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.
