on the Nigerian case, the Dutch prosecution said the oil and gas giant would also be charged in two domestic cases relating to an explosion at a petrochemical facility and emissions.Although the cases are unrelated…
Dutch SBM Offshore Leniency Deal Approved by Brazilian Court
A leniency deal between Brazilian prosecutors and Dutch-based SBM Offshore has been approved by a judge, opening the way for the marine engineering group to bid for new contracts in its largest market.As a result of its role in a major corruption scandal involving state-owned oil company Petrobras, SBM had agreed to pay a total of 1.4 billion reais ($359.2 million) in fines and compensation.The company was accused of paying bribes to secure contracts with Petrobras and had been barred from taking on new business.
SBM Offshore: $45 Mln in Extra Impairments in Q3
SBM Offshore, the Netherlands-based maker of floating oil and gas production facilities, on Thursday said it expected $45 million in impairments in Brazil and the United States.In Brazil, SBM Offshore has decided to temporarily close the Brasa construction yard for "at least the coming two years" resulting in a net book value of zero and an impairment charge of around $20 million, it said in a trading update.Due to slowed activity in the floating production market, SBM Offshore said goodwill related to the acquisition of Houston-based subsidiaries has been impaired in full…
Fugro H1 Profit Boosts Shares
Dutch deep-sea prospector Fugro on Wednesday surprised the market with a first-half profit, driven by strong growth in offshore wind projects, sending its shares sharply higher.The company, hit by a downturn in the oil sector in recent years, reported first-half earnings before interest and tax (EBIT), excluding exceptional items, of 4.0 million euros ($4.7 million) compared with a year-earlier loss of 25.3 million euros.Analysts in a poll conducted for the company had on average expected an EBIT loss ex-items of 1.9 million euros.Fugro shares traded in Amsterdam were up nearly 7 per
Shell Targets Former Senior Executive in Nigeria Graft Complaint
Royal Dutch Shell has filed a criminal complaint against a former senior employee over suspected bribes in the $390 million sale of an oilfield in Nigeria, where the company is already under investigation over a separate deal. Dutch prosecutors confirmed they had received the complaint against Peter Robinson, a former vice president for sub-Saharan Africa. They said it would be included in an ongoing investigation into Shell and Italy's Eni over the acquisition of a different Nigerian oilfield, known as OPL 245. Shell and Eni deny any wrongdoing related to OPL 245.
Dutch Plan to Build Giant Offshore Solar Power Farm
An offshore seaweed farm in the North Sea will be turned into a large solar power farm that aims to pipe energy to the Dutch mainland in roughly three years. The project comes at a critical time for the Netherlands, which is struggling to curb fossil fuel use and meet greenhouse gas emission targets after years of underinvestment in renewable energy sources. After an initial pilot next year, a consortium comprising energy producers, scientists and researchers plans to ultimately operate 2…
Dutch PM Says to Reduce Groningen Gas Production Further
Dutch Prime Minister Mark Rutte said on Friday he wanted to make further cuts to production at the Groningen gas field, where output has already been cut by more than half in recent years. "We have been reducing since 2012, from above 50 bcm (billion cubic metres) to 21 bcm, and the cabinet wants to reduce further," he told journalists in The Hague. Reporting by Anthony Deutsch
SBM Offshore Raises Outlook Buoyed by Deepwater Spending
SBM Offshore, a Dutch provider of floating oil and gas production vessels, raised its core earnings guidance on Wednesday citing clients slowly spending more on deepsea projects. "Deepwater is becoming attractive again. It's on a par from an economic standpoint with shale oil," said Chief Executive Bruno Chabas, in reference to a recovery in spending which fell after a sharp drop in oil prices in 2014. Due to low production costs, the shale oil market has attracted huge investments, especially in the United States, and outperformed investor interest elsewhere in the oil market.
Shell Eyes Next Tender for Dutch North Sea Wind Farm
Royal Dutch Shell, which lost a bid to build a Dutch North Sea wind park in July, is interested in entering a second tender process opening next week, an official said on Thursday. A Shell spokesman could not confirm that Shell would bid on the 680 megawatt (MW) Borssele III and IV wind farms, but said it was studying the option. The Dutch government awarded the first Borssele I and II 700 MW wind farms to Denmark's Dong Energy, which bid at a record low price. The tender for two additional offshore sites, Borssele III and IV, will have combined 680 MW output.
Dutch Government: Dong Energy Wins Borssele Offshore Wind Contract
The Dutch government said on Tuesday it had awarded two wind farms with a capacity of 350 megawatts (MW) each to Denmark's Dong Energy <IPO-DONG.CO>. Dong's bid was selected out of 38 offers for Borssele I and Borssele II, including Anglo-Dutch oil major Shell in partnership with Dutch energy supplier Enerco and contractor Van Oord NV. Dong will build the wind farm by 2020, the Dutch Economic Affairs ministry said in a statement. (Reporting by Anthony Deutsch)
Dutch Govt to Issue Draft Decision on Groningen
The Dutch government will publish its preliminary view on whether output at Groningen, Europe's largest gas field, needs to be reduced further in about two weeks, a Ministry of Economic Affairs spokesman said on Wednesday. Small earthquakes linked to production have damaged buildings and already forced operators to cut output by nearly a third since 2014 to 27 billion cubic metres (bcm) this year. On June 30 or July 1, the ministry will publish a preliminary view based on recommendations by Groningen operator NAM…
SBM Offshore: US Authorities Reopen Corruption Probe
SBM Offshore, the world's top oil production ship leasing company, said on Wednesday that U.S. authorities had re-opened an inquiry into bribery allegations involving the Dutch company. SBM Offshore reached a record $240 million settlement in November 2014 with Dutch and U.S. authorities relating to corruption charges in Angola, Brazil and Equatorial Guinea, involving an estimated $200 million in bribes paid between 2007 and 2011. SBM Offshore said in a statement it was setting aside $245 million for a possible settlement with Brazilian authorities…
Russia Appeals $50 bln International Damage Edict
Russia on Tuesday began its appeal in the Netherlands against an international arbitration order that Moscow pay $50 billion in damages to shareholders in the defunct Russian oil giant Yukos. Most of Yukos' assets were acquired by Russia's state-owned oil producer Rosneft after Yukos was declared bankrupt and its founder Mikhail Khodorkovsky was imprisoned. Once Russia's richest man, Khodorkovsky was accused of tax evasion and fraud after he fell foul of the Kremlin. He was released suddenly in December 2013.
Brazil Prosecutors Charge 12 in SBM Offshore Graft Scheme
Brazilian prosecutors on Thursday charged 12 people with a bribery scheme involving Dutch firm SBM Offshore NV, the world's top leaser of oil production ships, and state oil firm Petroleo Brasileiro SA . Police said they had four arrest orders as part of the scheme, dubbed "Operation Black Blood," though two of them involved suspects already in jail in the southern city of Curitiba, the epicenter of a broader investigation into price fixing and bribery on Petrobras contracts with engineering firms.
SBM Offshore Hit By Slowing Industry Spending
SBM Offshore the world's top oil production ship leaser, said on Wednesday a fall in orders hit its third-quarter revenue as clients trimmed spending amid ongoing low oil prices. The Amsterdam-based company, which generates roughly 60 percent of its business in Brazil, is negotiating a settlement with authorities there over alleged payments to state officials to win contracts with Pertobras, Brazil's state-run oil company. SBM said that while those discussions were ongoing and it is once again eligible to bid on tenders in its biggest market…
SBM Offshore First-half Beats Forecasts
SBM Offshore, the Dutch oil and gas platform leasing company, reported better than expected first-half profit on Wednesday after slashing costs and said it would double annual savings at a time of low oil prices. SBM Offshore, which has said it will cut 1,500 staff, or more than 10 percent of its global workforce, expects annual savings of about $80 million compared with previous guidance of $40 million. It also increased its 2015 revenue forecasts to $2.6 billion, from $2.2 billion…
Dutch Govt. to Halt Gas Output in Part of Groningen Field
The Dutch government said it would immediately implement a court order to halt production in part of Europe's largest gas field after a ruling that raised industry concerns of further output curbs because of safety fears over earthquakes. In a preliminary ruling on Tuesday, the Council of State ordered the government to a halt production around the village of Loppersum in the northern province of Groningen, where the gas field is located. It stopped short of imposing the full block on production in the gas field that complainants had sought.
Exxon-Shell Gas Venture to Adjust Groningen Output
Dutch gas production company NAM and national gas trading company GasTerra said on Wednesday they were studying how to compensate for a court ruling that halted production at part of the massive Groningen gas field because of safety concerns. A spokesman for GasTerra said it was not yet clear whether his organisation may have to purchase additional gas on the open market, or whether NAM may be able to increase production in other areas to make up for the production halt around the town of Loppersum.
Dutch Ordered to Quicken Greenhouse Gas Cuts
Emission cut should be at least 25 pct on 1990 levels; could pave the way for similar lawsuits. A district court ordered the Dutch government on Wednesday to cut greenhouse gas emissions faster than currently planned in a rare use of the legal system to curb global warming. A judge in The Hague said the state must "ensure that the Dutch emissions in the year 2020 will be at least 25 percent lower than those in 1990" as the Netherlands' fair share to avert more heat waves, floods and rising sea levels.
Dutch Government Bans Shale Gas Drilling for 5 years
The Dutch government on Friday said it would ban shale gas drilling for five years and will not renew existing licences for exploration, a statement said. Prime Minister Mark Rutte told reporters: "There will be no drilling for shale gas during this government." (Reporting by Anthony Deutsch; editing by David Clarke)