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October 16th, 2007:

Titanic battle in U.S. Courts over Royal Dutch Shell reserves scandal

UNITED STATES DISTRICT COURT DISTRICT OF NEW JERSEY

Civil Action No. 04-374(JAP): ROYAL DUTCH/SHELL TRANSPORT SECURITIES LITIGATION

LEAD PLANTIFFS: Pennsylvania State Employees Retirement System and the Pennsylvania Public School Employees Retirement System

DEFENDANTS: Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company p.l.c.

Article by John Donovan

This is an updated version of an article we published in June 2007.  It has been revised to include developments which have taken place over the last few days. The most recent motion was filed with the above court on 15 October 2007 by attorneys’ acting for Shell. 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.

Toronto Star: U.S. firm buys stake in oil sands

Oct 16, 2007 03:48 PM

CALGARY–Shareholders of Western Oil Sands Inc., a partner in Canada’s Athabasca Oil Sands Project, approved a $5.8 billion takeover by Marathon Oil Corp.

Investors at a meeting in Calgary today voted 99.3 per cent in favour of the transaction. Canada’s Minister of Industry yesterday approved the acquisition, which is expected to close this week. Western Oil Sands needed the approval of two-thirds of shareholders that participated in the vote. Marathon, based in Houston, agreed to buy Western Oil Sands on July 31, joining such oil companies as Chevron Corp. and Royal Dutch Shell Plc. in seeking to tap the Alberta oil sands found as North America’s traditional oil fields mature and reserves overseas become harder to access. 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.

Bloomberg: Exxon, Shell Say Shale Bonanza Stalled by Water, Climate Change

By Joe Carroll

Oct. 16 (Bloomberg) — Exxon Mobil Corp. and Royal Dutch Shell Plc said efforts to tap Rocky Mountain oil deposits large enough to meet U.S. demand for a century have been stalled by subterranean rivers and greenhouse gases.

Shell won’t know until 2009 whether an underground wall of ice intended to shield oil-rich rocks from flowing water will work, project director Wolfgang Deeg said today at an industry conference in Golden, Colorado. Exxon Mobil hasn’t figured out how to contain greenhouse-gas emissions from its planned development to extract oil from shale formations in the region. 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.

Bloomberg: Shell Reports Flaring From Olefins Unit at Deer Park Refinery

By Robert Tuttle

Oct. 16 (Bloomberg) — Royal Dutch Shell Plc, Europe’s largest publicly traded oil company, reported flaring from an olefin unit in the chemical plant of its Deer Park, Texas, refinery yesterday, according to a filing with state regulators.

The flaring, or burning of chemicals into the air, lasted about 6 ½ hours yesterday, according to the report. Inputs to the unit were directed to another olefins unit.

Olefins units are involved in petrochemical production. A Shell spokesman was not immediately available for comment. 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.

Bloomberg: Dated Brent Rises After Shell Buys North Sea Cargoes From BP

By Alexander Kwiatkowski

Oct. 16 (Bloomberg) — Dated Brent climbed relative to the cost of December oil after Royal Dutch Shell Plc bought two North Sea crude cargoes from BP Plc. Russia’s Urals crude fell for a third day.

Dated Brent for loading in 10 to 21 days was at a premium of $1.12 to the cost of December oil, compared with a premium of 78 cents yesterday, according to Bloomberg calculations based on data from PVM Oil Associates Ltd. Physical crude oil for November delivery was at $83.82 a barrel at 1:30 p.m. London time, according to PVM. 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.

allAfrica.com: Nigeria: Shell Shuts Utorogun Gas Plant

This Day (Lagos)
16 October 2007
Omon-Julius Onabu
Warri

Indications that prices of industrial and domestic gas might soon go-up have emerged, following sudden shut-down of production lines at the Utorogun Gas Plant.

The Utorogun Gas Plant in Ughelli, Delta State, was shut down on Thursday, following a fire believed to have been ignited by vandals engaged in illegal bunkering of condensate, a gas derivative.
 
The incident occurred along the pipeline to the Utorogun Gas Plant, leading to extensive damage to petroleum products channeling facilities, as well as loss of large quantities of the products. 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.

iol.co.za: Son of Shell worker kidnapped

October 16 2007 at 11:42AM 
 
Lagos – Gunmen have abducted the five-year-old son of a Nigerian employee of Anglo-Dutch energy group Shell in the oil city of Port Harcourt, a company spokesperson said on Tuesday.

“The boy was kidnapped yesterday. The matter has been reported to the police,” spokesperson Precious Okolobo told AFP.

He said Divine Ifeanyi Emeruma was seized from his father’s residence in Port Harcourt early on Monday. No group has claimed responsibility.

The elderly parents or small children of prominent Nigerians in the oil-rich Niger Delta region have become targets for kidnappers in recent months. 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 Wall Street Journal: Shell Appointed 3 New Members Of Executive Committee -Sources

DOW JONES NEWSWIRES
October 15, 2007 11:06 a.m.

 LONDON (Dow Jones)–Royal Dutch Shell PLC (RDSB.LN) has appointed three new members to its executive committee, people familiar with the decision said Monday.

The people said the new committee members are Roxanne Decyk, a former Amoco Oil executive who is now Shell’s director of corporate affairs, including safety; Beat Hess, the company’s global legal head, who oversaw the resolution of its litigation in the wake of the 2004 reserves scandal; and Hugh Mitchell, director of human resources. 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 Wall Street Journal: Japanese Energy Firms Look to Gulf of Mexico To Skirt Political Risk

Wall Street Journal Chart

By YUKA HAYASHI and RUSSELL GOLD
October 16, 2007; Page A11

TOKYO — For most of the past decade, Japanese companies have looked for energy in places like Iran and Russia, taking on higher political risk in search of bigger rewards. Now, as they face setbacks in those countries, they are steering around geopolitical uncertainty and shifting focus to the Gulf of Mexico.

The move is part of a broader trend: As oil prices rise, resource-rich nations have begun to flex their muscles to get better deals. Japanese companies are snapping up stakes in U.S. energy fields off the coasts of Texas and Louisiana — an area with lower potential than the Middle East but considered virtually free of political shocks. 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 Wall Street Journal: Oil Prices, Profits Set to Diverge

Wall Street Journal Chart

Despite Crude at $86.13,
Producers’ Earnings Curbed
By Costs, Refinery Squeeze
By ANA CAMPOY and GUY CHAZAN
October 16, 2007; Page A3

Oil prices reached a new high of $86.13 a barrel yesterday. But that may not translate into higher profits for many oil companies.

Crude prices reached their record yesterday on supply concerns, continued interest from financial investors and tension in the Middle East — though oil still remains below the high of more than $101 a barrel reached in 1980 when adjusted for inflation. The rise continues oil’s third-quarter surge, when it moved above $80 a barrel for the first 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.

The Independent: Supply fears drive oil to record prices

By Nic Fildes
Published: 16 October 2007

Oil prices surged to a record high yesterday on the back of tension between Turkey and Iraq, adding to concerns over global supplies before the northern winter.

The oil price has risen steadily in recent months after dipping below $50 a barrel at the start of the year. After its recent gains, the crude price has quadrupled since 2002, although it still trails the inflation-adjusted peak of more than $90 a barrel set in 1979 during the Iranian revolution.

However, the price is seen as likely to match that record in coming weeks as several factors drive up the cost of crude. On the New York Mercantile Exchange (Nymex), crude prices soared past $85 a barrel for the first time to trade at $85.44. In London, the benchmark Brent crude closed at a record $82.75, passing $82 for the first 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.

The Guardian: Market Report: Energy

Nick Fletcher
Tuesday October 16, 2007

Among the few risers in the leading index were the oil companies, with the crude price hitting new highs. In London, Brent added more than $1 a barrel to nearly $82, while US crude held firmly above $84.

So BP added 3.5p to 622.5p, helped by more positive comment after last week’s restructuring announcement. Analysts at HSBC maintained an overweight rating on the shares, although they edged down their price target from 680p to 675p. “We believe the third quarter should prove to be the low point for BP operationally. Over the next 15 months, we expect the start-up of several key oil fields and the return to full action of BP’s two US refineries to lead to an improvement in sentiment.” 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 Times: Market Report: Oil

October 16, 2007

The oil companies were pushed upward by a surge in the price of oil. The two-month forward cost of a barrel of Brent crude hit $81.75, up $1.55, after Opec said that production of oil by nonOpec countries appeared to be falling, despite a rise in a global demand for the commodity. Royal Dutch Shell was the second-largest FTSE 100 riser, up 14p to £20.55. BP stock rose 15p before settling up 3½p at 622½p.

For the full report go to…

http://business.timesonline.co.uk/tol/business/markets/article2667098.ece 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.

livinginperu.com: Peru’s Potato Project Recognized by BBC, Newsweek and Shell

Peru | 15 October, 2007 [ 20:30 ]

T’ikapapa, an initiative of CIP’s Partnership Program, has been chosen as one of the finalists among 940 projects in an international contest. Now in its third year, World Challenge 2007 is a global competition that seeks out development projects and businesses that not only make a profit, but also put something back into the community.

The competition, which is organized the UK’s BBC World and Newsweek magazine, in association with Shell, is all about rewarding individuals or groups that truly make a difference through enterprise and innovation at a grass roots level. 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 Week: Couche Tard expected to make play for Shell stores in U.S., says analyst (Couche-Tard-Shell)

Oct 15, 2007 3:39:00 PM MST
 
MONTREAL _ Alimentation Couche-Tard (TSX:ATD.B) is expected to expand its growing presence in the United States by making a play for some of the 2,000 service stations that Shell Oil Company is planning to dispose of in the coming years, says an analyst.

“Couche-Tard has a solid relationship with Shell and is well-positioned to bid on some of these assets,‘‘ Jessy Hayem of Desjardins Securities said in a research note.

In a recent “internal‘‘ update to an initiative started a couple of years ago, Shell said it planned to nearly double the number of “direct-supplied and company-operated‘‘ sites it planned to dispose. 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.
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