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Posts from ‘June, 2005’

Shell symmetry

Financial Times: Shell symmetry

Thursday 30 June 2005

By Clay Harris

Next only to chairman Lord Oxburgh, Peter Voser, Shell’s chief financial officer, deftly carried much of the burden at Tuesday’s marathon session that approved the unification of its Dutch and UK arms. His brief ranged far beyond financial matters, reflecting his operational experience not only in a previous stint at Shell but also at ABB Asea Brown Boveri.

Something looks familiar about Voser. That’s it! He’s grey instead of ginger, Swiss instead of Scottish, but otherwise bears a striking resemblance to Charles Kennedy.

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Enjoy a free trip and get to ask Shell a question: By Sir Mark Moody-Stuart

Financial Times: Enjoy a free trip and get to ask Shell a question: By Sir Mark Moody-Stuart

Thursday 30 June 2005

From Sir Mark Moody-Stuart.

Sir, Attending my last annual meeting of Shell as a director, I was interested to note that almost half of the 20 or so questions asked came from individuals from areas in the neighbourhood of Shell operations in Sakhalin, Brazil, Nigeria, the Philippines and the US. According to Craig Bennett of Friends of the Earth (FoE), who summed up their concerns, these people had been brought to England by FoE to reflect locally held views.

While certainly there are problems that need addressing around Shell’s operations, and which are proper subjects for discussion at an AGM, in my experience the views expressed did not fully reflect the facts on the ground or represent a cross section of local opinion.

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Irish Times: Statement: Shell E&P Ireland Limited

Irish Times: Statement: Shell E&P Ireland Limited

Thursday Jun 30, 2005

“While the developments are most unfortunate, Shell E & P Ireland Limited has undertaken numerous efforts to meet with and reach agreement with this small number of landowners for access arrangements, however, the landowners in question have been unwilling to meet with us.

“The Company has the required consents to commence this work from the Department of Communications, Marine and Natural Resources. Regrettably, there is a minority of landowners and objectors who are unable to accept this.

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Business World: Five Mayo men jailed over Shell pipeline

Business World: Five Mayo men jailed over Shell pipeline

Thursday, June 30

(BizWorld)

Five local residents from north Mayo have been jailed by the High Court for obstructing the construction of a gas pipeline in the area.

The men were judged to have breached court orders barring them from impeding the construction of the pipeline through their land by the Shell company.

Mr Justice McMenamin said the men had indicated that they had obstructed the work and would continue to do so.

They could not, he said, take the law into their own hands.

He added that he had no alternative but to send them to prison until they purge their contempt.

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Irish Independent: Shell-shocked five jailed for obstructing new gas pipeline

Irish Independent: Shell-shocked five jailed for obstructing new gas pipeline

“FIVE men were jailed indefinitely yesterday…”

Thursday Jun 30, 2005

FIVE men were jailed indefinitely yesterday when they refused to stop breaching a court order restraining the obstruction of works for construction of the Corrib gas pipeline through some of their lands at Rossport, Co Mayo.

A number of other local persons are also facing imprisonment when proceedings alleging breach of the same order, granted on April 4, come before the High Court tomorrow.

One of those, Brid McGarry, told the court yesterday she believed she had no alternative but to go to jail as the pipeline placed the community at “unprecedented risk”.

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No Criminal Charges for Shell over Oil Reserves

The Scotsman: No Criminal Charges for Shell over Oil Reserves

“The prosecutor also cited the fine by the SEC for violations of reporting, record-keeping and anti-trust rules.”: “Any further penalties “would likely have a severe and unintended disproportionate economic impact upon thousands of innocent Shell employees,” Mr Kelley said.”

Thursday 30 June 2005

By David Winning, PA City Staff

Oil giant Shell learned today that it would not face criminal charges from federal authorities in the United States over the overstatement of its oil and gas reserves.

A federal prosecutor in the US said regulatory fines imposed on Shell and its willingness to co-operate with the investigation meant a prosecution would not be in the public interest.

Shell stunned the market in January last year when it disclosed its reserves were 20% lower than previously thought, causing a serious slump in its shares.

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Shell Won’t Face Criminal Charges In Reserves Probe

THE WALL STREET JOURNAL: Shell Won’t Face Criminal Charges In Reserves Probe

Thursday 30 June 2005

By KARA SCANNELL

Staff Reporter of THE WALL STREET JOURNAL

June 30, 2005; Page B2

Federal prosecutors said they won’t criminally charge Royal Dutch/Shell Group in a probe of its overstatement of energy reserves, citing the oil titan’s cooperation.

“Because Shell has cooperated fully with the government’s investigation, has implemented substantial remedial efforts to enhance its reserves reporting and compliance, and has paid a $120 million civil penalty to the [Securities and Exchange Commission], the public interest has been sufficiently vindicated,” David Kelley, U.S. attorney for the Southern District of New York, said in a statement yesterday. “Moreover, criminal prosecution would likely have a severe and unintended disproportionate economic impact upon thousands of innocent Shell employees.”

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THE NEW YORK TIMES: U.S. Won’t Prosecute Shell Over Reserves

THE NEW YORK TIMES: U.S. Won’t Prosecute Shell Over Reserves

Thursday 30 June 2005

By BLOOMBERG NEWS

Published: June 30, 2005

The Royal Dutch/Shell Group, Europe’s second-largest oil company, will not be prosecuted for overstating its oil and gas reserves, a United States attorney in New York said yesterday.

The Royal Dutch Petroleum Company and the Shell Transport and Trading Company, which own the group, had been under federal investigation since last year, when Royal Dutch/Shell disclosed that it had overstated its proven reserves as of 2002 by about 23 percent.

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Royal Dutch/Shell will not be prosecuted for overstatement

Financial Times: Royal Dutch/Shell will not be prosecuted for overstatement

“Shell self-reported the material mis-statements of its proved oil and gas reserves to the public,” US Attorney David Kelley said, in explaining the decision to go easy on the company.:

Thursday 30 June 2005

By Sheila McNulty in Houston

Royal Dutch/Shell will not be prosecuted for overstating its proved oil and gas reserves, for 2002 and prior years, by about 23 per cent, the US government ruled yesterday.

The decision ended fears that Shell, which has been under federal investigation since disclosing the overstatement last year, might have been convicted and fined.

That would probably have forced another round of selling in the company’s shares, which plunged last year when the overstatement first emerged.

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Shell evades US prosecution for overstatement

Financial Times: Shell evades US prosecution for overstatement

Thursday 30 June 2005

By Sheila McNulty in Houston

The US government said on Wednesday that it would not prosecute Royal Dutch/Shell for overstating its proved oil and gas reserves for 2002 and prior years by about 23 per cent.

The decision eases fears that Shell, which has been under US federal investigation since disclosing the overstatement last year, might have been convicted and fined for the offence. That would probably have forced another round of selling in company shares, which plunged last year when the overstatement first emerged.

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Ireland Online: Taoiseach admits Shell protestors jailing ‘regrettable’

Ireland Online: Taoiseach admits Shell protestors jailing ‘regrettable’

Thursday 30 June 2005

The jailing of five Co Mayo men for blocking work on a Shell gas pipeline is regrettable, but the court’s decision must be respected, Taoiseach Bertie Ahern said today.

Mr Ahern added an independent report on the safety of the project, commissioned by Natural Resources Minister Noel Dempsey, would be published as soon as it was ready.

Efforts were continuing today between Shell executives and Mayo TDs to find a compromise which may lead to the release of the protesters.

Shell Ireland chairman Andy Pyle said the families had refused to meet the firm in the months before the High Court conviction for contempt.

But he hinted that some compromise may be still possible if contact was established.

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BBC NEWS: Shell escapes charges on reserves

BBC NEWS: Shell escapes charges on reserves

“US prosecutors have decided not to take Royal Dutch Shell to court for overstating its oil reserves by 4.47 billion barrels, the company has said.”

Thursday 30 June 2005

US prosecutors have decided not to take Royal Dutch Shell to court for overstating its oil reserves by 4.47 billion barrels, the company has said.

The threat was withdrawn after the company assisted an investigation into how it had overstated reserves by 20%.

The firm revealed the miscalculation last year, and agreed to pay a $120m (£66.9m) penalty to settle with the US Securities and Exchange Commission.

Oil reserves can affect share prices as they indicate potential future income.

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