More Shell News, they are CONCENTRATING ON OIL SANDS as major Future Development as prior posted here from a Shell NR this past year:
Shell Canada Ltd -
NP says Shell Canada sells stake in Coral Energy
Shell Canada Ltd SHC
Shares issued 289,410,425 1999-10-01 close $33.2
Monday Oct 4 1999
The National Post reports in its Saturday edition that Shell Canada Ltd. said Friday it has sold its stake in a major North American natural gas marketer controlled by Shell's U.S. affiliate, a move that will result in a $32-million after-tax gain to its earnings. Calgary-based Shell Canada, the country's No. 3 integrated oil company, sold the 12-per-cent equity interest in Coral Energy LP back to Coral's founder, Shell Oil Co. of Houston. In the last quarter of 1998, Coral was ranked as the fifth-largest North American gas and power marketer.
canada-stockwatch.com
Chucka( 6.6 Billion Dollar Mine Development at the Aurora as the Discovery Mine Ran the last 22 years and left Tailings on Permited lands of Birch Mounatin see syncrude.com and shell.com for more info.
P.S.- See New Blue Thread for a Griz Report on the Calgary Venture Investment Conferance going on...he had asked JP to post, await his post I guess.
P.P.S.- There are PGM influences for Fuel Cells with Hydrogen in the comming decade:
shell.com
<<..Accountability for achieving our targets in these areas is being clarified at all levels, and is fundamentally changing the way we do business. Let's look first at the portfolios:
We are selling 40% of our chemicals assets, leaving Shell Chemicals to focus only on areas where it has a leadership position.
Exploration and Production is putting the emphasis on lower-cost oil reserves and on gas. Last year's international swap with Occidental added gas reserves. We aim to reduce our onshore interests in the US.
In Refining and Marketing, our interests in the US were restructured last year. We will be halving the capacity of the Berre Refinery in France, and this year, we close the Shell Haven refinery in England. We also plan to close the Sola refinery in Norway.
Capital
...>><<...
Hydrogen is a potentially important development in the search for sustainable transport. We have joined with Daimler Chrylser and others to develop hydrogen-based fuel-cell vehicles. Hydrogen fuel cells make good commercial sense. They are not only beneficial, in the long term, for the environment, but also for Shell's long-term business profitability. Fuel efficiency is very high, higher than in virtually every other system, and the costs of fuel cells will be low, as soon as mass production can be started.
Planning
...>>
P.P.P.S.:
shell.ca
SHELL ANNOUNCES ATHABASCA OIL SANDS PROJECT JOINT VENTURE WITH WESTERN OIL SANDS AND CHEVRON
Monday, August 9, 1999
CALGARY– - Shell Canada Limited today announced it has reached an agreement with Western Oil Sands Inc. and Chevron Canada Resources Limited to work together to develop the proposed Athabasca Oil Sands Project.
Subject to due diligence and the corporate approval of each of the partners, Western and Chevron will each acquire a 20 per cent Joint Venture interest in the Athabasca Oil Sands Project. Shell will retain the remaining 60 per cent.
Western, a Calgary-based company focused on mining and bitumen extraction in the Athabasca region, is led by Guy Turcotte, Chairman and CEO, and Tim Winterer, former president of BHP World Minerals, as President and COO. Western's management and staff will be, for the most part, the same personnel who have been working with Shell to prepare the feasibility study over the past two years. TD Securities has been advising Western on this project.
Neil Camarta, Vice President, Oil Sands, Shell Canada, said, "Shell, Western and Chevron make a great oil sands team. Shell brings the oil sands resource and refinery infrastructure to the project, Western brings the mining expertise and Chevron is an experienced player in the North American energy market. We are comfortable working with Western and Chevron. Their principles and values are in line with ours, especially their determination to carry out this project in a manner that is environmentally responsible and consistent with Shell's commitments to local communities. Together we will work towards a project decision later this year."
Guy Turcotte, Chairman and CEO of Western said, "This is an exciting project for us. Especially since our share of this high quality asset will form the basis of a new and very significant oil sands company."
Jim Simpson, President of Chevron said, "This is a tremendous opportunity to broaden Chevron's energy business and build our asset base in western Canada. Securing access to high quality, synthetic crude oil products positions Chevron for long term growth in this increasingly important feedstock market."
Shell's proposed Athabasca Oil Sands Project consists of three separate but integrated components: the Muskeg River Mine, near Fort McMurray, the Scotford Upgrader, north of Edmonton, and the Corridor Pipeline connecting the two. Regulatory approvals are in place for the Muskeg River Mine and Scotford Upgrader. A decision on the Corridor Pipeline is expected in the third quarter of 1999.
The entire project is expected to cost approximately $3.8 billion (1998 dollars). The project would initially produce 150,000 barrels per day of bitumen from the Muskeg River Mine. The Scotford Upgrader will then process the bitumen into high quality synthetic crude products. Start-up is scheduled for 2002.
The feasibility study for the project will be completed in the coming months. Shell, Western and Chevron will then decide on a project go-ahead later in 1999. If approval is received, construction will begin immediately. |
