Latest news with #ShellPlc
Bloomberg
2 days ago
- Business
- Bloomberg
Namibia Weighs Incentives to Kickstart Total's Offshore Oil Plan
Namibia will offer financial incentives to help kick-start the development of oil fields managed by a group led by TotalEnergies SE, according to a special adviser in the presidency. TotalEnergies and Shell Plc in 2022 made the first in a series of finds off the coast of the southwest African nation. But the explorers have also hit dry wells, prompting them to write off drilling costs as they learned more about the fields.
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Business Standard
3 days ago
- Business
- Business Standard
Shell CEO warns of 'huge impact' on trade if Strait of Hormuz blocked
By Stephen Stapczynski and Shery Ahn Shell Plc, one of the biggest traders of oil and natural gas, has contingency plans in case the conflict between Israel and Iran disrupts flows from the region, warning that a potential blockage of the Strait of Hormuz could deliver a substantial shock. 'If that artery is blocked, for whatever reason, it has a huge impact on global trade,' Chief Executive Officer Wael Sawan said at the Japan Energy Summit & Exhibition in Tokyo. 'We have plans in the eventuality that things deteriorate.' The global energy market has been transfixed by the conflict between Israel and Iran, including the possibility the US may decide to join the assault. So far, while crude has spiked due to the tensions, there's been no major interruption to flows of energy, although traders are on high alert for the possibility. About a quarter of the world's oil trade passes through the Strait of Hormuz, which links the Persian Gulf to the Indian Ocean. In the past, Iran has targeted ships traversing the chokepoint, and has threatened to block the waterway. In recent days, ships' signals have been jammed. 'What is particularly challenging right now is some of the jamming that's happening,' said Sawan, referring to the interference in navigation signals in and around the Persian Gulf. Shell is 'being very careful' with shipping in the Middle East due to the conflict, he said. In recent days, Qatar asked tankers to wait outside the strait until they're ready to load, while Japanese shipper Nippon Yusen KK instructed its vessels to maintain a safe distance from the shore while navigating Iranian waters.
Yahoo
3 days ago
- Business
- Yahoo
Shell CEO Warns of ‘Huge Impact' If Strait of Hormuz Blocked
(Bloomberg) -- Shell Plc, one of the biggest traders of oil and natural gas, has contingency plans in case the conflict between Israel and Iran disrupts flows from the region, warning that a potential blockage of the Strait of Hormuz could deliver a substantial shock. Security Concerns Hit Some of the World's 'Most Livable Cities' JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown How E-Scooters Conquered (Most of) Europe NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports 'If that artery is blocked, for whatever reason, it has a huge impact on global trade,' Chief Executive Officer Wael Sawan said at the Japan Energy Summit & Exhibition in Tokyo. 'We have plans in the eventuality that things deteriorate.' The global energy market has been transfixed by the conflict between Israel and Iran, including the possibility the US may decide to join the assault. So far, while crude has spiked due to the tensions, there's been no major interruption to flows of energy, although traders are on high alert for the possibility. About a quarter of the world's oil trade passes through the Strait of Hormuz, which links the Persian Gulf to the Indian Ocean. In the past, Iran has targeted ships traversing the chokepoint, and has threatened to block the waterway. In recent days, ships' signals have been jammed. 'What is particularly challenging right now is some of the jamming that's happening,' said Sawan, referring to the interference in navigation signals in and around the Persian Gulf. Shell is 'being very careful' with shipping in the Middle East due to the conflict, he said. In recent days, Qatar asked tankers to wait outside the strait until they're ready to load, while Japanese shipper Nippon Yusen KK instructed its vessels to maintain a safe distance from the shore while navigating Iranian waters. (Updates to add detail in third, fourth paragraphs) Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? The US Has More Copper Than China But No Way to Refine All of It How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
3 days ago
- Business
- Bloomberg
Shell ‘Being Very Careful' With Shipping Around Iran, CEO Says
Shell Plc, one of the biggest traders of oil and natural gas, is 'being very careful' with shipping in the Middle East due to the conflict between Israel and Iran, said the company's chief executive officer. 'What is particularly challenging right now is some of the jamming that's happening,' CEO Wael Sawan said at the Japan Energy Summit & Exhibition in Tokyo on Thursday, referring to the interference in navigation signals in and around the Persian Gulf.
Bloomberg
5 days ago
- Business
- Bloomberg
Ex-Shell US Oil Trading Boss Claims He's Owed $29 Million Bonus
Shell Plc's former head of oil trading in the US was stiffed on his 2020 bonus by more than $29 million, he claims in a lawsuit that shines a light on compensation inside the oil major's lucrative trading unit. John Dimech alleges that even though his unit's profits doubled in 2020, his bonus for that year was little changed after Shell unexpectedly modified pay calculations, according to the lawsuit in federal court in Texas. If Shell had adhered to its established formula for calculating bonuses, Dimech claims he would have received about $40 million. But he only got about $11 million instead.
