Lawyers arguing claims brought by former Southern Petroleum investors against oil giant Shell in New Zealand's longest-running insider trading case say it could be Christmas before a decision is reached.
New Zealand
Shell insider trading case closes
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Long and costly battle for the shareholder
Thus the plaintiffs in the just-completed case were Rosemary Haylock, a Southern Petroleum shareholder, Stuart Cairns and Hugh Green and the defendants Jim Patek and Shell Exploration. Shell is responsible for all the plaintiffs' and defendants' costs.
Shell flagship closes for remedial work
Shell Oil's flagship $1.5 million Hawera fuel station is being ripped apart and rebuilt, less than five months after the official opening in January.
Shell to produce more gas from three Pohokura wells
NEW PLYMOUTH, NEW ZEALAND: Shell expects to bring three more subsea wells on stream over the next few weeks at the Pohokura gas field off the Taranaki coast.
Oil crisis triggers fevered scramble for the world’s seabed
A fevered scramble for control of the world's seabed is going on - mostly in secret - at a little known office of the United Nations in New York.
Claims of insider trading ‘ill-advised’
About 700 former Southern Petroleum shareholders are seeking tens of millions of dollars from oil giant Shell in New Zealand's longest running insider trading case.
Multimillion dollar lawsuit against Shell longest running insider trading case in New Zealand: trial resumes today, 19 May 2008
Former Southern Petroleum investors, who are seeking tens of millions of dollars from oil giant Shell in New Zealand's longest running insider trading case, have been told the price paid for their shares could have been up to 14 times greater.
Trial underway against Shell Exploration New Zealand
Five weeks have been put aside for the court hearing of the action by 700 former Southern shareholders who are suing Shell Exploration New Zealand...
The Age (Australia): Shell-Todd `Pohokura’ row goes to trial
The Age (Australia): Shell-Todd `Pohokura’ row goes to trial
“Energy heavyweights Shell New Zealand and Todd Petroleum will take a row over who develops and operates the gas field Pohokura to a full trial – a fresh sign their 50-year relationship is falling apart.”
Tuesday 26 July 2005
Energy heavyweights Shell New Zealand and Todd Petroleum will take a row over who develops and operates the gas field Pohokura to a full trial – a fresh sign their 50-year relationship is falling apart.
The High Court rejected Todd’s application for an interim injunction to stop Shell and Austrian oil company OMV voting to stop Shell Todd Oil Services acting as operator of the gas field, sited off the Taranaki coast.
Todd said that it intended to appeal against the decision.
Shell faces down Todd Petroleum over Pohokura gas field
Stuff.co.nz (New Zealand): Shell faces down Todd Petroleum over Pohokura gas field
“A legal battle between owners of the Pohokura gas field is back in the High Court today, as global energy giant Shell faces down our home-grown big shot, Todd Petroleum.”
Tuesday 12 July 2005
A legal battle between owners of the Pohokura gas field is back in the High Court today, as global energy giant Shell faces down our home-grown big shot, Todd Petroleum.
The two companies are fighting over who will operate the offshore natural gas field, which is due to start producing next year.
It is currently operated by Shell Todd Oil Services, a 50-50 joint venture that has been running oil and gas enterprises for the past 50 years.
The gas field, sited off the Taranaki coast, is owned by Shell, which has 48 per cent, and Todd and the European energy company OMV, each of whom own 26 per cent.
NZ Watchdog Says May Revoke Pohokura Gas Marketing Deal-2
Yahoo/Dow Jones Newswires: NZ Watchdog Says May Revoke Pohokura Gas Marketing Deal-2
“Commission Chair Paula Rebstock said that Shell Exploration New Zealand and OMV New Zealand have informed the commission in April this year that the parties have decided to market gas from the field separately.”
Thursday September 30
WELLINGTON (Dow Jones)–New Zealand’s Commerce Commission Thursday said it is considering revoking its decision to approve a joint marketing deal between four companies to sell gas produced from the North Island’s Pohokura gas field.
The Commission said that a material change in circumstances may have occurred since the approval was granted in September last year.
Commission Chair Paula Rebstock said that Shell Exploration New Zealand and OMV New Zealand have informed the commission in April this year that the parties have decided to market gas from the field separately.
New Zealand City: Fuel price hike expected says Shell
New Zealand City: Fuel price hike expected says Shell
Oil company not surprised production problems in Russia can drive up world fuel prices-expected to happen here too
31 July 2004
It is no surprise to one major oil company that production problems in Russia can drive up world fuel prices.
US light crude has hit a new all-time high, closing at $US43.80 a barrel. The price is tipped to hit $US45 soon.
Shell spokesman Simon King says a range of international events can affect world prices.
He says events in the Middle East can affect it as well as disruption to supplies in Russia.
CityWire.co.uk: Shell draws a blank after drilling several unsuccessful wells
CityWire.co.uk: Shell draws a blank: “after drilling several unsuccessful wells”
By Dylan Lobo, Market Reporter
Posted 3 July 04
Shell faces a charge of £182 million in the second quarter after drilling several unsuccessful wells and completing extensive geological studies.
The failed wells were joint ventures with Enterprise Oil and include wells drilled in the North Sea and offshore Ireland. Shell (SHEL) said that reserves would be unaffected by the charge.
Shell offset the charge with news of the $530 million (£293 million) sale of Midwest refined product pipeline system and storage assets in the US to Buckeye Partners. The group also plans to sell its Peruvian service station network and industrial and marine fuels businesses.
sg.biz.yahoo.com: Shell New Zealand Approves Pohokura Gas Field
sg.biz.yahoo.com: Shell New Zealand Approves Pohokura Gas Field
Edited Press Release
Wednesday June 30, 5:56 PM
LONDON (Dow Jones)–Shell New Zealand said Wednesday that it has formally given the green light to the development of the Pohokura gas field, when it signed off the Final Investment Decision (FID).
Shell New Zealand Exploration and Production Commercial Manager Ajit Bansal said Shell was still anticipating first gas to flow from Pohokura in mid 2006.
“We are confident that the project is on track to deliver first gas in mid 2006. Given New Zealand’s critical need for more gas, Shell is very aware that Pohokura needs to be up and running in a timely manner”, he said.
Shell NZ Says Sells Pohokura Gas To NGC Holdings -2-
Yahoo.com Shell NZ Says Sells Pohokura Gas To NGC Holdings -2-
Monday May 24 2004
WELLINGTON (Dow Jones)–Shell New Zealand Ltd., a unit of Royal Dutch/Shell (RD), Monday said it has signed a long-term contract to supply NGC Holdings Ltd. (NGC.NZ) with gas from the offshore Pohokura field.
The agreement with NGC Holdings follows Shell’s statement Friday that it had sold Pohokura gas to Contact Energy Ltd. (CEN.NZ), Genesis Power Ltd. (GPW.YY), and Multi Gas NZ Ltd.
The contract with NGC couldn’t be revealed Friday because legal issues were still being sorted out.
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