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Shell News Archive Saturday 20 November, 2004

From our Shell News Archive Saturday 20 November, 2004

Yahoo! News: Shell Canada not ruling out accessing Alaskan gas through Mackenzie line: “Shell Canada still believes that a $7-billion plan to build a natural gas pipeline down the Mackenzie Delta in the Northwest Territories could eventually be used to access much larger deposits of gas westwards in neighbouring Alaska.” ( Posted 20 Nov 04

Reuters: ANALYSIS: Shell Ripe for Woodside Stake Sale to CNOOC: “Shell’s $3.5 billion stake in Australia’s top oil firm, Woodside, could be up for grabs, and bankers see China’s CNOOC as a likely buyer in a deal sweetened by more access for Shell to Chinese natural gas markets. Royal Dutch/Shell has said it wants to raise up to $12 billion from asset sales over the next two years to focus on major exploration and production projects — part of its bid to recover investor confidence knocked by January’s scandal over inflated reserves bookings.” ( Posted 20 Nov 04

The Globe & Mail (Canada): Higher oil prices mean expanded activities for Shell: “The head of Shell Canada Ltd. says a “step up” in the long-term outlook for oil prices means that the Calgary energy giant can expand its activities in unconventional areas such as coal bed methane”: “The expectation of higher commodity prices, along with the ability to drive down unit costs, will propel billions of investment, as much as $4-billion (Canadian), in Shell’s oil sands projects through to the end of this decade, Mr. Mather said.” ( 20 Nov 04 PENGASSAN, NUPENG Ask Court to Dismiss Shell Suit: “THE Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the National Union of Petroleum and Natural Gas Workers (NUPENG) have asked a Federal High Court sitting in Lagos, to dismiss the suits brought against them by Shell Petroleum Development Company…”: “Shell is seeking to restrain its workers, under the aegis of PENGASSAN and NUPENG from embarking on a strike action…” ( Posted 20 Nov 04 Shell completes adviser overhaul: “Oil giant Shell has completed a review of its advisers, appointing a new panel for legal work globally.”: “In addition Cravath Swaine & Moore and De Brauw Blackstone Westbroek are currently working alongside Slaughters on Shell’s £100bn restructuring that will combine The Netherlands-based Royal Dutch and UK-based Shell to create Royal Dutch Shell.”: “The review, which started in April, was led by Shell legal services co-ordinator Clive Grant and UK legal head Richard Wiseman.” ( 20 Nov 04

Daily Telegraph (UK): Tension rises as China scours the globe for energy: Increased car usage in China is creating a high demand for petrol. “China’s insatiable demand for energy is prompting fears of financial and diplomatic collisions around the globe as it seeks reliable supplies of oil from as far away as Brazil and Sudan.”: “China’s wider aggression to secure oil and gas was the greatest threat to its international standing in the next decade.”: ” An intrusion into Japanese territorial waters by a Chinese nuclear submarine last week and a trade deal with Brazil are the latest apparently unconnected consequences of China’s soaring economic growth.”: “But even before the incident the People’s Daily, the government mouthpiece, had commented that competition over the East China Sea between the two countries was “only a prelude of the game between China and Japan in the arena of international energy”. ( Posted 20 Nov 04

THE INDEPENDENT (UK): Private Investor: I’m holding out for a psychological breakthrough: “…I also note that Shell is up again, now at 440p or so, and thus actually delivering some decent returns for me. The markets seem to have taken to the restructuring plan quite well, and next year Shell will pay out, if this makes any sense, five-quarters-worth of dividends in the nine months between March and December. Not quite as dodgy as it sounds, I hope.” ( 20 Nov 04

THE TIMES (UK): You could be off the scent with trackers: INVESTMENT: “RISING oil prices and the company restructuring at Shell mean that just two shares — BP and Shell — will make up nearly 20 per cent of the FTSE 100 index next year…” ( 20 Nov 04

THE TIMES (UK): SHARE OF THE MONTH UPDATE: “There may be volatility in the price of oil, and contradictory projections of demand and supply, but oil stocks are an insurance premium against geopolitical risk. Moreover, the restructured Shell, ENI, Schlumberger and Premier Oil have strong cashflow and pay healthy dividends.” ( 20 Nov 04

The Guardian (UK): Yukos under the hammer at $8.6bn: Russia sets up cut-price auction of oil group’s main unit and raises tax bill to $30bn: “Yukos’ core shareholder Group Menatep has threatened any potential buyer with “a lifetime of litigation”. Last night a BP spokesman ruled out bidding, while Royal Dutch Shell refused to comment.” ( 20 Nov 04

THE TIMES (UK): Oil majors cannot spurn Yukos morsels: “LIKE beetles scurrying for cover after a stone is lifted, the oil companies of the West feigned disinterest yesterday in the $8 billion (£4.3 billion) fire sale by the Russian tax ministry of Yuganskneftegaz, the main oil production subsidiary of Yukos.”: “BP, Shell and ExxonMobil either deny interest or decline to comment on the Yugansk sale. Nonetheless, each will scrutinise the assets. With their North Sea and North American wells depleting, they cannot ignore the 1 million daily barrels of crude:” ( 20 Nov 04

Yahoo! News: Shell Canada Ups 3rd-Party Evaluation of Reserves: “Shell Canada Ltd. is stepping up third-party evaluation of oil and gas reserves following the reporting scandal at its parent, but has no plans to have outside experts pore over all the data, the company’s chief executive said on Friday.” ( 20Nov 04

THE NEW YORK TIMES: Russia Accused of Theft as YUKOS Oil Auction Set: “Oil majors, such as BP and Shell, are actively investing in Russia, one of the last places in the world where major oil reserves are still up for grabs. But investors doubted oil majors would bid for Yugansk. “The idea that a foreign company will buy Yugansk is a joke,” said Martin Taylor, hedge fund manager at London-based Thames River Capital, which manages $5.5 billion of assets. Officials and sources at firms, such as BP, Shell, Total, ChevronTexaco and LUKOIL, said they were very unlikely to bid. But one senior Western investment banking source said he did not exclude a joint bid by a Russian and a foreign company.” ( Posted 20 Nov 04

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