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Royal Dutch Shell News Friday, 25 February 2005

Royal Dutch Shell News Friday, 25 February 2005

Pittsburgh Post Gazette: Big oil, SEC differ on calculation of petroleum reserves: “Big oil threw down the gauntlet in a battle with U.S. regulators over how to calculate a crucial measure of the industry’s long-term health: how much oil and natural gas it has in the ground. A report released Wednesday by an industry consultant — and bankrolled with help from most of the world’s major oil companies…”: “…in the wake of the Shell reserves scandal, several companies have begun reporting their reserves according to the Dec. 31 guideline _ and have had to lower their reserve-addition numbers as a result” ( 25 Feb 05

OIL & GAS JOURNAL: CERA: SEC reserves reporting system outdated ( 25 Feb 05


AP Worldstream: Indonesia protests Malaysia’s oil pacts in disputed waters: “Indonesia on Friday protested Malaysia’s move to award oil production sharing contracts to Royal Dutch/Shell Group of Cos. in two offshore blocks, which Indonesia claims are within its territory. The step is “a violation to Indonesia’s sovereignty,” the Ministry of Foreign Affairs said in statement.” ( 25 Feb 05

THE INDEPENDENT (UK): Business Analysis: Investors strike it rich on global profits boom: Corporate profits are soaring. Should firms invest the cash or return it to shareholders? “The market has already been treated to a new record for UK profits, set by Royal Dutch Shell, which this month announced a £9.8bn annual return…” ( 25 Feb 05

FINANCIAL TIMES: As Beijing and New Delhi enter foreign deals to bring them the oil and gas needed by their surging economies, regional politics is tending to the pragmatic though territorial claims show a sharper tone, writes Victor Mallet: “…in Angola, ONGC’s bid last year for a block auctioned by Shell that would have doubled the Indian bidder’s production in Africa was trumped by a late Chinese package pumped up with bilateral aid.” ( 25 Feb 05

THE NEW YORK TIMES: S.E.C. Urged to Update Rules for Reporting Oil Reserves: “The report was financed by a consortium of about 30 oil companies, law firms, petroleum auditors, investment groups and accounting firms.”: “Confidence in the industry was shaken last year when Royal Dutch/Shell Group cut its proven reserves, prompting an investigation by the S.E.C., the dismissal of three top company officials and an overhaul of Shell’s century-old structure. In the last year, Shell has lowered its proven reserves level by a third, or 5.8 billion barrels, from where they stood at the end of 2002. The most recent cut, earlier this month, came after Shell retrained 3,000 staff members to follow S.E.C. guidelines. The restatement will cut $700 million from Shell’s earnings from 2000 to 2004.” ( Posted 25 Feb 05 and its sister websites,,,,, and are all owned by John Donovan. There is also a Wikipedia article.

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