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Royal Dutch Shell News Saturday, 26 February 2005

Royal Dutch Shell News Saturday, 26 February 2005

THE WALL STREET JOURNAL: SEC Has More Questions After 1st Inquiry On Oil Reserves: “The Securities and Exchange Commission is seeking additional information from some companies about oil reserves following last year’s initial round of inquiries in the wake of the Royal Dutch/Shell scandal”: “Shell stunned capital markets in January 2004 when it announced it was slashing its reserves by 23% due to huge overbookings in Nigeria, Australia and elsewhere. A subsequent investigation showed executive correspondence about the need to “fool” the market and complaints of “lying about the extent of our reserves issue.”: “The current debate on oil reserves policy focuses in part on the oil industry’s confusion on whether certain assets qualify as reserves. Shell’s problems, Degenhardt said, did not fall into that category because documents showed that executives knew they were breaking the rules. “They knew they were violating the commission’s guidelines,” Degenhardt said. “That was not a case of them not knowing what the guidelines are.” (ShellNews.net) Posted 26 Feb 05

NEW SCIENTIST: Oil plans threaten whales’ existence: “Shell is the main shareholder of Sakhalin Energy Investment Company (SEIC), which plans to extend existing production facilities and extract 150 million tonnes of oil and 500 billion cubic metres of natural gas from the area”: “The day after the report’s publication the company signed a 24-year contract with Tokyo Gas to deliver more than 26 million tonnes of liquefied natural gas to Japan, starting in 2007” (ShellNews.net) 26 Feb 05

Reuters: Rare Whales Will Not Stop Shell’s Sakhalin Gas: “Fears for the future of rare whales will not halt the Shell-led Sakhalin-2 gas project in Russia’s far east, Shell’s country manager said on Friday. John Barry told Reuters the $10 billion venture, one of Royal Dutch/Shell’s biggest, was on track to deliver its first cargo of Liquefied Natural Gas (LNG) in 2007 as planned. The consortium recognized environmentalists’ concerns and was considering measures such as re-routing pipelines to avoid damage to the gray whales’ habitat, he said in an interview. “The project is going ahead. I want to be unambiguous about that,” Barry said.” (ShellNews.net) Posted 26 Feb 05

The Independent (UK): Shell plays down fears for whales: “FEARS FOR the future of rare whales will not halt the Shell-led Sakhalin- 2 gas project in Russia’s far east, Shell’s country manager insisted.” (ShellNews.net) 26 Feb 05

Daily Times (Pakistan): Showa Shell to cut crude buying from Kuwait, UAE (ShellNews.net) 26 Feb 05

THE NEW YORK TIMES: Statoil Plan Would Get More Oil in Field: “Statoil ASA on Friday presented a plan for squeezing more oil and natural gas out of the aging Statfjord development, the largest field in the North Sea.”: “Statoil, with a 44.3 percent interest in the field, operates Statfjord on behalf of partners that include ExxonMobil, with 21.36 percent; ConocoPhillips with 10.32 percent; and Norske Shell with 8.54 percent.” (ShellNews.net) Posted 26 Feb 05

 

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