Shell Names Former Maersk Oil CEO Watkins as Next U.S. Boss
Royal Dutch Shell's U.S. boss, Bruce Culpepper, will step down at the end of the year and will be replaced by former Maersk Oil chief executive Gretchen Watkins, the company said in a statement on Tuesday. Shell's head of unconventionals, Greg Guidry, who oversees the Anglo-Dutch company's shale production in North America and Argentina, will step down on June 31, when he will be replaced by Gretchen. Shell, which has large offshore production and a number of refineries in the United States, has earmarked its shale business as a key growth engine for the next decade. Reporting by Ron Bousso
Maersk Oil CEO to Step Down after Total Takeover
The chief executive of Maersk Oil, Gretchen Watkins, will leave the company when Total's acquisition of the company has been completed, Maersk said Wednesday. Watkins joined Maersk Oil as Chief Operating Officer in January 2014 and took the role of CEO in October last year. Prior to joining Maersk Oil, she had worked at Marathon Oil and BP. Total agreed last month to buy the oil and gas business of A.P. Moller-Maersk for $7.45 billion, strengthening the French major's operations in the North Sea.
Maersk Oil CEO Optimistic on Tyra Field Tax Relief
Maersk Oil, the energy arm of A.P. Moller-Maersk, said on Thursday it remains optimistic it will secure a tax deal by the end of the year allowing it to continue production at the Tyra gas field in the Danish part of the North Sea. Maersk Oil said in April it would cease production permanently at Denmark's largest gas field on Oct. 1, 2018, if an economically viable solution for continued operations was not identified in 2016. "I remain quite optimistic that a solution will be found," Maersk Oil Chief Executive Gretchen Watkins told Reuters in an interview.
Maersk Oil Says it Has Several Billions of Dollars for Acquisition Drive
Danish oil company Maersk Oil has several billion dollars to buy new licences, oil-producing fields or even launch a corporate takeover, the company's Chief Operating Officer told Reuters. The oil producer, supported by the might of its shipping conglomerate parent A.P. Moller-Maersk, is in an unusually strong position compared with peers making cutbacks in the face of a sustained slump in oil prices. Maersk Oil is eyeing deals in its domestic North Sea market and other areas, including markets where it has no presence yet, COO Gretchen Watkins said.
Maersk Seeks to Shut Janice in UK North Sea
Maersk Oil said on Wednesday it would seek regulatory permission to shut its Janice installation, which produces around 7,000 barrels per day (bpd) from three UK North Sea oilfields, as the Danish firm reviews its operations due to falling oil prices. It is one of the first North Sea oil fields to be threatened with closure due to the drop in prices, with Brent crude futures having plunged to around $43 a barrel from over $100 a barrel last June. North Sea producers have been under increasing pressure to cut costs and improve production efficiency…
Maersk Seeks UK North Sea Installation Closure
Maersk Oil said on Wednesday it would seek regulatory permission to shut its Janice installation, which produces around 7,000 barrels per day (bpd) from three UK North Sea oilfields, as the Danish firm reviews its operations due to falling oil prices. Crude prices have dropped by more than half from year-ago levels, hammering oil producers. But while operators have announced plans to cut jobs and sell oilfields, few have flagged a shutdown in operations. Maersk Oil said it would approach Britain's Oil and Gas Authority for approval to stop production from the second or third quarter of 2016.
Maersk Oil Targets North Sea Lead
Maersk Oil says there is still huge potential value in the North Sea, citing projects like Culzean – which received board approval this month – and Johan Sverdrup, as the Danish oil and gas company aims to improve from its current rank of ninth to become a top-five producer in the region. Maersk Oil informs it is looking for new long-term growth opportunities in the North Sea, investing heavily in projects and improving the efficiency of operations. The North Sea region has an estimated remaining potential of 26-38 billion barrels…
