Oil and gas exploration is back. Energy giants are hunting to replenish reserves
Executives at the CERAWeek Conference in Houston, Texas, this week declared that global energy companies have returned to the basics, focusing their efforts on finding?new oil and gas sources. This marks the end of years of underinvestment. The'shale revolution' in the U.S. in recent years promised a flexible, abundant supply. However, growth in renewable energy sources like wind and sun raised doubts over long-term demand for oil.
Industry executives warn that the global energy crisis is worsening; attempts to plug the supply gap are not enough.
Executives and oil ministers reaffirmed that the global energy crisis has worsened as emergency measures by governments around the world have failed to plug the huge shortfall of oil and gas caused by the U.S. and Israeli?war against Iran. Energy, fertilizers, and petrochemicals costs are rising as the world loses up to 20 million barrels of crude oil per day due to the Iranian closure of the Strait of Hormuz shipping chokepoint.
Shell CEO warns that energy shortages could occur in Europe by the end of next month.
Shell CEO Wael Sawan warned on Tuesday that energy shortages in Europe could occur by the end of next month. Sawan added that Shell is working with governments in order to address the energy crisis. This includes storage and purchasing. Sawan said that the Middle East conflict has already impacted jet fuel supplies. Diesel and gasoline will follow as the summer driving season begins in Northern Hemisphere.
European Energy Shortages Could Be Felt By April
Energy shortages could hit Europe by next month, Shell CEO Wael Sawan said on Tuesday, adding that securing adequate energy supply was critical to national security.Countries cannot have national security without energy security, Sawan said, adding that Shell was trying to work with governments to help them address the energy crisis, including with storage and purchasing. The Middle East conflict…
Macquarie Group Expresses Interest in Shell's European Onshore Renewables
Macquarie Group has expressed early interest in bidding for Shell's European onshore renewable energy business, according to people familiar with the matter, assets that could be valued at more than 1 billion euros ($1.15 billion), another person said.Shell is preparing to launch an auction for the assets in coming weeks, two of the sources said, as CEO Wael Sawan continues to scale back the company's low-carbon operations in favour of liquefied natural gas and upstream busin
Shell Board proposes to raise CEO pay package
Shell's annual reports shows that the board will ask shareholders at its May 19 meeting to "increase the maximum compensation package for the CEO" in order to align incentives with peers who operate in similar industries and geographies. Shell's annual report revealed that CEO Wael Sawan will receive a pay package of 13.8 million pounds (18.47 million dollars) in 2025, compared to 8.6 million pounds the previous year.
Shell Board proposes to raise CEO pay package
Shell's annual reports revealed that the board will ask shareholders to increase the maximum pay package for the CEO during its annual meeting on May 19, in order to align incentives with other companies operating in similar industries and geographies. Shell spokesperson said that Wael Sawan, CEO of Shell, received a pay package worth 13.8 million pounds ($18.47million) in 2025, compared to 8.6 million pounds the previous year.
Shell sells Jiffy Lube for $1.3 Billion to Monomoy Capital
Shell announced on Monday that it would sell its Jiffy Lube chain of lubricant shops to an affiliate of private equity firm Monomoy Capital Partners for $1.3 billion. The oil major is continuing to divest non-core assets as part CEO Wael sawan's strategy. Premium Velocity Auto is also included in the sale, which is the second largest Jiffy Lube franchise. Pennzoil Quaker State Company is a 'wholly-owned subsidiary of Shell USA, that includes Shell's U.S. Lubricants Business.
Shell is reportedly looking to sell some of its Shell Ventures portfolio.
Shell is examining the possibility of selling investments in some companies that are part of its Shell Ventures portfolio. One source said that the British oil giant will retain a large portion of its Ventures investment. The corporate venture fund has interests in early-stage companies and start-ups, focusing on sectors such as power, emissions control and mobility. Shell's CEO Wael…
Kazakh Kashagan oil field operators file arbitration for $4.6 billion fine
Shell, TotalEnergies, Eni and other shareholders of Kazakhstan's Kashagan Oilfield filed an arbitration case against a fine for environmental violations in 2023. The consortium announced this on Tuesday. This is the latest in the growing number of legal disputes in Kazakhstan's hydrocarbon industry. The Kazakh government fined NCOC, a consortium of oil and gas companies in Kazakhstan, 2.3 trillion tenge (then worth $5.4 billion) for environmental violations.
Kazakh Kashagan oil field operators file arbitration for $4.6 billion fine
Shell, TotalEnergies, Eni and other shareholders in Kazakhstan's Kashagan oilfield, have begun arbitration proceedings to challenge a $4.6 billion environmental fine for 2023, according to a Shell spokesperson. This is the latest in an ever-growing web of legal disputes involving the hydrocarbon industry in Kazakhstan. Kazakhstan's government fined NCOC, a consortium of gas processing companies in Kashagan, 2.3 trillion Tenge ($5.4 billion) for environmental violations.
What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. Hugo Chavez, the then president, expropriated foreign oil companies in the 2000s to strengthen the control of the PDVSA, the state-owned oil company, over the oilfields. The U.S., after capturing President Nicolas Maduro, eased sanctions…
Shell claims US general exploration licenses in Venezuela will enable it to move forward with Dragon natural gas project
Shell's Dragon gas project will be able to move forward with the general licenses issued by the U.S. for oil and natural gas exploration in Venezuela this month, according to a Shell spokesperson on Thursday. As U.S. policies toward Venezuela have shifted, the project has been plagued by a series of starts and stops. The company spokesperson said that the recent general licences are a "positive signal" and allow for progress to be made on the Dragon project.
What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. In the early 2000s, the then-President?Hugo Chavez took assets from foreign oil companies to strengthen the control of the state-owned PDVSA over the oilfields in Venezuela. The United States, after capturing Nicolas Maduro as President in January, eased sanctions against Venezuela's oil sector this month.
Shell is in need of a big deal or discovery as its oil and gas reserves are dwindling
Shell and analysts agree that the company needs to find a way to increase production to compensate for an expected shortage of between 350,000 and 800,000 barrels equivalent to oil per day in 2035, due to mature fields that are unable to meet its output targets. Oil majors have resisted the urge to 'top up' their reserves for years. They were aware that a rapid transition from oil and gas to other energy sources could reduce demand.
Shell stops further Kazakhstan investment due to legal disputes, CEO states
Shell has halted new investments in Kazakhstan due to legal actions taken by the government against the oil giant and other international companies over cost disputes. CEO Wael sawan confirmed this. Kazakhstan has been in conflict with international oil companies for many years. It launched arbitration proceedings against the developers who developed its Kashagan oilfields and Karachaganak, claiming $13 billion of disputed costs and $3.5 billion.
Shell stops further Kazakhstan investment due to legal disputes, CEO states
Shell has halted new investments due to legal actions launched by the government against it and other international companies for cost disputes. CEO Wael Sawan said that Shell would halt its new investments because of the legal proceedings. Kazakhstan has been in conflict with international oil companies for many years. It launched arbitration proceedings against the developers who developed its Kashagan oilfield and Karachaganak…
Shell CEO: We want to export Venezuelan Gas through Trinidad
Wael Sawan, the CEO of Shell, told Bloomberg TV that he hopes to have the?gas produced from Venezuela's Dragon Field in three years and then processed in Trinidad and Tobago before export. Shell and Trinidad are trying to increase natural gas supplies to Trinidad's Atlantic LNG Export Facility and the broader petrochemical industry amid shortages caused by dwindling Caribbean island supplies.
Shell misses profit expectations, but keeps buyback pace
Shell's fourth-quarter profits missed expectations on Thursday, with an 11% decline to the lowest levels since early 2021 due to lower oil prices. However, it kept its massive share buyback program. Oil majors are used to large buybacks. However, lower gas and oil prices, ahead of a crude and liquefied gas glut, have led some to speculate that they may be reduced. This is especially true for European companies.
Qatar Energy CEO: By 2030, the LNG glut may be reduced to a gap due to AI power requirements.
Qatar Energy CEO Saad Al-Kaabi said on Monday that the expected global glut of liquefied gas could become a shortage in 2030 due to rising demand for gas and fuels, particularly in Asia. The LNG supply expected between 2026-2029, including projects such as Golden Pass LNG in the U.S. Gulf Coast region and Qatar's North Field Expansion are likely to be significant. Kaabi added that the demand expectation has increased "primarily due to...AI and data center needs".