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Shell News Archive Tuesday, 28 December 2004

Shell News Archive Tuesday, 28 December 2004

Financial Times: Shell to pore over oil reserves audit: “Shell was forced to cut its level of proved reserves by 23 per cent this year, which led to the departure of its three top executives, class action lawsuits and investigations by US and UK regulators. The scandal also led to speculation that Shell was a possible takeover target for rivals such as Total of France.”: “Mr Brinded revealed in October that more cuts would be needed an admission that overshadowed the historic merger of Shell’s Dutch and British holding companies. He said 8bn of its 14.35bn barrels of oil and gas reserves had been rechecked and that 900m barrels could be cut from the total. The company has spent the rest of the year re-examining the remaining 6.35bn barrels and warned thatfurther revisions might be made.” (ShellNews.net) 28 Dec 04

The Philippine Star: Shell diversifies crude sources with first order from Russia: “Shell, in its report to Energy Secretary Vincent S. Perez, said some 600,000 barrels of crude oil from Sakhalin, Russia were delivered to its refinery… this month.”: “Russia is the world’s second largest oil exporter, behind only Saudi Arabia.” (ShellNews.net) 28 Dec 04

Yahoo! Business News: Shell subcontractor kidnapped in Nigeria: “…he also criticised Shell, saying that the firm had stirred local resentment by failing to honour two agreements it had signed to provide community investment during the opening of the huge oil field” (ShellNews.net) 28 Dec 04

THE WALL STREET JOURNAL: Croatian Oil Worker Taken Hostage In Oil-Rich S Nigeria: “Armed youths stormed a boat belonging to a Royal Dutch/Shell Groups Co. (RD,SC) contractor in Nigeria’s volatile southern oil region and kidnapped a Croatian crew member, officials said Monday.” (ShellNews.net) Posted 28 Dec 04

Vanguard (Nigeria): Shell, Chevron suspend 134,000 b/d Nigeria oil exports: “Nigeria is Africa’s largest oil producer, with exports of around 2.5 million barrels per day, but the wealth generated by the industry has been misused and three-quarters of the 130-million strong population live in abject poverty.” (ShellNews.net) 28 Dec 04

IranMania.com: Delays in buyback deals, Shell will be fined: “…Iran will fine the oil giant Shell for the delay in implementing projects to develop Soroush and Norouz oilfields.” (ShellNews.net) 28 Dec 04

THE LONDON TIMES: Need to Know: Global Business Briefing 2004: “A year of turmoil for Shell following the disclosure that its oil and gas reserves are overstated by 23 per cent in filings to the US Securities and Exchange Commission”: “Shell agrees to pay a penalty of $125 million to the SEC for violating its reporting rules. It also agrees to pay a record fine of £17 million to the UK Financial Services Authority for market abuse.”: “In November the company takes the unusual step of delaying its annual meeting by two months, amid doubts about its oil reserves.” (ShellNews.net) 28 Dec 04

THE WALL STREET JOURNAL: Tsunami Damage To Energy Facilities Seen Limited So Far: “A Royal Dutch Shell (RD SC) spokesman said he wasn’t aware of any consequences for the oil major’s offshore operations in Malaysia.” (ShellNews.net) Posted 28 Dec 04

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