• 2017 July 15 10:46

    Shell to divest upstream interests in Ireland for up to $1.23 billion

    The transaction includes an initial consideration of $947m (€830m) and additional payments of up to $285m (€250m) between 2018-2025, subject to gas price and production. The transaction, which represents Shell’s exit from the upstream business in Ireland, is subject to partner and regulatory consents and is expected to complete in Q2, 2018. The transaction’s effective date is January 1, 2017, Shell said in a press release.

    The Shell share of the Corrib gas venture’s production represented approximately 27,000 barrels of oil equivalent/day in 2016.

    Shell Energy Europe Limited ("SEEL") has signed an offtake agreement for some 40% of the Corrib gas venture’s production for up to three years following completion.

    CPPIB will be the new Corrib Gas JV partner and Vermilion will become the new operator of the Corrib Gas Venture.

    “This transaction is part of our strategy to reshape Shell and to deliver a world class investment case,” said Shell’s Upstream Director, Andy Brown. “It demonstrates the strong momentum behind our three-year $30 billion divestment programme. At the half-way point, we have now announced deals valued at more than $20 billion.”

    “This transaction is consistent with Shell’s strategy to concentrate our Upstream footprint where we can add most value. I’m confident that Corrib will continue to deliver energy successfully to the people and businesses of Ireland.”

    Ronan Deasy, Shell’s Country Chair in Ireland, said, “Shell is very proud to have led the development of the Corrib gas field. Since coming on-stream, the field and facilities have delivered exceptional performance. I would like to pay tribute to all those who have contributed to the development of this important energy project. In particular, I wish to acknowledge our staff, stakeholders and the local community who have worked closely with us over the years.

    “With our existing staff remaining with the asset - CPPIB as a partner; and Vermilion, as the operator, will be well placed to successfully own and manage Corrib.”

    The transaction will result in an impairment charge of around US$350m, which will be taken in Q2, 2017. At completion, a negative non-cash Cumulative Currency Translation Difference of around US$400m will be released.

    Shell will retain a presence in Ireland through its aviation joint venture, Shell and Topaz Aviation Ireland Limited based near Dublin airport.




2017 November 24

20:49 Pella Shipyard launches Karakurt-class first serial corvette (Project 2280) ‘Typhoon’
18:06 Sanmar delivers two ASD tugs
18:06 RN Bunker supplies fuel to Rosmorport's STS Mir
17:36 DHT Holdings announces sale of its three oldest VLCCs
17:15 IMO holds training for port security staff in Guinea
16:47 Wärtsilä introduces its Smart Marine Ecosystem vision
16:46 Cargo traffic in Kama Basin of Russia’s IWW grew by 22.4% to 13.40 mln t (photo)
16:27 IMO addresses invasive aquatic species carried in ballast water through BWM Convention
15:59 State Duma approves prolongation of RF Government Decree No 383 through 2019
15:28 Bolwerk LLC selected as general contractor to build an international marine terminal in Pionersky, Kaliningrad Region
15:03 PSA Singapore and NUS sign MOU to develop Human Capital to support the growth of the port industry
14:31 Design works under MTH project to be completed in 2018
14:03 APM Terminals Inland Services expands to serve the industrial belt around Pune, India
13:40 Euronav sells VLCC Artois
13:29 Navigation season is over in White Sea – Onega Lake Basin of Russia’s IWW (photo)
13:02 The Port of Montreal invests in greening
12:30 ZIM posts Q3 2017 results
12:12 Lead buoy tender of Project BLV04 build for FSUE Rosmorport is put into operation (photo)
12:00 Public Transport Authority raises Saudi flag on Bahri’s fifth VLCC received in 2017
11:30 GVT to increase the frequency of its rail shuttle service between Rotterdam and Chengdu in China
11:14 Europort confirms role as international maritime business hub
11:01 British ports welcome Budget announcements on Brexit scenario funding and freight review
10:45 Financial support for the Polar Code and the Sustainable Development Goals
10:31 European ports welcome the EP Transport Committee vote for a stronger CEF budget
10:11 Finnlines finishes the first lengthening project of ro-ro vessel
10:01 Brent Crude futures price down 0.27% to $63.38, Light Sweet Crude – up 0.76% to $58.46
09:37 Bunker prices are flat at the Port of Saint-Petersburg, Russia (graph)
09:20 Baltic Dry Index up to 1,445 points
07:48 Palau International Ship Registry is the fastest growing flag

2017 November 23

18:05 CMA CGM announces FAK rates from Asia to Mediterranean
17:54 Mercury-1 ferry of Azerbaijan Caspian Shipping Company successfully passed sea test after major repairs
17:35 Ophir issues update on the status of the Fortuna FLNG project
17:20 Opatija, Croatia hosts three-day conference “The Port of Rijeka, Gateway of the Baltic-Adriatic Core Network Corridor”
17:05 Navantia and Bath Iron Works team for the US Navy Future Guided Missile Frigates
16:50 Throughput of Chinese ports up 7.2% to 7.23 bln t in 10M’17
16:35 COSCO (Guangdong) Shipyard delivers research/survey vessel to Guangzhou Marine Geological Survey
16:05 CMA CGM announces GRI from Asia to ECSA
16:03 Bunker prices may turn into irregular phase in the lead-up to OPEC’s meeting
15:44 Okskaya shipyard lays down the first non-self-propelled oil barge in a series of ten vessels ordered by STLC
15:33 European Sea Ports Organisation welcomes a deadline for global solution on CO2 from shipping
15:00 Ports of Ayr and Troon celebrate delivery of new Scottish-built pilot vessel
14:19 Corvette Soobrazitelny, Baltic Fleet, performed some training missions in piracy affected areas in Gulf of Aden
14:02 Wärtsilä engines and exhaust gas cleaning chosen for new cruise ship
13:23 Navigation 2017 to close in Azov-Don Basin of Russia’s IWW on 1 December 2017
13:02 Oldendorff Carriers receives IBJ Bulk Ship Operator of the Year award
12:36 Russia’s General Board of State Expert Review approves Phase I of Bagayevsky Hydrosystem project
12:10 Ports of Ayr and Troon celebrate delivery of new Scottish-built pilot vessel
11:52 Marine Recruiting Agency goes on with the program of RTG operators training
11:29 Coal exports via Rosterminalugol terminal hit 22 mln t milestone this year (photo)
11:04 MGO prices are still high at the Far East ports of Russia (graph)
10:41 Throughput of port Kaliningrad in Jan-Oct'17 grew by 16% to 11.28 mln t
10:18 Brent Crude futures price down 0.25% to $63.16, Light Sweet Crude – down 0.21% to $57.90
09:53 Ukraine’s water transport carried 0.5 mln passengers in Jan-Oct'17, up 30.2%, Y-o-Y
09:35 Port of Singapore throughput up 5.9% to 519.68 mln t in 10M’17
09:17 Baltic Dry Index up to 1,413 points

2017 November 22

18:02 Throughput of port Vyborg up 13% to 1.24 mln t in 10M’17
17:46 New research reveals ‘golden period’ ahead for the Port of Barrow
17:24 Iceland accedes to air pollution treaty
17:03 MSC receives the ‘Container Line of the Year’ award
16:35 Throughput of port Primorsk in 10M’17 down 9% Y-o-Y to 49.40 mln t