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Shell News Archive Wednesday 24 November, 2004

Shell News Archive Wednesday 24 November, 2004

THE WALL STREET JOURNAL: Nigerian Police Tear Gas Shell Office Demonstrators: “Nigerian police fired tear gas at a crowd of several hundred people protesting outside the offices of Royal Dutch/Shell Group (RD, SC) in Nigeria’s oil-rich southern delta, activists said Wednesday.”: “Shell has denied any immediate plans to return to Ogoni territory. The oil giant was forced to abandon drilling there in the mid-1990s following violent protests led by MOSOP, which accused the company of cheating them out of oil royalties and polluting their land.” ( 24 Nov 04

THE WALL STREET JOURNAL: BG Group Completes Rosetta Purchase: “BG Group Wednesday said it has completed the purchase of Shell Egypt N.V’s and Shell Austria G.m.b.H’s interest in the Rosetta concession offshore Egypt” ( 24 Nov 04

Financial Times: BP sells its stake in Norwegian gas field for $1.2bn: “Analysts and bankers said the high deal value appeared to vindicate BP’s bullish booking of its proved reserves from Ormen Lange. After the scandal earlier this year when Shell overstated its reserves, the group said it would record only 20 per cent of its reserves from Ormen Lange as “proved” to bring it into full compliance with the US Securities and Exchange Commission, which governs how international oil companies report reserves.” ( 24 Nov 04

THE TIMES (UK): BP sells Ormen Lange stake for $1.2bn: “Ormen Lange – located 120 kilometres off the west coast of Norway – was thrust into the spotlight earlier this year when Shell named it among fields where it had overbooked oil and gas reserves. Shell has a 17 per cent stake and partners the development of the field with US giant Exxon Mobil and Norwegian oil and gas groups Petoro, Statoil and Norsk Hydro.” ( Posted 24 Nov 04

Daily Telegraph (UK): City Briefs: BP sells: “The gas field is seen as crucial to the UK’s future energy needs but it was one of the fields that Shell said it had overbooked its reserves earlier this year.” ( 24 Nov 04

The Independent (UK): Shell sells Romanian petrol stations: “For Shell, the sale is part of a raft of disposals in a $10 to $12bn divestment programme that will help to boost exploration.” ( Nov 24, 2004

AFX Europe (Focus): EU refers Shell, Cepsa aircraft refuelling jv to Spanish regulators: “In a statement, the commission explained its competition concerns. It said the companies are both providers of jet fuel to the aircraft refuelling market and once they have the joint venture, they could push out other petroleum providers.” ( 24 Nov 04

THE WALL STREET JOURNAL: EU To Allow Spain To Vet Shell, Cepsa Air Refuel Venture: “In a statement, European regulators said their initial probe had uncovered potential problems with the venture because it “may threaten competition.” ( 24 Nov 04

The Guardian: China in $9bn bid for Yukosunit: “China is planning to underline its growing corporate ambitions by putting in a $9bn (£4.8bn) bid to buy Russia’s key oil-producing firm.”: “The Russian economy minister, German Gref, said on Monday that no local company is capable of buying Yugansk on its own, raising speculation that Gazprom might bid with a foreign firm such as Germany’s E.ON, Italy’s ENI or even Shell.” ( 24 Nov 04

CBC NEWS (CANADA): Soldiers clash with Nigerian protesters at Shell oil rig, injuring 13: “Soldiers clashed with hundreds of protesters who invaded an oil rig run by Royal Dutch/Shell, injuring at least 13 demonstrators, military and company officials said Tuesday.” ( Posted 24 Nov 04 (Nigeria Delta): Soldiers, Youths in Bloody Clash: “About 21 persons were shot and wounded at the weekend when irate youths clashed with armed soldiers in an attempt by the militant agitators to seize and occupy an oil flowstation…”: “The youths and a cross section of the community claimed the Anglo Dutch oil firm (Shell) and her agents were not fair to the community considering the quantum of oil drilled from their land and rivers.” ( Posted 24 Nov 04

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