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Posts under ‘Shell Oil Reserves Scandal’

Nothing New About Shell Settling Fraud Cases

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From April 2016:

Shell guilty of energy fraud and market manipulation in the US

From August 2004:

Shell settles fraud case for $150M

Oil company agrees to pay SEC for overstating reserves, also settles market abuse case in Britain.

The settlements are not just for fraud but range all the way to complicity in murder.

New York Times: “Shell Settles Dumping Suit for $3 Million“: 9 February 1995

New York Times: “SHELL SETTLES ROYALTIES CASE FOR $33.5 MILLION“: 21 March 2002

Shell Oil Company Limestone Township $26 million settlement: December 2007

Plaintiffs win $66 million from Shell Oil after making the mistake of relying on Shell’s “honesty and integrity”: 17 May 2008

Houston Chronicle: Shell will pay millions to settle air pollution suit: 23 April 2009

Guardian: Shell agrees to pay compensation for execution of Saro-Wiwa: June 2009 read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Dubious Corporate Legacy of Sir Mark Moody-Stuart

Screen Shot 2016-02-18 at 14.41.35By John Donovan

Interesting to read that seven years after the departure of Sir Mark Moody-Stuart (right) as chairman of the mining giant Anglo American, the company is in difficulties.

See Dow Jones news article: Anglo American to Downsize Further After Steep Loss.

Apparently the troubled company is in the throes of “an aggressive restructuring.”

Reminiscent in some respects of the state of affairs at Shell during and after the tenure of Sir Mark as Group Chairman.

The Wall Street Journal reported in November 2004 “How Shell’s Move To Revamp Culture Ended in Scandal. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Phil Watts: Oil man, turned Spaceman, turned Holy Man

Screen Shot 2016-02-13 at 22.04.1908 February 2013  Written by Michael Owens

The former chairman of one of the world’s biggest companies is about to take on a new challenge in a small corner of east Berkshire.

The Rev Sir Philip Watts spent 35 years working for oil giant Shell before his ordination as a priest in 2011.

The 67-year-old, known to all as Phil, served as a curate in Binfield, where he has lived with his wife Jan for more than 20 years.

The father-of-two is now taking up a new position as Priest in Charge of the Benefice of Waltham St Lawrence. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

At what point in the continuing collapse in oil prices will Shell be forced to pull out of the BG Group deal?

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Screen Shot 2015-12-23 at 09.03.45By John Donovan: 7 JAN 2016

The continuing collapse in the price of oil is turning into a nightmare for the board of Royal Dutch Shell Plc. 

Especially for CEO Ben van Beurden and CFO Simon Henry, who have staked their reputations on completing Shell’s takeover of the BG Group.

This would not be the first major crisis at Shell for either executive. Both had involvement in the 2004 oil and gas reserves scandal. Ben van Beurden was personal assistant to the Group Chairman, Sir Philip Watts who was forced to resign. Simon Henry had a starring role

Both managed to survive but are unlikely to do so if the BG deal falls through, as is increasingly likely, because of the ill-fated miscalculation over oil prices. 

With hundreds of millions being paid to financial advisors, surely it was not beyond the ingenuity of those involved to have catered in the terms for the possibility of a severe fluctuation in the price of oil?  read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Aggressive bidding after reserves scandal put Shell on path to Arctic disappointment

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$7 billion bust in the Arctic Ocean

Screen Shot 2015-10-05 at 14.03.31By Jennifer A. Dlouhy: 5 Oct 2015

WASHINGTON — Shell’s dreams of an Arctic oil bonanza were dashed with disappointing results from a critical exploratory well this summer, but they were in full force seven years ago, when the company aggressively outbid competitors to nab drilling rights in the Chukchi Sea.

Reeling from a scandal involving overstated reserves and desperate to replenish its portfolio, Royal Dutch Shell spent $2.1 billion buying up those Chukchi Sea leases, vastly outspending the competitors who plunked down just $800 million combined in the same government auction. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

When Shell senior management had a collective mental health crisis

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Screen Shot 2015-09-18 at 16.30.33As New-Age Style Came In,
Geology Skills Lost Out;
Imitating Jerry Springer Oilmen at a Rainy Playground

By CHIP CUMMINS and ALMAR LATOUR
Staff Reporters of THE WALL STREET JOURNAL: November 2, 2004

In late 2000, the head of the Dutch exploration unit at Royal Dutch/Shell Group asked his planners to deliver five-minute skits pitching ideas for discovering oil and gas.

In one skit, a naked employee ran on stage to catch the boss’s attention, say two people who attended. Another featured a mock episode of the Jerry Springer show, the incendiary daytime TV talk program. A third, after a bit of fun and games, promised to extract large quantities of natural gas cheaply from seemingly declining Dutch fields.

Long known for its sober geological expertise and conservative image, the Anglo-Dutch energy giant in the 1990s embraced New Age management. At other meetings, managers were told to shake their arms up and down in “energizer” exercises or stare into the eyes of colleagues while confiding their innermost thoughts, say attendees.

This cultural revolution ultimately led Shell into one of the worst crises in its history as the company turned to accounting maneuvers to hide its failures in finding energy. This year it admitted that it dramatically overstated its oil and gas reserves. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Ghost of Exxon Valdez Haunts Shell in the Arctic

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Screen Shot 2015-09-01 at 23.33.36Andy Rowell, September 11, 2015

There are many contradictions about Shell’s Arctic misadventure to drill for oil, but three are the most striking: Firstly the company is spending billions of dollars and risking the reputation of the company on oil that can never be burnt.

Secondly, Obama having just allowed the company to start drilling in the Arctic, then visits the region to warn about climate change; something that his Administration has just made worse.

And thirdly, Shell says it can adequately clean up any spill in the region, if there is an accident. That last promise is for want of a better word, a lie. The only way to clean up a spill in the Arctic is not to spill oil in the first place. The bottom line is that any oil spilt in the Arctic may never be cleaned up, and its legacy may last decades, or even longer. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Inside Shell’s Extreme Plan to Drill for Oil in the Arctic

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by Paul Barrett and Benjamin Elgin: 5 August 2015: BLOOMBERG.COM

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Protesters near the Polar Pioneer.: Photographer: Keri Coles/Greenpeace

Ann Pickard

Ann Pickard – Shell VP Arctic Drilling

In a windowless conference room in Anchorage, a dozen Royal Dutch Shell employees report on the highest-profile oil project in the multinational’s vast global portfolio. Warmed by mid-July temperatures, Arctic ice in the Chukchi Sea, northwest of the Alaskan mainland, is receding. Storms are easing; helicopter flights will soon resume. Underwater volcanoes—yes, volcanoes—are dormant. “That’s good news for us,” Ann Pickard, Shell’s top executive for the Arctic, whispers to a visitor. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell CEO’s total pay soars to $25.7 mln

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Screen Shot 2014-09-07 at 21.14.49Thu Mar 12, 2015 8:09am EDT

(Reuters) – Royal Dutch Shell Chief Executive Ben van Beurden will earn a total 24.2 million euros ($26 million) for 2014, making him one of the highest-earning FTSE 100 bosses despite last year’s sharp fall in oil prices.

Van Beurden’s total pay includes 5.6 million euros in salary, bonus and shares plus pension and other items, the company said on Thursday.

His 2014 compensation, when calculated in British pounds, places him as the second-highest-paid senior executive on the FTSE 100 share index after WPP chief executive Martin Sorrell, whose 2013 pay package reached 29.8 million pounds, according to think tank High Pay Centre. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell Publishes Annual Report and Form 20-F

Screen Shot 2015-03-12 at 09.21.50THE HAGUE, March 12, 2015 /PRNewswire/ —

Royal Dutch Shell plc (NYSE: RDS.A) (NYSE: RDS.B) Published its Annual Report and Form 20-F for the Year Ended December 31, 2014. 

The 2014 Annual Report and Form 20-F can be downloaded from http://www.shell.com/annualreport .

Separately, a 2014 Strategic Report can be downloaded from http://www.shell.com/annualreport .

Printed copies of the 2014 Annual Report and Form 20-F and 2014 Strategic Report will be available from April 16, 2015 and can be requested, free of charge, at http://www.shell.com/annualreport . read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Scandal hit bosses of HSBC and Shell are both ordained priests!

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By John Donovan

I wonder if Paddy was thinking of Shell when he published this on this Facebook page?

The grotesquely high “compensation packages” of the Directors of the likes of HSBC as well as being morally repugnant are also bad for business. The rewards for making it to the top are so obscene that ladder climbers will do anything to make it. So every decision they take is driven by their own ambition and their need to kowtow to those who might appoint them to these golden jobs. This is a brake on creativity and innovation and on long-term thinking. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

SEC continuing to scrutinise Shell’s claimed oil reserves

Screen Shot 2015-02-05 at 15.06.08By John Donovan

A letter emailed to Royal Dutch Shell Plc Chief Executive Officer, Ben van Beurden, on 23 Oct 2014, from the U.S. Securities & Exchange Commission, asked why Shell had omitted to supply in a Form 20-F filing, figures for Shell’s share of Kashagan proved undeveloped reserves.

Shell’s partners in the much troubled Kashagan oil field consortium – years behind schedule and billions over budget – include Eni, KazMunayGas, Total, ExxonMobil, China National Petroleum Corporation and Inpex. The project is known in the oil industry as “Cash All Gone”. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Why A BP Shell Merger Is Not A Sensible Option

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Why A BP plc (BP) Royal Dutch Shell Merger Is Not A Sensible Option

Bidness Etc discusses how lower oil prices have impacted BP’s stock price, and why the merger with Royal Dutch Shell is not on the cards

By: MICHEAL KAUFMAN
Published: Jan 6, 2015 at 9:46 am EST

Crude oil prices have declined sharply this year. West Texas Intermediate (WTI) has already fallen below $50 per barrel for the first time in nearly five-and-half years, with Brent crude hovering around the same level. Several US oil companies are fighting for their survival, especially after the Organization of the Petroleum Exporting Countries (OPEC) decided to maintain its current level of production. WTI and Brent crude were trading at $49.56 and $52.57 per barrel, respectively, during pre-market trading today. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell must put BP out of its misery

Screen Shot 2014-10-28 at 11.51.59Article by Jeremy Warner published on 4 Jan 2015 in The Sunday Telegraph

Valued at nearly £140bn, Shell is today worth almost twice as much as BP. Shell must put BP out of its misery before anyone else pounces. Here’s an idea that has investment bankers drooling in anticipation, but needs to be killed off here and now before it becomes self fulfilling… I can’t speak for Shell, but I can report that there is absolutely no appetite for it within BP, which is as bemused as me by the rumours.

Here’s an idea that has investment bankers drooling in anticipation, but needs to be killed off here and now before it becomes self fulfilling – that the time may finally be ripe for Britain’s two oil majors, Royal Dutch Shell and BP, to bury the hatchet and merge, or rather, for the much stronger Shell to takeover the weakened BP.

I can’t speak for Shell, but I can report that there is absolutely no appetite for it within BP, which is as bemused as me by the rumours.

The concept is, of course, scarcely new. We know that exploratory talks have been held on several occasions in the past. Lord Browne, the former BP chief executive, no less, has admitted to them. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

Prospects of a Shell BP merger

Screen Shot 2014-10-28 at 12.29.57FROM A REGULAR CONTRIBUTOR

Firstly, falls in oil price and resulting low stock prices tend to result in waves of takeovers.

Examples during the low price era of the late 1990s – early 2000s:

· Exxon took over Mobil
· Statoil took over Saga, Norsk Hydro
· Chevron took over Texaco, Unocal
· Total took over Fina and Elf
· BP took over Vastar, Amoco and Arco

Shell is notably absent from this list – over the past ten years the gossip on the street has considered possible mergers involving Shell, BP and Total and even the demerger of Shell Oil, but the numbers apparently did not add up. Perhaps the fall in share prices over the past six months and a lack of exploration opportunities has once again made mergers more attractive than organic growth. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan

CEO Ben van Beurden too honest to sign Shell’s Business Principles?

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Screen Shot 2014-10-30 at 09.22.43By John Donovan

It is a year since Peter Voser left his job as Chief Executive of Royal Dutch Shell Plc to allegedly spend more time with his family. Soon after his surprise early exit, Shell announced a profits warning. 

Leaving that contentious issue to one side, I am puzzled that his replacement Ben van Beurden has still not put his name and signature  to the Shell General Business Principles document.

As can be seen, as of todays date, it is still displayed on shell.com signed by Peter Voser in his capacity as Royal Dutch Shell Chief Executive Officer. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, shellnews.net and cybergriping.com are all owned by John Donovan
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