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Internal recriminations at Shell 6 days before the reserves fraud was revealed to a stunned world: between a rock and a hard place

Shell reserves fraud discovery documents published on Sunday 25 November 2007

The first item, Exhibit 186, is email correspondence on 3 January 2004 from Frank Coopman, Chief Financial Officer, Shell Exploration and Production B.V. to Curtis Frasier of Shell International, which was copied to John Darley, SIEP-EPT. This was sent just 6 days before the Shell reserves fraud was announced to a stunned world. Frank Coopman made it plain that the “independent” Group reserves auditor, Anton Barendregt (*a retired former Shell employee who acted as the Group reserves Auditor on a part-time basis) was in fact “not completely independent”.

The following day, Anton Barendregt sent an email to Frank Coopman, copied to John Pay, John Darley and John Bell, admitting that with hindsight he should have been more “forceful” in respect of a correct formulation of Group guidelines in relation to avoiding conflict with SEC rules. Barendregt stated in his penultimate paragraph:

I realise that Curtis may not like my references to the guidelines. I seem to remember him saying that we should not say externally that our internal guidelines were different from the SEC’s. I do not see how we can maintain that pose in ernest. It would imply saying that either our guidelines were SEC compliant (which would be easily refutable lie) or that we had no guidelines at all, which would be unbelievable and also clearly not true.”

Exhibit 186: (3 pages)

http://www.shellnews.net/classactiondocs/ex186_447_2.pdf

More related Shell documents…

Exhibit 187: January 2002 Confidential Shell internal email correspondence involving Jan-Willem Roosch, Rod Sidle, Manager, Oil and Gas Reserves/Value Assurance Houston and others (5 pages)

http://www.shellnews.net/classactiondocs/ex187_447_3.pdf

Exhibit 188: March 2002 Confidential Shell internal email correspondence involving Jan-Willem Roosch, Rod Sidle, Jonathan Holroyd and others (3 pages)

http://www.shellnews.net/classactiondocs/ex188_447_4.pdf

Exhibit 189: March 2002 confidential Shell internal email correspondence involving Jan-Willem Roosch, John Pay and Rod Sidle (3 pages)

http://www.shellnews.net/classactiondocs/ex189_447_5.pdf

Exhibit 190: September 2002 Confidential Shell internal email correspondence involving Rod Sidle and others (23pages)

http://www.shellnews.net/classactiondocs/Ex190_447_6.pdf

Exhibit 191: July 2003 Confidential Shell internal email correspondence involving Frank Coopman, Bob Deer. Tim Morrison, John Pay, Van Poppel and others (4 pages)

http://www.shellnews.net/classactiondocs/ex191_447_7.pdf

Exhib 192: 19 April 2004 Shell News & Media Releases (7 pages)

http://www.shellnews.net/classactiondocs/ex192_447_8.pdf

Exhibit 193: March 20002 confidential Shell internal email correspondence involving Jan-Willem Roosch, Van Driel, Craig Myers, Peter Van Driel and Mark Wharton (3 pages)

http://www.shellnews.net/classactiondocs/ex193_447_9.pdf

*Fate of the oil giant Shell rested on retired part-timer

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