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Seeds of next Shell reserves scandal being sown

Shell Reserves Fraudster, Sir Phillip Watts

Shell Fraudster, Sir Phillip Watts

From a Shell Insider

Nice hoax on the Pectina Devastatis!

But do not forget it was true then and it still is true today! And history always repeats itself, also in Shell.

Remember the heady days in the early 2000s when Reservoir Engineers were deemed to be a bunch of overly conservative intellectuals and evil Watts and his bully boys were going to sort them out and teach them what ‘real’ business meant. The process of rewarding promise and penalising realism was implemented with great vigour. We all know what happened next. Watts fired in disgrace but with a handsome pension. Huge fines by the SEC etc. One would hope we had learned from this. But not so. Of late bad man Bichsel is sending out his hit squads to all operating units to sort out those same stupid Petroleum Engineers who are not increasing the reserves quick enough.

Threatening language is used and this just before there will be mass redundancies. This will make many reservoir engineer more open to suggestions from on high. Naturally all looked upon with approval of very bad man Brinded. No written instructions, they have learned…..

And it will work to a certain extent because the formal reserves reporting is solidly in the hands of lawyers who have no clue and only insist on a piece of paper -preferably 1 A4 – stating that the reserves might be higher and signed by anybody. This signature is important to pass blame sometime in the future.

The exodus of the younger and better petroleum engineers is now in full swing and there is hardly anyone left to put the brakes on. Until the next scandal breaks.

1 Comment on “Seeds of next Shell reserves scandal being sown”

  1. #1 Drillitandfillet
    on Sep 25th, 2009 at 17:02

    And to help it all along, some 30% of senior positions in the Reserves Auditing organisation are being eradicated in “Transition 2009”. And you can imagine which 30% of the staff will go of course.

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