More freely accessible information assembled here by John Donovan about the Shell reserves fraud than any other single archive in the world.
“The grandeur of “Royal Dutch” had already been tarnished by the reserves scandal. The revelation that the new unified company had passed through the chrysalis of “Forthdeal Limited” only sharpened the contrast. From royal moniker to shelf-company wrapper: it was a comedown worthy of satire, except it was sitting there in the public record.”
From Royal Dutch Grandeur to Forthdeal Farce: The Shell Reserves Scandal, the Shelf-Company Shuffle, and the Domain Name Blunder That Shell Could Not Bury
Disclaimer: This article is based on public records, regulatory findings, court materials, archived news reports, and commentary. Where allegations are discussed, they are described as allegations, claims, or findings according to the relevant source. Satirical sections are clearly labelled. Site wide disclaimer also applies.
PART ONE — THE FACT-BASED DEEP DIVE
The day Shell’s “proved” reserves stopped looking proved
On 9 January 2004, one of the greatest corporate reputations in the oil industry cracked wide open.
Royal Dutch/Shell, then still operating under its old Anglo-Dutch dual-parent structure, shocked investors by announcing that it had overstated its proved oil and gas reserves by approximately 3.9 billion barrels, roughly 20% of the reserves previously reported to the market. What had been sold to investors as a reassuring picture of hydrocarbon strength suddenly looked like a carefully polished corporate illusion.
The scandal did not stop with the first confession. Further revisions followed. By the time the regulators had finished documenting the wreckage, the U.S. Securities and Exchange Commission stated that Shell had overstated proved reserves reported in its 2002 Form 20-F by 4.47 billion barrels of oil equivalent, approximately 23%, and had overstated the standardized measure of future cash flows by about $6.6 billion.
This was not a minor clerical mishap in a dusty accounting appendix. In the oil business, proved reserves are not decorative numbers. They are central to valuation, credibility, borrowing capacity, executive prestige, and investor confidence. They tell the market whether a company is replacing what it pumps out of the ground. They underpin the all-important reserves replacement ratio, the magic metric by which oil majors boast that tomorrow’s production is safely tucked away beneath today’s balance sheet.
Shell had been telling a story of strength. The regulators later found that the story was materially wrong.
The reserves replacement illusion
The SEC’s findings cut to the heart of the matter. Shell had materially misstated its reserves replacement ratio, a key indicator watched closely by analysts and investors. The SEC said that, had Shell properly reported proved reserves, its five-year reserves replacement ratio for 1998 to 2002 would have been 80%, not the 100% originally reported.
That difference mattered. A 100% replacement ratio told the market that Shell was replacing the reserves it produced. An 80% figure told a more awkward story: Shell was not keeping up.
According to the SEC, Shell’s overstatement and delay in correcting it resulted from a desire to create and maintain the appearance of a strong reserves replacement ratio, from internal guidelines that failed to conform to SEC requirements, and from inadequate internal controls over reserves reporting.
Translated from regulator-speak: Shell wanted the numbers to look better than they were, its internal systems allowed that to happen, and the market was misled.
The SEC further said Shell had recorded and maintained reserves it knew, or was reckless in not knowing, did not satisfy SEC requirements. The regulator noted that Shell had been warned on several occasions before autumn 2003 that reported proved reserves might be overstated, including in critical areas such as Nigeria and Oman.
This was the point at which a corporate embarrassment hardened into a governance scandal.
“Sick and tired about lying”
The phrase that came to define the whole debacle was not invented by critics. It came from within Shell.
In November 2003, Walter van de Vijver, then head of Exploration and Production, wrote to Sir Philip Watts, then chairman of Shell’s Committee of Managing Directors, that he was becoming “sick and tired about lying about the extent of our reserves issues.”
That sentence landed like a depth charge when it emerged in press coverage and investigations. It captured, in plain English, what investors, journalists, regulators, and litigants were trying to understand: how long had senior figures known that the reserves position was not what the market had been led to believe?
The fallout was brutal. Sir Philip Watts left. Walter van de Vijver left. Chief Financial Officer Judy Boynton also departed. Regulators in the United States, United Kingdom, and the Netherlands investigated. The U.S. Justice Department was reported to have looked at the matter. Investors sued. Shell’s reputation, built over nearly a century of imperial corporate self-confidence, was now associated with one of the biggest reserves scandals in modern oil history.
Shell settled SEC proceedings by consenting to a cease-and-desist order, paying a $120 million civil penalty, and undertaking to spend an additional $5 million on an internal compliance programme. The company also agreed to pay £17 million to settle a UK Financial Services Authority market abuse enforcement action. Shell settled without admitting or denying the SEC’s substantive findings.
That last phrase — without admitting or denying — is familiar in corporate settlements. But reputationally, the damage was already done.
January, February, March 2004: the scandal breaks in real time
The archived January, February, and March 2004 Shell news reports show the scandal as it looked when the story was still breaking, before the later settlements, before the full court-document archive, and before the corporate rebranding exercise tried to draw a line under the wreckage.
In January 2004, the first shock was the scale: billions of barrels moved out of the proved category. Investors were left asking how such an important number could have been wrong by so much.
In February 2004, the litigation front opened wider. U.S. investors brought class-action claims accusing Shell of deliberately overstating reserves and misleading the market. These were not merely public-relations headaches. They were securities claims aimed at the heart of Shell’s disclosures to investors.
By March 2004, the scandal had become a boardroom survival crisis. The departures of senior executives transformed the issue from a technical reserves correction into a visible collapse of top-level credibility. The question was no longer simply whether the numbers were wrong. The question was who knew, when they knew, and why the market was not told sooner.
Those early 2004 reports remain important because they capture the moment before the scandal was sanitized by settlement language and corporate history pages. They show the confusion, the market anger, the emerging litigation, and the unmistakable sense that Shell’s old governance structure had failed.
The class actions: investors strike back
The U.S. securities litigation began almost immediately. The Stanford Securities Class Action Clearinghouse records the filing date as 23 January 2004. The complaint alleged that Royal Dutch and Shell Transport had issued material misrepresentations to the market and had classified certain reserves as “proved” when they did not meet SEC and industry requirements.
The litigation alleged that the 9 January 2004 disclosure damaged purchasers of Royal Dutch and Shell Transport securities and rocked the investment community. It also alleged that the write-down cut Shell’s reserve life, increased reserve replacement costs, increased finding and development costs, and reduced appraised net worth.
This was the legal arena into which John Donovan and the Donovan/Shell archive became involved.
John Donovan’s involvement was not as a passive observer of the Shell scandal. The Donovan websites had already become a persistent adversarial archive of Shell material. In the aftermath of the reserves scandal, that archive became a platform through which information, documents, leads, and public pressure could circulate.
A particularly significant episode was the role in locating shareholder Peter M. Woods to lead a global class action against Shell. In a scandal where large institutions, transnational shareholdings, and jurisdictional disputes made litigation unusually complex, finding suitable shareholder representation was not a trivial administrative detail. It was part of the machinery by which investor claims could be advanced against one of the world’s most powerful oil companies.
The RoyalDutchShellPlc.com archive now hosts thousands of pages of Royal Dutch/Shell Transport securities litigation documents, including witness statements, depositions, confidential Shell materials filed with the court, and documents from the U.S. District Court for the District of New Jersey proceedings. The scale of that archive makes it the most important independent repositories of material relating to the reserves scandal.
Shell may have wanted the affair to fade into a closed chapter of corporate governance history. The court documents, the archive, and the litigation trail made that far harder.
The old Anglo-Dutch structure falls
Before the scandal, Shell was governed through a famously complicated dual-parent structure: Royal Dutch Petroleum Company in the Netherlands and The “Shell” Transport and Trading Company in the United Kingdom. The split reflected the historic 60:40 ownership arrangement that had defined the group for decades.
After the reserves scandal, that old structure became politically and reputationally indefensible. Shell announced a unification plan: Royal Dutch and Shell Transport would become subsidiaries of a new parent company, Royal Dutch Shell plc.
The 2005 Shell unification prospectus described the transaction in formal terms. Royal Dutch Shell plc would make an offer for Royal Dutch shares and would become the parent company of Shell Transport through a UK scheme of arrangement. Former Royal Dutch shareholders would hold 60% of the new company and former Shell Transport shareholders 40%, preserving the old economic split inside a new single-parent structure.
In corporate prose, this was tidying up governance.
In scandal prose, it was the grand old Anglo-Dutch machine being rebuilt after blowing a gasket in public.
Enter Forthdeal Limited: the shelf-company chrysalis
Here the story takes a turn from grave corporate scandal into boardroom absurdity.
The company that became Royal Dutch Shell plc did not begin life with a name carved in marble, blessed by Dutch monarchy, British commerce, and a century of oil imperial history. Companies House records show that Shell plc, company number 04366849, was incorporated on 5 February 2002 as Forthdeal Limited. It then became Royal Dutch Shell plc on 27 October 2004, and later became Shell plc on 21 January 2022.
Forthdeal Limited was an off-the-shelf company: the corporate equivalent of a blank ready-made suit bought for later alteration. There is nothing inherently unlawful about using shelf companies. They are routine corporate plumbing. But reputationally, in this context, the symbolism is irresistible.
The mighty Royal Dutch Shell, trying to emerge from one of the most humiliating scandals in oil history, did so through a company whose original name sounded less like a global energy titan and more like a bargain-bin entity from the filing cabinet of a company formation agent.
The grandeur of “Royal Dutch” had already been tarnished by the reserves scandal. The revelation that the new unified company had passed through the chrysalis of “Forthdeal Limited” only sharpened the contrast. From royal moniker to shelf-company wrapper: it was a comedown worthy of satire, except it was sitting there in the public record.
Another off-the-shelf company and the machinery behind the curtain
The Forthdeal story is also a reminder that major corporate transformations often depend on mundane legal vehicles: pre-incorporated companies, nominee arrangements, formation agents, name changes, filings, resolutions, schemes, and reorganisations.
Another off-the-shelf company was also involved in the wider corporate mechanics surrounding the restructuring. The point is not that the use of such companies was automatically improper. The point is that the optics were dreadful.
Shell was trying to signal reform, clarity, and renewed governance after a reserves scandal that had exposed internal weakness and market misstatement. Yet the new corporate architecture had the faint smell of hurried paperwork and legal carpentry.
The old dual structure had become a governance liability. The new structure was supposed to look modern and disciplined. Instead, critics could point to Forthdeal Limited and ask whether Shell had simply changed the label on the can while leaving the deeper culture untouched.
The domain name blunder: Shell forgets the front door
Then came the farce.
While Shell’s lawyers, advisers, bankers, and executives were busy creating Royal Dutch Shell plc, someone forgot to secure the obvious domain name: royaldutchshellplc.com.
This was not a tiny oversight. It was the digital front door for the newly named company. In the mid-2000s, a global corporation launching a new unified identity without securing the matching dot-com domain was not merely careless. It was astonishing.
The domain was registered not by Shell, but by its long-standing adversaries, Alfred and John Donovan. Instead of becoming a polished corporate portal, royaldutchshellplc.com became an adversarial Shell news and criticism site.
Shell took the matter to the World Intellectual Property Organization under the Uniform Domain Name Dispute Resolution Policy. The WIPO case, D2005-0538, covered royaldutchshellgroup.com, royaldutchshellplc.com, and tellshell.org. Shell International Petroleum Company Limited was the complainant. Alfred Donovan was the respondent. On 8 August 2005, the complaint was denied.
In plain terms: Shell tried to take the domain and failed.
For a company attempting to move on from a disclosure scandal by launching a newly unified identity, the symbolism could hardly have been worse. Shell had overstated reserves, reorganised the empire, emerged through Forthdeal Limited, and then failed to control the most obvious internet address for its new name.
The result was a public-relations own goal of rare purity.
The archive Shell could not switch off
The domain dispute matters because it gave critics a durable platform under Shell’s own chosen name. RoyalDutchShellPlc.com became a persistent archive of Shell-related reporting, legal materials, leaked documents, criticism, and satire.
For Shell, this was worse than a hostile newspaper article. Articles fade. Search results shift. News cycles move on. But an adversarial domain bearing the company’s own post-scandal name created a permanent reputational irritant.
The site’s survival after the WIPO decision meant that Shell’s attempt to control the digital identity of Royal Dutch Shell plc had failed. The company had unified its corporate structure, but not its narrative.
This is why the reserves scandal, Forthdeal Limited, the class actions, Peter M. Woods, and the domain name dispute belong in the same story. They are not separate curiosities. They form a sequence:
First, Shell’s reserves disclosures collapsed.
Then investors sued.
Then governance reform became unavoidable.
Then the old Anglo-Dutch structure was unified through a new corporate vehicle.
Then the public record revealed that the grand new parent had begun life as Forthdeal Limited.
Then Shell failed to secure the matching domain name.
Then its long-standing critics used that digital opening to preserve and publish the history Shell would rather have left behind.
The scandal’s larger meaning
The Shell reserves scandal was not merely about barrels. It was about trust.
Investors trusted that proved reserves meant proved reserves. Regulators trusted that a global listed company had internal controls equal to the importance of its disclosures. The market trusted that senior executives would correct known problems before the gap between reality and presentation became catastrophic.
That trust was misplaced.
The SEC’s findings described a company driven to maintain the appearance of a strong reserves replacement ratio. The class actions alleged material misrepresentations. The press reported internal correspondence in which senior figures appeared painfully aware that the reserves picture being maintained was not sustainable. The old governance structure failed. The new structure arrived under a name that traced back to a shelf company. And the company then lost the domain-name battle to the very critics who would keep the story alive.
Shell paid penalties. Shell reorganised. Shell changed names. Shell eventually dropped “Royal Dutch” altogether, becoming Shell plc in 2022.
But the paper trail remains.
So does the domain.
So does the question that sits at the centre of the scandal: if a company can overstate billions of barrels of proved reserves while projecting confidence to the market, what else can corporate grandeur conceal?
The answer, in Shell’s case, was buried not only in oilfields, filings, emails, and court papers — but in the embarrassing little name that sat behind the new imperial façade.
Forthdeal Limited.
The shelf-company footnote that became a punchline to one of Big Oil’s biggest reputational collapses.
PART TWO — SPOOF PR/SPIN SECTION
Shell’s imaginary statement from the Department of Strategic Reputational Repackaging
Shell is delighted to clarify that the reserves matter, the governance matter, the class-action matter, the Forthdeal matter, and the domain-name matter are all completely separate matters, except where they unfortunately appear to form a single coherent narrative.
The reserves were not missing. They were merely enjoying a temporary period of enhanced classification flexibility.
The old Anglo-Dutch structure did not collapse under the weight of scandal. It evolved, like a butterfly emerging from a chrysalis, except the chrysalis was called Forthdeal Limited and had been sitting on a shelf.
The name Royal Dutch Shell plc was selected to honour our heritage, reassure investors, and project continuity. Any suggestion that the company’s legal ancestry sounded less like an energy supermajor and more like a discount stationery supplier is unhelpful and regrettable.
As for royaldutchshellplc.com, Shell wishes to stress that domain names are a highly technical matter. While some may say it was unfortunate that the most obvious domain name for the newly unified company was not secured before critics obtained it, Shell prefers to view this as an early experiment in stakeholder engagement.
The WIPO decision denying Shell’s complaint should not be interpreted as a defeat. It should be interpreted as a learning opportunity in the field of involuntary transparency.
Shell remains committed to openness, accountability, and moving forward, particularly when moving forward involves changing the corporate structure, changing the name, settling without admitting or denying, and hoping everyone stops searching the archives.
PART THREE — SPOOF BOT-REACTION / COMMENT SECTION
How the imaginary internet reacted
GovernanceBot3000:
A company overstated reserves, paid penalties, reorganised itself, emerged through Forthdeal Limited, forgot the domain, and lost the WIPO case. That is not a timeline. That is a corporate governance obstacle course.
OilMajorApologistBot:
Technically, the barrels were not gone. They were just not as proved as previously emotionally implied.
ShelfCompanySpotter:
From Royal Dutch to Forthdeal is quite the branding journey. Somewhere, a company formation agent is still smiling.
InvestorBot:
I bought proved reserves and received a lesson in disclosure risk.
LegalEagleBot:
“Settled without admitting or denying” remains the corporate equivalent of leaving the restaurant while insisting the broken chandelier simply experienced gravity.
DomainNameBot:
Imagine spending millions on lawyers and advisers but forgetting the dot-com. Chef’s kiss.
ReputationRiskBot:
The domain-name blunder may be the purest metaphor in the whole affair: Shell built a new front door and its critics answered it.
ArchiveBot:
Documents do not forget. Court filings do not blush. Search engines do not care about your rebrand.
ForthdealFanClub:
All hail Forthdeal Limited, the humble shelf-company cocoon from which a wounded oil giant attempted to emerge majestic and instead got followed around the internet by its own paperwork.
FinalBotVerdict:
The reserves scandal was about inflated barrels. The Forthdeal episode was about deflated grandeur. The domain-name fiasco was about losing control of the narrative. Together, they form one of the most extraordinary corporate reputational sagas in modern oil history.
IMAGES
Same images, but in pdf form in which text which can be copied
NEWS HEADLINES FOR OPENING MONTHS OF 2004 (Many links no longer work)
JANUARY 2004 SHELL NEWS
Wednesday, January 7, 2004
Canada.com: 90 days to file Shell gas claims: “vehicle engine was damaged by a bad additive in Shell Gasoline 2 years ago”: “Shell Bronze gas contained an additive that was clogging up fuel systems”
Friday, January 9, 2004
BBC News: Shell shares dive as reserves cut
FT: Shell makes shock cut in oil reserves estimate REUTERS BOND NEWS UPDATE: Moody’s, S&P say may cut Shell ratings
Canadian Press NATIONAL POST: Royal Dutch/Shell scales back proved reserves;
Business – Reuters: Major Oil Stocks Fall on Shell Revision Business – Reuters: Shell Cuts Reserves Estimate, Shares Fall
UK- AFP: Shell restates proved oil reserves, shares slide
Dow Jones Business News: Royal Dutch/Shell Trims Proved Oil, Gas Reserves
Citywire Financial Publishers: Shell cracks after reserve cut
FT (Lex): Royal Dutch/Shell
Saturday, January 10, 2004
The Times: How Shell blew a hole in a 100-year reputation
The Times (LONDON): Shell shock for investor confidence
Daily Telegraph: Shell drops ‘bombshell’ on reserves
Daily Telegraph: All Shell proves is that others do it so much better
The Washington Post: Cold Weather, Weakening Dollar Push Crude Oil Prices Higher
THE SCOTSMAN: Market stumbles on Shell reserves news
THE SCOTSMAN: Shell’s massive miscalculation fuels fires of shareholder scorn
The Guardian: Sir Philip ducks out as Shell cuts its reserves
The Scotsman: wipes 7.5% off shares
The Independent: Reserves shock wipes £8bn from value of oil giant Shell
The Guardian: Another sign of unreliable times …
Sky News: Shell shares slide
London Evening Standard: Reserves shock hammers Shell
Bloomberg News: Shell cuts estimate of oil reserves
Financial Times: Shell hit by move on reserves
Sunday, January 11, 2004
The Sunday Times: Ultimatum for Shell chief after oil reserves bombshell
The Sunday Times: Shareholders can no longer be sure of Shell
The Sunday Times: A broken Shell
The Observer: Pressure grows on Shell chairman to quit
FT.Com: Shell reserves shock analysts
Monday, January 12, 2004
The Australian: Shell chief faces the axe
Daily Mail: Heat is on Watts after Shell shock
The West Australian: Investors howl for Shell’s blood
London Evening Standard: Shell pledges faith in Gorgon
The Times: Investors demand changes at Shell
The Guardian: Shell debacle leads to call for outside audits
Sydney Morning Herald: Shell rubs out 4bn barrels
Financial Times: Life of Shell reserves cut by 3 years
Financial Times: Call for oil giants to detail fields
Tuesday 13 January, 2004
The Independent: Philip Watts to quit early as chairman of Shell
Daily Mail: Shell hopes to calm troubled waters
Houston Chronicle: Feds’ stance spurs Shell’s decision on reserves
Wednesday 14 January, 2004
Financial Times: Shell board set to back chairman
Financial Times: Shell’s man who wasn’t there
Thursday 15 January, 2004
The Economist: Shell shock
Friday 16 January, 2004
Evening Standard: The malaise afflicting Shell
Daily Telegraph: Investors in Shell seek shake-up of structure
Saturday 17 January, 2004
Financial Times: Shell chief explains absence
Calgary Herald: Shell’s pain is ASC’s gain
Sunday 18 January, 2004
The Sunday Telegraph: Shell investors reject Watts’ explanation
The Sunday Telegraph: When will Watts come out of his shell?
The Observer: Shareholders want to know where Shell’s reserves went
The Observer: First get rid of Watts, say Shell investors
Monday 19 January, 2004
The Daily Telegraph: Shell shareholders demand change after bombshell
Financial Times: Shell suffers another blow to its pride
London Evening Standard: Cairn oil find blow for Shell boss
Tuesday 20 January, 2004
Houston Chronicle: Shell’s strategy led firm into decline, brokers say
Houston Chronicle: Chairman defends action on reserves
Financial Times: Shell shocked as reject field strikes it rich
The Times: Red faces at Shell as Cairn hits black gold
The Guardian: Cairn strikes it rich on land Shell sold
London Evening Standard: Shell shock spurs City meeting
Thursday 22 January, 2004
New York Times: Shell Lowers Estimate, and Investors Ask Why
Reuters: Shell boss drops out of Davos economic forum
Daily Mail: Rumours of Watts departure lifts Shell
Friday 23 January, 2004
Daily Mail: Rebels demand shake-up at Shell
Sunday 25 January, 2004
The Sunday Times: Shell needs much more than a PR offensive
Monday 26 January, 2004
Milberg Weiss Announces Class Action Lawsuit Against Royal Dutch Petroleum Company
Tuesday 27 January, 2004
The Daily Telegraph: US class action cites Shell chief
The Scotsman Shell hit with US lawsuit for ‘rule breaking’
BBC News: Shell facing $1bn US lawsuit
Times Online: American class action lawyers take on Shell
Financial Times: US lawsuit puts more pressure on Shell chief
The Guardian: Shell hit by US legal action
The Independent: US investors launch legal action against Shell over reserves
Wednesday 28 January, 2004
The Scotsman: Shell set to try and ride out oil reserves storm
Thursday 29 January, 2004
The Economist: This time sorry may not be enough
Houston Chronicle: Shell chairman says he won’t quit
Evening Standard: Shell’s hard case
CBS MarketWatch: Law Offices Of Charles J. Piven, P.A. Announces Class Action Lawsuit Against the Royal Dutch Petroleum Company and the Shell Transport and Trading Company, PLC
Saturday 31 January, 2004
Houston Chronicle: Tough day awaiting Shell chief
FEBRUARY 2004 SHELL NEWS
Sunday 1 February, 2004
ThisisLondon.co.uk: Shell bosses reject shares buyback
Monday 2 February, 2004
The Scotsman: All eyes on Shell as results are unveiled
FT: Nigeria hitch caused Shell cuts
The Independent: Shell chief faces Nigerian challenge
Calgary Herald: Shell set to face the music
Tuesday 3 February, 2004
The Independent: D-Day beckons for Shell chief Watts
Wednesday 4 February, 2004
FT Investors push for changes at Shell
FT: Shell faces up to its angry investors
(MARKET WIRE) NY: Class Action Lawsuit Commenced Against the Royal Dutch/Shell Group
Thursday 5 February, 2004
The Times: Shell boss rebuffs calls to quit
The Guardian: Shell chairman ignores resignation calls
BBC News: Can we still be sure of Shell?
FT.com: Sir Philip gives performance of his life
Friday 6 February, 2004
The New York Times: Shell Says Net Income Fell 19%, and It Offers a Bleak Forecast
The Times: Gripping performance in the spotlight
The Independent: Shell shocked Watts determined to stay on. Will City let him?
The Independent: Shell chairman hangs on but pledges review of dual board
Saturday 7 February, 2004
Times Online: Shareholders hit for six by Shell reserves bungle
The Daily Telegraph: Investors push for shake-up at Shell
Sunday 8 February, 2004
The Sunday Times: You can’t be sure of Shell
The Independent: Shell chairman fails to quell revolt as investor anger grows
The Sunday Times: Change board structure now, Shell is told
The Sunday Telegraph: What Watts must do to avoid ejection from Shell
The Sunday Telegraph: It happened on my watch. I am determined to fix it’
The Observer: US fund demands shake-up at Shell
Monday 9 February, 2004
New York Times: Shell Structure Has to Change, Investor Says
The Scotsman: Shell chief faces investor wrath over dual listing
Tuesday 10 February, 2004
Wednesday 11 February, 2004
The Age (Australia): Shake up on menu at Royal Dutch/Shell
Forbes.com: Shell exec says U.S. acquisitions “not a priority”
Thursday 12 February, 2004
Friday 13 February, 2004
Times Online: Shell ends week on positive note
Sunday 15 February, 2004
The Observer: Terrorism fears fail to sway Shell
The Observer: Shell rebels to press Royal Dutch for changes
Monday 16 February, 2004
Financial Times: Unconsummated Anglo-Dutch marriages Or should we be shocked by Shell?
Forbes.com: Shell pegs Europe upstream capex at $1.7 bln/yr
Tuesday 17 February, 2004
Bloomberg.com: Showa Shell 2nd-Half Net Rises 26% on Oil Price Gains
Thursday 19 February, 2004
The Daily Telegraph: Shell management rejig wins cautious approval
BBC NEWS: US watchdog opens Shell inquiry
Bloomberg.com: Shell Says SEC Starts Formal Probe of Reserves Cut
Los Angeles Times: Shell Oil’s Decision to Shut Refinery Warrants Inquiry, U.S. Senator Says
FT.com: SEC to probe Shell’s reserve cuts
Friday 20 February, 2004
HoustonChronicle.com: U.S. regulators start formal inquiry at Shell
The Scotsman: US watchdog launches full Shell inquiry
The Daily Telegraph: Investigators from SEC target Shell
The New York Times: SEC investigates Shell’s cut in reserves
The Boston Globe: SEC opens formal probe of Shell’s oil reserves
Los Angeles Times: SEC Launches Formal Probe of Shell Oil
Boston Business Journal: Massachusetts pension may lead shareholder suit against Shell
The Independent: SEC steps up inquiry into Shell oil reserves row
Monday 23 February, 2004
Business Week: Shell’s Drama Isn’t Over
After the downgrade shock, can management get back on track?
Thursday 26 February, 2004
TIMESONLINE: Shell books reserves again after downgrade
MARCH 2004 SHELL NEWS
Wednesday 3 March, 2004
The New York Times: Shell Chairman Resigns Over Reserves Shock
Yahoo.com/prnewswire: Royal Dutch/Shell Group of Companies Management Changes
News & Media Releases: Royal Dutch/Shell Group of Companies Management Changes
Thursday 4 March, 2004
New York Times: Shell’s Top Executive Is Forced to Step Down
Financial Times: Shell drops claim it ‘acted in good faith’
The Guardian: The oilman cometh, with low-key approach
BusinessWeekOnline: The Spark That Shakes Up Shell?
Houston Chronicle: Shell hires outside legal team
Reuters: Shell brings in lawyers for reserves audit
Financial Times: Dice are still spinning after Shell shake-up
Financial Times: Angry investors demand answers from Shell
The Daily Telegraph: Shell chairman quits in ‘seismic changes’
The Daily Telegraph: Supertanker crew rearranges deckchairs slightly
The Times: Dutchman takes poisoned chalice
The Times: Another vanishing act at Shell
The Wall Street Journal: Ousters at Shell Fuel Questions About Its Accounting Systems
Friday 5 March, 2004
The Daily Telegraph: Shell seeks successor for interim chairman
Reuters: Shell Braces for Legal Onslaught
The Times: Shell may shift to Anglo-US corporate structure
The Times: Shell’s axe falls on top directors
BBC News: Shell’s new boss reassures market
Los Angeles Times: New Shell Chief: Faith Lost in Leaders
Saturday 6 March, 2004
The New York Times: Shell’s New Leader Says Predecessor Lost Board’s Confidence
The Daily Telegraph: The revolution that shook Shell’s politburo
The Daily Telegraph: Shell boss ‘listening’ to shake-up calls
The Guardian: Shell’s boss promises a shake-up
The Independent: Shell chief fails to clear air over ousting of Watts
Financial Times: Shell lost confidence in Watts, says new chairman
Sunday 7 March, 2004
The Mail on Sunday: Scandal of Shell’s oil bonus
IrelandOnline: Shell ‘no comment’ on executive resignations
The Sunday Telegraph: Shell board shocked by devastating report
The Sunday Telegraph: Shell’s seismic shock
Times Online: Shell fails to calm City fears
The Guardian: Now Shell faces US legal storm
The Observer: City claims its biggest trophy yet
The Scotsman: Time to come out of his Shell
Monday 8 March, 2004
MercuryNews.com: Ex-Shell Head Warned on Reserves
The Daily Telegraph: Shell denies inflating figures to earn bonus
Dow Jones Business News: Former Shell Chairman Was Told of Reserve Issues
CNN: Ex-Shell Chairman Told of Reserve Issues
The Wall Street Journal: Former Chairman at Shell Was Told Of Reserve Issues
Tuesday 9 March, 2004
London Evening Standard: Shell facing up to 15 fraud claims
The New York Times: Investors Have Mild Reaction to Regulators’ Investigation of Royal Dutch/Shell
The New York Times: Oil Giant’s Officials Knew of Gaps in Reserves in ’02
The Daily Telegraph: Watts knew ‘two years ago’ of Shell’s inflated reserves
The Independent: Shell chief ‘told of reserves shortfall in 2002’
Yahoo News Report: Shell Execs Hid Reserves Problem
Wednesday 10 March, 2004
Forbes.com: Brinded new power behind shaky Shell throne
The New York Times: Shell Found Variety of Practices for Rivals’ Reserves
The Times: Will more skippers have to go from Shell’s leaking ship?
Financial Times: Pressure grows on Shell’s finance chief
Financial Times: Investors call for no more Shell shocks
The Guardian: Shell’s loss is Cairn’s gain in second Indian oil strike
International Herald Tribune: Shell officers silent on alerts of oil gap
AccountancyAge.com Shell CFO’s position under threat
London Evening Standard: Shell facing up to 15 fraud claims
The Wall Street Journal: Shell Officials Kept Board in Dark
Thursday 11 March, 2004
Yahoo News: SEC Examines Shell’s Bonus Awards
Daily Mail: Shell shock spotlight on Boynton
Daily Mail: Time to get over Shell shock
Financial Times: Shell needs more than scapegoats
Financial Times: Audit chief at Shell backs top managers
Los Angeles Times: SEC Probes Shell’s Oil, Gas Report
The Economist: Royal Dutch/Shell – Another Enron?
The Wall Street Journal: SEC Probes Shell’s Bonus Awards
The International Herald Tribune: Shell urged to bring in new talent
Friday 12 March, 2004
The Daily Telegraph: US watchdog digs into Shell bonuses
The New York Times: At Shell, New Accounting and Rosier Oil Outlook
Forbes.com: Fitch lowers outlook for Shell to negative
Saturday 13 March, 2004
The New York Times: Credit Agency Lowers Its Outlook on Shell
Financial Times: Shell directors to press for more resignations
Sunday 14 March, 2004
The Independent: Watts may lose his Shell pension
The Observer: FSA probes scandal of ‘missing’ Shell reserves
The Sunday Times: Why Shell has clammed up
Forbes.com: Shell management faces tough week; annual report due
Bloomberg.com: U.K. Regulator Probes Shell on Oil, Gas Reserves, Observer Says
Financial Times: Shell looks at hiring ex-SEC chief Pitt
Mail on Sunday: Now FSA probes scandal at Shell
Monday 15 March, 2004
The New York Times: Regulators’ Scrutiny Rises in Britain in Shell Case
CNN: Shell may hire Harvey Pitt
The Daily Telegraph: FSA presses Shell on reserves rules
AccountancyAge.com: FSA launches Shell probe
London Evening Standard: Watchdog probes Shell scandal
USA TODAY: Foreign firms aim for better oversight
The Wall Street Journal: Shell Draws Focus Of U.K. Watchdog
Tuesday 16 March, 2004
Australian Financial Review: Shell shocked: the tank’s empty
The Independent: City watchdog launches Shell investigation
Financial Times: Shell looks to overhaul management after studying other multinationals
Financial Times: Dual identity has some advantages
The Guardian: Shareholders braced for more Shell shocks
Daily Mail: Timebomb under the Shell chiefs
Wednesday 17 March, 2004
The New York Times: Justice Dept. Opens Inquiry Into Shell Oil
Forbes.com: Shell directors to face UK shareholders next week
London Evening Standard: Shell US probe may lead to charges
The Miami Herald: UK Financial Watchdog Launches Investigation into Shell Scandal
The Times: Shell sells Sinopec stake
CNN.com: Justice Department starts Shell probe
Financial Times: Shell’s ousted chiefs ‘paid no bonuses’ in 2003
The Miami Herald: Further Resignations Expected at Shell
The Miami Herald: Shell’s Oil-Reserves Rumpus Set to Rumble On
The Guardian: Shell plans 20% job cuts in Nigeria
Financial Times: US prosecutors to probe Shell over reserves
Thursday 18 March, 2004
The Guardian: Shell executives may face charges over oil reserves
The Times: Shell chiefs in criminal inquiry over ‘lost’ reserves
The Daily Telegraph: Shell braces for second US inquiry into stated reserves
THE NEW YORK TIMES: Shell Sells Stake in China’s Largest Refiner
San Jose Mercury News: Shell Reclassifies More of Its Reserves
HoustonChronicle.com: Shell cuts reserves again, delays annual report
BBC News: Shell’s slippery slope
Reuters.com: Shell Cuts Reserves as U.S. Probe Widens
The Scotsman: Shell Slips as Oil Reserves Downgraded Once More
ABC.News.com: Shell Reclassifies More of Its Reserves
Royal Dutch/Shell Group Announcements
Financial Times: Shell cuts oil reserve figures for second time
Financial Times: Performance bonuses for 2003 scrapped
Financial Times: Shell forced to hold back annual report
Financial Times: Probe focuses on internal knowledge
Financial Times: Pressure rises on group to hire new blood
Financial Times: Reduction in proved reserves adds to pressure on ratings
London Evening Standard: Shell slashes its reserves again
The Washington Times: Shell cuts reserve estimates again
Wall Street Journal: Shell Eased Rules in Mid-1990s
Friday 19 March, 2004
The New York Times: Shell Withheld Reserves Data to Aid Nigeria
The Guardian: Crisis deepens at Shell
The Guardian: More heads may roll
The Daily Telegraph: Shell cuts reserves by another 470m barrels
The Daily Telegraph: Figures as slippery as the black stuff
The Times: Are predators eyeing lame Shell?
The Times: Second Shell reserves shock sparks industry-wide inquiry
The Independent: Shell plunged into fresh turmoil after second reserves downgrade
The Independent: Something must give as Shell shocks again
London Evening Standard: Oil giant Shell faces bigger lawsuit
The Miami Herald: 2 months later, Shell again alters its reserve count
The Los Angeles Times: Shell Cuts Reserves Again as Probe Widens
BBC News: Shell boss ‘shocked’ at revisions
BBC News: Shell postpones its annual report
The Scotsman: Shell chief defiant over reserves cut
The Scotsman: Shell shocks with new reserves downgrade
The Scotsman: Further revelations from Shell leave oil giant looking fragile
Financial Times: Shell’s kitchen
Financial Times: Shell shocks again
Financial Times: LEADING AGENCIES LIKELY TO COME UNDER INCREASED PRESSURE
Financial Times: Shell cuts oil reserve figures for second time
Financial Times: Bonuses go as changes in internal control structures take effect
London Evening Standard: Shell ‘happy to hide downgrade’
London Evening Standard: BP hits back as oil probe goes global
The Financial Times: Oil reserves
San Diego Union Tribune: Shell’s new cut in reserves jars investors, arouses suspicions
Wall Street Journal: Shell Again Cuts Reserves Estimate
Saturday 20 March, 2004
The Scotsman: Pressure builds up on Shell
The Guardian: Investors seek Shell shake-up
The Independent: Shell insider inquiry into director deals
The Times: BP risks showdown with SEC over gas reserves
Financial Times: Shell’s reform from within needed a crisis: Old seeds of oil group’s troubles
Financial Times: Let Shell’s managers get on with it (LETTERS TO THE EDITOR SECTION)
Sunday 21 March, 2004
Daily Mail: Shell credibility gap widens
Forbes.com: Auditor refuses to sign Shell accounts – paper
San Jose Mercury News: Estimates of oil reserves based largely on guesswork
The Sunday Telegraph: You can’t be sure of Shell
The Sunday Telegraph: The Shell debacle infects four FTSE company bosses
The Sunday Telegraph: The fault of Royal Dutch Shell is offering too little
The Sunday Time: Auditor refuses to sign Shell accounts
The Observer: Shell fears worse to come
The Observer: Double-Dutch message
SundayHerald.com: After week of shocks, you can’t be sure of Shell
The Scotsman: Shell investors braced for yet more oil and gas revisions
The Scotsman: Auditors ‘Forced Shell Report Delay’
Mail on Sunday: Mr Clean tipped for top Shell job
Financial Times: Shell to face grilling over reserve levels
BBC News: Shell denies auditor delay claims
Monday 22 March, 2004
The Times: Shell faces pressure to shed more executives
The Times: William Lewis: Strange times in the Shell Kremlin
The Independent: Shell hit by audit row as investors call for shake-up
Daily Mail: Crisis grows at oil giant Shell
London Evening Standard: Shell braced for investors anger
The Scotsman: Watchdog accused in Shell saga
Los Angeles Times: Shell Won’t Speculate on Reserve Cuts
Financial Times: Shell plans to squeeze more from Nigerian operations
Financial Times: Nigerian moves come at time of turbulence for Shell
Forbes.com: UK’s ABI says had constructive meeting with Shell
The Daily Telegraph: You can probably be sure of Shell
The Daily Telegraph: Shell audit fears pile on pressure
The Guardian: Shell to cut Nigerian jobs
London Evening Standard: Shell: ‘We’re ready for shake-up’
Tuesday 23 March, 2004
The Times: Nigeria hampers Shell’s plans for output growth
Houston Chronicle: Shell cutbacks to cost Nigeria jobs
The Scotsman: Shell announces Nigerian shake-up as ABI talks begin
Financial Times: Shell UK arm hails ‘helpful’ talks with angry investors
Financial Times: Shell does not need a Messier
Financial Times: A diplomatic dance at Royal Dutch/Shell
Financial Times: Investors flex their muscles at Shell
The Guardian: SEC under attack over Shell
The Independent: Investors to press Shell further on board shake-up
Citywire: Wall Street runs scared
London Evening Standard: Mission impossible for directors
The Daily Telegraph: Shell agrees to change structure over joint board
The Daily Telegraph: South Bank show needs makeover
Forbes.com: Shell confirms U.S. Justice Dept contact
Bloomberg.com: Shell Cooperating With U.S. Justice Department Probe
Mlive:com: Nigerian labor groups say Shell faces showdown over restructuring plans
HoustonChronicle .com: Criminal investigation possible, Shell confirms
BBC Radio – File on 4: Shell (Broadcast 23 March 04)
BBC RADIO 4 “FILE ON 4” TRANSCRIPT OF PROGRAMME BROADCAST ON 23 MARCH 04 (RECOMMENDED)
The Wall Street Journal: Shell: US Dept Of Justice Now Involved In Reserves Flap
Wednesday 24 March, 2004
The Daily Telegraph: Shell chiefs could be prosecuted over reserves
The Herald.co.uk: Shell-shocked Cairn executives head for Bangladesh
The New York Times: Nigeria Says Reserves Are Unaffected by Shell Cuts
The Guardian: Problems at Shell (RECOMMENDED)
Thursday 25 March, 2004
Shell.com: Shell signs landmark heads of agreement to re-enter Libya
The Wall Street Journal: SEC Eyes Links Between Oil Reserves, Exec Pay -Consultant
The Wall Street Journal: SEC Won’t Attend Public Forum On Oil Reserves
The Times: Diplomatic ties linked to purse strings
Friday 26 March, 2004
The New York Times: Nigeria Threatens to Halt Shell Production
The New York Times: Libya Signs Energy Exploration Deal With Shell
MiamiHerald.com: Nigeria Threatens to Halt Shell Production
Financial Times: BLAIR IN LIBYA: British companies quick off the mark for deals
The Daily Telegraph: Shell examiner points finger at SEC
The Independent: Shell first off blocks in race to cash in on UK’s new friendship
The Atlanta Journal-Constitution: Nigeria Could Soon Halt Shell Production
HoustonChronicle.com: Questions due on human rights lawsuits
SwissInfor.Org: Ex-Shell head to face Nigeria case questions
CityWire.co.uk: Shell short of friends? look who’s buying
London Evening Standard: Sir Philip to be quizzed over Nigeria
THE WALL STREET JOURNAL: Shell Executives Escape Board’s Purge
THE WALL STREET JOURNAL: Shell Finance Chief Has Faced Scrutiny Before
WALL STREET JOURNAL: Nigeria Unions Ask Pres To Probe Shell Plan For Job Cuts
Saturday 27 March, 2004
The Daily Telegraph: Shell fills its boots in the desert sun
Financial Times: SEC pulls out of energy forum
The New York Times: Shell Probe to Test Regulator Cooperation
Sunday 28 March, 2004
The Sunday Telegraph: Shell investors demand Royal Dutch meeting
The Sunday Times: Why auditors closed the door on Shell
The Independent: Sarbanes-Oxley may force out Shell duo
Mail on Sunday: Shell faces showdown in Nigeria
Monday 29 March, 2004
Financial Times: Shell aims to deflect blame over oil reserves
Financial Times: LETTERS TO THE EDITOR: Contingent assets as a concept
Financial Times: The rise of the independent consultancy
The Daily Telegraph: Directors’ legal cover set to rise
The Daily Telegraph: Attention old shipping: more storms ahead
The Daily Telegraph: Stranger than fiction – I couldn’t have invented it
BARRON’SOnline: Fuel for Thought
Tuesday 30 March, 2004
The Guardian: BP twists knife into Shell with share buyback
The Daily Telegraph: Money gusher under BP
The Independent: BP buy-back programme adds to Shell’s woes
The Independent: Outlook: BP puts Shell to shame as oil price gushes
Financial Times: Ryder Scott in talks to settle suit
New York Times: BP to Increase Cash Dividends to Investors
London Evening Standard: Oil giants in US regulator’s sights
Wednesday 31 March, 2004
Bloomberg.com: U.K. Stocks Mixed; Cadbury Schweppes Rises as Shell Shares Fall
Mayo News Online: Shell reserves and reservations
APRIL 2004 SHELL NEWS
Thursday 1 April, 2004
The Guardian: BP shareholders strike oil
The Washington Times: Shell officials said warned of problems
The Wall Street Journal: Shell Estimate Ignored Warnings
Yahoo News: Shell warned in 2000 of possible overestimation of reserves
Forbes.com: Nigeria says Shell cut 1.9 bln bbls of its reserves
ThisisLondon.com: Shell ‘warned in 2000’ on reserves
Friday 2 April, 2004
The Times: Shell’s Russian gas project $2bn over budget in weeks
The Scotsman: Claim Shell bosses warned on ‘over-optimistic’ projections
The Guardian: Shell was warned on output data four years ago
The Times: Shell adds to woes with Nigeria delay
Forbes.com: Shell repeats 1/3 of Jan reserves cut was Nigeria
Bloomberg.com: Shell, Beset by Reserves Probe, Boosts Canada Oil-Sand Estimate
ThisisLondon.com Shell reveals fresh setbacks
The Miami Herald: Shell Takes Hit from New Leak on Reserves
HoustonChronicle.com: Nigerian output still on hold
The Wall Street Journal: Nigeria Backtracks, Says Shell Downgrade Was 1.3 Bln Bbls
Saturday 3 April, 2004
The Times: Shell woes mount with new delay
The Daily Telegraph: Shell reviews cost of Siberian project
The New York Times: Shell Tells of Setbacks in Russia and Off Nigeria
Financial Times: Bonga project delays hit Shell
HoustonChronicle.com: Top 3 oil firms say SEC asking questions
New York Times.com: SEC Wants Execs Dismissed in Probes
Sunday 4 April, 2004
Daily Times: Shell’s corrupt shell game in Nigeria
The Observer: UK firms face lawsuits as Watts quits ICC post
The Independent: Europeans attack Washington over SEC’s red-tape bear trap
Mail on Sunday: Shell chief ‘had a private army’
Reuters.com: Shell to transfer Bangladesh operations to Cairn
Letter to Malcolm Brinded, Richard Wiseman and Kendall Freeman (Recommended)
The Times: Shell quits Spain and Portugal
Monday 5 April, 2004
Letter to Malcolm Brinded, Richard Wiseman and Kendall Freeman (Another bombshell)
NewRatings.com: Shell Transport & Trading “hold”
Bloomberg.com: Shell, BP Cost Cuts Spur U.K. Oilrig Safety Concerns
The Times: Powerhouses of business are our joint winners
London Evening Standard: Cairn buys out Shell venture stake
Tuesday 6 April, 2004
ThisDayOnline: Nigerian Federal Government, Shell Disagree Over Oil Reserve
MoscowTimes.com: Surgut Courts Gazprom, Rosneft, Mobil and Shell
The Wall Street Journal: Shell In Dispute With i2 Tech, Seeks To End Contract
Wednesday 7 April, 2004
The Independent: Cairn Energy yields £11m fortune for Gammell
San Francisco Chronicle: Opponents gear up against Shell Oil
NBC News: Shell Plans To Close Refinery; Gas Prices May Rise
Bloomberg.com: Shell Replaces CFO in Exploration After Reserves Cut (Update1)
Bakersfield.com: Federal Trade Commission to evaluate decision to close Shell refinery
HoustonChronicle.com: Federal Trade Commission finds no collusion among oil companies
Thursday 8 April, 2004
The New York Times: Oman’s Oil Yield Long in Decline, Shell Data Show
THE WALL STREET JOURNAL: Shell Reassigns Finance Executive
Quicken.com: Shell Reassigns Finance Executive
Los Angeles Times: Federal Trade Commission Will Review Shell Oil’s Plan to Close Refinery
The Times: Shell knew of oil shortfalls two years ago
HoustonChronicle.com: Shell woes muddy fate of old fields
London Evening Standard: More oil stocks shocks at Shell
Los Angeles Times: Royal Dutch/Shell Group Replaces Unit CFO
Financial Times: Shell appoints new CFO for exploration unit
Easter Friday 9 April, 2004
The Scotsman: Troubled Shell ousts exploration unit’s finance chief
Daily Telegraph: Top finance man axed in Shell shake-up
Daily Telegraph: Shell may have something in reserve but just now it’s unproven
The Times: Exploration finance chief replaced at Shell
The Times: What will they dig up at Shell?
Toronto Star: Restatement of reserves rocks Shell
Financial Times: Shell all but withdraws from Angola
The Independent: Shell replaces executive at embattled exploration arm
Saturday 10 April, 2004
ChannelNewsAsia.com: Accountant warned Shell of reserve overestimates in 2002
Bloomberg.com: Shell Warned About Reserve Estimates 18 Months Ago, NRC Reports
Easter Sunday 11 April, 2004
The Sunday Telegraph: Auditor warned Shell about bonus and reserves link
The Independent: Shell faces human rights grilling
The Sunday Times: Shell suit’s parting line
Financial Times: US investors step up pressure
The Observer: A red card for teams behaving badly
Easter Monday 12 April, 2004
The Wall Street Journal: Shell Report Blames Ex-Officials For Energy-Reserve Overbooking
MoneyCNN.com: Shell blames ex-execs for reserves
The Times: Watts to take Shell reserves rap
Financial Times: Shell directors question internal report
Tuesday 13 April, 2004
The Independent: Watts braced for further controversy in Shell reserves row
Financial Times: Observer: Hidden Shell
London Evening Standard: Duo blamed over Shell debacle
Walter Van de Vijver’s Statement in Full (RECOMMENDED)
Wednesday 14 April, 2004
The Independent: Hold Shell but BP is oil sector pick
BBC News: Shell executive was ‘forced out’
The New York Times: Ex-Shell Executive Says He Questioned Reserves
Financial Times: Deposed Shell executive breaks his silence
London Evening Standard: Sacked Shell chief hits back
Sky News: SHELL: slip, sliding away -SHELL EXEC FIGHTS BACK
The Washington Times: Ousted Shell exec lashes out at critics
San Jose Mercury News: Ex-Shell Exploration Head Defends Actions
Reuters.co.uk: Ex-Shell Exec: Ousted Without Explanation
IRIN News.org: NIGERIA: Niger Delta protesters close Shell facility
The Wall Street Journal: Ex-Shell Official Says He Warned About Reserves
Thursday 15 April, 2004
The Scotsman: Ousted Shell chief claims he tried to warn on reserves
The Guardian: ‘Witch-hunt threatens Shell’s stability’
The New York Times: Ex-Officers and Board at Odds Over Investigation at Shell
The Daily Telegraph: I warned Shell, says sacked reserves chief
The Daily Telegraph: Shell suit that begs a few questions
The Independent: Shell non-execs hire advisers as van de Vijver speaks out
The Independent: Shell man speaks (…entire CMD would be forced to resign)
Financial Times: Shell’s corner
Friday 16 April, 2004
The New York Times: Shell Officer Said to Have Ordered Report Destroyed
The Independent: Shareholder concern as Shell board meets
The Wall Street Journal: Shell Boards Meet to Consider Further Action on Reserve Cuts
Reuters.com: Shell board discuss probe into reserves cut
Financial Times: The trying Dutchman
Saturday 17 April, 2004
The Times: Shell chiefs meet as new allegations emerge in US
The New York Times: Shell Executives Discuss Internal Review
The Independent: Shell board studies crunch report on oil reserves fiasco
Financial Times: Shell aims to unveil report next week
Financial Times: Unsure of Shell
The Daily Star: Shell scandal points to exaggerated estimates of oil reserves
Sunday 18 April, 2004
The New York Times: Shell Pays a Price for Overstating Reserves
The Sunday Times: Shell finance chief’s role in doubt
The Sunday Telegraph: Boynton’s future hangs in balance
Mail on Sunday: Shell finance chief faces axe
Mail on Sunday: Boss accused over Polaroid failure
The Scotsman: Shell Silent on Future of Finance Chief
The Sunday Times: Ready to blow
The Observer: Axe hangs over more Shell directors
Monday 19 April, 2004
Daily Telegraph: Shell to report on reserves debacle
Reuters: High-flyer Boynton loses grip at Shell
Telegraph.co.uk: Shell finance chief quits in oil reserve crisis
Reuters: Shell says nothing ruled in/out on share buybacks
BBC News: Shell finance chief is forced out
London Evening Standard: Shell saga will run and run
London Evening Standard: US wants full Shell report held back
TimesOnLine: Beginning of the end
The Wall Street Journal: Shell Cuts Reserves Again; Finance Chief Steps Down
London Evening Standard: Shell bosses lied to the City (RECOMMENDED)
London Evening Standard: Shell triple move to stem damage
The New York Times: 3rd Shell Executive Quits Over Reserves Issue
Bloomberg.com: Shell Loses AAA Credit Rating, Lowered to AA+ by S&P (Update2)
Bloomberg.com: Shell Sought to `Manage’ a Shortfall in Reserves and Failed, Audit Finds
San Francisco Chronicle: Shell exec said he was tired of lying; company’s finance chief resigns
Houston Chronicle: ‘Sick and tired about lying’ at Shell
Bloomberg.com: Shell Canada’s Debt Downgraded by Standard & Poor’s (Update1)
The Guardian: Problems at Shell
The Guardian: Shell finance chief awaits her fate
The Guardian: Shell finance chief resigns in reserves crisis
BBC.co.uk: Shell bosses ‘fooled the market’
Tuesday 20 April, 2004
The Independent: Shell hopes to draw line under fiasco of reserves
The Independent: Lies, cover-ups, fat cats and an oil giant in crisis
The Independent: Revealed: the bitter power battle that put Shell in the firing line
The Independent: Shell’s whodunnit script is worthy of fiction
The Independent: How a sure thing became a City liability
The Times: Big reservations remain at Shell
The Times: Deceitful Shell ‘needs ten years’ to rebuild exploration business
The Times: Unravelling of the cover-up
FT: Human failings and hyperbolic e-mails
TheGlobeandMail.com: Shell executives hid shortfall for years
The Guardian: Shell admits it misled investors
The Guardian: Trail of emails reveals depths of deceit at the heart of Shell
The New York Times: Shell’s Report on Its Troubles Cites Discord at Top: “The report also noted that last December, Mr. van de Vijver sent an e-mail message directing a subordinate, Frank Coopman, to destroy a document Mr. Coopman had produced that concluded that the company was “under a legal obligation” to immediately correct overstatements of its proven reserves.”: “Our story is not one anyone would be proud of, and we have no excuses,” said Lord Ron Oxburgh, chairman of Shell Transport and Trading, the British half of Royal Dutch/Shell(19 April 04)
London Evening Standard: Shell may have single London base
TheMiamiHerald.com: Lawyer: Shell Exec Fought Estimate Errors
The Scotsman: Shell admits reserve ‘lies’
Edinburgh Evening News: Damning report shows Shell hid reserves shortfalls
The Scotsman: Shell implodes as e-mails provide damning evidence
Financial Times: Unsure of Shell
Financial Times: Observer Column: Shell-shocked (Corporate slogans consigned to the dustbin of history no. 94: “You can be sure of Shell.”)
Financial Times: US regulators ready to get to grips with internal report
Financial Times: SHELL SHOCK: Shareholders step up calls for structural reform
Financial Times: Shell puts crisis blame on ‘human failings’
The Times: What next for . . .
Minneapolis Star Tribune: Dutch/Shell Group exec was ‘sick and tired’ of lying
The Daily Telegraph: Commanders scuffled while Shell sailed blindly on…
Daily Telegraph: Who’s sorry now
Daily Telegraph: Memos expose Shell’s years of lying
Financial Times: UK nuclear chief seen as Shell candidate
Wednesday 21 April, 2004
Business Report: Shell, the model of probity, must start from ground up
Houston Chronicle: Analysts say Shell should repair internal culture
The Scotsman: Shell’s reputation left in tatters
The Scotsman: Shell faces 15 US lawsuits
Tallahassee.com: Shell shaken by execs’ dishonesty on holdings
TheStarOnline: Shell report exposes lies, CFO sacked
PlanetArk.com: Shell reserves scandal may aid Ogoni case
London Evening Standard: Former Shell boss stokes the row
Daily Mail: Shell must be fully opened
London Evening Standard: Cairn chief finds his nirvana
London Evening Standard: Shell facing court over ‘rights abuses’
Bloomberg.com: Shell Loses AAA Rating at Fitch; Rating Cut to AA+ (Update1)
The Guardian: Analysts hit out at Shell board’s part-timers
Daily Telegraph: Red faces after strikes at company’s former oilfields
Daily Telegraph: Shell investors blast ‘bad apples’ excuse
The Times: New Shell chief knew of problems in 2002
The Times: How did Shell’s assayers let plate pass as pure silver?
The Independent: Criminal charges loom over Shell
The Independent: We can all learn from Shell’s debacle
Reuters.com: Moody’s cuts Royal Dutch/Shell Group’s ratings
Financial Times: Flaws in controls take shine off Shell
Financial Times: How Shell became a victim of business fashion
Financial Times: Staff around the world left reeling as Shell image cracks
Financial Times: DEPOSED HEAD PREFERS SOUND OF SILENCE
Financial Times: Connections from politics to royalty
Financial Times: Collum seen as candidate for Shell
Thursday 22 April, 2004
ChannelNewsAsia.com: Moody’s cuts ‘AAA’ debt rating of Shell subsidiaries
The Guardian: Shell shocks shake the City
Daily Telegraph: Shell suffers second cut to credit rating
Financial Times: Criminal authorities step up US Shell probe
Forbes.com Shell’s Watts was fired face to face, escorted away
Investors.com: Exxon, Halliburton, Shell and more
The Wall Street Journal: Shell Canada Achieves Record Quarterly Earnings
The Wall Street Journal: Shell Report’s Release Is Delayed
The Wall Street Journal: Shell Transport: Gets Long-Term Debt Rating Downgrade
London Evening Standard: The human risk for companies
Friday 23 April, 2004
Sacked Shell boss ‘escorted from HQ’
The Times: Shell: A very British kind of scandal: why Shell is no Enron
The Times: Waffle about values won’t tame the bully boss
The Times: SEC in U-turn on oil reserves reporting
Financial Times: An independent chairman at Shell Group a must (Letters Column)
Financial Times: KPMG and PwC braced for grilling over Shell audit
REPORT OF DAVIS POLK & WARDWELL TO THE SHELL GROUP – AUDIT COMMITTEE EXECUTIVE SUMMARY
Janes.com: World oil crisis looms
Bloomberg.com: U.K. Financial Regulator Starts Probe of Shell Amid Reserve Cut
London Evening Standard: Fuel for thought over Shell
HoustonChronicle.com: British regulator announces probe of Shell parent
Saturday 24 April, 2004
The Guardian: FSA to investigate Shell’s reserve overstatement
The Guardian: When holes appear below the line
Daily Telegraph: Shell’s lies over reserves spark FSA investigation
Daily Telegraph: Are there really any reserves out there?
Daily Telegraph: Peer who hopes to clear up the spill
Daily Telegraph: The week that was
The Times: Shell faces double threat as FSA launches inquiry
The Times: Loyal shareholders can no longer be sure of Shell
The Independent: FSA confirms formal inquiry into Shell over reserves scandal
The Independent: Investors still drilling for value in the oil sector
BBC News: Shell under investigation by FSA
Financial Times: Shell will have to dig deep to recover its reputation
Financial Times: Worrying problem of the shrinking Shell
Financial Times: Shell insiders defend dual boards
Financial Times: AND THE WINNER FOR CORPORATE IMAGE IS
Financial Times: Nigeria holds the clue to group’s wrongly booked reserves debacle
Financial Times: Earlier warning was ‘dynamite’
ChannelNewsAsia.com: Shell name dragged through mud after explosive report
ChannelNewsAsia.com: Moody’s cuts ‘AAA’ debt rating of Shell subsidiaries
The Wall Street Journal: California Attorney General Urges Shell To Delay Refinery Closure
New York Times: Britain Regulator to Investigate Shell
Bloomberg.com: Shell May Decide Against Unifying Dutch, U.K. Boards, FT Says
Sunday 25 April, 2004
Sunday Telegraph: Why Shell’s three resignations are the first of many
Sunday Telegraph: Brands count but companies don’t
Sunday Telegraph: Anglo-Dutch rows
Sunday Telegraph: Shell in the path of a legal whirlwind
The Observer: Boom time for Wall St as Shell fights back
The Observer: Dutch helm disease gets blame at Shell
The Observer: A new conflict in an old rivalry
The Sunday Times: Shell backtracks on lawyers’ damning report
The Sunday Times: Shell board on trial as report on reserves throws group into turmoil
The Sunday Times: RISE AND FALL OF AN OIL BARON
SundayHerald.com: Who can be sure of Shell today?
The Scotsman: A Shell of a crisis
The Washington Times: U.K. joins U.S. in Royal Dutch/Shell probe
The Independent: DTI is poised to probe Shell as scandal grows
The Independent: Duke of York accused over oil project
Time Magazine: To Bin? Or Not To Bin?
The Business: What cloud is Oxburgh on?
The Mail On Sunday: Shell’s top bosses named in £8 billion lawsuit after being spared the sack
Financial Times: BP set to outshine Shell again
Financial Times: Shell’s lessons for oil industry regulation
The Observer: Non-execs face their hardest test
Monday 26 April, 2004
The Independent: Oil giant retreats back into its Shell
BusinessWeek.com: Can Shell Put Out This Oil Fire?
Financial Times: UK watchdog drills at Shell
Financial Times: Another hair-raiser from Shell
Financial Times: Rotten boroughs, poison pills, odd proxies
Globe&Mail.com: AGMs likely to focus on gushing cash, new reserves policy
Ireland On-Line: Shell faces investigation from UK’s FSA
The Guardian: Cost-cutting ‘jeopardises North Sea rigs’
Daily Telegraph: Added pressure for Shell as results go head to head with rival BP’s
The Guardian: Shell ‘needs Wall St help’
TimesOnline: Agenda: William Lewis: And so farewell then dour, plump, bald bloke..(Shell is a disreputable company in need of a strong injection of ethics) London Evening Standard: Fuel for thought over Shell
The National Post: Shell story reflects a scary trend
The Scotsman: Oil majors show the extremes of fortune
Tuesday 27 April, 2004
The Scotsman: Now Shell auditors are in the firing line
Al-Jazeera: Shell Oil Lies – A tip of the iceberg as World Oil crisis looms?
The Times: Class action splits the global investors
The Times: Will firing staff help Shell’s cause?
The Wall Street Journal: Total/Sibneft
The Wall Street Journal: Shell Gets Toughest Scrutiny From U.S.
Globe&Mail.com: Shell Canada’s debt ratings cut
Bloomberg.com: Shell Booked Angola Reserves Over a Year Before BP (Update3)
Sify.com: Shell to outsource 3,000 IT jobs
The Scotsman: Watchdog probes Shell over oil reserves downgrade
Press Release by Shell Shareholders Org 27 April 2004
Wednesday 28 April, 2004
Daily Mail: Shell attacked from all sides (recommended)
TheStarOnline: Shell to cut cost by outsourcing work to Malaysia, India
Financial Times: Shell to cut up to 30% of IT jobs worldwide
Bloomberg.com: Shell, After Reserve Cuts, May Post Drop in Quarterly Earnings
Financial Times: Triple-A loses some of its allure
Financial Times: Oil groups urged to adopt Anadarko disclosure method
Financial Times: Icon of inefficiency
Daily Telegraph: High oil prices ‘are stalling the US economy’
Daily Telegraph: Shell to shift IT jobs to the Far East
The Independent: Outlook: A problem with chemistry as BP opts for IPO
The Independent: Petrochemicals spin-off could return £4.5bn to BP investors
The Wall Street Journal: Shell to Cut Up to 2,800 Tech Jobs
The Scotsman: BP throws oil on burning shell of arch rival
The Scotsman: 2800 IT staff face Shell axe
London Evening Standard: Shell faces flood of lawsuits by workers (Recommended)
London Evening Standard: BP leaves rivals standing
Daily Mail: Shell’s £13bn credibility gap
Thursday 29 April, 2004
Financial Times: Hollywood or bust . . . or For a Few Barrels More
Financial Times: Shell ‘had systems in place’ to hear fears over reserves
Bloomberg.com: Shell Reports Drop in First-Quarter Earnings as Output Falls
Yahoo.com: Shell 1Q Net Falls 16%, Announces $2B Buyback
The Scotsman: Embattled Shell lifted by 9% rise in profits
Forbes.com: S&P says it may still cut Shell’s debt rating
The Times: Revival in the pipeline?
Friday 30 April, 2004
New York Times: Shell to buy back $2 billion in stock
The Scotsman: Oil giant proves it’s still a winner
The Independent: Shell fights back with $2bn share buy-back programme
The Independent: Movement at Shell
The Guardian: Shell woos investors with $2bn buyback
Daily Telegraph: Shell pledges to buy back $2bn shares
The Times: Shell set to step up disposal of assets
The Times: Shell share buyback looks slick move
Financial Times: Shell reassures with upbeat results
Financial Times: Strong results a respite for Shell
Financial Times: Lex COLUMN: Royal Dutch/Shell
Financial Times: OBSERVER: Shell game
TheMotleyFool.co.uk: Shell Fishing
Business Week: FSA Looks at Shell Emails
National Post: Shell Canada distances itself from parent company reserves estimates scandal
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ROYAL DUTCH SHELL RESERVES FRAUD / SCANDAL THOUSANDS OF PAGES FROM ROYAL DUTCH SHELL RESERVES COURT CASE DOCUMENTS, INCLUDING WITNESS STATEMENTS |
UNITED STATES DISTRICT COURT DISTRICT OF NEW JERSEY
ROYAL DUTCH/SHELL TRANSPORT SECURITIES LITIGATION
Civ.No. 04-374 (JAP)
3:04-cv-00374-JAP-JJH BROCKAMP v. N.V. KONINKLIJKE NEDERLANDSCHE PETROLEUM MAATSCHAPPIJ et al Judge Joel A. Pisano, now presiding
Most if not all files are pdf and Adobe Reader is needed to access them. Please be patient when multiple pages are involved. To download a FREE Adobe Reader click on the adobe link: http://www.adobe.com/products/acrobat/readstep2.html
Click here to read the original Amended Complaint filed in Sept 2004
Motion filed by Lead Plaintiff 27 March 2006
Motion filed by Lead Plaintiff on 9 May 2007
Motion filed by Royal Dutch Shell 9 May 2007
Order Appointing Special Master filed 24 May 2007
Declaration by Special Master 24 May 2007
Most if not all files are pdf and Adobe Reader is needed to access them. Please be patient when multiple pages are involved.
Shell discovery document added on 10 October 2007
Entire 333 page searchable deposition of Iain Percival (retired Shell Group Global Chief Petroleum Engineer) first posted online on 10 October 2007
ROYAL DUTCH/SHELL TRANSPORT’S FACTUAL SUBMISSION TO SPECIAL MASTER RELATING TO EXTENT OF UNITED-STATES-BASED CONDUCT: DOC 340 FILED 10 Oct 2007 387 Searchable Pages
Motion filed on behalf of Shell 15 October 2007
Committee of Royal Dutch Shell Managing Directors (CMD) Confidential Document dated 15 Jan 2002 (filed with Court 15 October 2007)
Shell U.S. West Coast Investor Road Show: Confidential document (Filed with court 15 October 2007)
Christensen & Associates 5 part document RDS Management/Market Analysis and Perception Study – every page marked as being confidential (filed with court 15 October 2007)
Part 1 (16 pages)
Part 2 (15 pages)
Part 3 (19 pages)
Part 4 (14 pages)
Part 5 (16 pages)
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SHELL EP Business Plan – Volume 2: Exploration and Production Committee: Marked “MOST CONFIDENTIAL”: IN 2 PARTS
Part 1 (30 pages – now searchable)
Part 2 (29 pages now searchable)
Part 1 of Transcript filed with Bernstein letter of 16 October 2007
Part 2 of Transcript filed with Bernstein letter of 16 October 2007
Corrections to transcript filed 16 October 2007
MARKED AS BEING “HIGHLY CONFIDENTIAL”: REPORT OF DAVIS POLK & WARDWELL TO SHELL GROUP AUDIT COMMITTEE (Now searchable- 202 pages)
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Shell discovery documents added on 30 October 2007
MAIN DOCUMENT: REVIEW OF GROUP END 2000 PROVED OIL AND GAS… (Searchable)
SHELL EP IMPROVING PERFORMANCE & MAXIMISING VALUE (PART 1 – Searchable)
MAIN DOCUMENT (PART 9)
PETROLEUM RESOURCE VOLUME GUIDELINES; RESOURCE CLASSIFICATION AND VALUE REALISATION (40 pages – Searchable)
PART 1 (31 PAGES)
PART 2 (39 PAGES)
Shell discovery documents added on 31 October 2007
Royal Dutch Shell/Group Presentation to the Financial Community 2002 (Searchable)
Opinion of Forrester Garb & Associates Inc (Searchable)
Shell discovery documents added on 1 November 2007
Email Correspondence on 22 Aug 2000 between Heinz Rothermund and Phil Watts
Confidential Minutes of EPA Region Reserves Challenge Session, 19 Nov 2003
EP EXCOM: Minutes of meeting held in The Hague 11 Nov 2002: every page marked “Confidential”
Deepwater Steering Council Meeting held on 5 Oct 2001: every page marked “Confidential”
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Shell discovery documents added on 2 November 2007
Shell discovery document added on 3 November 2007
Annual Report on Form 20F 2002 Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, Public Limited Company filed with the United States Securities & Exchange Commission: Filed in March 2003: Every page in discovery document marked “FOIA Confidential Treatment Requested”: Believe to be request for exemption from U.S. Freedom of Information Act. Contained fraudulent declaration of oil and gas reserves signed by Jeroen van der Veer and countersigned by “Independent Accountants”: filed 10 months before news of reserves scandal broke.
Form 20F Return in 5 Parts
Part 1 (31 pages)
Part 2 (31 Pages)
Part 3 (41 Pages)
Part 4( 41 Pages)
Part 5 (39 Pages)
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Shell discovery documents added on 6 November 2007
Shell Confidential Economics, Planning and Portfolio Analysis (EPPA) Review – SNEP Co: Nov 2000 (32 pages)
2002 SEC RESERVES AUDIT BRUNEI – Conclusions: Every page marked “Confidential” (8 pages)
Shell discovery documents added on 7 November 2007
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Shell discovery documents added on 8 November 2007
Shell EP November 2000 Internal email correspondence involving Matthias Bichsel, Martijn Minderhoud, Heinz Rothermund and many others: Subject: West Africa Reserves 2000: Every page marked “CONFIDENTIAL”: (5 pages – now searchable)
Shell SIEP Internal email correspondence Jan 2001 involving Aidan McKay, John Bell, Mark Leonard, Remco Aalbers and others: Subject: Reserve audit – use of contractors: Every page marked “CONFIDENTIAL”: (5 pages- now searchable )
Shell SIEP Internal email correspondence Sept 2000 involving Ian Hines, Richard Sears, Chandler Wilhelm, Gordon Parry and others: Subject: Reserves: Every page marked “CONFIDENTIAL”: (7 pages- now searchable )
EP/GP Investor Relations Presentation 12/13 April 2000 involving Phil Watts, Dominique Gardy, Din Megat, Linda Cook, Tim Warren and Walter van de Vijver: Every page marked “CONFIDENTIAL” (49 pages – now searchable)
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Shell discovery documents added on 9 November 2007
Exhibit 112: December 2000 Shell SIEP Development Angola: Note for information: Block 18 Reserves SDAN: From Grigore Simon and Robert Inglis update to Gordan Parry and Peter Osborne: Every page marked “CONFIDENTIAL” (4 pages – now searchable)
Exhibit 113: October 2000 Shell SIEP internal email involving Grigore Simon, Robert Inglis, Susan Lovelock, Heinz Rothermund and others: “Bichsel under pressure”: Every page marked “CONFIDENTIAL” : (3 pages- now searchable )
Exhibit 115: Shell SIEP November 2001 internal email involving Grigore Simon, Ian Hines, Wouter Smits and others: Subject: Urgent Action Plan: Every page marked “CONFIDENTIAL”: (6 pages – now searchable)
Exhibit 116:Shell SIEP January 2001 internal email involving Chandler Wilhelm, Ian Hines, Barry Knight and Richard Sears: Subject: RESERVE BOOKING FOR BLOCK 18: Every page marked “CONFIDENTIAL” (3 pages- now searchable )
Shell discovery document added on Saturday 10 November 2007
EXTRACT: Samantha Griffin for the FSA to Sir Philip: “You are not under arrest and are free to leave any time. The interview is being conducted under caution. That is to say you do not have to say anything but it may harm your defence if you do not mention when questioned something you later rely on in Court. Anything you say may be given in evidence. Do you understand?”
Shell discovery document added on Sunday 11 November 2007
Shell discovery document added on Monday 12 November 2007
The Minutes of the Royal Dutch Shell Committee of Group Managing Directors (CMD) meeting on 23 July 2002 (Now Searchable)
Shell discovery document added on Tuesday 13 November 2007
(SEARCHABLE PDF FILE)
Shell discovery documents added on Wednesday 14 November 2007
OR SPLIT BELOW INTO NON SEARCHABLE FILES
EXHIBIT 19: VIDEOTAPED DEPOSITION UPON ORAL EXAMINATION OF ANTON BARENDREGT: VOLUME 1 taken on Monday 19 February, 2007 at The Hague Zurich Tower (325 searchable pages)
Shell discovery documents added on Thursday 15 November 2007
Exhibit 20: Part 2 of Anton Barendregt deposition (75 pages)
Exhibit 21: Part 3 of Anton Barendregt deposition (50 pages)
Exhibit 22: Part 4 of Anton Barendregt deposition (50 pages)
Exhibit 23: Part 5 of Anton Barendregt deposition (25 pages)
Exhibit 24: Part 6 “Main Document” of Anton Barendregt deposition (50 pages)
Exhibit 25: Part 7 of Anton Barendregt deposition (50 pages)
Exhibit 26: Part 8 of Anton Barendregt deposition (50 pages)
Exhibit 27: Part 9 of Anton Barendregt deposition (50 pages)
Exhibit 28: Part 10 of Anton Barendregt deposition (50 pages)
Exhibit 29: Part11 of Anton Barendregt deposition (50 pages)
Exhibit 30: Part 12 of Anton Barendregt deposition (50 pages)
Exhibit 31: Part 13 of Anton Barendregt deposition (50 pages)
Exhibit 32: Part 14 of Anton Barendregt deposition (50 pages)
Exhibit 33: Anton Barendregt Declaration (15 pages)
Shell discovery documents added on Friday 16 November 2007
Entire 850 page searchable legal document containing the testimony of Walter van de Vijver and related exhibits.
OR SPLIT INTO SEGMENTS BELOW
Exhibit 290: Walter van de Vijver Deposition (70 pages)
Exhibit 291: Walter van de Vijver Deposition (65 pages)
Exhibit 292: Walter van de Vijver Deposition (60 pages)
Exhibit 293: Walter van de Vijver Deposition (65 pages)
Exhibit 294: Walter van de Vijver Deposition (61 pages)
Shell discovery documents added on Saturday 17 November 2007
Exhibit 319: Walter van de Vijver Deposition (16 pages)
Exhibit 320: Walter van de Vijver Deposition (21 pages)
Exhibit 321: Walter van de Vijver Deposition (36 pages)
Exhibit 322: Walter van de Vijver Deposition (37 pages)
Exhibit 323: Walter van de Vijver Deposition (14 pages)
Exhibit 324: Walter van de Vijver Deposition (15 pages)
Shell discovery documents added on Sunday 18 November 2007
Shell U.S. and Dutch Court documents added on 19/20 November 2007
Petition to Amsterdam Court of Appeal April 2007
Proposed European Settlement April 2007
Related letter to U.S. Securities & Exchange Commission March 2007
Letter to U.S. Court from Shell Attorney Jeffrey Cohen: November 16, 2007
Letter to U.S. Court from Shell Attorney Ralph C. Ferrara: November 16, 2007
Proposed Order for issue by U.S. District Court Judge Joel A. Pisano: Filed November 16,2007
Certificate of Service filed with U.S. District Court on November 16, 2007
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Shell discovery documents added on Wednesday 21 November 2007
Videotaped deposition of Dr Roelof Platenkamp, Shell Corporate Vice President of Petroleum Engineering and Development: taken in New York, New York November 14, 2006: 10:06 a.m.
Main Platenkamp Deposition, 200 pages
Shell discovery document added on Thursday 22 November 2007
Shell discovery documents added on Friday 23 November 2007
Videotaped deposition of REMCO AALBERS, formerly Shell Group Reserves Coordinator
Exhibit 14 (400 pages)
Exhibit 15 (50 pages)
Exhibit 16 (50 pages)
Exhibit 17 (69 pages)
Exhibit 285 (54 pages)
Exhibit 18 (7 page Declaration June 2007)
Shell reserves fraud discovery documents added on Saturday 24 November 2007
The email correspondence which proves that Walter van de Vijver, Chief Executive of Shell EP, warned Philip Watts about “aggressive” reserves bookings and other matters in August 2002:
Walter van de Vijver to Phil Watts:
“I feel strongly that we should stop talking to analysts about things we have not delivered yet…”: “With aggressive historical proved reserves booking, massive investment in Nigeria with increasing risks, few material discoveries, ROACE pressures, we just need to be very careful.”
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 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. He 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.”
Exhib 192: 19 April 2004 Shell News & Media Releases (7 pages)
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Shell reserves fraud discovery document published on 26 November 2007
Exhibit 129: January 2003 email correspondence involving Stuart Evans DPVM, Paulo Bizarro ONP32F, Niels van Dijk Shell International Petroleum – EPGO-RTL-R, Abdulla Lamki DMD, Saif Hinai OND, Jeroen Peters OSD, Abia Riyami OSP, Frode Linge ONP, Rob Willis SIEP-EPT-AGI, Bart Wassing OSP3H, Chris Mijnssen ONP3, Stuart Evans DPVM, Stuart Clayton DTEM, Said Harthy UPG2G, Kathleen Heller UPP: Subject Updated Reserves Picture and initial water flood plans: Extract: “Following on from the SSG, a meeting was reviewed to revisit options to make up the reserves shortfall.”
Shell reserves fraud discovery document published on 27 November 2007
Shell confidential reserves fraud discovery documents published on 28 November 2007
Exhibit 132: SPDC Restatement 1998-2002: Confidential (9 pages)
Exhibit 134: 2002 Executive Summary: Most Confidential: Signed by Walter van de Vivjer (12 pages)
Shell confidential reserves fraud discovery document published on 29 November 2007
Exhibit 64: January 2002 Confidential Investor Relations Plan signed by Philip Watts (15 pages)
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Shell confidential reserves fraud discovery document published on Friday 30 November 2007
ROYAL DUTCH/SHELL GROUP OF COMPANIES: 2001 Confidential “Management/Market Analysis and Perception Study”
Some extracts:
“I like Phil Watts. He is an ‘upstreamer’ and has a good understanding of the business and is looking to grow it profitably.”
“RD/Shell’s management comes across as honest and credible.”
“Management’s weakness is that they got ahead of themselves in their promises.”
“They give us all these colorful slides, but when they are compared to reality, they always fall short.”
Part 1 (16 pages)
Part 2 (15 pages)
Part 3 (19 pages)
Part 4 (14 pages)
Part 5 (16 pages)
Shell confidential reserves fraud discovery document published on 3 December 2007
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Shell confidential reserves fraud discovery documents published on 4 December 2007
Exhibit 163: CONFIDENTIAL: February 2004 Angola Country Analysis Brief (13 pages)
Exhibit 164: CONFIDENTIAL: 24 August 2000 Shell internal email from Heinz Rothermund SEPI-EPG to Phil Watts SI-MGDPW: Subject Angola – Block 18 Well: Accuses BP of being “over-optimistic” with its plans: (3 pages)
Exhibit 165: CONFIDENTIAL: Minutes of EPA Region Reserves Challenge Session. 19 November 2003 (7 pages): Participants included: John Pay (Group Reserves Coordinator), Lim Min Teong (Group RE Discipline Head), Brian Straub (EP Technical Director), John Sutherland (SM-EP), Tho Hui Tsin (SM-EP), Tan Teck Choon, Martin Ijpelaar, Paul Vledder (Sarawak Reserves Coordinator), Stanley Kuch, Heng Hiok Boon, Bart van de Leemput (Shell EPA), Lai Vui Leong, Dan van Nispen, Anco Maan, Kenneth Newn, Louis Huizenga, Sara Bell, Steven Pannett, Roland Stoltz, Dave Hawton, Ante Frens, Frans Deckers and Oliver Lepine (7 pages)
Exhibit 166: CONFIDENTIAL: NOTE – 6 December 2002: From Anton Barendregt Shell Group Reserves Auditor to Frank Coopman (Shell EP CHIEF FINANCIAL OFFICER) Lorin Brass, Director Shell International EP- EPB and Luuk Karsten, General Manager, Shell Development Angola. Copied to Rob Inglis, Patrick Whittome, Woulter Smits, Liz Sturman, Barry Knight, Ian Hines, Derek Newberry Rahim Khan, Malcolm Harper, Jaep Nauta, John Pay, Chris Duhon, Han van Deidan (KPMG Accountants NV) and Brian Puffer of PriceWaterhouseCoopers: Subject:SEC PROVED RESERVES AUDIT – SHELL DEVELOPMENT ANGOLA, 25-26 Nov 2002 (11 pages)
Shell confidential reserves fraud discovery documents published on 5 December 2007
Exhibit 167: CONFIDENTIAL: NOTE – 31 May 2002: From Anton Barendregt to Lorin Brass and Chris Finlayson (Managing Director, BSP) copied to Brian Straub, Rosmawatty Abd-Mumin, Salieh-Bostaman Zainal-Abidin, Martin Graham, Thomas Prudence, Peter Worby, Ben van den Bergh, Chris Kennett, Dominique Gardy, Rahim Khan, Malcolm Harper, Jaap Nauts, John Pay, Paul Tauecchio, Han van Delden (KPMG Accountants NV) and Stephen Johnson (PriceWaterhouseCoopers): Subject: SEC PROVED RESERVES AUDIT – BRUNEI SHELL PETROLEUM SDN BHD, 29 April – 3 May 2002 (17 pages)
Exhibit 168: Shell Confidential EP 2003: Subject: Guide for the Administration of Proved Reserves and Production for External Disclosure: This document is confidential. Distribution is restricted to the named individuals and organisations contained in the distribution list maintained by the copyright owners. Further distribution may only be made with the consent of the copyright owners and must be logged and recorded in the distribution list for this document, Neither the whole nor any part of this document may be disclosed to any third party without the prior written consent of the copyright owners. Copyright 2003 SIEP B.V. SHELL INTERNATIONAL EXPLORATION AND PRODUCTION B.V., RIJSWIJK (25 pages)
Exhibit 169: Confidential EP EXCOM Minutes of meeting in The Hague: EP Excom Members Present: Walter van de Vijver, Matthias Bichsel, Lorin Brass, Linda Cook, Frank Coopman, John Darley, Carol Dubnicki, Dominique Gardy, Din Megat, Bob Sprague and Brian Ward. Curtis Frasier attended as Secretary. Wide ranging discussion on 11 November 2002 covering Nigeria and many other EP matters. (9 pages)
Exhibit 170: 5 October 2001: Confidential “Deepwater Steering Council Meeting” held 8-9 Houston Time/3-4 Hague Time: Attendees: The Hague: Lorin Brass, Heinz Rothermund and John Darley: Houston: Matthias Bichsel, Lori Priess: Fran Lohr via telephone (11 pages)
Shell confidential reserves fraud discovery document published on 6 December 2007
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Videotaped Deposition of DAVID ANDREW SEXTON taken in Washington, D.C. 16 Wednesday, September 13th, 2006: David A Sexton, President of Shell Oil Products U.S.
Main Deposition (85 pages)
Exhibit 277 (20 pages)
Exhibit 278 (35 pages)
Exhibit 279 (75 pages)
Exhibit 280 (115 pages)
Exhibit 281 (65 pages)
Exhibit 282 (42 pages)
Exhibit 283 (10 page Declaration)
Shell confidential reserves fraud discovery documents published on 8 December 2007
Videotaped Deposition of RODNEY SIDLE, held at the offices of LeBoeuf Lamb Greene & MacRae LLP, 125 West 55th Street, New York, New York. October 30, 2006 10:00 a.m. Rodney Sidle, Senior Reserves Consultant for Shell International Exploration & Production Inc. Includes confidential Shell internal correspondence and documents
Exhibit 284 (295 pages)
Exhibit 285 (35 pages)
Exhibit 286 (44 pages)
Exhibit 287 (11 page Declaration)
Exhibit 311 Sidle Deposition continues on Oct 31, 2006 (16 Pages)
Exhibit 312 Sidle Deposition Continues (19 pages)
Exhibit 313 Sidle Deposition Continues Sidle (21 pages)
Exhibit 314 Sidle Deposition Continues (21 pages)
Exhibit 315 Sidle Deposition Continues (22 pages)
Exhibit 316 Sidle Deposition Continues (27 pages)
Exhibit 317 Sidle Deposition Continues (32 pages)
Exhibit 692 Rebuttal of Rodney Sidle (3 Pages)
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Shell confidential reserves fraud discovery documents published on 11 December 2007
Videotaped deposition of JOHN C. DARLEY, Director E&P Technology, Shell International E&P, taken by the Lead Plaintiff in New York, New York: November 16, 2006: Includes “MOST CONFIDENTIAL” Shell documents, internal and external confidential correspondence and Shell plans and strategy – 2000/2001/2002/2004, involving senior managers and group managing directors including: Walter van de Vijver, Malcolm Brinded, Linda Cook, David Greer, Brian Ward, John Haney, Fran Lohr, Anton Barendregt, Lorin Brass, Frank Coopman and many others.
Exhibit 69 JOHN C. DARLEY Deposition (275 pages)
Exhibit 70 JOHN C. DARLEY Deposition (25 pages)
Exhibit 71 JOHN C. DARLEY Deposition (24 pages)
Main Document 346 (42 pages)
Exhibit 73 JOHN C. DARLEY Deposition (13 pages)
Exhibit 74 JOHN C. DARLEY Deposition (12 pages)
Exhibit 75 JOHN C. DARLEY Deposition (13 pages)
Exhibit 76 JOHN C. DARLEY Deposition (12 pages)
Exhibit 77 JOHN C. DARLEY Deposition (13 pages)
Exhibit 78 JOHN C. DARLEY Deposition (50 pages)
Exhibit 79 JOHN C. DARLEY Deposition (50 pages)
Exhibit 80 JOHN C. DARLEY Deposition (50 pages)
Exhibit 81 JOHN C. DARLEY Deposition (50 pages)
Exhibit 82 JOHN C. DARLEY Deposition (50 pages)
Errata 83 JOHN C. DARLEY Deposition (35 pages)
Supplemental Declaration of JOHN C. DARLEY June 6, 2005 (4 pages)
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Shell confidential reserves fraud documents published on 12 December 2007
Expert Opinion of Professor Gregg A. Jarrell, expert on artificial inflation of Equity Securities caused by misstatement and omissions: Signed on November 3, 2006
Exhibit 385: Part One of Jarrell Report for Plaintiffs
Exhibit 386: Part 2 of Jarrell Report for Plaintiffs
Exhibit 387: Jarrell Rebuttal of expert opinions of Daniel R. Fischel and Dr Hans-Jurgen Peterson
Shell confidential reserves fraud documents published on 13 December 2007
Transcript of Videotaped Deposition of Simon Henry, Executive Vice President Finance Shell Exploration and Production: taken Monday October 16, 2006 in Washington D.C.
Pages 1 to 49 Simon Henry Deposition
Page 50 onwards of Simon Henry Deposition
Page 100 onwards of Simon Henry Deposition
Page 150 onwards of Simon Henry Deposition
Page 200 onwards of Simon Henry Deposition
Word Index for Simon Henry Deposition
Shell confidential reserves fraud documents published on 14 December 2007
Transcript of Videotaped Deposition of MATTHIAS BICHSEL, Executive Vice President Technical, Shell Exploration and Production B.V.: taken in New York, New York October 31, 2006
Exhibit 49 (200 pages) Bichsel Deposition
Exhibit 50 below is of particular interest. In addition to the Deposition of Bichsel, it also contains his CV, confidential email correspondence and PERSON OVERVIEW documents for Bishsel and other senior Shell Executives, as follows: –
Brian Ward, Director, Technical and Operational Excellence: RBD Europe and Africa; Shell International Exploration and Production: Extract: “Brian needs to take care against slipping back in his natural Shell “operations management” role thereby diluting his all-round abilities as “role model EP leader”.
Zaharuddin (Din) Megat, Regional Business Director, Central and South Asia and Russia, Shell International Exploration and Production:
Extract: “Din’s portfolio was reduced on April 1, 2002 to better align scope and capabilities.”
Extract: “Din does not always choose his words carefully when communicating with staff which has resulted in misunderstandings, anger and frustration for several of them this past year. He needs to work on his ability to build effective working relationships with, and more effectively motivate, those reporting to him.”
Tim Warren, former Chairman Shell Australia: Extract: “Tim’s long hours are a legend at Shell. Given our current struggles with work-life balance, he would be well served to lead by example in managing his own work hours and ensuring those he leads focus on the most critical strategic initiatives/issues.”
John Darley, Director Shell Technology Exploration and Production; SIEP
Bob Sprague, Regional Business Director Shell International Exploration and Production: Extract: “He is direct in his communications with others, sometimes uncomfortably so when stating his concerns or objections (particularly through e-mail!). He displays… intolerance for decisions/ recommendations where staff work has not been thorough or the thinking well organised. His lack of natural engagement skills and absence of pro-active behaviour towards changing performance or business climates can “downgrade” his overall excellence in-depth expertise and perspectives.”
Bichsel Matthias, Exploration Director, Shell International Exploration and Production
Lorin Brass, Director, Business Development Support, Shell International Exploration and Production: Extract: “Lorin needs to work at more forceful, persuasive presentation of his position.”
Dominique Gardy, Chief Financial Officer, Shell International Exploration and Production Company: Extract: “…Dominique at times has appeared to be spread a bit thin and needed to consider more effective delegation, time management and perhaps more effective use of resources.”
Carol Dubnicki, HR Director, Exploration and Production, Shell International Exploration and Production.
Exhibit 50 (75 pages)
Exhibit 51 Confidential Production forecasts for Shell, ExxonMobil, TotalFinaElf, Chevron and Texaco (47 pages)
Exhibit 52 Declaration of Bichsel Matthias (13 pages)
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Shell confidential reserves fraud documents published on weekend of 15/16 December 2007
Transcript of Deposition of Videotaped Deposition of Lorin Brass, Director Shell International Exploration and Production, taken in Washington D.C. on November 8, 2006
Exhibit 53: Start of Lorin Brass Deposition (240 pages)
Exhibit 54: Lorin Brass Deposition plus Shell internal email correspondence involving Phil Watts; plus EP ExCom Minutes of meeting held 31 January 2000; 23 February 2000 Shell letter to PriceWaterhouseCoopers; Shell letter to KPMG Accountants N.V.; Committee of Manager Directors Note dated 11 February 2002: ALL CONFIDENTIAL ITEMS (60 pages)
Exhibit 55: Shell internal documents plus Shell internal email involving Lorin Brass, Walter van de Vijver, John Pay, Marian van der Laan, Malcolm Harper, Ceri Powell, Debbie Gibbs and Jaap Nauta; plus CMD Note of 18 July 2002 signed by Walter van de Vijver (50 Pages)
Exhibit 56: CMD note continues, plus more Shell internal email involving Lorin Brass, Shirley Holm, Walter van de Vijver, Max Brouwers, Jaap Nauta, John Pay and Malcolm Harper; plus Walter van de Vijver July 2002 Most Confidential Reserves Outlook presentation to Committee of Managing Directors; plus CMD Minutes of Meeting – every page marked MOST CONFIDENTIAL (50 pages)
Exhibit 57: CMD minutes continue; more Shell internal email involving Lorin Brass and Walter van de Vijver, John Pay; plus confidential Note for Discussion entitled “EP PROVED RESERVES MANAGEMENT” (50 pages)
Exhibit 58: Declaration of Lorin Brass (9 pages)
Exhibit 286: Lorin Brass Deposition, Volume 2, on 9 November, 2006 page 195 onwards (65 pages)
Exhibit 287: Lorin Brass Deposition page 295 onwards (62 pages)
Exhibit 288: Lorin Brass Deposition page 320 onwards (72 pages)
Exhibit 289: Lorin Brass Deposition page 391 onwards plus Word Index (total of 44 pages)
Shell confidential reserves fraud documents published 17 December 2007
Transcript of Videotaped Deposition of GORDON PARRY, Regional Business Advisor South Asia for Shell Exploration and Production and General Manager of Shell Pakistan (Mr Parry is now retired); taken Washington D.C. on September 12, 2006.
Gordon Parry Deposition plus Shell internal email (175 pages)
Exhibit 229: more confidential Shell internal email correspondence relating to Gordon Parry Deposition: involving Philip Watts, Ian Hines, Richard Sears, Chandler Wilhelm, Barry Knight, Derek Newberry, Robert Inglis, Grigmore Simon, Remco Aalbers, Peter Osborne, Maarten Wink, Heinz Rothermund, Susan Lovelock, Martijn Minderhoud, Anton Barendregt, Bea Jespers, Hans van Nues, Keith Lewis, Tim Warren and Matthias Bichsel. (27 pages)
Extract from Gordon Parry email to Robert Inglis and Grimore Simon (circulated to several other Shell colleagues) 6 Sept 2000:
Gents, I attach the final version of the note requested by Heinz at the last EPG meeting regarding reserves booking in Angola and Brazil.
This note was forwarded to Phil Watts who remarked, quote
“It is critical that the Angola reserves are booked this year or our EP scorecard will be shot” unquote:
“Herewith Phil’s reactions. We must pull this off aggressively! And we need on well, at least, as appraisal, whatever the purists say!”
Let’s be guided accordingly!
Gordon
CONFIDENTIAL
Shell confidential reserves fraud court documents published 18 December 2007
Exhibit 231 John Pay Declaration (5 pages)
Exhibit 232 John Pay Declaration continues – signed 12 June 2007 (4 pages)
Exhibit 296 John Pay Deposition Volume 2, Jan 23 2007 page 236 onwards (41 pages)
Exhibit 297 John Pay Deposition page 276 onwards (52 pages)
Exhibit 298 John Pay Deposition page 327 onwards (52 pages)
Exhibit 299 John Pay Deposition page 378 onwards (62 pages)
Exhibit 300 John Pay Deposition page 439 onwards plus start of Word Index (26 pages)
Exhibit 301 John Pay Deposition from page 7 of Word Index (26 pages)
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Shell confidential reserves fraud court documents published 19 December 2007
(Exhibit 385 is a 37 page Shell EP Reserves Review document, every page marked “Confidential”: Review Team: 1) Independent Petroleum Consultants: (Ryder Scott: Tom Gardner and George Dames): 2) Group External Auditors: PWC (Edo Kienhuis and Michael Hurley) KPMG (Han van Delden): 3) Group Reserves Consultants (Rod Sidle and David Kluesner): 4) Group Internal Audit (Ken Marnoch): Observers (John Darley, Frank Coopman and John Bell)
Doc 458: MEMORANDUM OF APPROVAL OF $27 MILLION PAYMENT: 14 January 2008
( (EXTRACT: “WHEREAS, the Court and Shell recognize that the Pennsylvania State Employees’ Retirement System’s and the Pennsylvania Public School Employees’ Retirement System’s efforts (as Lead Plaintiff) and Bernstein Liebhard & Lifshitz, LLP’s efforts (as Lead Counsel) in vigorously pursuing through litigation the Non-U.S. Purchasers’ claims for more than three years, in satisfaction of their fiduciary obligations to the proposed class, were a substantial factor in Shell’s decision to enter into a settlement agreement to resolve the claims of the Non-U.S. Purchasers in an action filed in the Amsterdam Court of Appeals in The Netherlands (the “Non-U.S. Settlement”) and that the Non-U.S. Settlement will confer a significant benefit upon Non-U.S. Purchasers; and WHEREAS, Shell has agreed to pay Lead Counsel a fee of $27 million to compensate Lead Counsel for its role in achieving this significant benefit for the Non-U.S. Purchasers; and WHEREAS, Lead Counsel informs the Court that the agreed-upon fee represents 7.7 percent of the approximately $350 million Shell has agreed to pay the Non-U.S. Purchasers in the Non-U.S. Settlement;”)
DOC: 463-4: BRIEF IN SUPPORT OF MOTION TO SEAL: Filed with the Court 25 JANUARY 2007
DOC 467: ORDER DISMISSING INDIVIDUAL DEFENDANTS WITH PREJUDICE: Filed with the Court 4 FEBRUARY 2008
DOC 470: Notice of Motion to Seal: 19 February 2008
DOC 470-2: Brief in Support of Motion to Seal Materials: 19 February 2008
DOC 470-3: Proposed Order Granting Motion to Seal: 19 February 2008
DOC 470-4: Certificate of Service: 19 February 2008
DOC 477: COURT ORDER RELATING TO MOTION TO SEAL: filed 20 February 2008
DOC 478: ORDER GRANTING MOTION TO SEAL: Filed 20 February 2008
DOC 479: Resignation letter to Judge Joel A. Pisano from Liaison Counsel: 26 February 2008
DOC 480: Order authorising resignation and subsitution of Liaison Counsel: 27 Feb 2008
Doc
Shell Closes Book on 2004 Reserves Scandal as Claims Deadline Passes: 5 November 2010
THE ROYAL DUTCH SHELL RESERVES FRAUD UNFOLDS IN NEWS HEADLINES
Daily Telegraph: Shell drops ‘bombshell’ on reserves: 9 January 2004
The Times: How Shell blew a hole in a 100-year reputation: 10 January 2004
The West Australian: Investors howl for Shell’s blood: 12 January 2004
London Evening Standard: Shell bosses lied to the City: 19 April 2004
(Former executives, led by ex-chairman Sir Philip Watts, admitted they had repeatedly lied to investors about the true level of Shell’s oil and gas reserves.)
Houston Chronicle: ‘Sick and tired about lying’ at Shell: 19 April 2004
Bloomberg: Shell Loses AAA Credit Rating: 19 April 2004
Shell bosses ‘fooled the market’: 19 April 2004
The Guardian: Trail of emails reveals depths of deceit at the heart of Shell: 20 April 2004
The Guardian: Shell admits it misled investors: 20 April 2004
The Independent: Lies, cover-ups, fat cats and an oil giant in crisis: 20 April 2004
The Scotsman: Shell admits reserve ‘lies’: 20 April 2004
The Scotsman: Shell implodes as e-mails provide damning evidence: 20 April 2004
The Times: Deceitful Shell ‘needs ten years’ to rebuild exploration business: 20 April 2004
Minneapolis Star Tribune: Dutch/Shell Group exec was ‘sick and tired’ of lying: 20 April 2004
Daily Telegraph: Memos expose Shell’s years of lying: 8 May 2004
The Scotsman: Shell’s reputation left in tatters: 21 April 2004
TheStarOnline: Shell report exposes lies, CFO sacked: 21 April 2004
Daily Telegraph: Shell suffers second cut to credit rating: 21 April 2004
Daily Telegraph: Sacked Shell boss ‘escorted from HQ’: 22 April 2004
The Times: A very British kind of scandal: why Shell is no Enron: 23 April 2004
Daily Telegraph: Shell’s lies over reserves spark FSA investigation: 24 April 2004
Times: “Shell is a disreputable company in need of a strong injection of ethics”: 25 April 2004 “
(“an audience with Sir Phillip Watts”)
The Mail On Sunday: Shell’s top bosses named in £8 billion lawsuit after being spared the sack: 25 April 2004
Daily Mail: Shell attacked from all sides: 26 April 2004
(OIL giant Shell urgently needs to embark on a damage limitation offensive with investors before regulatory probes and lawsuits send the crisis spiralling out of control.)
Daily Telegraph: Shell gives Watts a £1m golden farewell: 23 May 2004
Daily Telegraph: Shell slices still more off proven reserves: 25 May 2004
Daily Telegraph: Watts’ pension pot tops £10m: 28 May 2004
fin24: Shell directors under fire: 20 June 2004
Extract: “The report came just a day after Dutch paper NRC Handelsblad quoted a former executive of one of the oil group’s subsidiaries as saying half of the company’s 400 most senior managers were aware of the problem.”
London Evening Standard: Shell ‘has lied for 10 years’: 26 June 2004
Sadistic sacking of a Royal Dutch Shell whistleblower: 27 October 2010
Shell Closes Book on 2004 Reserves Scandal as Claims Deadline Passes: 5 November 2010
David Sexton Deposition
425_6-1Searchable: Shell Confidential: Petrol Resource Volume Guidelines Resource Classification and Value Realisation: SIEP EPB-P SEPTEMBER 2001 (49 pages)
403-1searchable:The Minutes of the Royal Dutch Shell Committee of Group Managing Directors (CMD) meeting on 23 July 2002 (10 pages)
425_8-5Searchable: NOTE 31 MAY 2002: From: Anton A Barendregt Group Reserves Auditor, SIEP-EPB – GRA: Long circulation list including Chris Finlayson: Document marked “Confidential” (5 pages)
FSA Final Notice Shell Reserves Fraud
US Securities Exchange Commission
Shell Reserves 18 September 2000 Rothermund email copied to Matthias Bichsel
Extract
One of the important elements in the EP scorecard is reserves replacement. It is essential that we should come up with imaginative ways of booking those reserves we have.
Shell Reserves 23 November 2000 Email String involving Matthias Bichsel
Extracts
I do not believe that we are missing a trick here.
What does this statement refer to, and why is it only now that we realise that we are not doing Oil reservoir engineering “properly”?
I can assure you that I am personally pushing and cajoling my staff to get the most out of what is possible. Contrary to what you have heard, we are not “covering our back side” and are “overly conservative” but are exploring every avenue to trying to increase reserves bookings.
Matthias Bichsel 20 February 2002
Matthias Bichsel 26 September t2002
Matthias Bichsel 11 November 2002
Matthias Bichsel 02 December 2003
Matthias Bichsel Deposition: 2 page Extract
Matthias Bichsel Declaration 12 June 2007 200 page deposition
Extracts
From August 1999 through December 2001, I was employed as the Director of Shell Deepwater Services (“SDS”) in Houston, Texas. Prom January 2002 through March 2006, I acted as Exploration Director and was employed as such by SIEP, B.V., in The Hague from March 1, 2002. I also served as a member of the Executive Committee (“ExCom”) of the Group’s Exploration and Production (“E&P”) business or its successor body, now called EP Leadership Team (“EPLT”). Prom December 2003 onwards, I also served as a member of the E&P Reserves Committee.
In this email, I meant to encourage my staff at SDS to do its best to think outside the box and explore the entire universe of technological development concepts, so SDAN would have many development solutions, rather than only one or two, from which to select.
In paragraph three of this email, I stated that we “are exploring every avenue to trying to increase reserves bookings.”
On October 31, 2006, I stated that, when I wrote the last paragraph of this email and used the phrase “leave no stone unturned,” I meant that I wanted to make sure that SDS’ s work favored development scenarios that emphasized a maturation of the project’s reserves rather than scenarios that emphasized capex or production cost savings.
*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.
