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Royal Dutch Shell News Sunday, 20 February 2005

Royal Dutch Shell News Sunday, 20 February 2005

THE BUSINESS (EU): Oil giants demand reform of SEC rules on reserves: “Missing from the list of backers is Royal Dutch/Shell, whose disastrous downgrades last year led the industry to look at flaws in the SEC guidelines.” (ShellNews.net) 20/21 Feb 05

The Observer (UK): Tough job of saving the world: “…Shell’s environmental report shows its emissions rose thanks to more flaring – and that its target cut, 5 per cent below 1990 levels… will be achieved only in 2010 – nine years later than BP’s.” (ShellNews.net) 20 Feb 05

THE SUNDAY TELEGRAPH (UK): Shell urges support for chief’s pay rise: “Van der Veer, who took over as managing chairman last March in the wake of Shell’s shock admission that it had overstated its proven oil and gas reserves by 25 per cent, earned a basic salary of €1.12m (£772,000) in 2003”: “His total pay package came to just €1.13m after the company scrapped annual bonuses in the wake of the reserves scandal.” (ShellNews.net) 20 Feb 05

Houston Chronicle: As oil prices stay up, tar sands gain cachet:  It’s not cheap to extract crude, but majors find cost is worth it: “Shell reserve slump: Shell, based in London and The Hague, reported Feb. 3 that reserves fell in 2004 because it found enough oil to replace just 15 percent to 25 percent of what the company pumped.” (ShellNews.net) Posted 20 Feb 05

THE SUNDAY TELEGRAPH (UK): Business profile: Chapman turns up the gas: Frank Chapman… chief executive of BG Group, the UK’s third-biggest oil and gas operation”: “speculation is increasing that a giant such as Shell, where Chapman worked for 18 years, might buy its way out of trouble, even though BG’s price is at a record high” (ShellNews.net) 20 Feb 05

THE SUNDAY TELEGRAPH (UK): Market miscellany: BG Group: “…Britain’s largest independent energy group…”: “BG revealed that it had replaced 126 per cent of the gas and oil reserves it pulled from the ground, a figure that comfortably beat those of larger rivals BP, with 89 per cent, and Royal Dutch/Shell, on a lowly 31-41 per cent” (ShellNews.net) 20 Feb 05

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