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Posts from ‘October, 2007’

HRH Sultan Azlan Shah speaks out on crisis in Malaysian judiciary

By John Donovan

We have recently published articles relating to former Shell employees involved in litigation with Shell Malaysia.

“TEAM A” CASE: 399 SHELL PENSIONERS SUING SHELL

In a pension fund case involving 399 Shell Malaysia pensioners, an appeal court overturned a Judgment that Shell had made unlawful deductions from their retirement funds. One of the grounds cited in the appeal court judgment was that Shell was not capable of wrong doing: clearly absolute bunkum bearing in mind Shell’s atrocious track record of securities fraud and other serious misdeeds which have attracted hundreds of millions of dollars in fines and court settlements. Many of the “399” claimants are elderly, sick and dying. 34 have already died. The Malaysian judiciary has let them down in the most dubious circumstances. “Team A” have applied for leave to appeal to the Federal Court.

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The Huntsville Forester (Ontario): Shell Canada to conduct testing

by Carlye Malchuk
Oct 31, 2007

Fuel company Shell Canada will be conducting an environmental site assessment at Avery Beach in the coming weeks to determine if there was any leaching of petroleum products into the park.

In the late 1920s the Canadian Oil Company acquired property adjacent to the park that was used as a bulk plant.

The site was taken over by Shell in 1965 but has not been used as a bulk plant for at least 25 years, said John Peck, who works in the communications department at Shell Canada.

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Henscott.com: Navy officer killed in attack on vessel protecting Shell oilfield, Nigeria

(Thomson Financial) – A navy officer was killed and four injured in an overnight attack on a naval vessel protecting a Royal Dutch Shell offshore oilfield in southern Nigeria, industry and security sources told Agence France-Presse.

‘We got a report that militants attacked the navy vessel NNS Obula at 2105 hours. The vessel was detailed to protect the EA oilfield operated by Shell. One navy officer was killed while four were injured,’ a Shell security official told AFP.

The State Security Service (SSS) also confirmed the attack.

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SeekingAlpha.com: Oil Majors Quietly Investing In Renewable Fuel Sector

October 31, 2007

In case you have missed it, the oil majors are quietly investing in the renewable fuel sector.

ConocoPhillips (COP) has made the largest foray with its partnership with Tyson Foods (TSN) to produce biodiesel from chicken fat and a recently announced deal with Archer Daniels Midland (ADM) to produce fuel from biomass (farm waste).

Exxon (XOM), while publicly downplaying and almost mocking the role of biofuels for years, is currently funding research at Stanford University

Marathon Oil (MRO) has actually partnered with ethanol maker The Andersons (ANDE) and the two are producing ethanol from corn at a plant they plan to retrofit when additional feedstock are viable.

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Fortune Magazine: Oil shale may finally have its moment

In a dusty corner of northwestern Colorado, an energy of the future is beginning to look like the real thing. Can oil shale work? Fortune’s Jon Birger reports.

By Jon Birger, Fortune senior writer
October 31 2007: 5:43 AM EDT

(Fortune Magazine) — Touring a drilling site on a dusty mountain plateau above Rifle, Colo., Harold Vinegar stops, grins and then announces out of the blue, “I love that smell!”

No, the Royal Dutch Shell chief scientist is not referring to the crisp fragrance of the high desert air or the conifer scent wafting from the nearby stand of evergreens. Rather, it’s the faint, asphalt-like aroma of oil shale – a sedimentary rock rich in kerogen, a fossil fuel that is now the focus of Shell’s single biggest R&D investment.

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The Havard Crimson: Shell Gives $3.75M For Energy Studies

Published On Wednesday, October 31, 2007  3:34 AM
By DAVID K. HAUSMAN and CLIFFORD M MARKS
Crimson Staff Writer

A major oil company is shelling out money for programs at the Kennedy School of Government.

A division of Royal Dutch Shell, the world’s second-largest publicly traded oil company, will donate $3.75 million over the next five years to fund energy policy research across the University, the school announced this week.

William W. Hogan, the research director of the Harvard Electric Policy Group and an architect of the agreement, said the school has yet to decide precisely how the money will be allocated.

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Bloomberg: Macquarie, Babcock May Bid for Shell-Exxon Venture, People Say

By Ambereen Choudhury and Thom Rose

Oct. 31 (Bloomberg) — Macquarie Bank Ltd. and Deutsche Bank AG’s RREEF infrastructure fund are among firms that may bid for a German gas storage and transport network owned partly by Exxon Mobil Corp., said five people involved with the proposals.

BEB Transport & Speicher Service GmbH, a joint venture between Exxon Mobil and Royal Dutch Shell Plc, may fetch at least 1 billion euros ($1.4 billion), said the people, who declined to be identified because the bidding is confidential. Credit Suisse Group is assessing offers, the people said. Babcock & Brown Ltd., an Australian investment bank, may also bid, they said.

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Reuters: Shell says oil theft in Nigeria growing again

Wed Oct 31, 2007 9:10 AM BST

CAPE TOWN, Oct 31 (Reuters) – Royal Dutch Shell Plc (RDSa.L: Quote, Profile , Research) said on Wednesday that crude oil theft at sites in Nigeria was rising, posing a problem for development and a safety risk for those engaging in the practice.

“It is on the rise again,” Ann Pickard, regional executive vice-president for Shell Exploration & Production Africa Ltd., said at the Africa Upstream 2007 oil conference in Cape Town.

Shell, the world’s second-largest non government-controlled oil company by market capitalisation, is among a handful of oil majors affected by political unrest in Nigeria, the largest oil producer in Africa.

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UpstreamOnline: Malampaya oil rim given $1bn price tag

By Upstream staff

Philippine National Oil Company’s upstream arm PNOC Exploration Corporation (PNOC-EC) has estimated it would cost around $1 billion to develop the Malampaya oil rim, a thin layer of oil at the bottom of the Malampaya gas field, PNOC-EC president Rafael Del Pilar said.

The oil rim’s development would involve a capital expenditure of around $500 million and an operational expense of around $400 million, Del Pilar told local media.

PNOC-EC would raise a portion of the development cost through proceeds from its share offering scheduled for February next year, Del Pilar said.

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Financial Times: Tehran pushes for end to delays on gas field deal

By Najmeh Bozorgmehr in Tehran
Published: October 31 2007 02:00 | Last updated: October 31 2007 02:00

Iran says it is ready to address the concerns of western oil groups that have blamed spiralling global costs for delays in signing up to multibillion dollar contracts to develop the South Pars natural gas field.

“The increase in international [construction costs] and [the] fall in the dollar are logical concerns of companies which can be met through negotiations, provided illogical demands are not mixed with them,” said Ali Vakili, managing director of the Pars Oil and Gas Company, which handles development of the South and North Pars gas fields.

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The Wall Street Journal: Why Oil May Not Stop at $100

Wall Street Journal image

As Reservoirs Age and Demand Grows,
Prices May Go Even Higher
By NEIL KING JR. and GUY CHAZAN
October 31, 2007; Page A6

LONDON — Oil at $100 a barrel? That may not be the worst of it.

Several leading oil experts, gathered here yesterday for an annual energy conference, sketched a near-term future in which mounting global demand and shrinking supplies push oil prices well past the $100-a-barrel mark.

Consuming countries, they argued, will simply have to deal with the fact that new pockets of oil are getting far harder and more expensive to tap. That, combined with years of underinvestment by the industry, has led to a tapering off of new oil supplies that will continue for years, despite rising energy demand in Asia, the Middle East and some industrialized countries.

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Daily Telegraph: Oil market is out of our control, says Opec

Daily Telegraph image

Crude oil options traders work on the
floor of the New York Mercantile Exchange

By Russell Hotten, Industry Editor
Last Updated: 6:35am GMT 31/10/2007

OPEC oil ministers say they are powerless in the face of many factors driving up the price of crude, with one member of the producers’ cartel warning that the ‘market is out of control’.

Mohammed bin Dhaen al-Hamli, president of Opec, told a conference in London yesterday that record oil prices are the result of speculative investment and international political tensions. “We are of course concerned about high oil prices,” he said. But “the market is increasingly driven by forces beyond Opec’s control”.

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