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Shell News Archive Monday 22 November, 2004

Shell News Archive Monday 22 November, 2004

THE LAWYER: Shell fills up on international law firms: “Allen & Overy, Baker & McKenzie, Clifford Chance, Denton Wilde Sapte and Simmons & Simmons have all won places on the oil giant’s selection of international firms. Shell’s UK general counsel Richard Wiseman told The Lawyer: “Others have not been excluded from further work. It’s a much more sophisticated and realistic way of working.” Wiseman explained that these are the firms that Shell will turn to first when it needs international advice.” ( 22 Nov 04

THE WALL STREET JOURNAL: Shell To Adopt IFRS For 2005 Results: “The Royal Dutch / Shell Group will say Monday that the adoption of International Financial Reporting Standards (IFRS) and aspects of Netherlands Generally Accepted Accounting Principles (GAAP) and U.S. GAAP will not impact on the financial framework or cash flow of the company.” ( 22 Nov 04

THE WALL STREET JOURNAL: BP May Announce Ormen Lange Bid Late Tuesday –Source: “Norsk Hydro, with 18.04% of the equity, is operator of the development phase of the project, while Norske Shell , with 17.04% of the equity, will assume field operatorship later.” ( 22 Nov 04

THE WALL STREET JOURNAL: Repsol, Shell , Iran Oil Co JV To Invest $4 Bln: “Oil companies Repsol YPF (REP), Royal Dutch/Shell Group (RD,SC) and the National Iranian Oil Co. together plan to invest $4 billion in a natural gas project in Iran…” ( 22 Nov 04

THE WALL STREET JOURNAL: Exxon Mobil Balks At Changing Way It Books Reserves: “Exxon Mobil Corp. is resisting a push by the Securities and Exchange Commission in the wake of the Royal Dutch/Shell Group scandal to change its methodology for booking oil and natural-gas reserves.” ( 22 Nov 04

The Scotsman: Unilever Denies Plans to Scrap Dual Chairmanship: “Speculation that Unilever was considering the move has risen since another Anglo-Dutch firm – oil giant Shell – decided to unite under a single board and leadership. Shell responded to heavy pressure from investors who blamed a structure which saw boards meeting separately in London and The Hague for contributing to events that led to a 20% downgrade in its oil and gas reserves.” ( Posted 22 Nov 04)

BLOOMBERG: China May Spend $10 Bln to Turn Coal Into Auto Fuel (Update1): “Shell, the world’s third-biggest publicly traded oil company, and the Chinese companies on Nov. 15 signed an agreement to complete a so-called pre-feasibility study on the market, economics, technical solutions, regulations and possible sites for projects, Shell said in a statement on Nov. 16.”: “The Chinese government is pursuing coal-to-liquids conversion programs as part of its national energy policy,” Shell said. ( 22 Nov 04 (Philippines): Shell considers selling cooking gas business: “Shell has received expressions of interest for the purchase of its global LPG business, Shell Gas (LPG), and has decided to review whether the sale of the business would offer the greatest value to shareholders. The review includes our LPG business in the Philippines,” said Roberto Kanapi, Shell spokesman. ( 22 Nov 04

Omaha World-Herald: Shell among firms rediscovering shale as viable oil source: “DENVER (AP) – A stretch of private land 200 miles west of Denver is home to an ambitious research project that – if successful – could reduce the United States’ dependence on foreign oil. Energy giant Shell Oil, which owns the property, is using it for an experimental technology to extract oil from shale formations.” ( 22 Nov 04

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