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Shell News Thursday, 17 February 2005

Shell News Thursday, 17 February 2005

THE INDEPENDENT (UK): £6bn pipeline threatens endangered whale: “A massive oil and gas drilling project planned by Shell off the eastern coast of Russia could lead to the extinction of the Western Pacific grey whale, a report has warned. The study, commissioned by the oil company itself, recommended operations be halted in the oil and gas fields off the north-eastern coast of Sakhalin Island.”: “Shell insisted yesterday the project could go ahead…” (ShellNews.net) 17 Feb 05

THE LONDON TIMES: Shell to build pipeline despite threat to whales: “SHELL has vowed to press on with the construction of a $12 billion gas facility off Russia’s Far East coast, in spite of fears that it could endanger the world’s 100 grey whales. An independent scientific panel yesterday called for the company to suspend construction on Sakhalin II, until completion of further studies.” (ShellNews.net) 17 Feb 05

DAILY TELEGRAPH (UK): Shell signs £11bn Korean gas deal: “Shell, Total and their partners yesterday signed a $20billion (£11billion) deal to sell liquefied natural gas to South Korea over the next 20 years.”: “Meanwhile, Shell was criticised by environmental groups for its project on Sakhalin Island after an independent report suggested that its work could lead to the extinction of the western grey whale.” (ShellNews.net) 17 Feb 05

FINANCIAL TIMES: Shell and Total win $20bn LNG contract: “The South Korean deal means Shell has now pre-sold 70 per cent of the gas from its $12bn Sakhalin 2 project in Russia’s far east, after signing similar contracts with Japan and its own US trading arm.”: “Separately, the World Conservation Union yesterday called on Shell to suspend the Sakhalin project because of the danger it posed to a breed of whale threatened by extinction.” (ShellNews.net) 17 Feb 05

FINANCIAL TIMES: Conoco stocks ratio hits an industry high: “ConocoPhillips yesterday said its purchase of a stake in Russia’s Lukoil had lifted its key replacement ratio for oil and gas reserves to an industry-leading 206 per cent last year.”: “Only a handful of companies have so far reported reserve-replacement ratios of 100 per cent or more, adding as much oil and gas as they produced in the year. However, this largely reflects the impact of ongoing asset sales and a tougher regulatory climate in the wake of the reserves scandal at Royal Dutch/Shell.” (ShellNews.net) 17 Feb 05

FINANCIAL TIMES: Woodside hits record profit despite fall in output: “As Australia’s last sizeable domestic oil company, Woodside made headlines in 2001 when it became the target of a proposed takeover by Royal Dutch/Shell. But the Australian government rejected the bid by the Anglo-Dutch oil major, which still holds 34 per cent of Woodside, on national interest grounds.” (ShellNews.net) 17 Feb 05

AFX Europe (Focus): Japan refiner Showa Shell operating profit jumps in 2004 but net down 89 pct (ShellNews.net) 17 Feb 05

Reuters: Shell Sakhalin Whale Risks Need More Study – Report: “An international consortium should consider suspending a huge energy project off Russia’s Sakhalin island pending fuller studies on saving a rare whale species, a key environmental panel said on Wednesday”: “For Shell, still struggling to rebuild investor confidence after admitting last year it had exaggerated its oil reserves, the project is key to increasing output and replacing reserves.” (ShellNews.net) Posted 17 Feb 05

Friends of the Earth: Shell Warned on Dangers to Whales of Sakhalin Project: Independent report findings threaten international financing of Sakhalin II: “The groups have also criticized Shell for withholding information that the scientific panel needed to conduct a complete review of the Sakhalin project’s impacts on gray whales.”: “This is a glaring example of Shell’s concealment of public interest information about the negative environmental impacts of Sakhalin II…” (ShellNews.net) 17 Feb 05

THE WALL STREET JOURNAL: Shell, PdVSA Study Joint Oil And Natural Gas Projects: “Shell plans to form a joint company with PdVSA to explore for oil at the Urdaneta North field in Lake Maracaibo, one of Venezuela’s largest oil-producing regions.” (ShellNews.net) Posted 17 Feb 05

THE WALL STREET JOURNAL: EU Extends Review Of Repsol Buy Of Shell Portugal LPG Op: “The new deadline for the E.U. Commission to clear the deal or start an in-depth investigation is March 3” (ShellNews.net) Posted 17 Feb 05

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