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Shell News Archive Wednesday 23 November, 2005

Shell News Archive Wednesday 23 November, 2005

Financial Times: The clockwork mind in Shell’s high echelons: “She is also one of the five executive directors of a business that has been through two years of hell, following the huge overstatement of its oil and gas reserves that led to the removal of Sir Philip Watts, the chairman, and two other directors, fines of about $150m and a corporate governance overhaul. Restoring morale and rebuilding the group’s shattered reputation are inevitably top priorities. Earlier this year, an internal survey found that fewer than half the 112,000 employees thought the company was well led. But are those executives who belonged to the previous senior team tainted by association? “It’s something that we can’t worry about,” Ms Cook says briskly. “Worrying about reputation or morale isn’t going to change it.”: “But the group faces another major headache – delays and cost overruns at some ofits biggest projects, including Sakhalin-2, its flagship Russian project. With hindsight, it is clear that Shell underestimated the enormous challenges involved in Sakhalin, she says.”: Posted Wednesday 23 November 2005: READ

Financial Times: Shell’s Sakhalin targets too aggressive: “Royal Dutch Shell has admitted to setting overly aggressive targets and miscalculating the challenges of developing its flagship Sakhalin 2 oil and gas project in Russia, which has doubled in cost to $20bn (£11.6bn) and is running about eight months behind schedule.”: “The Kremlin suggested earlier this month that it might not approve Shell’s request to double the cost of the project...”: Wednesday 23 November 2005: READ

ShellNews.net: Is Sakhalin Doomed?: November 2005: READ

Irish Independent: Corrib pipeline leak will cause numerous deaths, study shows: “The report, compiled by the Centre for Public Inquiry, attacked global oil giant Shell over plans for an onshore gas processing plant at Bellanaboy claiming it was doomed from the start.”: Wednesday November 23, 2005: READ

Irish Times: Report says onshore pipeline could rupture: “During its investigation into the background to the 900 million Corrib project, it found that within a week of senior executives of the Corrib consortium – Shell, Statoil and Marathon – meeting the Taoiseach in September 2003, they were given “unusual access” to An Bord Pleanala to express their concerns over planning delays.”: Wednesday November 23, 2005: READ

Financial Times: Observer: Sabre-rattling in the neutral zone: “Ever since Malaysia last year granted Shell the rights to an oil concession in a disputed part of the Sulawesi Sea off north-eastern Borneo, things have been a tad prickly between Jakarta and Kuala Lumpur.”: “…word came from the Indonesian navy yesterday that it was launching a massive exercise – codenamed Great Armada XXY – that would converge off the eastern coast of Borneo…”: Wednesday 23 November 2005: READ

The New York Times: Image problems lead to worker shortage in oil industry “Oil and gas companies are in the midst of a personnel crisis, according to several speakers and attendees at the International Petroleum Technology Conference taking place in Doha, Qatar this week.”: “The industry is having a real tough time filling jobs,” Restucci said.: Wednesday 23 November 2005: READ

THE NEW YORK TIMES: (AP) OIL COMPANY SETTLES GOUGING COMPLAINT: Wednesday 23 November 2005: READ

Financial Times: Germany loses big company crown to Swiss: “In October 1985, continental Europe’s biggest company was Royal Dutch/Shell…”: “It has been replaced in the number one spot by Total, the French oil group with a capitalisation of nearly €147bn ($173bn). Total was only ranked at 88 in 1985 before two big mergers pushed it up the league tables.”: Wednesday 23 November 2005: READ

AFX News Limited: CNOOC deal to buy stake in Australia Gorgon gas project scrapped, Chevron says: “China National Offshore Oil Corp’s (CNOOC) preliminary agreement to buy a 12.5 pct stake in the Chevron-led Gorgon project in Australia has fallen through…”: “Chevron has a 50 pct stake in the Gorgon project with ExxonMobil and Shell each holding a 25 pct share.”: Wednesday 23 November 2005: READ

Financial Times: WHEN GLOBAL INTERESTS CLASH WITH DOMESTIC ARRANGEMENTS: “The rise of the dual-career couple has made it harder for multinational companies to send employees on expatriate assignments, as Linda Cook knows from personal experience.”: Mobility is made even more complicated for international energy groups as they are forced to seek new reserves in ever remoter and more hostile parts of the world.”: Wednesday 23 November 2005: READ

Jamaica Gleaner: Shell Jamaica sell-out – Joe Issa, Neal & Massy clinch deal: Wednesday 23 November 2005: READ

Asia Pulse News: INTEROIL TO BUY SHELL PNG: “InterOil Corporation will become a major distributor of petroleum products in Papua New Guinea as it agrees in principle to purchase Shell PNG Limited assets…”: Wednesday November 23, 2005: READ

Ireland On-Line: Shell defends safety of Corrib pipeline: “It seems to confirm that the fears that they have had for many years are well founded technically and scientifically, and of course further erodes the confidence and trust people have had in Shell and the various state bodies…”: Posted Wednesday 23 November 2005: READ

Business Times (Malaysia): Petrochem investments to return soon, says Dialog: “…multi-national corporations (MNCs) such as Petroliam Nasional Bhd, Royal Dutch Shell Group and ExxonMobil are expected to build more petrochemical plants by the end of next year.”: Wednesday November 23, 2005: READ

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