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Thursday 1 April, 2004 

The Guardian: BP shareholders strike oil

The Washington Times: Shell officials said warned of problems

The Wall Street Journal: Shell Estimate Ignored Warnings

Yahoo News: Shell warned in 2000 of possible overestimation of reserves Nigeria says Shell cut 1.9 bln bbls of its reserves Shell ‘warned in 2000’ on reserves

Friday 2 April, 2004 

The Times: Shell’s Russian gas project $2bn over budget in weeks

The Scotsman: Claim Shell bosses warned on ‘over-optimistic’ projections

The Guardian: Shell was warned on output data four years ago

The Times: Shell adds to woes with Nigeria delay Shell repeats 1/3 of Jan reserves cut was Nigeria Shell, Beset by Reserves Probe, Boosts Canada Oil-Sand Estimate Shell reveals fresh setbacks

The Miami Herald: Shell Takes Hit from New Leak on Reserves Nigerian output still on hold

The Wall Street Journal: Nigeria Backtracks, Says Shell Downgrade Was 1.3 Bln Bbls 

Saturday 3 April, 2004 

The Times: Shell woes mount with new delay

The Daily Telegraph: Shell reviews cost of Siberian project

The New York Times: Shell Tells of Setbacks in Russia and Off Nigeria

Financial Times: Bonga project delays hit Shell Top 3 oil firms say SEC asking questions

New York SEC Wants Execs Dismissed in Probes

Sunday 4 April, 2004 

Daily Times: Shell’s corrupt shell game in Nigeria

The Observer: UK firms face lawsuits as Watts quits ICC post

The Independent: Europeans attack Washington over SEC’s red-tape bear trap

Mail on Sunday: Shell chief ‘had a private army’ Shell to transfer Bangladesh operations to Cairn

Letter to Malcolm Brinded, Richard Wiseman and Kendall Freeman (Recommended)

The Times: Shell quits Spain and Portugal 

Monday 5 April, 2004 

Letter to Malcolm Brinded, Richard Wiseman and Kendall Freeman (Another bombshell) Shell Transport & Trading “hold” Shell, BP Cost Cuts Spur U.K. Oilrig Safety Concerns

The Times: Powerhouses of business are our joint winners

London Evening Standard: Cairn buys out Shell venture stake

 Tuesday 6 April, 2004 

ThisDayOnline: Nigerian Federal Government, Shell Disagree Over Oil Reserve Surgut Courts Gazprom, Rosneft, Mobil and Shell

The Wall Street Journal: Shell In Dispute With i2 Tech, Seeks To End Contract Evidence Shows Shell to Demolish Profitable Refinery, Drive Up Gas Prices; Consumer Group Seeks Intervention of Bush, Kerry, CA Attorney General

 Wednesday 7 April, 2004 

The Independent: Cairn Energy yields £11m fortune for Gammell

San Francisco Chronicle: Opponents gear up against Shell Oil

NBC News: Shell Plans To Close Refinery; Gas Prices May Rise Shell Replaces CFO in Exploration After Reserves Cut (Update1) Federal Trade Commission to evaluate decision to close Shell refinery Federal Trade Commission finds no collusion among oil companies 

 Thursday 8 April, 2004 

 The New York Times: Oman’s Oil Yield Long in Decline, Shell Data Show

THE WALL STREET JOURNAL: Shell Reassigns Finance Executive Shell Reassigns Finance Executive

Los Angeles Times: Federal Trade Commission Will Review Shell Oil’s Plan to Close Refinery

The Times: Shell knew of oil shortfalls two years ago

The Times: Henry the second Shell woes muddy fate of old fields

London Evening Standard: More oil stocks shocks at Shell

Los Angeles Times: Royal Dutch/Shell Group Replaces Unit CFO

Financial Times: Shell appoints new CFO for exploration unit

 Easter Friday 9 April, 2004 

The Scotsman: Troubled Shell ousts exploration unit’s finance chief

Daily Telegraph: Top finance man axed in Shell shake-up

Daily Telegraph: Shell may have something in reserve but just now it’s unproven

The Times: Exploration finance chief replaced at Shell

The Times: What will they dig up at Shell?

Toronto Star: Restatement of reserves rocks Shell

CFO MAGAZINE: Déjà Judy – Analysts have a bone to pick with Judith Boynton, once CFO of Polaroid Corp. and now finance chief of Royal Dutch/Shell Group

Financial Times: Shell all but withdraws from Angola

The Independent: Shell replaces executive at embattled exploration arm

Saturday 10 April, 2004 Accountant warned Shell of reserve overestimates in 2002 Shell Warned About Reserve Estimates 18 Months Ago, NRC Reports

San Francisco Chronicle: SEC questions oil giants’ reserves – ChevronTexaco, ExxonMobil queried in wake of Royal Dutch/Shell admission

Easter Sunday 11 April, 2004 

The Sunday Telegraph: Auditor warned Shell about bonus and reserves link

The Independent: Shell faces human rights grilling

The Sunday Times: Shell suit’s parting line

Financial Times: US investors step up pressure

The Observer: A red card for teams behaving badly

Easter Monday 12 April, 2004 

The Wall Street Journal: Shell Report Blames Ex-Officials For Energy-Reserve Overbooking Shell blames ex-execs for reserves 

The Times: Watts to take Shell reserves rap 

Financial Times: Shell directors question internal report

Tuesday 13 April, 2004 

The Independent: Watts braced for further controversy in Shell reserves row

Financial Times: Observer: Hidden Shell

London Evening Standard: Duo blamed over Shell debacle

Walter Van de Vijver’s Statement in Full (RECOMMENDED)

Wednesday 14 April, 2004 

The Independent: Hold Shell but BP is oil sector pick

BBC News: Shell executive was ‘forced out’

The New York Times: Ex-Shell Executive Says He Questioned Reserves

Financial Times: Deposed Shell executive breaks his silence

London Evening Standard: Sacked Shell chief hits back

Sky News: SHELL: slip, sliding away -SHELL EXEC FIGHTS BACK

The Washington Times: Ousted Shell exec lashes out at critics

San Jose Mercury News: Ex-Shell Exploration Head Defends Actions Ex-Shell Exec: Ousted Without Explanation

IRIN NIGERIA: Niger Delta protesters close Shell facility

The Wall Street Journal: Ex-Shell Official Says He Warned About Reserves

Thursday 15 April, 2004 

The Scotsman: Ousted Shell chief claims he tried to warn on reserves

The Guardian: ‘Witch-hunt threatens Shell’s stability’

The New York Times: Ex-Officers and Board at Odds Over Investigation at Shell

The Daily Telegraph: I warned Shell, says sacked reserves chief

The Daily Telegraph: Shell suit that begs a few questions

The Independent: Shell non-execs hire advisers as van de Vijver speaks out

The Independent: Shell man speaks (…entire CMD would be forced to resign)

Financial Times: Shell’s corner

 Friday 16 April, 2004 

The New York Times: Shell Officer Said to Have Ordered Report Destroyed

The Independent: Shareholder concern as Shell board meets

The Wall Street Journal: Shell Boards Meet to Consider Further Action on Reserve Cuts Shell board discuss probe into reserves cut

Financial Times: The trying Dutchman

Saturday 17 April, 2004 

The Times: Shell chiefs meet as new allegations emerge in US

The New York Times: Shell Executives Discuss Internal Review

The Independent: Shell board studies crunch report on oil reserves fiasco

Financial Times: Shell aims to unveil report next week

Financial Times: Unsure of Shell

The Daily Star: Shell scandal points to exaggerated estimates of oil reserves

Sunday 18 April, 2004 

The New York Times: Shell Pays a Price for Overstating Reserves

The Sunday Times: Shell finance chief’s role in doubt

The Sunday Telegraph: Boynton’s future hangs in balance

Mail on Sunday: Shell finance chief faces axe

Mail on Sunday: Boss accused over Polaroid failure

The Scotsman: Shell Silent on Future of Finance Chief

The Sunday Times: Ready to blow

The Observer: Axe hangs over more Shell directors  

Monday 19 April, 2004 

Daily Telegraph: Shell to report on reserves debacle

Reuters: High-flyer Boynton loses grip at Shell

Shell News & Media releases :The report to the Group Audit Committee and the reserves recategorisation review Shell finance chief quits in oil reserve crisis

Reuters: Shell says nothing ruled in/out on share buybacks

BBC News: Shell finance chief is forced out

London Evening Standard: Shell saga will run and run

London Evening Standard: US wants full Shell report held back

TimesOnLine: Beginning of the end

The Wall Street Journal: Shell Cuts Reserves Again; Finance Chief Steps Down

London Evening Standard: Shell bosses lied to the City (RECOMMENDED)

London Evening Standard: Shell triple move to stem damage

The New York Times: 3rd Shell Executive Quits Over Reserves Issue Shell Loses AAA Credit Rating, Lowered to AA+ by S&P (Update2) Shell Sought to `Manage’ a Shortfall in Reserves and Failed, Audit Finds

San Francisco Chronicle: Shell exec said he was tired of lying; company’s finance chief resigns

Houston Chronicle: ‘Sick and tired about lying’ at Shell Shell Canada’s Debt Downgraded by Standard & Poor’s (Update1)

The Guardian: Problems at Shell

The Guardian: Shell finance chief awaits her fate

The Guardian: Shell finance chief resigns in reserves crisis Shell bosses ‘fooled the market’  

Tuesday 20 April, 2004 

The Independent: Shell hopes to draw line under fiasco of reserves

The Independent: Lies, cover-ups, fat cats and an oil giant in crisis

ChannelNewsAsia: Shell name dragged through mud after explosive report: “The closely guarded reputation of Royal Dutch/Shell was left in tatters as British newspapers accused the oil giant of lies and a cover-up after an explosive internal report admitted executives knew of problems with reserves over two years ago.”: “”Lies, cover-ups, fat cats and an oil giant in crisis,” was the damning front-page verdict of the Independent newspaper, which said Shell was facing the “biggest corporate scandal for almost 30 years“. ( 20 April 04

The Independent: Revealed: the bitter power battle that put Shell in the firing line

The Independent: Shell’s whodunnit script is worthy of fiction

The Independent: How a sure thing became a City liability

The Times: Big reservations remain at Shell

The Times: Deceitful Shell ‘needs ten years’ to rebuild exploration business

The Times: Unravelling of the cover-up

FT: Human failings and hyperbolic e-mails Shell executives hid shortfall for years

The Guardian: Shell admits it misled investors

The Guardian: Trail of emails reveals depths of deceit at the heart of Shell

The New York Times: Shell’s Report on Its Troubles Cites Discord at Top: “The report also noted that last December, Mr. van de Vijver sent an e-mail message directing a subordinate, Frank Coopman, to destroy a document Mr. Coopman had produced that concluded that the company was “under a legal obligation” to immediately correct overstatements of its proven reserves.”: “Our story is not one anyone would be proud of, and we have no excuses,” said Lord Ron Oxburgh, chairman of Shell Transport and Trading, the British half of Royal Dutch/Shell (19 April 04)

London Evening Standard: Shell may have single London base Lawyer: Shell Exec Fought Estimate Errors

The Scotsman: Shell admits reserve ‘lies’

Edinburgh Evening News: Damning report shows Shell hid reserves shortfalls

The Scotsman: Shell implodes as e-mails provide damning evidence

Financial Times: Unsure of Shell

Financial Times: Observer Column: Shell-shocked  
(Corporate slogans consigned to the dustbin of history no. 94: “You can be sure of Shell.”)

Financial Times: US regulators ready to get to grips with internal report

Financial Times: SHELL SHOCK: Shareholders step up calls for structural reform

Financial Times: Shell puts crisis blame on ‘human failings’

The Times: What next for . . .

Minneapolis Star Tribune: Dutch/Shell Group exec was ‘sick and tired’ of lying

The Daily Telegraph: Commanders scuffled while Shell sailed blindly on…

Daily Telegraph: Who’s sorry now

Daily Telegraph: Memos expose Shell’s years of lying

Financial Times: UK nuclear chief seen as Shell candidate  

Wednesday 21 April, 2004 

Business Report: Shell, the model of probity, must start from ground up 

Houston Chronicle: Analysts say Shell should repair internal culture

The Scotsman: Shell’s reputation left in tatters

The Scotsman: Shell faces 15 US lawsuits Shell shaken by execs’ dishonesty on holdings

TheStarOnline: Shell report exposes lies, CFO sacked Shell reserves scandal may aid Ogoni case

The National Post: Shell game

London Evening Standard: Former Shell boss stokes the row

Daily Mail: Shell must be fully opened

London Evening Standard: Cairn chief finds his nirvana

London Evening Standard: Shell facing court over ‘rights abuses’ Shell Loses AAA Rating at Fitch; Rating Cut to AA+ (Update1)

The Guardian: Analysts hit out at Shell board’s part-timers

Daily Telegraph: Red faces after strikes at company’s former oilfields 

Daily Telegraph: Shell investors blast ‘bad apples’ excuse

The Times: New Shell chief knew of problems in 2002

The Times: How did Shell’s assayers let plate pass as pure silver?

The Independent: Criminal charges loom over Shell

The Independent: We can all learn from Shell’s debacle Moody’s cuts Royal Dutch/Shell Group’s ratings

Financial Times: Flaws in controls take shine off Shell

Financial Times: How Shell became a victim of business fashion

Financial Times: Staff around the world left reeling as Shell image cracks


Financial Times: Connections from politics to royalty

Financial Times: Collum seen as candidate for Shell

Thursday 22 April, 2004 Moody’s cuts ‘AAA’ debt rating of Shell subsidiaries

The Guardian: Shell shocks shake the City

Daily Telegraph: Shell suffers second cut to credit rating

Financial Times: Criminal authorities step up US Shell probe Shell’s Watts was fired face to face, escorted away Exxon, Halliburton, Shell and more

The Wall Street Journal: Shell Canada Achieves Record Quarterly Earnings

The Wall Street Journal: Shell Report’s Release Is Delayed

The Wall Street Journal: Shell Transport: Gets Long-Term Debt Rating Downgrade

London Evening Standard: The human risk for companies

Friday 23 April, 2004 

Sacked Shell boss ‘escorted from HQ’

The Times: Shell: A very British kind of scandal: why Shell is no Enron

The Times: Waffle about values won’t tame the bully boss

The Times: SEC in U-turn on oil reserves reporting

Financial Times: An independent chairman at Shell Group a must (Letters Column)

Financial Times: KPMG and PwC braced for grilling over Shell audit


The Economist: Humiliation: A once proud firm, brought down by its own flaws, needs a thorough shake-up

The Economist: Royal Dutch/Shell: Sick and tired about lying: “I AM becoming sick and tired about lying.” Those are not words shareholders want to hear from a senior executive. They are certainly not words anybody ever expected from an heir-apparent at Royal Dutch/Shell, one of the world’s largest—and until recently, one of its most admired—oil companies.”: “The report into how the phoney numbers emerged paints a picture of deception and backbiting at the top—and, despite ongoing board efforts to exonerate the new management, contains plenty to encourage shareholder lawsuits and, maybe, criminal prosecutions, not least in America, where jail may await. More senior Shell people may yet have to quit.” ( World oil crisis looms U.K. Financial Regulator Starts Probe of Shell Amid Reserve Cut

London Evening Standard: Fuel for thought over Shell British regulator announces probe of Shell parent

Saturday 24 April, 2004 

The Guardian: FSA to investigate Shell’s reserve overstatement

The Guardian: When holes appear below the line

Daily Telegraph: Shell’s lies over reserves spark FSA investigation

Daily Telegraph: Are there really any reserves out there?

Daily Telegraph: Peer who hopes to clear up the spill

Daily Telegraph: The week that was

The Times: Shell faces double threat as FSA launches inquiry

The Times: Loyal shareholders can no longer be sure of Shell

The Independent: FSA confirms formal inquiry into Shell over reserves scandal

The Independent: Investors still drilling for value in the oil sector

BBC News: Shell under investigation by FSA

Financial Times: Shell will have to dig deep to recover its reputation

Financial Times: Worrying problem of the shrinking Shell

Financial Times: Shell insiders defend dual boards


Financial Times: Nigeria holds the clue to group’s wrongly booked reserves debacle

Financial Times: Earlier warning was ‘dynamite’ Shell name dragged through mud after explosive report Moody’s cuts ‘AAA’ debt rating of Shell subsidiaries

The Wall Street Journal: California Attorney General Urges Shell To Delay Refinery Closure

New York Times: Britain Regulator to Investigate Shell Shell May Decide Against Unifying Dutch, U.K. Boards, FT Says

Sunday 25 April, 2004 

Sunday Telegraph: Why Shell’s three resignations are the first of many

Sunday Telegraph: Brands count but companies don’t

Sunday Telegraph: Anglo-Dutch rows

Sunday Telegraph: Shell in the path of a legal whirlwind

The Observer: Boom time for Wall St as Shell fights back

The Observer: Dutch helm disease gets blame at Shell

The Observer: A new conflict in an old rivalry

The Sunday Times: Shell backtracks on lawyers’ damning report

The Sunday Times: Shell board on trial as report on reserves throws group into turmoil

The Sunday Times: RISE AND FALL OF AN OIL BARON Who can be sure of Shell today?

The Scotsman: A Shell of a crisis

The Washington Times: U.K. joins U.S. in Royal Dutch/Shell probe

The Independent: DTI is poised to probe Shell as scandal grows

The Independent: Duke of York accused over oil project

Time Magazine: To Bin? Or Not To Bin?

The Business: What cloud is Oxburgh on?

The Mail On Sunday: Shell’s top bosses named in £8 billion lawsuit after being spared the sack

Financial Times: BP set to outshine Shell again

Financial Times: Shell’s lessons for oil industry regulation

The Observer: Non-execs face their hardest test

Monday 26 April, 2004 

The Independent: Oil giant retreats back into its Shell Can Shell Put Out This Oil Fire?

Financial Times: UK watchdog drills at Shell

Financial Times: Another hair-raiser from Shell

Financial Times: Rotten boroughs, poison pills, odd proxies

Globe& AGMs likely to focus on gushing cash, new reserves policy

Ireland On-Line: Shell faces investigation from UK’s FSA

The Guardian: Cost-cutting ‘jeopardises North Sea rigs’

Daily Telegraph: Added pressure for Shell as results go head to head with rival BP’s

The Guardian: Shell ‘needs Wall St help’

TimesOnline: Agenda: William Lewis: And so farewell then dour, plump, bald bloke..
(Shell is a disreputable company in need of a strong injection of ethics)
London Evening Standard: Fuel for thought over Shell

The National Post: Shell story reflects a scary trend

The Scotsman: Oil majors show the extremes of fortune

Tuesday 27 April, 2004 

The Scotsman: Now Shell auditors are in the firing line

Al-Jazeera: Shell Oil Lies – A tip of the iceberg as World Oil crisis looms?

The Times: Class action splits the global investors

The Times: Will firing staff help Shell’s cause?

The Wall Street Journal: Total/Sibneft

The Wall Street Journal: Shell Gets Toughest Scrutiny From U.S.

Globe& Shell Canada’s debt ratings cut Shell Booked Angola Reserves Over a Year Before BP (Update3) Shell to outsource 3,000 IT jobs

The Scotsman: Watchdog probes Shell over oil reserves downgrade

Press Release by Shell Shareholders Org 27 April 2004

Wednesday 28 April, 2004 

Daily Mail: Shell attacked from all sides (recommended)

TheStarOnline: Shell to cut cost by outsourcing work to Malaysia, India

Financial Times: Shell to cut up to 30% of IT jobs worldwide Shell, After Reserve Cuts, May Post Drop in Quarterly Earnings

Financial Times: Triple-A loses some of its allure

Financial Times: Oil groups urged to adopt Anadarko disclosure method

Financial Times: Icon of inefficiency

Daily Telegraph: High oil prices ‘are stalling the US economy’

Daily Telegraph: Shell to shift IT jobs to the Far East

The Independent: Outlook: A problem with chemistry as BP opts for IPO

The Independent: Petrochemicals spin-off could return £4.5bn to BP investors

The Wall Street Journal: Shell to Cut Up to 2,800 Tech Jobs

The Scotsman: BP throws oil on burning shell of arch rival

The Scotsman: 2800 IT staff face Shell axe

London Evening Standard: Shell faces flood of lawsuits by workers (Recommended)

London Evening Standard: BP leaves rivals standing

Daily Mail: Shell’s £13bn credibility gap

Thursday 29 April, 2004

Financial Times:  Hollywood or bust . . . or For a Few Barrels More

Financial Times: Shell ‘had systems in place’ to hear fears over reserves Shell Reports Drop in First-Quarter Earnings as Output Falls Shell 1Q Net Falls 16%, Announces $2B Buyback

The Scotsman: Embattled Shell lifted by 9% rise in profits S&P says it may still cut Shell’s debt rating

The Times: Revival in the pipeline?

Friday 30 April, 2004

New York Times: Shell to buy back $2 billion in stock

The Scotsman: Oil giant proves it’s still a winner

The Independent: Shell fights back with $2bn share buy-back programme

The Independent: Movement at Shell

The Guardian: Shell woos investors with $2bn buyback

Daily Telegraph: Shell pledges to buy back $2bn shares

The Times: Shell set to step up disposal of assets

The Times: Shell share buyback looks slick move

Financial Times: Shell reassures with upbeat results

Financial Times: Strong results a respite for Shell

Financial Times: Lex COLUMN: Royal Dutch/Shell

Financial Times: OBSERVER: Shell game

The Times: CITYLAW – Shell Shell Fishing

Business Week: FSA Looks at Shell Emails

National Post: Shell Canada distances itself from parent company reserves estimates scandal and its sister websites,,,,, and are all owned by John Donovan. There is also a Wikipedia article.


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