Royal Dutch Shell Plc .com Rotating Header Image

October 4th, 2004:

Shell mulls Sakhalin 2 output boost

Oct 4th, 2004
by John Donovan.
No comments yet

Financial Times: Shell mulls Sakhalin 2 output boost

“Royal Dutch/Shell is considering plans to expand production capacity at its key Sakhalin 2 project in Russia’s far east two years ahead of schedule after unexpectedly high demand for its liquefied natural gas.”: “The news could provide a welcome boost for the Anglo-Dutch energy group as it looks to recover from the scandal caused by the overbooking of 23 per cent of its oil and gas reserves.”

By Andrew Jack and Stefan Wagstyl in Moscow

4 Oct 04

Royal Dutch/Shell is considering plans to expand production capacity at its key Sakhalin 2 project in Russia’s far east two years ahead of schedule after unexpectedly high demand for its liquefied natural gas.

The news could provide a welcome boost for the Anglo-Dutch energy group as it looks to recover from the scandal caused by the overbooking of 23 per cent of its oil and gas reserves.

The company has been struggling with stagnant production and is planning to spend $45bn in the next three years as it looks to catch up with rivals. 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 ordered to pay RM50 million to former employees

Oct 4th, 2004
by John Donovan.
No comments yet

ShellNews.net: Shell ordered to pay RM50 million to former employees: “The High Court here yesterday ordered Sarawak Shell Berhad (SSB), Sabah Shell Petroleum Company (SSPC) and Trustees of the Shell Sarawak and Sabah Retirement Benefit Fund (RFB) to pay RM50 million, including eight percent interest, to 399 former employees.”

Posted 4 October 04

TUESDAY, SEPTEMBER 21, 2004: MIRI: The High Court here yesterday ordered Sarawak Shell Berhad (SSB), Sabah Shell Petroleum Company (SSPC) and Trustees of the Shell Sarawak and Sabah Retirement Benefit Fund (RFB) to pay RM50 million, including eight percent interest, to 399 former employees.

Prior to that, the High Court had ruled that it was illegal for SSB and SSPC to deduct their contributions to the Employee Provident Fund (EPF) and Retirement Benefit Fund (RFB). On Nov 29, 2002, the 390 former employees filed a civil suit against SSB and SSPC and Trustees of the Shell Sarawak and Sabah Retirement Benefit Fund (RFB). 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 scandal prompts industry call for new test of reserve auditors

Oct 4th, 2004
by John Donovan.
No comments yet

THE BUSINESS: Shell scandal prompts industry call for new test of reserve auditors

“Reports into the Shell scandal by the SEC and the UK’s Financial Services Authority (FSA) “… also drew attention to the way the job of verification rested with a single, semi-retired Shell geologist, who was not given enough resources for the task. As a result, the committee is also setting up an ethics committee to devise professional standards similar to those used in the legal and accounting professions.”

BLOOMBERG

By Richard Orange

3rd/4th October 2004

THE oil industry is planning a professional qualification for auditing companies’ oil and gas reserves, in a move designed to steer the US Securities and Exchange Commission (SEC) away from plans to force companies to have their claims verified by independent consultants. At present there is no professional standard or methodology for reserves auditors.

Confidence in the oil industry’s claims of what it has in store beneath the ground was severely dented after Royal Dutch/Shell slashed its claimed oil and gas reserve estimates by 23%, primarily because the numbers failed to meet SEC guidelines. Shell’s revision was followed by similar cuts from US independents Forest Oil and El Paso, but did not trigger the industry-wide epidemic feared at the time. 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.

Magellan Midstream Partners Completes Acquisition Of Strategic Pipeline Systems

Oct 4th, 2004
by John Donovan.
No comments yet

THE WALL STREET JOURNAL/DOW JONES NEWSWIRES: Magellan Midstream Partners Completes Acquisition Of Strategic Pipeline Systems

“Magellan Midstream Partners LP (MMP) closed its acquisition of more than 2,000 miles of refined petroleum products pipelines from affiliates of Shell Oil Products U.S. for about $490 million…”

DOW JONES NEWSWIRES

Posted October 4 2004

TULSA, Okla. — Magellan Midstream Partners LP (MMP) closed its acquisition of more than 2,000 miles of refined petroleum products pipelines from affiliates of Shell Oil Products U.S. for about $490 million, plus working capital and transaction costs.

In a press release Friday, Magellan said the acquired assets are in Colorado, Kansas, Oklahoma and Texas and include six active terminals and six system storage facilities with a combined storage capacity of about 6.4 million barrels. 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: Niger Delta Calmer But Some Oil Still Shut In

Oct 4th, 2004
by John Donovan.
No comments yet

THE WALL STREET JOURNAL/DOW JONES NEWSWIRES: Shell: Niger Delta Calmer But Some Oil Still Shut In: “Anglo-Dutch oil major Royal Dutch/Shell Group said Monday it hasn’t fully resumed oil and gas operations in the Niger Delta despite diminishing violence; “We are continuing to monitor the situation.”: “Some analysts remain skeptical of the latest efforts to bring stability to the region because corruption, human rights abuses and poverty remain.”

DOW JONES NEWSWIRES

October 4, 2004 9:22 a.m.

LONDON — Anglo-Dutch oil major Royal Dutch/Shell Group (RD, SC) said Monday it hasn’t fully resumed oil and gas operations in the Niger Delta despite diminishing violence.

“We are continuing to monitor the situation. Some relative calm has been observed in the swamps and also in the Ekulama and Santa Barbara (oil fields),” Shell said.

It added these factors will be considered in its review of precautionary measures put in place earlier. 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 Security Improves After Deal

Oct 4th, 2004
by John Donovan.
No comments yet

THE NEW YORK TIMES: Nigerian Security Improves After Deal

“Oil executives said many similar agreements between rival militia in the delta have been signed in the past, only to be torn up a day later. Time would tell how strong it was.”

By REUTERS

Posted 4 Oct 04

PORT HARCOURT (Reuters) – Security is improving in Nigeria’s oil-producing delta and oil companies are considering a return for evacuated workers following a peace deal signed by a rebel militia, industry sources said on Sunday.

The surprise pact, sealed on Friday, resolved a crisis that had driven crude prices to a record high above $50 a barrel.

And despite potential pitfalls in the way of a lasting deal, the military appeared to be respecting an agreement not to launch attacks on rebel warlord Mujahid Dokubo-Asari. 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.

Nigeria faces further strikes over fuel prices

Oct 4th, 2004
by John Donovan.
No comments yet

Business Report: Nigeria faces further strikes over fuel prices

“A Shell official said the company has not ruled out fresh unrest in the delta region: “As long as the NLC threat still hangs unattended to, our installations and lives of our workers are not safe and this will have an impact on oil exports,” the Shell official told AFP.”

October 4, 2004

Lagos – Nigeria’s central labour movement on Monday urged parliament to pressure the government to reverse recent fuel price hikes or face a strike starting next week, which would likely cause world oil prices to swing upward again.

“In the past week, we have written letters to the parliament, various bodies and notable individuals. The aim is to attract their attention to the injustice the government is perpetrating against Nigerians”, the Nigeria Labour Congress (NLC) secretary general Owei Lakemfa told AFP. 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.

Full Serve, No Choice

Oct 4th, 2004
by John Donovan.
No comments yet

THE NEW YORK TIMES: Full Serve, No Choice

“For instance, even if there is plenty of customer demand for a new Shell station with a full-service convenience mart, the bill would prohibit the refiner from building one if a franchised Shell station was nearby.”

By BART J. WILSON and THOMAS FIREY

Published: October 3, 2004

Sometime in the coming weeks, New York lawmakers will quietly send to Gov. George Pataki a business welfare bill that passed both houses of the Legislature earlier this year after having languished in Albany for more than two decades. If the governor signs the bill into law, it will bring a long-awaited victory to a small group of politically well-connected businessmen and give New York drivers even more reason to complain the next time they fuel up their cars. 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.

The Great Shell Pluspoints Swindle

Oct 4th, 2004
by John Donovan.
No comments yet

The Great Shell Pluspoints Swindle

A deluge of feedback to a simple web page launched in February 2004, entitled “The Great Shell Pluspoints Swindle”, revealed that a badly flawed computer system, a disinterested customer service department, and the repeated failure by Shell’s managers to act on problems have left the Pluspoints scheme in tatters; wide open to fraud and misuse by dishonest and careless petrol station staff.”

By Alfred Donovan

Posted 3 October 2004

What started out as a protest website by one unhappy Shell customer in the UK has led to the discovery that huge numbers of electronic loyalty points are not being given to customers who have rightly earned them. A deluge of feedback to a simple web page launched in February 2004, entitled “The Great Shell Pluspoints Swindle”, revealed that a badly flawed computer system, a disinterested customer service department, and the repeated failure by Shell’s managers to act on problems have left the Pluspoints scheme in tatters; wide open to fraud and misuse by dishonest and careless petrol station staff. 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 Optimax: The wonder fuels that don’t deliver

Oct 4th, 2004
by John Donovan.
No comments yet

FROM OUR SHELL NEWS ARCHIVE OCTOBER 2004

The Sunday Times: The wonder fuels that don’t deliver

“In February this year the Advertising Standards Authority upheld complaints against the claims Shell was making in its adverts, including that Optimax gives “an extra burst of power just when you need it”.

By Dave Pollard of The Sunday Times

October 03, 2004

The ads claim they are wonder fuels but our test was less than impressive

It is, according to Shell, petrol “with a dash of Ferrari”. Or as BP prefers to put it, fuel with “extra oomph”. Both oil giants are piling massive marketing budgets into their premium fuels — Shell’s Optimax and BP’s Ultimate. The fuels are on sale at the same pumps as ordinary unleaded, but cost about 20p per gallon more. The companies are keen to convince you to pay. 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 appoints Proximity London to lubricants account

Oct 4th, 2004
by John Donovan.
No comments yet

Brand Republic: Shell appoints Proximity London to lubricants account: “Proximity London was appointed as Shell’s global agency for point of sale and promotions in December 2002.

By Jules Grant

Posted 3 Oct 04

LONDON – Shell has appointed Proximity London as the global marketing agency for its industrial lubricants business following a three-way pitch.

The appointment includes marketing, sales collateral, online activity and corporate literature. Proximity London will be creating marketing material for global use, with regional clients implementing the work locally.

Shell has made this appointment at a time when it is rationalising its product range and the way it markets its industrial lubricants. 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.

A Shell game? Former service station operator sues oil giants

Oct 4th, 2004
by John Donovan.
No comments yet

MetroWest Daily News: A Shell game? Former service station operator sues oil giants

“Court filings at the U.S. District Court in Boston outline a pattern of deception and abuse by Suttill’s former bosses that allegedly violates the Petroleum Marketing Practices Act, a federal law that protects gasoline retailers from heavy-handed practices of powerful, multibillion-dollar oil suppliers.”: “Motiva is co-owned by Houston-based Shell Oil Co. and the state-owned Saudi Arabian Oil Co., the world’s largest oil producer”

By Craig M. Douglas / News Business Writer

Sunday, October 3, 2004

FRAMINGHAM — A Holliston man who once owned the Framingham Shell gas station on Franklin Street is trying to recover $130,000 from his former employer after he was unceremoniously fired from his business, according to court records.

Thomas Suttill Jr. claims his 4-year-old franchise agreement with Motiva Enterprises and Equiva Services, which are both owned by some of the largest oil producers in the world, was terminated without notice. 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 Rebels Withdraw Oil Delta Offensive Threat

Oct 4th, 2004
by John Donovan.
No comments yet

THE NEW YORK TIMES: Nigerian Rebels Withdraw Oil Delta Offensive Threat

“The deal was enough to avert an imminent explosion of violence in the oil-producing Niger Delta, a delegate said, but was a long way from resolving all the misgivings of its impoverished inhabitants.”

By REUTERS

Posted 3 October 2004

ABUJA (Reuters) – A rebel Nigerian warlord withdrew a threat to shut oil operations in the world’s seventh largest exporter Friday as part of a peace deal negotiated with the government.

The deal was enough to avert an imminent explosion of violence in the oil-producing Niger Delta, a delegate said, but was a long way from resolving all the misgivings of its impoverished inhabitants.

Warlord Mujahid Dokubo-Asari signed a six-point peace agenda along with a rival warlord pledging to cease hostilities and disarm along with a promise to bring development to the region, a statement released after the three-day talks 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.

Brown slams ‘out of date’ IMF analysis of UK economy

Oct 4th, 2004
by John Donovan.
No comments yet

The Independent: Brown slams ‘out of date’ IMF analysis of UK economy

“He called for action to improve the functioning of the oil market and blamed a “lack of transparency and poor quality information” for adding to the volatility.”: “..in an oblique reference to recent problems at Shell, he said: “If there have been problems with companies reporting their reserves then it is important to recognise that there will be greater stability if we know more about reserves and plans to develop reserves.”

02 October 2004

By Philip Thornton Economics Correspondent in Washington

Gordon Brown launched an outspoken attack on the International Monetary Fund yesterday, dismissing its critical report on the UK economy as “out of date”.

The Chancellor said its claims that Britain was facing a collapse in the property market and a crisis in the public finances were based on figures that were months old.

Earlier this week, the IMF, the world’s leading financial watchdog, cut its forecast for UK growth next year further below Treasury predictions. It said mounting inflationary pressures would force the Bank of England to raise rates and warned potential housebuyers to exercise “particular caution”. 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.

Oil: Too much discipline at $50

Oct 4th, 2004
by John Donovan.
No comments yet

The Globe & Mail: Oil: Too much discipline at $50

“…Shell has now rejected this approach, in part because it has to. Its much-publicized scandal, in which it admitted to significantly overstating its oil and gas reserves, forced it to wipe the equivalent of 4.47 billion barrels of oil from its ledgers — a quarter of the total.”

The oil and gas industry’s prevailing dogma, which insists that any new projects must meet rigid financial benchmarks or be rejected, is having a negative effect on exploration and supply, and is a major reason behind sky-high prices, PATRICK BRETHOUR finds

By PATRICK BRETHOUR

Saturday, October 2, 2004 – Page B5

CALGARY — The oil world snickered when Petro-Canada paid — or possibly overpaid — for its first major international foray 2½ years ago, buying the overseas assets of Veba Oil & Gas GmbH for $3.2-billion. “You’ve got to believe that nine out of 10 companies said, ‘Boy, they’ve got size 2 hats,’ ” says energy analyst Wilf Gobert, recalling the derision heaped on Petrocan after paying such a hefty price. The same concerns were raised again in May, when Petrocan won the bidding for a 30-per-cent stake in the Buzzard field in the North Sea, shelling out $1.15-billion. 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.

The ‘quasi-dividend’ of a buy-back programme

Oct 4th, 2004
by John Donovan.
No comments yet

Financial Times: The ‘quasi-dividend’ of a buy-back programme

“So why has there been such commiseration when companies such as Royal Dutch/Shell… cast a veil of uncertainty over their share repurchase programmes?”: “This month, shareholders have been disappointed by the impact a $45bn (£25bn) capital spending programme over the next three years will have on Shell’s buy-back programme.”

By Henry Tricks

Published: October 2

According to a joke doing the rounds in the City, dividends are like marriage and share buy-backs are like affairs, requiring no long-term commitment.

So why has there been such commiseration when companies such as Royal Dutch/Shell, Barclays and Boots cast a veil of uncertainty over their share repurchase programmes?

The answer, according to Rolf Elgeti, strategist at ABN Amro, is that investors are viewing buy-backs as “quasi-dividends” instead of the flexible way of returning cash to shareholders they are meant to be. 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.
← Earlier Posts
Comment Rules

  • Please show respect to the opinions of others no matter how seemingly far-fetched.
  • Abusive, foul language, and/or divisive comments may be deleted without notice.
  • Each blog member is allowed limited comments, as displayed above the comment box.
  • Comments must be limited to the number of words displayed above the comment box.
  • Please limit one comment after any comment posted per post.