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September 22nd, 2004:

Shell to spend 4 bln usd to boost Canada’s Athabasca bitumen output

Sep 22nd, 2004
by John Donovan.
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AFX UK (Focus): Shell to spend 4 bln usd to boost Canada’s Athabasca bitumen output

Posted 22 Sept 2004

LONDON (AFX) – Royal Dutch/Shell Group said it will spend 4 bln usd to raise bitumen production at its Athabasca oil sands project in Canada to 270,000-290,000 barrels per day by 2010.

It will ramp up production to 155,000 barrels initially, then over the next three years, a series of debottlenecking projects at the Muskeg river mine and Scotford facility will bring output to 180,000-200,000 barrels.

Between 2006 and 2010, planned expansions at Muskeg and Scotford are expected to further increase bitumen throughputs by 90,000 barrels per day, taking total production at Athabasca to 270,000-290,000 barrels per day. read more

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City watchdog flexes its muscles

Sep 22nd, 2004
by John Donovan.
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Daily Mail: City watchdog flexes its muscles

“McCarthy heralded Shell’s record £17m fine, saying it was four times greater than any previous penalty. He said he wanted to change the behaviour of firms and individuals, suggesting that fines could continue to grow.”

Posted 22 September 2004,

THE boss of City regulator the Financial Services Authority* declared that he intends to make an example of those who break the rules.

But his remarks came as the watchdog suffered a setback in its case for alleged market abuse against Paul ‘The Plumber’ Davidson, which was indefinitely postponed.

FSA chairman Callum McCarthy argued that the FSA should speed up enforcement to send the clearest possible message to would-be offenders.

‘When they are found to have substantially misbehaved, then it should be possible to make an example of them,’ McCarthy told The Financial Regulator magazine. read more

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Shell Chairman May Accelerate Asset Sales, Buyback

Sep 22nd, 2004
by John Donovan.
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Bloomberg: Shell Chairman May Accelerate Asset Sales, Buyback (Update1)

“Royal Dutch/Shell Group Chairman Jeroen van der Veer, saddled with lawsuits and government probes related to Shell’s oil and gas reserves…”: Probes by the U.S. Justice Department, the Dutch securities regulator and the Euronext stock exchange are continuing.”

Posted 22 Sept 04

Sept. 21 (Bloomberg) — Royal Dutch/Shell Group Chairman Jeroen van der Veer, saddled with lawsuits and government probes related to Shell’s oil and gas reserves, may accelerate asset sales and extend stock buybacks to regain investors’ confidence.

Shell, based in London and The Hague, this year and in 2005 may sell chemical, and gas and power assets worth as much as $10 billion, including its share of chemicals maker Basell and power venture Intergen, analysts at Deutsche Bank AG said. The world’s third-largest oil company is scheduled to outline its strategy tomorrow in London, starting with a statement at 8:45 a.m. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Appeals slow FSA disciplinary process

Sep 22nd, 2004
by John Donovan.
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The Guardian: Appeals slow FSA disciplinary process

“The latest high-profile application to the tribunal was made last week by Sir Philip Watts, former chairman of Shell…”

JILL TREANOR

Sep 22, 2004

The Financial Services Authority admitted last night the rising number of appeals against fines it levies on firms and individuals breaking City rules was slowing down the disciplinary process.

Last year the FSA’s new chief executive, John Tiner, pledged to speed up the time it took the regulator to carry out inquiries. Callum McCarthy, the FSA chairman, told a City audience last night that appeals to the financial services and markets tribunal was preventing the regulator reaching this goal. He said that “the increased recourse to the tribunal may sadly not result in faster decisions or faster justice overall”. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Nigerian gas venture to get $1.28bn loan

Sep 22nd, 2004
by John Donovan.
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Financial Times: Nigerian gas venture to get $1.28bn loan

“…international banks and credit agencies lent $1.06bn to a Royal Dutch/ Shell-backed Nigerian liquefied natural gas project intended to become one of the largest in the world.”

By Michael Peel in Lagos and James Boxell in London

Posted 22 September 2004

A consortium of banks and the US government’s foreign private investment agency is to spearhead a $1.275bn loan to a gas venture run by ExxonMobil and the Nigerian government – a deal billed as the largest project finance loan in sub-Saharan Africa.

Nigeria, which has failed historically to provide full financing for the expansion plans of its joint ventures with oil multinationals, claims the deal will help to harness its huge but mostly untapped natural gas reserves. The investment, arranged by Credit Suisse First Boston bank and signed on Friday, comes after international banks and credit agencies lent $1.06bn to a Royal Dutch/ Shell-backed Nigerian liquefied natural gas project intended to become one of the largest in the world. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Tough choices for oil companies in the quest to head off a global capacity crunch

Sep 22nd, 2004
by John Donovan.
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Financial Times: Tough choices for oil companies in the quest to head off a global capacity crunch

How technology can squeeze more crude out: “Oil companies have found it difficult to locate new oil reserves. Shell this year became the industry’s most dramatic example, having to cut its proved reserves estimate by more than 20 per cent after struggling to find oil and providing the US Securities and Exchange Commission with false data from 1994 to 2002.”

By Carola Hoyos

Posted 22 September 2004

When Total, the French energy group, began in the 1990s to consider the tricky task of extracting extra-heavy crude oil from central Venezuela’s Orinoco belt, the company’s technicians would tell their bosses that all they needed to make the venture profitable was an extra $10 a barrel on the international oil price, recounts Thierry Desmarest, the company’s chairman and chief executive officer.

That wish has been granted. But it is not just higher oil prices that have made possible Total’s venture into what the industry calls “unconventional” oil – difficult to extract and requiring complicated processing. Advances in technology have played a part. read more

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FSA chairman warns against embracing ‘litigious society’

Sep 22nd, 2004
by John Donovan.
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Financial Times: FSA chairman warns against embracing ‘litigious society’

“…Sir Philip Watts, the ousted chairman of Royal Dutch/Shell, said he planned to challenge the FSA’s findings on the company’s oil reserves.”

By Robert Orr

Published: September 22 2004

Callum McCarthy, chairman of the Financial Services Authority, last night warned companies against embracing a US-style “litigious society” by being too ready to challenge the regulator’s decisions in the courts.

The warning comes a week into the high-profile appeal by insurer Legal & General over a £1.1m FSA fine for alleged mortgage endowment mis-selling and a few days after Sir Philip Watts, the ousted chairman of Royal Dutch/Shell, said he planned to challenge the FSA’s findings on the company’s oil reserves. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Western oil firms face risk of being stung by Russians

Sep 22nd, 2004
by John Donovan.
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The Times: European Briefing: Western oil firms face risk of being stung by Russians

“Oil companies don’t mind difficult governments so long as they let them run the oil business. In Russia, it is clear that no such deal is on offer and it would be foolish for BP or Shell to believe that Russia is the answer to their oil reserve problems.”

By Carl Mortished

September 22, 2004

RUSSIAN oil and gas are like a wild honeycomb hanging from a tree. Perched high off the ground along a perilous branch and guarded by angry bees, it is nonetheless deliciously tempting and few Western companies can resist the urge to climb the tree and lick the honey as it drips from the comb.

BP was quick to spot the golden prize and is now sitting contentedly on the branch sucking honey off its paws. Shell, too, made an early start but both companies, having successfully negotiated the shaking limb, forgot to keep their eyes on what the bees were doing. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Strategy to emerge from Shell

Sep 22nd, 2004
by John Donovan.
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The Times: Strategy to emerge from Shell

“The oil company’s annual strategy presentation, to be held today in London, is viewed as a crucial test for Shell’s senior directors. Analysts are looking for evidence that Shell can fill the gap left by the removal from its proven reserves of 4.4 billion barrels of oil and gas.”

By Carl Mortished

September 22, 2004

HOPES that Shell would announce further disposals this morning pushed the Anglo-Dutch company’s stock to a 12-month high of 432p yesterday.

The oil company’s annual strategy presentation, to be held today in London, is viewed as a crucial test for Shell’s senior directors. Analysts are looking for evidence that Shell can fill the gap left by the removal from its proven reserves of 4.4 billion barrels of oil and gas. They are likely to focus on Nigeria and Oman, key areas where the company was forced to discount reserves in January. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

FSA chief’s warning on upsurge in legal challenges

Sep 22nd, 2004
by John Donovan.
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The Times: FSA chief’s warning on upsurge in legal challenges

“CALLUM McCARTHY, chairman of the Financial Services Authority, hit out last night at the soaring number of lawsuits against the City regulator in what appeared to be a veiled swipe at Sir Philip Watts, the former chairman of Shell.”

By Patrick Hosking, Investment Editor

September 22, 2004

CALLUM McCARTHY, chairman of the Financial Services Authority, hit out last night at the soaring number of lawsuits against the City regulator in what appeared to be a veiled swipe at Sir Philip Watts, the former chairman of Shell.

Speaking at a Mansion House dinner, Mr McCarthy told City leaders that the growing number of legal challenges against the FSA threatened to add to costs and delay decisions. The warning came five days after Sir Philip instructed lawyers to start proceedings against the watchdog, accusing it of treating him unfairly in its investigation into Shell’s reserves misreporting. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell Says It Will Sell More Assets, Increase Capital Spending

Sep 22nd, 2004
by John Donovan.
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Bloomberg: Shell Says It Will Sell More Assets, Increase Capital Spending

“The company settled investigations with the SEC and the U.K.’s Financial Services Authority in July. Probes by the U.S. Justice Department, the Dutch securities regulator and the Euronext stock exchange are continuing.”

Sept. 22 (Bloomberg) — Royal Dutch/Shell Group, the world’s third-largest publicly traded oil company, said it plans to sell $10 billion to $12 billion of assets in the next two years to improve profitability while it raises capital spending.

The oil and gas division of Shell, based in London and The Hague, is targeting $5 billion of divestments, dilutions and other transactions during that time, the company said in a statement on PR Newswire.

Shell Chairman Jeroen Van der Veer, 56, wants to restore investor confidence after the company disclosed in January it had wrongly accounted for a fifth of its oil reserves. That led to the ouster of his predecessor and two other top executives and $150 million in fines from U.S. and U.K. regulators. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell Hosts Strategy Review

Sep 22nd, 2004
by John Donovan.
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YahooNews/PRNewswire: Shell Hosts Strategy Review

Regaining Upstream Strength, Delivering Downstream Profits: $45 billion in capital expenditure 2004-2006 anticipated: Focus on more Upstream gas and oil: Extend LNG leadership position: $10-12 billion in divestments planned 2004-2006: “Disclaimer statement”: “subject to risk factors…”: including potential litigation and regulatory effects arising from recategorisation of reserves…”

LONDON, September 22 /PRNewswire-FirstCall/ —

Focus on profitability and cash flow from Downstream businesses: Higher energy price environment

At a Strategy Review in London today Shell outlines its strategic plans for its upstream and downstream activities.

Jeroen van der Veer, Chairman of the Committee of Managing Directors chairs the session, with presentations also by Tim Morrison, acting Group CFO; Rob Routs, Group Managing Director (MD)/CEO of Oil Products and Chemicals; Malcolm Brinded, MD/CEO of Exploration and Production; and Linda Cook, MD/CEO of Gas and Power. The presentations will be repeated in New York on September 23, 2004. read more

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London Evening Standard: FSA bites back over ex-Shell boss

Sep 22nd, 2004
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London Evening Standard: FSA bites back over ex-Shell boss

Steve Hawkes,

22 September 2004

THE Financial Services Authority has finally hit back at Sir Philip Watts over his blistering attack on the way the regulator dealt with his case when it slapped a £17m fine on Shell.

The City watchdog claimed it was ‘confident’ an independent tribunal would find in its favour and reject Watts’ claims that it broke its own rules by identifying and prejudicing him in its finding.

Watts last week stunned the City by announcing he was referring the FSA to the same Financial Services and Markets Tribunal currently hearing Legal & General’s challenge to a mis-selling fine. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell’s battle plan fails to win City

Sep 22nd, 2004
by John Donovan.
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London Evening Standard: Shell’s battle plan fails to win City

“But the overhaul promised by the Dutchman left the City distinctly unimpressed after he failed to commit to increasing share buybacks and admitted that it may be 2009 before oil and gas output grows.”

Steve Hawkes

22 September 2004

SHELL has put the For Sale sign up over huge swathes of its business as chairman Jeroen van der Veer today detailed plans to transform the oil giant and bounce back from the worst crisis in its history.

But the overhaul promised by the Dutchman left the City distinctly unimpressed after he failed to commit to increasing share buybacks and admitted that it may be 2009 before oil and gas output grows.

The shares fell 10 3/4p to 421 1/2p. ‘Frankly, I’m disappointed,’ one analyst said. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell makes oil find off Malaysia

Sep 22nd, 2004
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Reuters: Shell makes oil find off Malaysia

“We are delighted to announce this highly significant discovery, our second offshore Sabah oil discovery within a year,” Shell Malaysia Chairman Jon Chadwick said in the statement on Wednesday.

Wed 22 September, 2004

KUALA LUMPUR (Reuters) – Shell has made another major oil find in deep waters off Malaysia’s eastern Sabah state in a joint exploration with state oil firm Petronas and U.S. oil firm ConocoPhillips.

Shell SHEL.L gave no output estimates or reserves in a statement it released on the discovery at the Malikai-1 exploration well, located in Deepwater Block G, northwest of Sabah.

It said initial indications of crude characteristics at Malikai showed oil which was of high quality. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
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