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The Scotsman

Fresh probe into Shell oil reserves scandal

Aug 24th, 2004
by John Donovan.
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The Scotsman: Fresh probe into Shell oil reserves scandal

Watchdogs to target ‘those responsible’

JIM STANTON, DEPUTY BUSINESS EDITOR

25 August 04

REGULATORS on both sides of the Atlantic are set to pursue a number of as-yet unnamed individuals that they believe are responsible for the reserves scandal at oil giant Shell.

News of separate investigation came as the embattled company settled fines with British and United States watchdogs over the debacle totalling £84 million.

Wrapping up an initial investigation, British regulator the Financial Services Authority said the Anglo-Dutch group was responsible for “unprecedented misconduct” and was putting out false figures for its proven oil reserves as far back as 1998. read more

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The Scotsman: Oil bonanza for man who took on Shell and won

Aug 17th, 2004
by John Donovan.
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The Scotsman: Oil bonanza for man who took on Shell and won

JAMES DOW

17 Aug 2004

WHEN Bill Gammell stepped forward to accept the gong for Scottish Entrepreneur of the Year a few weeks ago, he turned to the assembled high-fliers and made a typically self-deprecating remark.

“I am only fortunate to be the leader of the team,” the chief executive said. “Winning this is a terrific recognition for the outstanding people at Cairn Energy.”

As a former Scotland rugby international, he knows plenty about being a team player, but his individual achievements are increasingly being recognised beyond the realm of his peers. read more

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The Scotsman: Total bid for Shell is oil to the City gossip mill

Aug 17th, 2004
by John Donovan.
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The Scotsman: Total bid for Shell is oil to the City gossip mill

“Desmarest could make an audacious swoop for the Royal Dutch half alone – which itself is smaller than Total – and, therefore, would have voting control over the entire group.”

SCRUTINEER

JOHN BOWKER

SENIOR CITY CORRESPONDENT

Tue 17 Aug 2004

THERE have been some pretty wild takeover rumours in the City this summer, but few appear more outrageous than current whispers that Total might swoop for Shell.

The French company is much smaller than its UK-Dutch rival, with a market cap of £68 billion compared with £94bn. First impressions dictate that Total surely could not raise the cash, much less justify the buy to shareholders.

Another stumbling block is the extraordinary price of oil. The black gold was down slightly yesterday on the referendum success of Venezuelan president Hugo Chavez, but it remains close to Friday’s all-time highs at $46.05 a barrel. read more

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The Scotsman: Shell tight-lipped on claim

Jul 16th, 2004
by John Donovan.
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The Scotsman: Shell tight-lipped on claim

“TROUBLED Shell was involved in fresh turbulence yesterday as it stonewalled questions”

MARTIN FLANAGAN CITY EDITOR

Fri 16 Jul 2004

TROUBLED Shell was involved in fresh turbulence yesterday as it stonewalled questions about a report alleging that external auditors were warned the oil major was inflating its energy reserves two years before it owned up, early in 2004.

The warnings to affiliates of KPMG International and PricewaterhouseCoopers International were said to be contained in Shell documents reviewed by a newspaper.

However, a Shell spokesman said yesterday: “We will not comment on leaked and unverifiable documents. We have submitted a full report to the regulators. read more

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Shell admits it may have had role in violence

Jun 12th, 2004
by John Donovan.
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The Scotsman: Shell admits it may have had role in violence

By ALASTAIR REED

12 June 04

SHELL has accepted that its presence in Nigeria could have unintentionally exacerbated violence, poverty, and corruption.

The embattled oil group acknowledged it was “difficult” to operate ethically in the Niger Delta, where conflict has surged periodically since the early 1990s, and admitted that its attempts at community development had been “less than perfect”.

Emmanuel Etomi, Shell’s community development manager in Nigeria, said an independent report by three internationally-known conflict experts had identified “how we sometimes feed conflict by the way we award contracts, gain access to land, and deal with community representatives.” He added that although it was up to government and local communities to take the lead, “as part of an industry inadvertently contributing to the problem we are prepared to help.” read more

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Shell Pledges Future to Conflict-Torn Nigeria

Jun 11th, 2004
by John Donovan.
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The Scotsman: Shell Pledges Future to Conflict-Torn Nigeria

By David Winning, City Staff, PA News

Posted 11 Jun 2004

Oil giant Shell stressed its commitment to Nigeria today after a report said ethnic violence could force it to withdraw by 2009.

The group said it was ready to overhaul its operating practices in Nigeria, which accounts for 10% of its total production and where 5,000 people have been killed in the past four years.

Experts commissioned by Shell outlined a number of failings by the company in the strife-torn country in an internal report delivered to executives last year. read more

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The Scotsman: Shell

May 30th, 2004
by John Donovan.
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The Scotsman: Shell

 

Posted 30 May 04

 

THE oil industry is still essentially run by geologists, so Shell’s executives will have a ready analogy for the periodic tremors the seismic upheaval of Shell’s 3.9 billion barrel reserves downgrade in January is still throwing out.

 

Last week’s 120 million barrel downgrade, Shell’s fourth this year, barely registered on the market’s Richter scale, however.

 

The cut pushed Shell’s total reduction in proven reserves to a new total of 4.47 billion barrels, and the company was forced to trim earnings between 2001-2003 by $402m. Shell Transport’s shares rose 2%. read more

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The Scotsman: Cook joins Shell’s MD team to free Brinded for E&P role

May 19th, 2004
by John Donovan.
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The Scotsman: Cook joins Shell’s MD team to free Brinded for E&P role

MARTIN FLANAGAN

CITY EDITOR

Wed 19 May 2004

SHELL yesterday announced that the female chief executive of Shell Canada is to take control of the Anglo-Dutch oil giant’s gas and power operations in the latest major boardroom change following a spate of sackings.

The appointment of Linda Cook as a new managing director at Shell, subject to shareholder approval at a meeting on 28 June, is meant to free up Malcolm Brinded, the current boss of gas and power, to focus exclusively on the core exploration and production division.
 read more

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The Scotsman: Embattled Shell lifted by 9% rise in profits

Apr 29th, 2004
by John Donovan.
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The Scotsman: Embattled Shell lifted by 9% rise in profits

29 April 04

THE tide appeared to turn in Shell’s favour today as the troubled oil giant cheered analysts by reporting a nine per cent hike in quarterly profits.

The company, which has seen its reputation battered by a series of oil reserve downgrades, also bowed to investor pressure and restarted its share buyback programme.

Net profits for the first three months of the year rose ahead of market expectations to some £2.4 billion – despite the company recording a decline in oil output.
 read more

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