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Posts on ‘January 16th, 2012’

Shell, Petronas Sign Contracts For Two Malaysian Oil Projects

JANUARY 16, 2012

SINGAPORE (Dow Jones)–Oil major Royal Dutch Shell PLC (RDSB.LN) said Monday it has signed two production-sharing contracts with Malaysia’s state-owned oil and gas company Petroliam Nasional Bhd. for enhanced oil recovery projects offshore Sarawak and Sabah.

The two companies had agreed in November to jointly develop the oil fields in Malaysia using enhanced oil recovery techniques, in a project that was valued at $12 billion, Petronas had said then.

The project is expected to help the Malaysian national explorer extract a greater portion of oil from its existing reserves and extend the life of its oil fields.

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Damage still reverberating from Royal Dutch Shell reserves scandal

By John Donovan

The Guardian reports today that several hundred senior scientists employed by Shell at the Thornton Research Centre in Cheshire “will be scattered to other offices” in what is described as a more general retreat by Shell from the UK.

Shell staff, who are said to be “seething,” apparently believe the retreat from the UK is a consequence of the reserves scandal that came to light in 2004.

Shell executive directors including Group Chairman, Sir Phillip Watts (above right), were forced to resign. Basically Shell had repeatably filed false Form 20F returns to the U.S. Securities & Exchange Commission each year, inflating claimed proven hydrocarbon reserves.

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