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Shell News Saturday, 5 February 2005

Feb 5th, 2005
by John Donovan.

Shell News Saturday, 5 February 2005

FINANCIAL TIMES: Shell and BASF narrow down bidders: Shell has cut almost a third of its proved reserves. It received another blow to its corporate prestige yesterday after Standard & Poor’s downgraded its credit rating for the second time in a year. The agency cut the rating from AA+ to AA because of Shell’s continuing difficulty in replacing the oil and gas it extracts.” (ShellNews.net) 5 Feb 05

The Guardian (UK): What they said about … Shell’s profits: “The oil company’s profits were “obscene” said Clinton Manning in the Daily Mirror. “It’s enough to make your blood boil…” (ShellNews.net) 5 Feb 05

The Guardian (UK): Ex-chief linked to UN oil scandal: “Two of Mr Boutros-Ghali’s relatives – a brother-in-law and a cousin – have been connected to the scandal in which Mr Sevan is accused of trading influence for barrels of oil.”:  “The firm sold 6.4m barrels of Iraqi crude to Shell, which said in a statement yesterday that it had been unaware of Mr Sevan’s involvement in the deal.” (ShellNews.net) 5 Feb 05

THE LONDON TIMES: Rosneft to get £479m Menatep bill: “Shell has suffered a second downgrade to its debt rating. Standard & Poor’s, the rating agency, which stripped the Anglo-Dutch company of its triple A credit status last April, yesterday pushed Shell a further step down the ladder from AA plus to AA. The agency cited Thursday’s further cut to reserves and Shell’s poor reserve replacement record.” (ShellNews.net) 5 Feb 05

Daily Express (UK) Shell cuts reserves by further 1.4bn barrels: Brinded said “everything humanly possible” had been done to draw a line under the reserves scandal but warned of further possible revisions…” (ShellNews.net) Posted 5 Feb 05

THE NEW YORK TIMES: Nigeria Oil Protest Turns Deadly (ShellNews.net) Posted 5 Feb 05

Daily Express (UK): Most Shell staff critical of company’s top brass (ShellNews.net) Posted 5 Feb 04

The Guardian (UK): Profit without honour: Shell has not had a good year. Yesterday it admitted it had overestimated its oil reserves by a cool 1.4bn barrels. This was the fifth time Shell had downgraded its reserves in a little over a year, the biggest scandal in the company’s history…” (ShellNews.net) Posted 5 Feb 05

THE WALL STREET JOURNAL: Shell Denies Knowledge Of Alleged Oil-For-Food Kickbacks: “Shell bought about 6.4 million barrels of Iraqi crude oil from African Middle East Petroleum, or AMEP, which has told U.N. investigators that it paid an illegal surcharge to obtain contracts from Saddam Hussein’s regime.” (ShellNews.net) Posted 5 Feb 05

Daily Telegraph (UK): Shell’s huge profit fuels calls for windfall tax: “Yesterday Shell increased its “lost” reserves again for what it hoped would be the fifth and final time” (ShellNews.net) Posted 5 Feb 05

Daily Telegraph (UK): Proud of Shell: “Shell has had its problems, including a scandal over its reserves. But we should be proud of its profits.” (ShellNews.net) Posted 5 Feb 05

Daily Telegraph (UK): Oil industry heavies are vital to the nation: “Shell and BP have a stock market value of more than £160 billion, make more than £15 billion of profits a year, and employ 26,000 people in Britain.” (ShellNews.net) Posted 5 February 05

Daily Telegraph (UK): The Royal Dutch Shell boss: “Mr van der Veer proved to be a steady hand as he steered the company through four more revisions of its oil and gas reserves until Shell announced yesterday that it had overstated its oil and gas by a third.” (ShellNews.net) Posted 5 Feb 05

Daily Telegraph (UK): Shell shock as reserves and new supplies dwindle: “Shell yesterday shocked investors with a fifth downgrade of its “proven” oil and gas reserves in just over 12 months, and revealed that it had struggled to find more oil supplies to replace its output last year.” (ShellNews.net) Posted 5 Feb 05

THE LONDON TIMES: An exercise in futility at Shell: “Asked whether training some 3,000 engineers in the niceties of SEC reporting had hindered Shell’s exploration efforts last year, Malcolm Brinded, head of exploration, demurred. However, at the same time his boss, the chairman Jeroen van der Veer, appeared to smile and nod.” (ShellNews.net) Posted 5 Feb 05

LONDON TIMES: Shell in £8bn payout amid reserves cut: “The Anglo-Dutch group was forced to downgrade its oil reserves for a fifth time yesterday…” (ShellNews.net) Posted 5 Feb 05

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Posted in: Gas, Oil, Royal Dutch Shell Plc, Shell Oil Reserves Scandal.

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