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Posts from ‘November, 2004’

NOVEMBER 2004 ROYAL DUTCH SHELL NEWS

Shell News Archive Tuesday 30 November, 2004

Shell News Archive Tuesday 30 November, 2004

THE NEW YORK TIMES: Under All That Ice, Maybe Oil: “The ice-cloaked Arctic Ocean was once apparently a warm, biologically brewing basin so rich in sinking organic material that some scientists examining fresh evidence pulled from a submerged ridge near the North Pole say the seabed may now hold significant oil and gas deposits.” (ShellNews.net) 30 Nov 04

THE WALL STREET JOURNAL: Nigeria Oil Cos Losing 1M Barrels A Week – Regulator: “The DPR said companies involved in the shutdown are ChevronTexaco (CVX), Elf – a unit of Total (TOT) – and Shell Petroleum Development Company of Nigeria, a unit of Royal Dutch/Shell (RD).” (ShellNews.net) 30 Nov 04

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Shell News Archive Monday 29 November, 2004

Shell News Archive Monday 29 November, 2004

TimesOnline (UK): The wages of greed: Robert Winnett and Stephen Grey reveal how the UN betrayed the poor of Iraq in what is being called the greatest financial scandal ever: “…throughout the oil trade, at the top of international corporations and foreign ministries, everybody knew.”: “His Swiss company would simply take possession of the coupon and, quite legally, sell the oil to a big western oil company such as Shell or BP. In return, Mr Cash was in a position to hand the politician a large envelope of cash, or even arrange a transfer to a foreign bank account.” (ShellNews.net) Posted 29 Nov 04

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Shell News Archive Sunday 28 November, 2004

Shell News Archive Sunday 28 November, 2004

AFX Europe (Focus): Russia’s Gazprom likely to join Sakhalin 2 gas/oil project – report: “Sakhalin Energy, a company based in Yzhno-Sakhalinsk, is promoting the project and is owned 55 pct by Royal Dutch/Shell Group, 25 pct by Mitsui & Co and 20 pct by Mitsubishi Corp.“ (ShellNews.net) 28 Nov 04

Daily Express (UK): Fresh oil reserves fears as Shell puts off Agm: “SCANDAL-STRUCK Shell sparked fears of yet further reserves downgrades by announcing it had been forced to put back the annual meeting which will determine the oil giant’s future.”: “The latest announcement inevitably fuelled speculation a further significant reserves downgrade was in the offing.”: “A criminal investigation and class actions are continuing in the United States.” (ShellNews.net) Posted 28 Nov 04

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Shell News Archive Saturday 27 November, 2004

Shell News Archive Saturday 27 November, 2004

Daily Telegraph: Barrel count delays Shell’s annual report: “Shell, the energy giant struggling to restore its credibility after its reserves debacle, has been forced to delay the publication of its 2004 annual reports because of lingering uncertainty over how much “proven” barrels of oil and gas it has got.”: “Since January, the number of reclassified proven barrels has risen as the company has checked and rechecked its reserves.” (ShellNews.net) 27 Nov 04

Yahoo! Finance: Shell postpones AGM: “Sorting out the mess of its reserves scandal has forced oil giant to Shell to postpone its AGM for two months”: “The release of the details of the proposed plan to amalgamate the UK and Dutch sides of the business under one board will also be delayed as they have to be included in the 2004 statements” (ShellNews.net) Posted 27 Nov 04

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Shell News Archive Friday 26 November, 2004

Shell News Archive Friday 26 November, 2004

Business Day (Nigeria): Shell in Nigeria denies Ogoniland claims: “Anglo-Dutch oil giant Shell on Friday denied charges by a minority rights group that it was attempting to “forcefully” return to oil-rich Ogoniland to resume operations, more than 11 years after bloody unrest forced it to suspend work there.” 26 Nov 04

Investments And Pensions Europe (IPE.com): NETHERLANDS – Shell pension proposals anger unions: “Trade unions in the Netherlands have responded furiously to proposals by oil giant Shell to increase the pension age for its 11,000 Dutch workers from 60 to 65.”: “FNV Bondgenoten, one of Holland’s biggest unions, called on all Shell workers to protest the plans”: “If Shell does not listen, we will consult our members and could eventually go on strike.” (ShellNews.net) 26 Nov 04

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Shell News Archive Thursday 25 November, 2004

Shell News Archive Thursday 25 November, 2004

London Evening Standard: BP sells stake in ‘scandal’ gas field: “OIL giant BP has sold its share in a controversial Norwegian gas field, thrown into the spotlight by the reserves scandal at rival Shell, for $1.2bn (£645m.” (ShellNews.net) Posted 25 Nov 04

Yahoo! News: Shell hands over 12 marginal oil fields to Nigerian firms: “Anglo-Dutch oil giant Royal Dutch/Shell Group (LSE: SHEL.L – news – msgs) has formally handed over 12 of its marginal oil fields to 16 Nigerian firms, in an effort to encourage local participation in the oil and gas sectors, company officials said.” (ShellNews.net)

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Shell News Archive Wednesday 24 November, 2004

Shell News Archive Wednesday 24 November, 2004

THE WALL STREET JOURNAL: Nigerian Police Tear Gas Shell Office Demonstrators: “Nigerian police fired tear gas at a crowd of several hundred people protesting outside the offices of Royal Dutch/Shell Group (RD, SC) in Nigeria’s oil-rich southern delta, activists said Wednesday.”: “Shell has denied any immediate plans to return to Ogoni territory. The oil giant was forced to abandon drilling there in the mid-1990s following violent protests led by MOSOP, which accused the company of cheating them out of oil royalties and polluting their land.” (ShellNews.net) 24 Nov 04

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Shell News Archive Tuesday 23 November, 2004

Shell News Archive Tuesday 23 November, 2004

Tuesday 23 November, 2004

Asia Times: Shell plans to source LNG for sale in India: “Royal Dutch/Shell is planning to source liquefied natural gas (LNG) from Oman, Qatar, Malaysia and Australia for sale in India from the first quarter of 2005. (ShellNews.net) 23 Nov 04

Financial Times: New accounting rules will cut Shell’s assets: “Royal Dutch/Shell will be forced to cut the value of its net assets by $4.7bn (£2.5bn) this year to bring its pensions reporting into line with radical accounting guidelines being introduced across Europe.”: “However, analysts separately raised concerns about Shell’s decision to change the way it reported on its Dutch exploration and production joint venture.” (ShellNews.net) 23 Nov 04

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Shell News Archive Monday 22 November, 2004

Shell News Archive Monday 22 November, 2004

THE LAWYER: Shell fills up on international law firms: “Allen & Overy, Baker & McKenzie, Clifford Chance, Denton Wilde Sapte and Simmons & Simmons have all won places on the oil giant’s selection of international firms. Shell’s UK general counsel Richard Wiseman told The Lawyer: “Others have not been excluded from further work. It’s a much more sophisticated and realistic way of working.” Wiseman explained that these are the firms that Shell will turn to first when it needs international advice.” (ShellNews.net) 22 Nov 04

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From our Shell News Archive Sunday 21 November, 2004

From our Shell News Archive Sunday 21 November, 2004

THE BUSINESS (EU): Shell’s sale plans hit resistance: “ROYAL Dutch/Shell’s plan to sell $12bn (£6.5bn, €9.4bn) of assets to fund its recovery is stumbling in the face of opposition from local managers, according to a consultant working with the company.”: The source said: “There are big fights between the country managers and the exploration heads. There are all these assets being hawked around the market by bankers that the local managers don’t really want to sell.”: “”Shell has changed dramatically as a company. It’s not the culture that I once knew…” (ShellNews.net) 21 Nov 04

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Shell News Archive Saturday 20 November, 2004

Shell News Archive Friday 19 November, 2004

Shell News Archive Friday 19 November, 2004

Yahoo!: Shell says considering developing gas field in north China with PetroChina (ShellNews.net) 19 Nov 04

Canadian Press: Shell Canada boosts capital spending by 60%, spreads cash across country: “CALGARY – Shell Canada plans to raise its capital spending next year by more than 60 per cent to $1.8 billion, spreading the cash across Canada and the energy company’s diverse array of assets.”: “it is 78 per cent owned by Royal Dutch/Shell, one of the world’s biggest oil companies, headquartered in London and the Netherlands.” (ShellNews.net) Posted 19 Nov 04

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Shell News Archive Thursday 18 November, 2004

Shell News Archive Wednesday 17 November, 2004

From our Shell News Archive Wednesday 17 November, 2004

BLOOMBERG: Enbridge to Buy Shell’s Gulf Pipelines for $613 Mln (Update1): “Canada’s second- largest pipeline company, agreed to buy Shell Gas Transmission LLC for $613 million to gain pipelines in the Gulf of Mexico for the first time.”: “Royal Dutch/Shell, based in London and The Hague, plans to sell as much as $12 billion of assets in two years to fund investments and return cash to shareholders.” (ShellNews.net) 17 Nov 04

National Post (Canadian Press): Enbridge paying US$613M for Shell natural gas pipelines in Gulf of Mexico: “CALGARY (CP) – Energy distributor Enbridge Inc. is getting bigger with a $613-million-US purchase of Shell Gas Transmission and its natural gas pipeline network in the Gulf of Mexico.” (ShellNews.net) 17 Nov 04

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Shell News Archive Tuesday 16 November, 2004

From our Shell News Archive Tuesday 16 November, 2004

BBC2 TV “Newsnight”: Can Shell placate environmental critics? “Hilton Kelley claims Port Arthur has been “devastated by pollution”. “We had a great community one time,” says Hilton Kelley “Sandwich shops, taxi stands, nightclubs – we had all these things. Now it’s devastated by pollution. “Many of the residents have died from cancer – kids have moved away – they no longer want to live here.” Hilton, together with 1,200 residents of Port Arthur, has launched a class action lawsuit against Shell, claiming breach of environmental human rights. So what are the facts?” (ShellNews.net) Posted 16 Nov 04

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From our Shell News Archive Monday 15 November, 2004

From our Shell News Archive Monday 15 November, 2004

BLOOMBERG: Shell Shifts Europe Oil Exploration to Northern, Deeper Waters: “Royal Dutch/Shell Group, the world’s third-largest oil company, said it’s looking to the North Atlantic Margin for its next big European oil and gas finds as it seeks to replace older, flagging North Sea reserves.” (ShellNews.net) 15 Nov 04

Barron’sOnline: The Gathering Storm: The dean of energy analysts sees a difficult future: “THE ENERGY CRISIS WE ARE IN today is entirely different from the temporary problems we experienced in 1973-74, 1979-86, 1990-91 and 2000”: “There could be a good deal of time wasted in recrimination while we seek to pin responsibility on culprits and conspirators and demons”: The great Shell Oil geophysicist, M. King Hubbert (1903-1989)… …predicted that the peak of U.S. oil production would occur in the early 1970s (and, despite considerable skepticism about his prediction, he was right on target).” (ShellNews.net) 15 Nov 04

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Shell News Archive Sunday 14 November 2004

From our Shell News Archive Sunday 14 November 2004

THE WALL STREET JOURNAL: Loony Training Fads Are New Form of Snake Oil: “Your page-one article “Changing Drill: How Shell ‘s Move to Revamp Culture Ended in Scandal” (Nov. 2) is indicative of the loony and devastating training fads and cultural initiatives I’ve seen in Fortune 500 companies over the past quarter-century…” (ShellNews.net) Posted 14 Nov 04

THE RELATED ARTICLE:THE WALL STREET JOURNAL: How Shell’s Move To Revamp Culture Ended in Scandal: “The root of the problem, however, goes significantly further back than Sir Philip’s reign, which began in 2001”: “These deeper roots are significant because the company has yet to make a full break with its past. Mr. van der Veer is a longtime Shell executive who sat on the committee that received — and dallied over — warnings about the accounting problems.”: ” In addition to its ambitious plans to discover new oil and gas cheaply, Shell under Sir Mark was redefining how it counted existing reserves.”: “Sir Mark Moody-Stuart, chairman from 1998 to 2001, remains on the board of Shell’s English parent… He declined to comment about reserves issues. And Shell still can’t seem to get a handle on its reserves.” (ShellNews.net) 2 Nov 04

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From our Shell News Archive for Saturday 13 November, 2004

From our Shell News Archive for  Saturday 13 November, 2004

Daily Telegraph (UK): Shell will reward its investors: “Shell’s shareholders will be rewarded with a dividend bonanza next year if they vote through the Anglo-Dutch company’s restructuring plans in the spring.” (ShellNews.net) 13 Nov 04

THE TIMES (UK): Oil major commits to staying in UK for a decade: “SHELL has promised to maintain its North Sea oil operations for at least the next nine to ten years, a commitment intended to calm fears that the oil major will abandon the dwindling oil and gasfields of Britain.” (ShellNews.net) 13 Nov 04

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Shell News Archive Friday 12 November 2004

From our Shell News Archive Friday 12 November 2004

Daily Telegraph: Sterling work on Shell’s divi: “Lord Oxburgh has written a valedictory letter dated 2 Nov 04 to the shareholders of Shell.”: “Sounds like an Ernie Wise composition… (One half of the late great British comedy duo, Morecambe & Wise, famous for the “plays what I wrote”. (ShellNews.net) 12 Nov 04

File One: Click here to access letter from Lord Oxburgh dated 2 Nov 04 and associated 16 page document announcing the proposal (on 28 Oct 04) by Royal Dutch/Shell for one company, one board and one chief executive. This is the letter which amused The Telegraph “City diary” so much that it was the subject of features on two successive days, 11 & 12 November 04. If you are a Japanese or Canadian national, Royal Dutch/Shell does not want you to read this document.

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Shell News Archive Thursday 11 November, 2004

 From our Shell News Archive Thursday 11 November, 2004

THE NEW YORK TIMES: Marathon Oil Reviews Oil, Gas Reserves: “Investors have been more focused on oil reserves in the wake of large writedowns this year by Royal Dutch/Shell and a number of smaller companies. The disclosure sent shares of Shell’s two parent companies plunging and set off industrywide scrutiny over the way reserves are accounted for. The problems continue to plague Shell, which recently said it may have to further reduce its reserves tally.” (ShellNews.net) Posted 11 Nov 04

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Shell News Archive Wednesday 10 November, 2004

From our Shell News Archive Wednesday 10 November, 2004

Washington Post: Priming the Public For Hydrogen Fuel: Benning Road Station Is First of Its Kind in U.S.: “Shell spent more than $2 million on the special Benning Road NE pump, which it will use to demonstrate hydrogen technology to lawmakers and staffers on Capitol Hill through a partnership with GM. (ShellNews.net) 10 Nov 04

THE WALL STREET JOURNAL: First US Hydrogen Refueling Station Opens Amid Protests (ShellNews.net) 10 Nov 04

AccountancyAge.com: Calls grow for external auditing of oil reserves (ShellNews.net) Posted 10 Nov 04
(Plus related AccountancyAge.com article: Shell fiasco haunts KPMG)

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Shell News Archive Tuesday 9 November, 2004

From our Shell News Archive Tuesday 9 November, 2004

Financial Times: ‘Audit oil reserves’ investors tell Shell: “Two leading activist investors in Royal Dutch/Shell, the scandal-hit oil group, have called on the company to set an example to the industry by providing an annual reserves statement signed off by an external auditor.” (ShellNews.net) 9 Nov 04

THE WALL STREET JOURNAL: Calpers Pressures Oil Companies For Independent Reserves Audits: “Shell, in response to its energy-accounting scandal, now relies on outside contractors to help review its tally, though it hasn’t committed to a full-blown external reserves audit.” (ShellNews.net) 9 Nov 04

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Shell News Archive Monday 8 November, 2004

From Our Shell News Archive Monday 8 November, 2004

THE WALL STREET JOURNAL: THE JOURNAL REPORT: WOMEN TO WATCH: In Line to Lead: “9. Linda Cook: Executive Director, Gas and Power, Royal Dutch/Shell Group”: In May, the twin boards of Royal Dutch/Shell Group tapped Linda Cook to fill out the company’s top management team — decimated earlier in the year by forced exits in the wake of the company’s accounting scandal.”: “We know that reputation is not restored overnight, and it will only come through delivery of the commitments that we’ve made with respect to performance,” says the 46-year-old Ms. Cook.: “She served in Canada just one year, surviving an embarrassing reduction in estimated reserves at the unit’s once-promising gas fields off the coast of Nova Scotia. The reduction was unrelated to Shell’s groupwide reserve accounting scandal. (ShellNews.net) 8 Nov 04

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Shell News Archive Sunday 7 November, 2004

Royal Dutch Shell News Saturday 6 November, 2004

Royal Dutch Shell News Friday 5 November, 2004

 Royal Dutch Shell News Friday 5 November, 2004

Planet Ark: Gas remains centrepiece in Shell China strategy: BEIJING –“Royal Dutch/Shell Group aims to become a major supplier of liquefied natural gas to China and gain a foothold in the country’s booming oil refinery sector, a senior company official says.” (ShellNews.net) 5 Nov 04

CSNews: Shell Cuts Fuel Sales at 18 Ohio Stations: “Shell Oil has shut down gasoline sales at 18 Columbus-area stations operated by state Sen. Jeffrey Armbruster because of what it termed a “banking-related issue,” reported the Columbus Dispatch.” (ShellNews.net posted 5 Nov 04)

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Shell News Archive Thursday 4 November, 2004

From our Shell News Archive Thursday 4 November, 2004

Newstatesmen 4 Nov 04: The business – Patrick Hosking on Shell’s move to the Netherlands: The London head office of the UK half of the business, Shell Transport & Trading, is being disbanded.”: “…London will become a mere branch. The company’s centre of gravity will shift further over the North Sea.”: “Last month, the company had to admit that it may have got its figures wrong for the fifth time in a year.”

BLOOMBERG: Shell, ChevronTexaco Are Accused of Fixing Gas Prices (Update1):  Shell Oil Co., ChevronTexaco Corp., and a unit of Saudi Aramco were sued by a group of gasoline dealers who claim the companies conspired to fix the price of fuel sold to about 20,000 service stations nationwide.”: “The suit in Manhattan federal court claims that in 1996, senior officers of Saudi Refining Inc., “Shell and Texaco met and entered into an agreement to raise, fix, peg and stabilize the price of motor fuel sold to Shell and Texaco dealers.”

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Shell News Archive Wednesday 3 November, 2004

Shell News Archive Wednesday 3 November, 2004

The Guardian: Companies’ ethical reports branded ineffective: “Jeroem van der Veer, Shell’s new chief executive, has no qualms about the current failings of most CSR reporting: “I still see too little willingness to talk about failures and too little input from credible, and sometimes critical, third parties”. It’s a moot point, and one that van der Veer is well placed to make after his company’s oil reserves crisis earlier this year.”

Yahoo.com: Malaysia Shell To Award MYR385M Gas Drilling Contracts: “KUALA LUMPUR (Dow Jones)–Shell Malaysia Wednesday confirmed it will award five contracts later in the day worth a total MYR385 million ($101 million) for the upgrading of drilling facilities at key gas production sites.”

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From our Shell News Archive 2 November 2004

From our Shell News Archive Monday 1 November 2004

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