Missing worker found dead at oil sands operation
Investigations are underway into the death of a 40-year-old Suncor Energy employee at the company's Alberta oil sand operations on Sunday morning.
According to Canadian site Global News, occupational health and safety officers revealed that the man went to check a pipeline and did not return.
He was found dead in a pool of sand and water in a dump area at about 11am, three hours after search efforts began.
Police are not treating the death as suspicious.
"We extend our sincere condolences to the family, friends and co-workers," Suncor Upstream executive vice-president Mark Little said.
"They are certainly in our thoughts and prayers during this extremely difficult time."
Shell's moves analysed
Royal Dutch Shell's move to exit the Wheatstone LNG project, plus the decision of its 50%-owned Arrow Energy to cut back on its Curtis Island-based LNG plans, are getting plenty of media coverage - especially considering earlier reports it may sell its Geelong refinery and exit Australia's service station market.
Deutsche Bank analyst Lucas Herrmann was not convinced Shell's cost-cutting plans were a good idea.
"All too often, Shell's answer to an issue or problem is that the market is being too short term; that Shell takes the long-term view, and that in the long term, the company's approach will be proved right," he said in a client note, according to the New York Times.
"Sadly, we would argue that the weight of evidence is, if anything, against the company."
Morgan Stanley analyst Martijn Rats viewed Shell's profit warning and asset divestments as part of a possible wider industry trend.
He reportedly said the majors of BP, Shell, Total, Eni and Statoil had negative cash flow of $US2 billion, not counting asset sales while they are promising dividends of $35 billion.
Consequently, he said filling this hole was most likely to occur through faster disposal of assets. He reportedly said Shell would have to sell $14 billion of assets over two years to honour its reduced capital spending commitments.
Oil sanctions relief for Iran
As part of Iran's deal with world powers to ease its nuclear program, the US has eased some of the sanctions against Iranian crude oil exports.
"The administration has taken the necessary steps to pause efforts to further reduce Iranian crude oil exports, allowing the six current customers of Iranian oil to maintain their purchases at current reduced levels for the duration of the Joint Plan of Action," The US Treasury department said.
According to the Financial Times, about $4.2 billion of blocked funds will be released in regular instalments. But Iranian analysts have said the hardest-hitting sanctions on oil exports and banking remain in place.
Consulting group Ara Enterprise head Amir Cyrus Razzaghi reportedly said the sanctions relief will add about $15 billion to the economy this year.
The impact of the level of sanctions before seems considerable as inflation was reportedly running at 39.3%, the Iranian economy shrank 5.8% last year and the wild card of youth unemployment was at 24%.
Holland trims gas production
The European gas market is under more pressure, with the Dutch government deciding to cut production from the Groningen, the biggest gas field in western Europe, by 25% over the next three years due to public concerns over earth tremors in this region.
According to Reuters, the first tremors started in 1986 with about 1000 recorded so far. The biggest yet hit a Richter-scale magnitude of 3.6 with nearby residents upset about cracks and property damage.
