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Posts under ‘Jeroen van der Veer’

Oil majors BP and Shell may be ready for more mergers

Some of Shell’s big shareholders are said to be frustrated by the company’s continued spending on expensive far-flung projects that fail to yield healthy returns. Alongside its profit warning at the start of this year, Shell announced that it was halting a controversial exploration programme off the coast of Alaska because the costs had far outweighed the results. Some $4.5bn had been ploughed into exploring in the region since 2005. Rumours continue to swirl that an activist investor is circling Shell with a view to taking a stake and forcing it adopt a more radical strategy. read more

OBJECTION TO MR. OSAGIE OKUNBOR AS MD/COUNTRY CHAIR OF SHELL (SPDC) NIGERIA

We consider it a very unwise move by Shell that Mr. Osagie Okunbor, who was said to be the former Vice President (VP) Human Resources, Shell (SPDC), is currently being considered/prepared to assume the position of the Managing Director (MD) and Country Chair of Shell (SPDC) Nigeria. We strongly advise that relevant authorities of Royal Dutch Shell and Shell (SPDC) Nigeria should give this issue raised the needed attention.

Mr. Osagie Okunbor is said to be on cross-posting to The Hague, in other for him to be ‘groomed’ to occupy the said exalted position and take over from Mr. Mutiu Sunmonu, who will soon go on retirement.

Insiders Perspective on Shell VP Arjen Dorland

Royal Dutch Shell VP Arjen Dorland

Royal Dutch Shell VP Arjen Dorland

One of few respected IT-illuminati, shortly before he retired, suggested that Dorland was a bit of an animal if not held on a tight leash…

From a Shell Source

Amusing to see Arjen Dorland extolling the virtues of technological enablement of exploration within Shell especially given his limited engagement with and knowledge of this part of the business. One suggests that there is an ulterior motive here and one worth going through in detail. It’s been noted on here previously how Arjen Dorland first rose without trace at the start of the millennium in the battered Shell IT organisation, having originally been identified as a JG 1-2 maximum level employee (the Shell system, as we all know, sets CEP levels for all its staff and this system is rigorously enforced by the myriad HR managers that Shell homes and encourages). He remains to this day intensely bitter about that initial positioning and it explains his character and motivation to a ‘T’. read more

Bowing to Putin

Shell's Ben van Beurden bows to Putin on Good Friday, 18 April 2014

Shell’s Ben van Beurden bows to Putin on Good Friday, 18 April 2014

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By John Donovan

I have checked and thus far have been unable to find any photographs of Rex Tillerson (ExxonMobil) or Robert Dudley (BP) bowing in the slightest to Putin. It seems that only Royal Dutch Shell executives, Jeroen van der Veer, Peter Voser, and Ben van Beurden, have been prepared to stoop that low.

Royal Dutch Shell outmaneuvered, outsmarted, bullied and humiliated

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Vladimir Putin: The macho man former spy who has repeatedly outmaneuvered, outsmarted, bullied and humiliated Royal Dutch Shell, while simultaneously running rings round other submissive global players. Jeroen van de Veer prostrated himself before Vladimir Putin in the Sakhalin2 surrender and Ben van Beurden repeated the act of subservience in a cringe-making ill-timed audience with Putin on Good Friday. The king of corruption and master of polonium fueled assassination is treating them all with deserved contempt.
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Ben van Beurden dragged into Irish Cops Bribery Scandal

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By John Donovan

Printed below are self-explanatory extracts from an email I sent on 16 April to Johan Groenewald, the senior officer at the Garda Ombudsman Commission investigating allegations made by OSSL about Shell corrupting the Irish police force.

I am arranging  for OSSL directors to attend the Royal Dutch Shell Plc Annual General Meeting in May, as they did last year (as reported in The Observer).

Extract

The Donovans had secured places for Kane and Rooney at Shell’s annual meeting last month, to raise their grievances. Cornered, the company’s CEO, Peter Voser, suddenly ordered a further inquiry, a move echoed by the Garda. read more

Shell risked offshore workers lives to dodge Alaskan tax bill

Screen Shot 2013-07-15 at 07.03.50Despite all promises to the contrary, Shell is still putting monetary considerations before safety. Just read some of the recent articles about Shell’s reckless conduct in offshore Alaska. It put the lives of offshore workers and the environment at risk to avoid a potential multimillion dollar tax bill. Personally, I do not believe enough attention has been drawn to the ethical issue of Shell deliberately putting peoples lives at risk in a calculated gamble.

Royal Dutch Shell Safety Last, not First

By John Donovan

Despite all promises to the contrary, Shell is still putting monetary considerations before safety.

Just read some of the recent articles about Shell’s reckless conduct in offshore Alaska.

It put the lives of offshore workers and the environment at risk to avoid a potential multimillion dollar tax bill.

This extract from a US News & World Report article published yesterday is typical of the many comments published elsewhere:

Notably, in September 2012, a Royal Dutch Shell drilling rig ran aground in Alaska as workers attempted to tow it beyond the state’s waters. A Coast Guard report released Friday found that the Anglo-Dutch oil company decided to move the rig – and insisted on doing so through dangerous stormy weather – to avoid paying new Alaskan taxes. The report also detailed myriad safety issues. read more

Little known key role of Michiel Brandjes in Shell reserves scandal

Screen Shot 2014-03-09 at 23.42.12However, unbeknown to Van de Vijver, Michiel Brandjes (right), who was alarmed by the findings of the report, sent a copy to a New York law firm Cravath, Swaine & Moore. This meant that events were no longer in the control of Shell. Instead, Shell’s most sensitive issue since its close association with Adolf Hitler and the Nazis several decades ago, had been disclosed to an outside firm, that had to consider and protect its own reputation.

By John Donovan

In May 2003, Frank Coopman, the then Chief Financial Officer of Shell EP, delivered bad news about Shell’s operations in Nigeria to the Chief Executive of Shell EP, Walter van de Vijver.

Van de Vijver sent Coopman back to Nigeria to investigate further.

The subsequent findings, set out in a status report, were even more devastating, revealing an overstatement of 1.1 billion boe.

Van de Vijver had instructed a team led by Coopman to work on the reserves issues.

The team included a top Shell lawyer, Michiel Brandjes, the then Company Secretary of Royal Dutch Petroleum. read more

How much reliance can be placed on Royal Dutch Shell predictions?

Screen Shot 2014-02-13 at 17.22.27How much reliance can be placed on predictions emerging from Shell scenarios team? Very little if past accuracy of Shell predictions is any guide. Six years ago the then head of Royal Dutch Shell, the clueless Jeroen van der Veer predicted that the world would begin to run out of oil within 7 years – that’s next year. Since then, the whole outlook for oil and gas reserves has changed dramatically as a result of fracking and the US will surpass Saudi as the worlds top oil producer by 2016.

By John Donovan

Bloomberg news has published an article today under the headline Shell Sees Stable Oil Price for 20 Years With Volatility Bursts

Extract

In Shell’s “tighter” supply scenarios, crude prices could steadily increase over the 20 next years, while still going through periods of volatility that could see Brent falling to $70 a barrel, Bentham said.

How much reliance can be placed on predictions emerging from Shell scenarios team?

Very little if past accuracy of Shell predictions is any guide. read more

Ben van Beurden: Surely Shell could have chosen a leader untainted by scandal?

Screen Shot 2013-10-16 at 15.23.29Ben van Beurden was private assistant and adviser to Sir Philip Watts during the two years prior to the shock announcement of the reserves scandal in January 2004, which resulted in a firestorm of devastating news coverage that still reverberates today, 10 years later. This was during the period when false information was routinely given to investors about Shell’s claimed oil and gas reserves. As private assistant and adviser to Watts, Ben van Beurden must have known what was going on and must have been complicit in the cover-up? Is it impossible to find suitable Shell leadership candidates untainted by failure and scandal?

By John Donovan

The Observer newspaper has today made the valid point that “Van Beurden knows what failure looks like, as he was a personal assistant to former chairman Sir Philip Watts when Watts was axed over the reserves scandal of 2004.”

This startling fact has rightly been highlighted in a number of articles published since the appointment of Ben van Beurden as the new CEO of Royal Dutch Shell Plc was first announced.

Ben van Beurden was private assistant and adviser to Sir Philip Watts during the two years prior to the shock announcement of the reserves scandal in January 2004, which resulted in a firestorm of devastating news coverage that still reverberates today, 10 years later. read more

Royal Dutch Shell leadership: Bring back Sir Henri Deterding

Screen Shot 2014-02-01 at 10.22.50If only it was possible to resurrect Sir Henri Deterding at his best, the extraordinary Dutchman who built the Royal Dutch Shell Group. In his first couple of decades at Shell he was a brilliant decisive leader brimming with ambition, ideas and incredible determination. He would have acted to exploit BP’s self-inflicted misfortunes, whereas Van der Veer and Voser let the opportunity pass and instead took Shell down a disastrous path placing all bets on so-called elephant projects that turned out to be white elephants.

By John Donovan

In my view, the last Shell executive director/Chairman who had any gumption and plain commonsense was Sir John Jennings.

Since his time, long term Shell shareholders have witnessed a parade of hopelessly incompetent Royal Dutch Shell fat cat bosses.

The roll call of failed leaders includes Sir Philip Watts, Jeroen van der Veer and Peter Voser.

All three mired by disappointment and scandal.

Jorma Ollila has been non-executive Chairman of Royal Dutch Shell Plc for several years spanning the tenures of the last two failed CEO’s and has proven equally uninspiring and flawed. read more

Energy giants battle to pump profits

Screen Shot 2013-11-13 at 07.38.22At 55, Van Beurden, who replaced Peter Voser earlier this month, is a 30-year veteran at Shell where his career has mainly been focused on managing downstream businesses such as refining and chemicals. This week, as he announces full-year earnings, City analysts expect him to unveil details of a potential $15bn to $30bn (£9.1bn to £18.1bn) garage sale… Shell has a reputation for gluttony when it comes to tackling giant energy projects, betting billions of dollars on strategic investments aimed at building reserves and capturing future demand decades in advance. Those days may be over.

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By 8:00PM GMT 25 Jan 2014

On the face of it, Royal Dutch Shell’s new chief executive, Ben van Beurden, and Bob Dudley, his counterpart at , are a world apart.

At 55, Van Beurden, who replaced Peter Voser earlier this month, is a 30-year veteran at Shell where his career has mainly been focused on managing downstream businesses such as refining and chemicals.

This week, as he announces full-year earnings, City analysts expect him to unveil details of a potential $15bn to $30bn (£9.1bn to £18.1bn) garage sale, signalling a new era of capital discipline and streamlining at the Anglo-Dutch supermajor. read more

CFO Simon Henry: Just how many lives has this Shell fat cat got?

Simon Henry was CFO when the ship was set on its disastrous course of over-promise and under-delivery, beset by project delays and cost overruns, resulting in the recent profits warning and the dramatic advice just issued by Zacks Investment Research that Royal Dutch Shell Plc is “a risky bet that ordinary investors should exit.” He has had a hand on the helm throughout the long voyage, during the Sakhalin2 debacle, the Corrib Gas Corruption scandal and more recently, Shell’s Arctic ambitions hitting the rocks. As I have previously pointed out, he also had a starring role in the reserves scandal and managed to evade the flak on that occasion as well. Just how many lives has this Shell fat cat got?

By John Donovan

The role of RDS Chief Financial Officer, Simon Henry, in the instability that has overtaken Shell, thus far seems to have largely escaped scrutiny and blame?

He is the most senior remaining Royal Dutch Shell executive spanning the tenure of the last three top executives at Shell, Sir Philip Watts (dishonest bullying egomaniac), Jeroen van der Veer (dishonest and out of his depth) and Peter Voser (incompetent and ill-advised).

Simon Henry was CFO when the ship was set on its disastrous course of over-promise and under-delivery, bedeviled by project delays and cost overruns, resulting in the recent profits warning and the dramatic advice just issued by Zacks Investment Research that Royal Dutch Shell Plc is “a risky bet that ordinary investors should exit.” read more

Shell sells £700m of natural gas assets to Kuwait

Screen Shot 2013-10-01 at 07.56.54Chief executive says disposal of stakes in two Australian businesses, which follows shock profit warning last week, is evidence of ‘hard choices’ being taken

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By 9:24AM GMT 20 Jan 2014

Royal Dutch Shell has sold its stakes in two Australian natural gas businesses to Kuwait’s state energy giant.

The company announced on Monday the $1.135bn (£691m) disposal of its 8pc interest in the Wheatstone-Iago joint venture and 6.4pc in the Wheatstone liquefied natural gas (LNG) project in Western Australia to the Kuwait Foreign Petroleum Exploration Company (KUFPEC), a subsidiary of the Gulf state’s national oil company.

Ben van Beurden, who recently took over from Peter Voser as chief executive, said Shell was “refocusing our investment to where we can add the most value with Shell’s capital and technology”. read more

The destabilisation of Royal Dutch Shell gathers pace

Screen Shot 2014-01-20 at 15.21.18While speculation still swirls about the unexpected early exit by Peter Voser and the abrupt departure by Peter Rees, we can now add the name of Andy Brown to the mystery about the seismic developments and uncertainty that has engulfed Royal Dutch Shell Plc. 

By John Donovan 

Three weeks ago I published an article under the headline Voser wisely abandons an unstable ship.

I listed some of the factors that led me to make that assessment.

Since then the destabilisation of Royal Dutch Shell has gathered pace with the profits warning that shocked the markets on Friday. 

Today, Shell made an announcement about Andy Brown, the third exit (in his case extended medical leave after heart surgery) from the committee of executive directors in as many weeks.

While speculation still swirls about the unexpected early exit by Peter Voser and the abrupt departure by Peter Rees, we can now add the name of Andy Brown to the mystery about the seismic developments and uncertainty that has engulfed Royal Dutch Shell Plc.  read more

Wake up, Shell, the days of big spending are over

Screen Shot 2014-01-03 at 14.32.05“On Friday the chickens came home to roost, with Ben van Beurden, who took over from Peter Voser last year, having to announce a painful profits warning just 11 days before the year-end results.” The article says that Shell shareholders are fractious, and if Ben van Beurden ignores their concerns, Royal Dutch Shell Plc will be a prime target for activist investors. I have news for The Sunday Times. That is already the case. No wonder Mr Voser was content to fly off early.As for BvB, it must be the shortest honeymoon in corporate history for the CEO of a multinational. The phrase “poisoned chalice’ comes to mind.

By John Donovan

Dominic O’Connell, the Business Editor of The Sunday Times has today sent a strong message to Royal Dutch Shell in his Agenda column under the headline: “Wake up, Shell, the days of big spending are over.”

The article says that although major shareholders have had a soft spot for Shell, even through the reserves scandal, “that love affair is on the wane.”

He says Shell seems to have missed the change in policy by other oil and gas producers in response to shareholder demands, who have stopped squandering cash on expensive new projects and instead are returning it to the owners. read more

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