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Royal Dutch Shell News Thursday, 7 April 2005

Royal Dutch Shell News Thursday, 7 April 2005

Houston Chronicle: Shell is hoping to book disputed reserves again: Fields off coast of Australia had been overstated: “Shell, based in London and the Hague, last month said its oil and gas reserves as of 2002 were overstated by 41 percent, the culmination of five cuts that led to investor lawsuits, the loss of three senior executives and more than $150 million of fines. The Justice Department is conducting a criminal inquiry.” (ShellNews.net) 7 April 05

BLOOMBERG: Shell Abandons Argentine Gasoline Price Increase (Update1): “The Royal Dutch Shell Group, Europe’s second-largest oil company, scrapped a price increase at more than 900 gas stations in Argentina after President Nestor Kirchner’s call for a boycott on the company drove down sales as much as 60 percent.” (ShellNews.net) 7 April 05

fxstreet.com: Shell, BG lead FTSE to 3-wk high as M&A talk swirls: “Shell climbed 2.5 percent as dealers said a research note from UBS triggered speculation it could launch a full takeover [nL07710054] for Woodside, <WPL.AX> the Australian firm valued at more than $13 billion that it was blocked from buying in 2001 but in which it still holds a 34 percent stake.” (ShellNews.net) 7 April 05

Financial Times: Ousted Rexam executive stands to receive £2.5m: “Rexam, the consumer packaging group, is to pay Stefan Angwald, its former chief executive, up to £2.5m after he worked only four- and-a-half months in the job.”: “The Rexam payment comes after Jeroen van der Veer, chief executive of Royal Dutch/Shell, was paid nearly €2.65m (£1.82m) in 2004 – a year in which the Anglo/Dutch oil and gas group had to cut its figures for proved reserves four times. Mr van der Veer received a 90 per cent bonus on his salary at the year end.” (ShellNews.net) 7 April 05

AFX Europe (Focus): Shell, Sibir ship first oil from 1.25 bln usd Salym field in Siberia: “The Royal Dutch/Shell Group and Sibir Energy PLC have shipped the first oil from the Salym field in western Siberia” (ShellNews.net) 7 April 05

AFX Europe (Focus): Shell lowers prices in Argentina after presidential pressure: “Almost a month ago, Kirchner called for Argentines to boycott Shell after it announced a 4.2 percent hike in fuel prices amid signs of rising inflation in the country.” (ShellNews.net) 7 April 05

edubourse.com (France): Shell – New equity arrangements for Australian Greater Gorgon project: “The development of Greater Gorgon gas will strengthen the Royal Dutch/Shell Group’s leadership in the Asia Pacific LNG market and emphasises the importance of Australian gas in Shell’s global portfolio.” (ShellNews.net) Posted 7 April 05

Fort Saskatchewan Record (Canada): Shell sorry for delay: “Shell Chemicals is apologizing for the delay in warning its neighbours of a March 14 chemical leak.”: ”On the day of the leak, Shell’s incident commander, Ted Oud, told media that calls went out about 15 minutes after the incident. That was a misunderstanding, says company spokesperson Beverly Loat.” (ShellNews.net) Posted 7 April 05

THE WALL STREET JOURNAL: Gorgon Gas Deal Boosts A$11Bn LNG Export Plan: “Under the new framework agreement, Greater Gorgon’s 40 trillion cubic feet (tcf) of natural gas resources will be owned 50% by ChevronTexaco, 25% ExxonMobil and 25% Shell.” (ShellNews.net) Posted 7 April 05

THE WALL STREET JOURNAL: ChevronTexaco Seeks to Finalize Deals With Chinese LNG Buyers: “ChevronTexaco, ExxonMobil Corp. and Royal Dutch/Shell Group have agreed to jointly develop several natural-gas fields off the Australian coast, according to officials familiar with the agreement.” (ShellNews.net) Posted 7 April 05

Oil & Gas Journal: Brunei Shell Petroleum Awards Astrata Group Inc. with Multi-million-dollar Five-year Contract To Support Onshore and Offshore Oil and Gas Exploration (ShellNews.net) Posted 7 April 05

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