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Shell News Wednesday, 9 February 2005

Shell News Wednesday, 9 February 2005

MosNews.com (Russia): Russian Govt Accuses Shell of $2.5 bln Damage to State Interests: “The Royal Dutch/Shell group’s spokesman confirmed having received a notification of the report, but declined further comments.” (ShellNews.net) 9 Feb 05

THE WALL STREET JOURNAL: Shell: Cooperating In Full With Sakhalin-2 Russia Audit: “In a recent report, Russia’s State Audit Chamber, an oversight agency, said the country suffered $2.5 billion in damages from abiding by the terms of the production-sharing agreement for the oil and gas project located off Russia’s Pacific coast.” (ShellNews.net) 9 Feb 05

THE LONDON TIMES: Moody’s threatens Shell with downgrade: “…after the oil giant last week axed its oil reserves by a further 10 per cent”: “The comments come four days after Standard & Poor’s cut Shell’s debt rating to AA from AA-plus, citing the oil company’s latest reserves downgrade.” (ShellNews.net) Posted 9 Feb 05

THE LONDON TIMES: Oil-digging saviours’ balancing act: “ONCE again, BP and Shell have saved this nation from penury. Over the coming year the two ancient companies will pump tens of billions of dollars in cash into pension funds and the Treasury.” (ShellNews.net) 9 Feb 05

Daily Telegraph UK: The best is yet to come, says BP: “In contrast to Shell, which admitted its reserve replacement ratio had dropped to 45pc to 55pc in the wake of the company’s “lost” oil and gas reserves last year, Lord Browne said BP had “more than replaced its output for the 12th year running”, with a replacement rate of 106pc for the group” (ShellNews.net) 9 Feb 05

The Independent (UK): Outlook: Chinese burn for BP’s unstoppable oil gusher: “BP’s reserve replacement ratio last year was 106 per cent, which compares to just 40-45 per cent for Shell” (ShellNews.net) 9 Feb 05

Daily Telegraph (UK): Thousands wait on quayside but supertanker glides in unchallenged: “…BP has been racing along, and although it failed to beat Shell’s record profit, its business looks in much better shape” (ShellNews.net) 9 Feb 05

FINANCIAL TIMES: US rules on oil reserves produce shortfall for BP: “Under industry rules devised by the US Securities and Exchange Commission, BP replaced 89 per cent of the oil and gas it used last year. This was reduced to 78 per cent when stripping out partners such as TNK in Russia. Royal Dutch/Shell replaced 30-40 per cent of its proved reserves last year under SEC rules, before divestments.” (ShellNews.net) 9 Feb 05

THE WALL STREET JOURNAL: Petronas, Shell Find Gas Offshore Peninsular Malaysia: “…a 50:50 joint venture between Royal Dutch/Shell Group (RD) and Malaysia’s state-owned Petronas (PET.YY), has struck natural gas offshore Peninsula Malaysia.” (ShellNews.net) Posted 9 Feb 05

THE WALL STREET JOURNAL: Shell Buys Back 1M Shares At 484.89P (ShellNews.net) Posted 9 Feb 05

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