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Nigeria: Shell Rules Out Divestment in Nigeria, Others This Year

Simon Henry, CFO, Royal Dutch Shell Plc

Simon Henry, CFO, Royal Dutch Shell Plc

Article by Daniel Adugbo published 1 May 2015 by

Shell Rules Out Divestment in Nigeria, Others This Year

Royal Dutch Shell said yesterday it had reduced its expected 2015 capital expenditure (capex) to $33 billion from $35 billion as the company continues to adjust its business to the lower oil-price.

Releasing its first-quarter results yesterday, Shell’s Chief Financial Officer (CFO) Simon Henry said the capex this year would be $33 billion, or “potentially less,” a reduction of at least $2 billion compared with guidance given by Shell three months ago.

Henry said that it had highlighted a number of projects where it could reduce its financial exposure, including the Majnoon project in Iraq and Carmon Creek in Canada.

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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.”

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LNG deal ushers in tighter Shell spending regime

Screen Shot 2014-01-03 at 14.32.05In a separate announcement on Thursday, Shell revealed that Voser, who surprised investors last year with news of his early retirement, will be repatriated to his native Switzerland, where he will work for the local subsidiary on his full group chief executive pay and with a full pro-rata bonus.

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Thu Jan 2, 2014 11:02am EST

* Outgoing CEO Voser to work in Switzerland on full pay

* Deal accounting flatters spending for new boss’s first year

* New CEO faces Q4 results Jan 30, investor day March 13

* Shell has $55 bln to spend in next 2 years under plan

By Andrew Callus

LONDON, Jan 2 (Reuters) – Royal Dutch Shell’s new boss Ben van Beurden will be able to point to a clear downward trend in spending this year, thanks in part to the way the oil company is accounting for an acquisition completed this week.

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Shell shock as new boss is appointed

ROYAL DUTCH SHELL sprang another surprise on the City yesterday by naming its head of refining Ben van Beurden as its new chief executive to succeed Peter Voser next January.

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Published: Wed, July 10, 2013

Dutchman Van Beurden, 55, who has been with the Anglo-Dutch oil giant for 30 years but only appointed to the board in January as boss of its downstream operations, had not been touted as a likely contender to replace Voser, whose decision to stand down after less than five years in the top job had stunned investors.

Analysts had focused on chief financial officer Simon Henry and other divisional heads including Marvin Odum and Andy Brown as potential successors, although Shell also reviewed outside candidates.

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Shell says hunt for new CEO is underway

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By Andrew Callus

THE HAGUE | Tue May 21, 2013 9:35am EDT

(Reuters) – The hunt for Royal Dutch Shell’s (RDSa.L) next chief executive is underway, its chairman said on Tuesday, after CEO Peter Voser made what could be his last appearance at the oil group’s annual shareholder meeting.

Voser announced his surprise decision three weeks ago to step down in the first half of 2014, before his 56th birthday, and less than five years into the role.

“The process has started,” Shell chairman Jorma Ollila told Reuters after the meeting when asked about the succession plan.

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Screen Shot 2013-05-03 at 09.48.24With regard to your most obvious rivals, Simon Henry seems to be a very intelligent, competent executive, but comes with the baggage of his starring role in the reserves scandal. I published our verdict. Based on my strange experience of communicating with Marvin Odum via RDS Plc Company Secretary Michiel Brandjes, I reached the conclusion that Mr Odum is a creep. As the New York Times has correctly speculated, he carries “the stigma of the Alaska debacle.”

Email to Royal Dutch Shell Upstream International Director Andrew Brown

From: John Donovan <[email protected]>
Date: 3 May 2013 09:54:33 GMT+01:00
To: [email protected]

Dear Mr Brown

As you may recall, we published a leaked email from you minutes after you sent it, the content of which, with my normal lack of tact, I described as drivel.

According to press reports you are a candidate in the race for Peter Vosers job, along with Simon Henry and Marvin Odum.

Perhaps I have read too many gossip columns, but I find the carefully constructed formulation of the resignation quote attributed to Mr Voser rather odd.

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Briton tipped to run Shell for first time in a decade as Voser steps down into retirement

Chief financial officer Simon Henry was made the front-runner by bookmaker Paddy Power, despite saying it would be ‘inappropriate’ to discuss his candidacy. The Anglo-Dutch firm has not had a British boss since Sir Philip Watts left in disgrace in 2004 after Shell overstated its oil reserves.

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Screen Shot 2013-05-03 at 08.17.32By Rob Davies: PUBLISHED: 22:14, 2 May 2013 | UPDATED: 22:30, 2 May 2013

Shell boss Peter Voser has announced his retirement at 55, sparking a succession race that could put a Briton in charge of Europe’s largest oil firm for the first time in nearly a decade.

Chief financial officer Simon Henry was made the front-runner by bookmaker Paddy Power, despite saying it would be ‘inappropriate’ to discuss his candidacy.

Centrica chief Sam Laidlaw is also in the frame, alongside a host of Shell ‘lifers’ in various executive positions.

The Anglo-Dutch firm has not had a British boss since Sir Philip Watts left in disgrace in 2004 after Shell overstated its oil reserves.

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Shell rapped by Norway’s offshore safety watchdog

By John DonovanSeems from an article just published by that little has changed in Shell’s notorious “Touch F*** All” approach to protecting the lives of its offshore workers. Apparently the corner-cutting bean counter duo now running the show – Peter Voser, and his sidekick Simon Henry – are following the same path. They do not give a F***.  Shell’s retired HSE Group Auditor Bill Campbell will probably not be the least surprised by Shell managements continued mendacity in such matters in line with its policy of putting production and profits before the safety of its employees. This is the same management responsible for Shell’s Arctic debacle, which had many hallmarks of a farce, but without being funny. Screen Shot 2013-02-18 at 14.26.26

“…emergency procedures in the event of a structural incident were lacking and the agency also found that an analysis stating that “the constructions can resist all forms of explosion” was “misleading and gave an incorrect risk picture”

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Steve Marshall: 18 February 2013 13:09 GMT

Shell has been pulled up by Norway’s safety watchdog for failings related to the integrity of load-bearing structures on its Draugen field platform.

The Petroleum Safety Authority (PSA) reported that it has identified a number of regulatory non-conformities after carrying out a recent audit of measures implemented by the Anglo-Dutch operator to ensure the technical integrity of the concrete-based facility in the Norwegian Sea.

The inspection was intended to determine how Shell prevents structural failure, with a focus on barrier management in relation to the integrity of load-bearing structures.

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Starring Role of Shell CFO Simon Henry in Reserves Scandal

By John Donovan

On 13 March 2009, the FT published an article about Simon Henry, who was about to become Chief Financial Officer of Royal Dutch Shell Plc. It said that he had survived the Shell reserves misreporting scandal with his reputation intact. On the basis of irrefutable Shell internal evidence, we take issue with that conclusion.

We have today published evidence confirming his starring role in the scandal. It includes an email sent directly to Mr Henry by the then Chief Executive of Shell Exploration & Production, Mr Walter van de Vijver. The content removes any doubt that Simon Henry knew two years before the scandal broke that Shell had booked reserves it should not have booked.

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Verdict on Royal Dutch Shell CFO Simon Henry

Shell internal email correspondence irrefutably proves that Simon Henry was aware in March 2002 that “reserves bookings were made that should not have been made”. Walter van de Vijver, the “sick and tired” Chief Executive of Shell EP, gave the information directly to him. As can be seen in the email, Walter van de Vijver aggressively accused Mr Henry of setting targets that were near impossible to achieve. The question arises of whether Mr Henry was a culprit, an accomplice, or an innocent bystander.

By John Donovan


We have published a series of articles about the starring role of Simon Henry in the Royal Dutch Shell reserves scandal.

Shell internal email correspondence irrefutably proves that Simon Henry was aware in March 2002 that “reserves bookings were made that should not have been made”. Walter van de Vijver, the “sick and tired” Chief Executive of Shell EP, gave the information directly to him. Walter van de Vijver accused Mr Henry of setting targets that were near impossible to achieve.

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Simon Henry feared Shell would ‘score an own goal’ on reserves

Simon Henry was at the heart of what was going on, conveying reserves data to the market while dealing with colleagues engaged in the fraud. We have to assume that none of them confided in him and that he was an innocent dupe. He was asking questions about accuracy of the reserves information, but some investors may feel that he should have been rather more inquisitive given the gathering warning signals of which he was acutely aware, that were already reaching the markets. Perhaps he did know, but was in a state of denial about what was going on? That seems to have been the case even after news of the reserves scandal made headlines around the world.

Shell was given advance sight of this article and the opportunity to point out any factual inaccuracy.

By John Donovan

In March 2002, Simon Henry, the current Chief Financial Officer of Royal Dutch Shell Plc was head of Investor Relations for the Royal Dutch Shell Group.

Mr Henry was responsible for gathering reserves data and ensuring the quality/accuracy of the data before it was disclosed to analysts and investors. It turned out that some of the data was not only inaccurate, but also fraudulent.

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Why Shell does not sue the Donovans

By John Donovan

I know that many people must be baffled why Shell does not take legal action against us bearing in mind that some articles authored by us may appear rather forthright.  The reason why we are not buried in Shell injunctions is because of meticulous research to ensure we can substantiate in court everything we publish. In other words, we have the documentary evidence to prove that what we say is true.  This thorough research will be evident in a pending article about Royal Dutch Shell CFO Simon Henry. We will put detailed information into the public domain about his involvement in the Shell reserves scandal. The third in our series of articles about the scandal mired years of Chris Finlayson at Shell is also in the pipeline. One can of worms after another. Not the ravings of disgruntled lunatics, but provable unpalatable fact.

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Shell bullish on China shale gas

Thu Apr 26, 2012 7:40am EDT

* Shale gas seen economic in China

* Govt policy, not geology more likely to determine pace

By Tom Bergin

LONDON, April 26 (Reuters) – Royal Dutch Shell gave a bullish outlook for the development of shale gas in China on Thursday, saying the Anglo-Dutch oil major’s drilling there suggested vast resources could be unlocked at a relatively low cost.

Chief Financial Officer Simon Henry said Shell had not yet determined the cost of producing shale gas in China but that it would probably be within the $2 to $6 per million British thermal units (Btu) seen in North America, a level that would be competitive with alternative gas sources.

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Shell bosses cash in with shares plan sharing £54.5m between 19 senior staff

By Rob Davies

PUBLISHED: 22:18, 15 March 2012 | UPDATED: 22:18, 15 March 2012

Shell’s top brass doubled their money in 2011 as the firm’s performance triggered generous share awards under an incentive scheme that has since been scrapped.

Nineteen senior staff shared £54.5m compared to £26.9m last year, while they also picked up pension benefits worth a further £5.9m.

Chief executive Peter Voser pocketed a pay, bonus and shares package worth £10.12m, while director Malcolm Brinded earned £9.88m and finance director Simon Henry had to make do with £3.25m.

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Shell management see pay double to $86m

Directors and senior management at Anglo/Dutch oil giant Royal Dutch Shell saw their total pay ore than double in 2011 to $85.7m (£54.7m).

By , Assistant City Editor: 11:44AM GMT 15 Mar 2012

The company put the jump down to the “high performance gearing” in its remuneration package. Total pay jumped from $42.3m to $85.7m. On top of this senior management and directors saw their combined pension pots swell by $9.2m. According to the annual report the cash was shared between 19 individuals.

The company’s three top directors, chief executive Peter Voser, executive director Malcolm Brinded and finance director Simon Henry took home a combined $9.5m, slightly less than the previous year.

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Shell voices long-term concerns over Europe as profits double

By Emma Rowley

EUROPE’S failure to cultivate growth is a bigger worry for oil and gas major Royal Dutch Shell than the region’s current sovereign debt crisis.

The Anglo-Dutch company has cut its support of European projects to just 15pc of its total investment spend, which it puts at $100bn (£62bn) over four years. Shell expects to keep reducing that share amid longer-term concerns about the region, according to Simon Henry, its chief financial officer.

“Europe’s macroeconomic position can only recover, and the sovereign debt crisis can only be addressed, through underlying economic growth, and we do not see the European Union creating the conditions for that – in fact, quite the opposite,” he said. “Most moves made by the Commission, one way or the other, tend to almost, either directly or indirectly, reduce the competitiveness of European industry.”

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Shell looks to North Sea as European investment cut


28 Oct 2011

ROYAL Dutch Shell said it would curb investment in Europe where it expects the economy to stagnate, but made clear it would still spend in the North Sea.

Announcing bumper profits driven by high oil prices, the oil and gas giant said it will shift a growing share of its investment to places like Qatar, where the launch of huge projects will underpin growth for years.

Noting that Shell only devotes 15% of its investment to Europe, chief financial officer Simon Henry said the continent’s share will shrink amid concerns about the fallout from the debt crisis.

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By David Cralk: Friday October 28,2011

OIL giant Royal Dutch Shell unveiled a doubling in profits ­yesterday thanks to higher prices as it vowed to slash European investment because of economic fears.

Chief executive Peter Voser said the group was making good progress as it reported third-quarter profits of $7.2billion (£4.5billion) for the period to the end of September up from £2.1billion last time.

It said oil prices, often soaring above $100 a barrel and new projects particularly in Canada and Qatar, had been the main drivers offsetting a 2 per cent dip in production to 3million barrels a day after a ramp up in asset sales such as its SDHp Norwegian gas pipelines.

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Royal Dutch Shell plc — 2010 Annual Publications — Simon Henry, Chief Financial Officer


Royal Dutch Shell Iranian treachery

Royal Dutch Shell is once again funding a fanatical regime intent on the extermination of the Jewish people. Iran is bent on developing nuclear weapons to destroy Israel, finishing the job that Shell’s former Nazi partners embarked upon, killing millions of Jews in the Holocaust.

By John Donovan

According to a Reuters article published on Thursday: “Companies are still finding ways to buy Iranian oil. Royal Dutch Shell and some Italian and Spanish refiners buy Iranian barrels with finance coming from Chinese and Italian banks…”

As a result of previous signals from Shell, it seemed that the company had ceased trading with the fanatical Iranian regime supplying road side bombs, which have maimed and killed many US and British soldiers.

Even the Donovan’s, well versed in the duplicity, deceit and trickery of Shell, thought the company had ended its trading with Iran. We should have known better.

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Shell profits flow faster as oil prices rise and new ventures deliver home

Canadian oil sands field starts production and projects are planned in the Gulf of Mexico – where BP’s Deepwater disaster has so far cost Shell $115m

Tim Webb: Friday 29 October 2010

Trucks carry loads of oil-laden sand in Alberta, Canada, where Shell has 13 projects scheduled to come on stream. Photograph: Jeff Mcintosh/AP

Shell nearly doubled earnings in the last three months thanks to higher oil prices and production as new ventures came on stream. Excluding write-offs made for accounting purposes, its earnings were $4.9bn (£3.1bn) for the three months to September, compared with $2.6bn the previous year.

During the quarter the company began production at its oil sands mine in Jackpine, northern Alberta, part of its programme to add another 100,000 barrels a day from these operations. Jackpine is the fifth start-up of 13 projects that have been approved and are scheduled to come on stream this year and next. Shell hopes they will allow it to achieve its target of increasing its 2009 production by 11% by 2012. The company has spent $190bn in its operations since 2004 – almost double the capital investment over the preceding five years – which it hopes will reverse several years of falling production.

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Royal Dutch Shell writes off $1B in oilsands assets

Royal Dutch Shell is assigning higher priority to its Carmon Creek in situ project near Peace River and its ongoing expansion at the Athabasca Oil Sands Project near Fort McMurray, said chief financial officer Simon Henry. Photograph by: BEN STANSALL, AFP/Getty Images

CALGARY – Royal Dutch Shell is writing off about $1 billion in oilsands assets, including some bought with BlackRock Ventures of Calgary in 2006, after evaluating and shifting focus to other northern Alberta projects.

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Royal Dutch Shell confirms that it is continuing to trade with Iran

Shell studies oil trade impact of EU Iran sanctions

By Alex Lawler

LONDON | Thu Oct 28, 2010 7:47am EDT

(Reuters) – Royal Dutch Shell Plc (RDSa.L) said it would assess any impact of European sanctions on its oil trade with Iran and had stopped some activities there following tougher U.S. measures earlier this year.

The European Union sanctions over Iran’s nuclear work, launched in July and which became law this week, seek to block oil and gas investment in the Islamic Republic, the world’s fifth largest oil exporter.

“Our trading business with Iran is carried out under longer-term contracts,” Shell’s chief financial officer, Simon Henry, said on Thursday. “We continue to lift (buy Iranian crude) under those contracts, but we do need to assess any implications of the European legislation.”

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Shell May Invest $1 Billion a Year in China, CFO Says


Royal Dutch Shell Chief Financial Officer Simon Henry (said the Hague-based oil producer is looking at jointly expanding its gas acreage in mainland China with PetroChina Co. Photographer: Jock Fistick/Bloomberg

By Bloomberg News – Sep 14, 2010 12:07 PM GMT+0100

Royal Dutch Shell Plc, Europe’s biggest oil company, may invest $1 billion a year in China should two wells in Sichuan province show potential for commercial gas production, its chief financial officer said.

“With successful exploration, we could easily invest $1 billion a year in the following five to seven years,” Simon Henry said in an interview today in Tianjin, China. “The geology could be as attractive as the U.S.”

Shell expects the share of gas in China’s total energy use to rise to 10 percent in a decade’s time from 4 percent now, according to Henry on April 28. The Hague-based oil producer is looking at jointly expanding its gas acreage in mainland China with PetroChina Co., he said today.

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Shell Widens Talks On Sale Of European Refineries

Shell Stanlow Refiney


APRIL 28, 2010

LONDON (Dow Jones)–Royal Dutch Shell PLC (RDSB.LN) is still in talks with Essar Oil Ltd. (500134.BY) over the sale of three of its European refineries, but the company has also initiated talks with other parties, Chief Financial Officer Simon Henry said Wednesday.

Other potential buyers include private equity groups and state-controlled oil companies from outside Europe, he said.

Shell entered exclusive talks with Essar over the sale of the three refineries–Stanlow in the U.K. and the Heide and Harburg refineries in Germany–late last year, but talks between the companies have failed to reach a conclusion.

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Shell, Total Step Up Reliance on Gas as Access to Oil Declines

April 26 (Bloomberg) -- Royal Dutch Shell Plc and Total SA are among energy producers shifting the balance of their production toward natural gas as oil-rich countries clamp down on access and deposits become easier to tap.

Shell Says Criticism Of Venezuela Was ‘Misunderstanding’


By Dan Molinski Of DOW JONES NEWSWIRES MARCH 18, 2010, 9:28 A.M. ET

CARACAS (Dow Jones)–Royal Dutch Shell PLC (RDSB) moved Thursday to clear up what it calls a “misunderstanding” regarding sharply critical remarks of Venezuela reportedly made by one of the oil company’s top officials.

Shell on Tuesday said international oil majors have mostly lost interest in investing in Venezuela, according to Reuters news agency, following leftist President Hugo Chavez’s nationalization of assets in recent years.

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Shell workers left wondering if latest round of redundancies will be the last

Press & Journal

Aberdeen Shell jobs look safe in latest culling

Further 1,000 positions to be shed

By Keith Findlay
Published: 17/03/2010

SHELL jobs in the north-east look to have been spared the axe in the latest round of cuts at the oil and gas giant.

It emerged yesterday that a further 1,000 positions globally are going, on top of the 5,000 shed in 2009 and 1,000 the firm had previously flagged up for this year.

Shell would not say exactly where the latest cuts in its 101,000-strong worldwide workforce would be, but chief executive Peter Voser said the axe would fall mainly on downstream and corporate roles.

Aberdeen, where Shell employs about 1,800 people, is the hub for the firm’s UK upstream – exploration and production – activities and is, therefore, unlikely to see much of an impact.

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Not much time for Shell to lick BP inflicted wounds

Times Online

The Times

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Business big shot: Simon Henry, of Royal Dutch Shell

Emma Keens

After being knocked off the top spot as Europe’s largest oil and gas producer by market capitalisation this week, Shell executives did not get much time to lick their wounds.

The Anglo-Dutch company’s shares continued their slide yesterday amid talk that it had been guiding analysts to reduce their fourth-quarter earnings forecasts by about 20 per cent. A handful of downgrades served only to fuel that fire.

One man feeling the pain more than most will be Simon Henry (right), Royal Dutch Shell group’s chief financial officer, whose first year in the role has been anything but smooth, with falling demand continuing to pummel the oil industry.

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