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Posts from ‘August, 2004’

Shell waives Czech refinery share option

Reuters: Shell waives Czech refinery share option Mon 30 August, 2004 Posted 31 August 04 PRAGUE (Reuters) – Royal Dutch/Shell says it will not exercise its option to buy extra shares in top Czech oil refinery Ceska Rafinerska, held by state-controlled group Unipetrol. Shell is the first of three Unipetrol partners in Rafinerska — the […]

Shell, Sinopec Launch Gas Station Venture

Forbes: Shell, Sinopec Launch Gas Station Venture “Royal Dutch/Shell and China Petroleum and Chemical Corp., have launched a joint venture to operate a network of about 500 service stations in eastern China’s Jiangsu province…” Associated Press 08.31.2004 Royal Dutch/Shell and China Petroleum and Chemical Corp., have launched a joint venture to operate a network of […]

Shell Abandons ‘Self First’ Bonus Culture

The Scotsman.com: Shell Abandons ‘Self First’ Bonus Culture “Shell was found by the Financial Services Authority in the UK and the Securities and Exchange Commission in the US to have committed market abuse and breached listing rules by misleading the market over the extent of its reserves.” By Nicky Burridge, Personal Finance Correspondent, PA News […]

Shell Sheds Refineries, Gas Stations

THE WALL STREET JOURNAL: Shell Sheds Refineries, Gas Stations “Even after this year’s headline-grabbing scandal over its oil reserves, most people still best know Anglo-Dutch oil company Royal Dutch/Shell Group by the scallop-shell logo”: “a lot fewer people will be seeing this iconic emblem in the future” Broad Plan Is Under Way To Help Boost […]

Shell EP Africa leadership to comprise 30% Nigerians…

Vanguard: Shell EP Africa leadership to comprise 30% Nigerians…New SPDC DMD appointed “challenging security situation in the Niger Delta as well as the rising incidence of crude oil theft, currently put at 50,000 per day.” By Hector Igbikiowubo Tuesday, August 31, 2004 SHELL Exploration and Production (EP) Africa leadership is to be made up of […]

Sinopec denies quitting project

Financial Times: Sinopec denies quitting project “The company also announced a $187m joint venture with Royal Dutch/Shell to operate 500 petrol stations in eastern China.” By Enid Tsui in Hong Kong Published: August 31 2004 Chen Tonghai, chairman of Sinopec, one of China’s big three oil companies, yesterday denied that his company had withdrawn from […]

Boards beware: the road to Shell was paved with ‘good’ intentions

Daily Telegraph: Boards beware: the road to Shell was paved with ‘good’ intentions “This being Shell, everything was systematic, and was approved at the highest level, and had been going on for years.”: “On top of all this comes the loss to Shell’s reputation – its ultimate hidden reserve.”: “It will have to be rebuilt […]

AUGUST 2004 ROYAL DUTCH SHELL NEWS

AUGUST 2004 ROYAL DUTCH SHELL NEWS Sunday 1 August, 2004 The Sunday Times: Special Report: In the dock: City watchdog accused of incompetence; “When it adopted an American-style settlement formula last week and allowed Shell to pay its fine without admitting guilt, the regulator set a precedent.” The Sunday Times: Business Digest: “THE sale of […]

AllAfrica.com: Shell Plans $9bn Five-Year Investment

AllAfrica.com: Shell Plans $9bn Five-Year Investment “Coming at a time when there was some speculation about Shell’s future in Nigeria, this development is a resounding demonstration of Shell’s long-term commitment…” Mike Oduniyi This Day (Lagos) Posted 31 August 04 Moves Headquarters to Port Harcourt January Shell Petroleum Development Company (SPDC) is planning to invest another […]

Malaysia’s Shell Refining posts highest quarterly profit

Hydrocarbon Asia: Malaysia’s Shell Refining posts highest quarterly profit “Chairman Jon Chadwick said: “We are pleased with this back-to-back achievement, surpassing even the record profit for the first quarter this year.” Posted 30 August 04 SHELL Refining Company Bhd announced a net profit of RM175.3mil (US$1 = RM3.8) for its second quarter ended June 30, […]

Planet Ark: Shell in talks with China on Sakhalin gas deal

Planet Ark: Shell in talks with China on Sakhalin gas deal CHINA: August 30, 2004 SHANGHAI – Energy giant Royal Dutch/Shell is keen to sell liquefied natural gas LNG.L from its Sakhalin project to China, as it vies with rivals such as BP to tap the market’s potentially explosive growth. But the world’s third-biggest oil […]

Planet Ark: Russian Oil Project to Be Vetted for Whale Threat

Planet Ark: Russian Oil Project to Be Vetted for Whale Threat “the International Whaling Commission last month warned energy exploration could kill off the 100 or so remaining gray whales on the oil-rich shelf near Russia’s Pacific coast” SWITZERLAND: August 30, 2004 GENEVA – A top environmental group said last week it had agreed to […]

Shell Reserves Scandal: Retired Shell engineer played central role

FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE Financial Times: Retired Shell engineer played central role “the company had been engaged in accounting manoeuvres since 1997-98, including a flawed internal audit function”;  “Shell had engaged as [group reserves auditor] a retired Shell petroleum engineer – who worked only part time and was provided with limited resources […]

Shell, Sinopec in China Retail Venture

New York Times: Shell, Sinopec in China Retail Venture “But Shell still lagged rival BP in the race for a piece of the lucrative Chinese market.” By REUTERS August 30, 2004 SINGAPORE (Reuters) – Royal Dutch/Shell Group(SHEL.L) said it would jointly operate 180 gas stations in China by the end of 2004, the second foreign […]

Royal Dutch/Shell plans new staff bonus scheme

AFX Europe (Focus): Royal Dutch/Shell plans new staff bonus scheme “Bernstein Liebhard & Lifshitz… ‘lead plaintiff’… considering including the auditors when it files an amended complaint against Shell next month.” Aug 29, 2004 Posted 30 August 04 LONDON (AFX) – The Royal Dutch/Shell Group of companies intends to launch a new, company-wide bonus scheme from […]

Shell Plans $9bn Five-year Investment

TheDayOnline (Nigeria): Shell Plans $9bn Five-year Investment “Shell said it was currently losing on the average, 50,000 barrels per day (bpd) to crude theft.” Moves headquarters to Port Harcourt January By Mike Oduniyi Posted 30 August 04 Shell Petroleum Development Company (SPDC) is planning to invest another $9 billion in the Nigerian oil and gas […]

Shell Plans Team Performance Bonus Scheme From January

THE WALL STREET JOURNAL: Shell Plans Team Performance Bonus Scheme From January: “intended to help rebuild the company’s credibility.” DOW JONES NEWSWIRES Posted 30 August 04 LONDON — Royal Dutch/Shell (RD) confirmed Sunday plans to launch from January 2005 a company wide bonus scheme that places focus on team performance. Shell confirmed a report that […]

Royal Dutch/Shell to revise staff bonus scheme

Financial Times: Royal Dutch/Shell to revise staff bonus scheme: “The scandal prompted the resignation of three senior executives, investigations by US, UK and Dutch regulators, a criminal probe by the US Department of Justice and investor lawsuits.” By Jonathan Moules Published: August 30 2004 Royal Dutch/Shell, the oil company, is planning to revise its company-wide […]

£17m Shell shock was just an early broadside in FSA war on abuse

The Guardian: £17m Shell shock was just an early broadside in FSA war on abuse “Shell’s action was made more serious because false or misleading announcements on reserves were made from 1998 to 2003. Even though Shell had indications and warnings from 2000 to 2003 that figures for proved reserves were incorrect, its actions continued.” […]

Shell boss pours oil on troubled water

The Times: Shell boss pours oil on troubled water “the scathing reports, in which the FSA accused Shell of announcing false oil-reserve figures since as far back as 1998 again drove investors to rage that not enough was being done to restore credibility.” August 29, 2004 Posted 30 August 04 In an exclusive interview, Jeroen […]

Daily Telegraph: Shell will abolish ‘discovery bonus’

Daily Telegraph: Shell will abolish ‘discovery bonus’ “Crisis-hit Shell is scrapping a controversial scheme which links staff pay levels to the amount of oil and gas employees find.”: “latest attempt by Shell to restore its reputation” By Christopher Hope, Business Correspondent (Filed: 30/08/2004) Crisis-hit Shell is scrapping a controversial scheme which links staff pay levels […]

Auditors dragged into Shell lawsuit

The Scotsman: Auditors dragged into Shell lawsuit “role of auditors KPMG and PricewaterhouseCoopers in the scandal that wiped £2.9 billion off Shell’s market capitalisation in one day.” CATRINA STEWART 30 August 04 AUDITORS might find themselves implicated in the reserves scandal surrounding oil major Shell as lawyers leading US class actions against the company prepare […]

Shell knew of error in reserves in 1998

The Scotsman: Shell knew of error in reserves in 1998 “AUDITORS at Royal Dutch/Shell, the British-Dutch energy group, warned the company as early as 1998 that its reserves figures may have been overstated…” CATRINA STEWART Posted 30 August 04 AUDITORS at Royal Dutch/Shell, the British-Dutch energy group, warned the company as early as 1998 that […]

LNG promise seen to ward off oil price woes

Times of India: LNG promise seen to ward off oil price woes “Scenario planners at Royal Dutch/Shell think that gas may surpass oil as the world’s most important energy source by 2025.” AUGUST 27, 2004 Posted 28 August 04 Even as headlines scream about $50 a barrel oil, energy firms and their investors are becoming […]

Sinopec, Shell Set Up Venture to Tap Retail Business in China

Bloomberg: Sinopec, Shell Set Up Venture to Tap Retail Business in China Posted 29 August 04 Aug. 28 (Bloomberg) — China Petroleum & Chemical Corp., Asia’s largest oil refiner, said it formed a venture with Royal Dutch/Shell Group, Europe’s second-largest oil company, to operate 500 gasoline stations in China’s Jiangsu province and develop new outlets. […]

Oil finds fuel shareholders’ bid against Shell

Stuff.co.nz: Oil finds fuel shareholders’ bid against Shell “to press their long-running $23 million insider trading case against Shell.”: “The High Court has already ruled the small shareholders had a case to take against Shell. That decision was upheld by the Appeal Court.” 29 August 2004 By GARRY SHEERAN Spiralling oil share prices are spurring […]

The Scotsman: Concerns over potential £3m windfall

The Scotsman: Concerns over potential £3m windfall “Ensuing investigations by the US Securities and Exchanges Commission and the UK Financial Services Authority revealed that the oil major had been over-inflating its reserves since 1998, implicating the company’s top management in the scandal.” CATRINA STEWART Posted 29 August 2004 A CORPORATE governance watchdog has flagged concerns […]

Shell plans bonus to rally workforce

Sunday Times: Shell plans bonus to rally workforce “some staff in the exploration and production division had oil-reserves replacement as one of the targets that determined their pay.” Lucinda Kemeny August 29, 2004 ROYAL DUTCH/SHELL, the embattled oil giant, intends to launch a new, company-wide bonus scheme from January as an incentive for staff to […]

Daily Express: FAT CATS REWARD: SIR PHILIP Watts

Daily Express: FAT CATS REWARD: SIR PHILIP Watts His deputy, Dutchman Walter van der Vijver, repeatedly warned him of the overstatement and finally exploded in an angry e-mail last November that he was “sick and tired of lying about the extent of our reserves”. Published 28 August 2004 Company: Shell Payoff: £1m Anglo-Dutch oil giant […]

THE BUSINESS: Regulators must bring Shell directors to book

THE BUSINESS: Regulators must bring Shell directors to book “a deliberate attempt by Shell, over a number of years, not just a few months, to overstate their oil and gas reserves.” 29/31 August 04 THE reports by Britain’s Financial Services Authority (FSA) and America’s Securities & Exchange Commission (SEC) into Shell’s overstating of reserves are […]

The Observer: We all pay price for murky gas market

The Observer: We all pay price for murky gas market “Shell’s £84 million fine for falsifying its gas and oil reserve statements” Consumers should not accept higher bills, says energy watchdog Allan Asher, who calls for the EU to intervene Sunday August 29, 2004 Last week saw one of the least auspicious days in the […]

Sunday Telegraph: Shell in Hell

Sunday Telegraph: Shell in Hell 29 August 2004 The oil giant has been heavily fined for overstating its reserves, but now looms the prospect of law suits against the individuals involved. Sylvia Pfeifer reports The great and the good of the North Sea oil industry descended on the town of Stavanger in Norway last week […]

Shell’s auditors in firing line as US lawyers prepare class action

Sunday Telegraph: Shell’s auditors in firing line as US lawyers prepare class action “Shell had ignored internal warnings for several years that it was overstating its reserves to maintain the appearance of having a strong oil and gas reserves base” By Sylvia Pfeifer (Filed: 29/08/2004) The US law firm leading class action lawsuits against Shell […]

Daily Mail: Alarm at former Shell chiefs’ options

Daily Mail: Alarm at former Shell chiefs’ options “Pirc says Watts could make £3.1m if the shares reach 552p”: “Regulators are still investigating those believed to have had a role in the company’s reserves scandal.” 27 August 2004 Posted 28 August 04 OVERNANCE watchdog Pirc has given Shell investors something else to worry about after […]

The Guardian: He’s no Hector

The Guardian: He’s no Hector David Varney, executive chairman of Revenue and Customs: “Varney admits to being “very concerned” about seeing Shell immersed in a reserves scandal.” Terry Macalister Saturday August 28, 2004 David Varney is not anybody’s idea of a typical taxman, but from next week he will become the top public face of […]

Buoyant E&P sector

Financial Times: Buoyant E&P sector “Shell has a particular problem at the moment. It is running out of oil in the ground and has lost a chairman and faced public humiliation following surprise cuts in its oil reserve estimates earlier this year.” Posted 28 August 04 From Antrim Energy, through Cairn Energy and Paladin Resources, […]

Shell-shocked

Financial Times: Shell-shocked “Shell was found to have “announced false or misleading reserves and reserves replacement ratios throughout the period 1998 to 2003″…: “three heads have rolled… other people in key positions during that time remain. They include Jeroen van der Veer… and Sir Mark Moody-Stuart” By Jane Fuller Published: August 28 2004 0 Speaking […]

FSA’s report accuses Shell of market abuse

The Times: That was the week: “FSA’s report accuses Shell of market abuse by announcing false oil reserves between 1998 and 2003, implicating several major executives in the scandal, including Sir Mark Moody-Stuart” August 28, 2004 The Financial Services Authority says that the misreporting of a quarter of Shell’s oil and gas reserves was part […]

The landslide bringing down Shell grandees

FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE The Daily Telegraph: The landslide bringing down Shell grandees The SEC and FSA reports, however, go back to the previous regime, when Sir Mark Moody-Stuart was chairman.”: Even Shell fell for the “group bonding” mumbo-jumbo, and he was videoed stumbling blindfold around head office during one such session, […]

Petrobras Executives Continue In Chile, Mulling Takeover

THE WALL STREET JOURNAL: Petrobras Executives Continue In Chile, Mulling Takeover …considering an asset swap involving Petrobras upstream assets and Shell downstream operations, including service stations in Chile and Argentina and refining in the latter country. DOW JONES NEWSWIRES August 26, 2004 10:03 a.m. SANTIAGO — Executives from Brazilian state energy company Petroleo Brasileiro (PBR) […]