Voser Steps in as Interim CEO at ABB
ABB Chief Executive Ulrich Spiesshofer has quit the Swiss industrial group as the board and major shareholders look for a speedier turnaround at the maker of industrial robots and supplier of factory automation.Spiesshofer’s abrupt exit follows the launch of the biggest overhaul in ABB’s 31-year history to reposition the company more toward digital industries and agreeing to activist shareholder demands to sell its power grids business.But the latest revamp by the former management consultant failed to revitalize ABB’s stock…
PSA Group Appoints Peter Voser as Chairman
PSA International, one of the world's largest port operators, announced that Peter Voser, currently Deputy Chairman, is taking on the role of Group Chairman of the PSA Board.Fock Siew Wah stepped down as Group Chairman on 1 April 2019, and will assume the role of Special Advisor to PSA until his retirement on 31 July 2019.As one of PSA’s longest serving Chairmen, Fock has steered PSA with visionary leadership and strategic foresight since August 2005. With his astute guidance…
ABB Reorganizes in Digital Push
ABB has launched Stage 3 of its so-called “Next Level” strategy which aims to drive company-wide growth via four entrepreneurial divisions, while realizing the group’s full digital potential and improving operational efficiencies. “Over the last two years, ABB has become faster, leaner and more efficient. We have continuously improved margins and further strengthened our cash generation,” said ABB CEO Ulrich Spiesshofer. Effective January 1, 2017, ABB will shape its divisional structure into four divisions: Electrification Products…
Offshore Brazil: The Libra Field & Brazil’s Pre-Salt Policy
Brazil’s Libra pre-salt field, in Block SS-AUP1 in the Santos Basin, with estimated recoverable oil volumes of 8-12 billion barrels of oil equivalent (BOE) and in place volumes of between 25-40 billion BOE, was the country’s first pre-salt field to be auctioned. The rules governing this historical auction have been shunned by important super-majors such as Exxon Mobil, Chevron and BP and also by major players such as the BG Group and Statoil. Many industry analysts were surprised that state-owned players from China…
Shell Stops Work on GOM Gas Project
Royal Dutch Shell plc announced that the company will not move forward with the proposed 140,000 bpd Gulf Coast gas-to-liquids (GTL) project in Louisiana. Shell is a leader in GTL technology, and the company said it has evaluated a number of development options for GTL on the US Gulf Coast, using natural gas feedstocks. Despite the ample supplies of natural gas in the area, the company has taken the decision that GTL is not a viable option for Shell in North America, at this time, due to the likely development cost of such a project, uncertainties on long-term oil and gas prices and differentials, and Shell’s strict capital discipline.
Shell Pulls Plug on US Gulf Coast GTL Project
Royal Dutch Shell plc says it will not move forward with the proposed 140,000 barrels per day Gulf Coast gas-to-liquids (GTL) project in Louisiana and will suspend any further work on the project. Shell, says it is the industry leader in GTL technology, and has carefully evaluated a number of development options for GTL on the US Gulf Coast, using natural gas feedstocks. Despite the ample supplies of natural gas in the area, the company has taken the decision that GTL is not a viable option for Shell in North America, at this time, due to the likely development cost of such a project, uncertainties on long-term oil and gas prices and differentials, and Shell’s strict capital discipline.
Emir of Qatar Inaugurates Pearl GTL Project
His Highness Sheikh Hamad bin Khalifa Al-Thani, The Emir of Qatar officially inaugurated the Pearl Gas to Liquids (GTL) Project, the largest GTL plant in the world and the largest energy project in the state of Qatar. Visiting dignitaries including HRH Prince Andrew, The Duke of York, toured the facility and were briefed on the state-of-the-art technologies used to convert natural gas resources from Qatar’s North Field into high quality liquid fuels and products that will be sold at premium all over the world. Pearl GTL has been jointly developed by Qatar Petroleum and Shell creating an additional route for Qatar to generate value from its enormous supply of gas.
Shell, China Petroleum Agree on Joint Venture
Shell and China National Petroleum Company (CNPC) today signed a Global Alliance Agreement emphasizing their shared intent to pursue mutually beneficial cooperation opportunities internationally as well as in China. The two parties also signed a Shareholders Agreement to establish a Well Manufacturing joint venture (50% CNPC and 50% Shell) subject to further corporate and government approvals. It is intended that the joint venture will develop an innovative, highly automated Well Manufacturing System (WMS) that could significantly improve the efficiency of drilling and completing new wells onshore. The details of the parties’ respective contributions to the joint venture will be agreed during the transition phase over the coming months.
Pearl GTL Plant Open for Business
Qatar Petroleum and Shell announced that the Pearl gas-to-liquids (GTL) plant, located in Ras Laffan Industrial City in the State of Qatar, has sold its first commercial shipment of GTL Gasoil. The sale marks the start of production of GTL products when the State of Qatar and Shell, the operator of the Pearl GTL plant, begin to receive revenue from the project. Over the coming months, production will ramp up from the first production unit (‘train’) of the Pearl GTL project. The second train is expected to start up before the end of 2011. The plant is expected to reach full production capacity by the middle of 2012 and is the largest energy project ever launched in the State of Qatar. His Excellency Dr.
Major milestone: First Gas Flows From Offshore Into The Pearl GTL Plant In Qatar
Qatar Petroleum and Shell today announced the first flow of dedicated offshore gas into the Pearl GTL plant located in Ras Laffan Industrial City in the State of Qatar. Shell, which is the operator of the Pearl GTL plant developed under a Production and Sharing Agreement with QP, has opened natural gas wells offshore allowing the first sour gas to flow through a subsea pipeline into the giant GTL plant onshore. Sections of the Pearl GTL plant will be started up progressively over the coming months.
Qatargas, Shell Send Qatargas Cargo to India
Qatargas and Shell announced that the first cargo of liquefied natural gas (LNG) from the Qatargas 4 Project (70% Petroleum, and 30% Shell) has loaded. The cargo is en route to Hazira receiving terminal in . Qatargas, the company who pioneered the LNG Industry in , now has a production capacity of 42 mtpa of LNG, from its seven trains. This makes it the world’s largest LNG producer. Commenting on this achievement, His Excellency Dr Mohammed Saleh Al Sada, Minister of Energy & Industry for the State of Qatar & Chairman of the Board of Qatargas said: “Qatargas adds to the energy diversity of Asia, Europe and . The company continues to demonstrate its commitment to assisting in the diversification and the long-term mix of the world’s energy supplies.
Qatar Petroleum, Shell, Petrochina Agreement
Qatar Petroleum (QP) on behalf of the Government of the State of Qatar has signed a new Exploration and Production Sharing Agreement (EPSA) with Shell and PetroChina Company Limited (PetroChina) for Qatar Block D. The agreement was signed in Doha by His Excellency Abdulla bin Hamad Al-Attiyah, Deputy Prime Minister and Minister of Energy and Industry, Peter Voser, Chief Executive Officer of Royal Dutch Shell plc, and Mr. Zhao Dong, Chief Financial Officer of PetroChina International Investment Company Limited. Under the agreement, the partners will jointly explore for natural gas in Block D. Block D covers an area of 8,089 square kilometres onshore and offshore Qatar and is located close to Ras Laffan. The Block D concession is for pre-Khuff geological intervals.