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Shell News Archive Wednesday 14 December 2005

Shell News Archive Wednesday 14 December 2005

Forbes/AFX News Limited: Shell says Sakhalin project wins favourable review from EBRD: “In a statement, Shell said EBRD found the project’s approach to environmental and social issues management ‘fit for purpose’ following a three-year assessment.”: Wednesday 14 December 2005: READ
 
The Kansas City Star: Shell Oil official clarifies remarks to Senate panel: “Boxer said Hofmeister’s letter left her “more convinced” that there was a conscious effort on Shell’s part to purposely reduce the supply of gasoline and increase gasoline prices in California. “Enough is enough,” Boxer wrote. “We need to get at the truth, and the only way to do that is to bring the oil company executives before the committee under oath.” Shell said in a statement that it would evaluate any request to call Hofmeister back to testify under oath.”: Wed 14 December 2005: READ
 
THE WALL STREET JOURNAL: BREAKING VIEWS: Shell is sprinting to stand still.: Wednesday 14 December 2005: READ
 
THE WALL STREET JOURNAL: Shell to Raise Spending, Due Partly to Inflation: “The Bonga deepwater oil project off Nigeria, which started producing last month and is 55%-owned by Shell, has seen costs spiral in less than two years to nearly $4 billion from an initial $2.9 billion estimate.”: Wednesday 14 December 2005: READ
 
The Independent: Shell ups the ante on capital spending: “There is a big black cloud hanging over Shell’s headquarters on London’s South Bank and it does not come from the Bunceford oil depot.”: Wednesday 14 December 2005: READ
 
The Independent: ‘Elephant’ hunting to cost Shell $19bn next year: “The company is only now recovering from the reserves reporting scandal last year which devastated its reputation, forced the resignation of its three top executives and sparked regulatory investigations on both sides of the Atlantic. It has also been hit recently by huge cost increases on high-profile projects such as the Sakhalin-2 gas field off Russia’s east coast, where costs have doubled to $20bn; and the Bonga field off the coast of Nigeria, which could cost more than $5bn.”: Wednesday 14 December 2005: READ
 
Daily Telegraph: Shell pledges $19bn capital investment to boost reserves: “Peter Hitchens, analyst at Teather & Greenwood, said the statement contained “nothing to suggest the group will be able to increase its growth prospects”.: Wednesday 14 December 2005: READ
 
The Times: Shell lifts spending by $4bn as its infrastructure ages: “ROYAL DUTCH SHELL has been forced to raise its spending by $4 billion (£2.25 billion) next year to cope with soaring oil industry inflation, cost overruns on difficult projects and a legacy of ageing infrastructure.”: December 14, 2005: READ
 
ShellNews.net: The “GREAT CORRIB GAS CONTROVERSY” may turn into a full blown scandal: “The CPI report contained findings on health, safety and environmental implications damaging to Shell’s case and with potentially equally damning political implications for the Irish coalition government.”: Wednesday 14 December 2005: 04.22am EST: READ
 
The Guardian: Protests increase over Shell pipeline: “Earlier this year the EBRD, which has been asked to provide public money, deemed the scheme “unfit for purpose” because safeguards had not been put in place covering various issues. But a board meeting today will decide whether to finally ditch the project or proceed with a 120-day consultation of local people before making a final decision. “: Wednesday 14 December 2005: READ
 
World Wildlife Fund: Shell oil platform in Russia’s Far East driving whales towards extinction: “Earlier this year, Shell ignored the findings of an independent panel of distinguished scientists that recommended against constructing a platform near the whale’s feeding area.”: Wednesday 14 December 2005: READ
 
REUTERS: Environmentalists say Shell hits whale feeding: “Shell has failed to meet even its own environmental standards on its projects,”: “We urge the bank to decline financing until Shell properly faces up to its responsibilities,” Wed 14 Dec 2005: READ
 
DeHavilland Information Services: Shell platform disrupting rare whale habitat: “The WWF is now seeking to exert pressure on the EBRD over the environmental impact of its loan. Mr Steele said: “We urge the bank to decline financing until Shell properly faces up to its responsibilities.”: 14/12/2005: READ
 
Financial Times: Shell cites costs as it increases spending to $19bn: “The revised budget reflects a number of cost overruns at Shell’s largest projects. Its Bonga field in Nigeria cost about $1bn more than expected to develop, while the cost of the Sakhalin-2 project has doubled to $20bn.”: Wednesday 14 December 2005: READ
 
Lloyds List: Shell attempts to reorganise its reserves as year of massive investment looms: Oil major announces strategy to cope with rising costs after troubles of recent years, writes Tony Gray: Wednesday December 14, 2005: READ
 
The New York Times: Shell to Boost Capital Investment in 2006: “Rabo Securities analyst Richard Brakenhoff called the increase ”spectacular,” though he noted some of it is due to rising costs at the Sakhalin project.”: Posted Wednesday 14 Dec 2005: READ
 
Asia Pulse: SHELL TO BUILD JOINT FILLING STATIONS IN CHINA’S CHONGQING”: This is part of Shell’s ambitious plan of bringing the number of its filling stations to 1,000 in China in next five years.”: Posted 14 December 2005: READ
 
Financial Times: Chinese link with Indians to bid for oil field stake: “They said the deal for the holding in the company, which is majority-owned by Royal Dutch Shell, could be signed this week.”: Wednesday 14 December 2005: READ
 
Asia Pulse: MITSUBISHI HEAVY SETS SIGHTS ON MIDEAST OIL EXPLORATION: “Forming a technological tie-up with Royal Dutch/Shell Group in boosting the efficiency of aging oil fields in the Middle East will open the way for Japan’s Mitsubishi Heavy Industries Ltd to make a foray into the oil exploration business.”: “Royal Dutch/Shell will soon begin research on the application of the technology to its oil fields in such Persian Gulf nations as Qatar and Saudi Arabia.”: Wednesday December 14, 2005: READ
 
Irish Independent: McDowell and CPI: “The Centre for Public Inquiry has produced two excellent reports on Trim Castle and the Shell gas pipe in Rossport.”: “When is Bertie Ahern going to pluck up his courage and sack Michael McDowell? Wednesday December 14, 2005: READ
 
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