REMARKABLE ADMISSIONS AND APOLOGIES BY SHELL

New reports on Shell2004.com also cover the many amazing admittances made by Shell management of arrogance, bullying, lies, and cover-up.

APRIL 2004

The Guardian: Shell admits it misled investors: 20 April 2004

The Scotsman: Shell admits reserve 'lies' 20 April 2004

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)

MAY 2004

The Guardian: Apologetic Shell promises culture change: 29 May 2004

JUNE 2004

Local10.com: Gas Company Apologizes; Service Centers To Make Repairs: 9 June 2004

CNN.com: Shell admits blame in Nigeria: "Royal Dutch/Shell has taken responsibility for contributing to the fighting and corruption in oil-rich Nigeria".: 11 June 2004

The Scotsman: Shell admits it may have had role in violence: 12 June 2004

BBC News: Shell admits fuelling corruption: 12 June 2004

Shell has also admitted using undercover secret agents to infiltrate and betray its perceived enemies including Greenpeace and The Body Shop: MI6 'Firm' Spied on Green Groups (Sunday Times archive article 17 June 2001)

Shell Group Chairman Jeroem van der Veer admitted in a speech given in Texas in May 2004, to 400 Shell top managers, that he is "shocked, dismayed and ashamed at what has happened": Financial Times: How Shell changed its culture and lost its way (published on 18 June 2004).

Financial Times: How Shell changed its culture and lost its way: It is a tale of incompetence. Or, as a "shocked, dismayed and ashamed" Mr van der Veer put it: "We have more problems than just the reserves issue.": "While Mr van der Veer was preparing his admissions in Houston last month...": 18 June 2004

Financial Times: Shell apologises to angry shareholders: "When somebody is asked to leave under a shadow and yet paid a huge amount of money, it is usually to keep them quiet isn't it?": 29 June 2004

JULY 2004

News Leader.com Shell admits overstating its profits: "also made errors in the way it accounted for exploration costs, certain gas contracts and earnings per share of its parent companies": 4 July 2004

Daily Telegraph: Shell accounts change brings $226m upgrade: “Shell has been plunged into crisis after admitting that it had overstated its "proven" oil and gas reserves by 23pc": 14 July 2004

The Guardian: Shell had early reserves warning: “Shell admitted yesterday that it had been warned about inflated reserves before it was forced to issue the first of four downgrades this year.": 16 July 2004

Financial Times: Shell in move to reduce its legal costs: a host of civil lawsuits following its admission that it overstated its oil and natural gas reserves”: “550 in-house lawyers": 20 July 2004

AUGUST 2004

The Times: Lifers who climb right to the top: “A less edifying example of the breed is Sir Philip Watts, chairman of Shell, who was forced to resign after the group admitted to misrepresenting oil and gas reserves.": 21 August 2004

SEPTEMBER 2004

London Evening Standard: Vision needed to revitalise Shell: “It is just six months since possibly the biggest post-Enron scandal erupted at Shell with the stunning admission that a group regarded as one of the most reliable in the world had lied about the health of its business.": 17 September 2004

London Evening Standard: Shell's battle plan fails to win City: “But the overhaul promised by the Dutchman left the City distinctly unimpressed after he failed to commit to increasing share buybacks and admitted that it may be 2009 before oil and gas output grows.": 22 Sept 2004

Daily Telegraph: City comment: For a company that has so long considered itself top of the heap in the oil game, the humiliation inside can only be guessed at. Even Jeroen van der Veer, Shell's top executive, had to admit the business was in crisis…”: “Shell's slide show was ghastly. Meaningless management-speak phrases such as "fix and reset the business" and "growth in markets of choice" might have been designed to reassure, but instead showed that Shell's problems extend beyond its reserves issue.": 23 Sept 2004

The Age (Australia): Shell spends big to recoup 'lost' oil: “Managing director of exploration and production Malcolm Brinded admitted that Shell's reserve replacement rate would only be 100 per cent over the next five years - less if the "lost" barrels were excluded.": 24 Sept 2004

Sunday Telegraph: Market miscellany: It's too early to buy Shell: “Over the past year Shell has made a habit of delivering nasty surprises, notably its disastrous admission in January that it had overbooked its proven oil and gas reserves by 25 per cent. Last week the oil giant's long-awaited strategy presentation for once contained no surprises - but it didn't impress either.": 29 Sept 2004

OCTOBER 2004

The Globe & Mail: Oil: Too much discipline at $50: “…Shell has now rejected this approach, in part because it has to. Its much-publicized scandal, in which it admitted to significantly overstating its oil and gas reserves, forced it to wipe the equivalent of 4.47 billion barrels of oil from its ledgers -- a quarter of the total.": 2 October 2004

Financial Times: Shell apologises for bitumen meetings in Brussels probe: Royal Dutch/Shell said it regretted attending meetings with roadbuilders and bitumen suppliers. The apology came as it responded to charges from the European Commission of possible price-fixing in the Dutch bitumen market.”:” Separately yesterday, Nigeria's Ogoni tribe threatened mass action against a local Royal Dutch/Shell unit unless the company failed to withdraw troops from the Ogoniland area, where it abandoned oilfields in 1993. Shell has denied deploying troops.": 22 October 2004

AFX Europe (Focus): Shell admits role in EU bitumen investigation: “Royal Dutch/Shell Group said it is involved in the European Commission's investigation into alleged cartel-forming in the bitumen market. In late 2002 the commission raided the offices of a number of oil companies including Shell…”: "We are concerned about this issue," said Rein Williams, president of Shell Nederland BV. "We should not have been present these meetings and we regret our connection to this case.": 22 October 2004

WILLS & CO STOCKBROKERS LTD: ANALYSTS REPORT ON SHELL TRANSPORT & TRADING: “Shell admitted back in January that it had overstated its oil & gas reserves by 20%, leading to the ousting of 3 senior executives, including Chairman Sir Philip Watts, and to $150m in fines from U.S. and U.K. regulators. The company's bloated board structure, with 16 non-executives between Royal Dutch and Shell, has to be addressed and an update following a review of its corporate governance is due in November.”: “We feel that a turn around in the company's fortunes may not begin to show through until 2006”: “Our recommendation is to sell your holding, and switch to BP - which has much stronger growth potential -or something more exciting.": "SELL": 27 October 2004

London Evening Standard: Market Report: SPEAKING OUT: “All of us are deeply ashamed about what happened about the reserves, but we are determined to regain our position. — Shell chairman Jeroen van der Veer on the oil giant's attempts to put its misdemeanours behind it": 27 October 2004

Financial Times: Not clammed shut: “Jeroen van der Veer remains refreshingly candid even after all Royal Dutch/Shell has been through this year.”: "We are like the schoolboy standing in the corridor outside the classroom. I don't think it is for us to lead the charge of new rules on reserve accounting, we shall leave that to others. But whatever the rules are, we will comply with them.: 27 October 2004

THE NEW YORK TIMES: Royal Dutch/Shell to Unify: “Separately on Thursday, the group also released third quarter results that were overshadowed by the admission that it was once again reviewing the equivalent of "approximately 900m" barrels of oil reserves following an extensive audit.": 28 October 2004

The Guardian (UK): City hails Shell Anglo-Dutch merger: Headquarters shifts from London to the Netherlands; Investors braced for further downgrades in oil reserves: “Malcolm Brinded, the director in charge of exploration and production admitted: "I'm disappointed to have to flag the issues of reserves." He said the information had only come to light in recent days and though the audit process was not complete Shell had thought it right to inform the market.": 29 October 2004

The Times (UK): Need to Know: “Royal Dutch/Shell raised fears that it may have to write down its reserves by more than 1.5 billion barrels, or 10 per cent, after the Anglo-Dutch oil company admitted that it was considering its fifth “volume adjustment” this year.": 29 October 2004

Financial Times: Shell begins corporate restructuring: “Royal Dutch/Shell on Thursday embarked on the historic dismantling of its 97-year-old corporate structure. But the news was overshadowed by a warning that it may have overstated its proved oil reserves by even more than previously admitted.": 29 October 2004

The Sunday Times (UK): Anglo-Dutch oil giant casts off its old Shell: The recent reserves scandal and the subsequent pressure from shareholders have forced Shell finally to change its dual format.: “At the same time as it made the restructuring announcement, Shell warned yet again that it might have overstated the size of its oil reserves. Having already marked them down by about 4.5 billion barrels this year, the company admitted it was reviewing the status of another 900m barrels, with perhaps more to come as it continued an internal probe.": 31 October 2004

The Independent On Sunday (UK): Business View: Shell's real location problem is finding more black stuff: “The misreporting of reserves scandal showed all the worst Shell traits - secrecy, haughtiness, inertia.”: “So what's the hurry? Was it because Shell had to admit that it had uncovered another 900 million barrels of doubtful crude in its reserves and was likely to uncover 600 million more?": 31 October 2004

The Observer (UK): Unsure of Shell – still: “Shell's presentation was marred by the admission that on top of the three announcements of reserve downgrades this year - totalling 4.47 billion barrels - there could be more to come.”: “Brinded was clearly embarrassed. The fiasco has dragged Shell's name through the mud, and led to the departure of his and van der Veer's predecessors amid allegations of cover-up and lying.": 31 October 2004

The Observer (UK): Unsure of Shell – still: “Shell's presentation was marred by the admission that on top of the three announcements of reserve downgrades this year - totalling 4.47 billion barrels - there could be more to come.”: “Brinded was clearly embarrassed. The fiasco has dragged Shell's name through the mud, and led to the departure of his and van der Veer's predecessors amid allegations of cover-up and lying.": 31 October 2004

NOVEMBER 2004

BLOOMBERG: Netherlands Buys Gas Pipes From Exxon, Shell Venture (Update4): “Shell Chief Executive Jeroen van der Veer plans to sell assets worth as much as $12 billion, after the company admitted in January it had misled investors for six years about its oil and gas reserves.": 1 November 2004

Lloyds List: Last Word: By any other name...: “Royal Dutch/Shell's corporate changes are going to require a large volume of investment in new letter heads and logos just to remove a forward slash.”: “…van der Veer told delegates his company was ashamed of the reserves slashing and the scandal of over optimistic bookings in the past. He said his management had felt like naughty school boys being sent to the corner to think about what they had done before repenting. We guess the fines from the US and UK regulators were enough punishment for the group then.": 2 November 2004

Newstatesmen: The business - Patrick Hosking on Shell's move to the Netherlands: The London head office of the UK half of the business, Shell Transport & Trading, is being disbanded.”: “…London will become a mere branch. The company's centre of gravity will shift further over the North Sea.”: “Last month, the company had to admit that it may have got its figures wrong for the fifth time in a year.": 4 November 2004

File 2: Shell World Introduction and Article entitled "Going Forward" by Royal Dutch/Shell Group Chairman (now Chief Executive) Jeroen van der Veer: "We are all shocked and saddened by what has happened": "I do not underestimate the scale of the task of restoring credibility" (Shell World is an in-house magazine for Shell employees - relevant issue published by Shell May 04) (ShellNews.net) Posted 12 Nov 04

DECEMBER 2004

Financial Times: FSA seeks news of Shell trio: The FSA has been investigating Shell since it admitted this year that it had overstated its proved oil and gas reserves by 25 per cent. Shell has already been fined £17m by the FSA for market abuse and breaching listing rules as well as $120m (£61.7m) by the US Securities and Exchange Commission.”: “The City watchdog is seeking details of what three former executives said to investors during meetings as part of a continuing probe into events that led to the trio's resignation.” (ShellNews.net) 6 Dec 04

Financial Times: Shell chief says he's under threat: Jeroen van der Veer, the chief executive of Royal Dutch/Shell, has admitted that his "head is on the block" unless the company gets to grips by the end of the year with the way in which it books its oil and gas reserves. In a private speech delivered to Shell's 100 most senior executives in the Hague on Wednesday, Mr Van der Veer said the position of Malcolm Brinded, head of the Anglo-Dutch oil giant's exploration and production division, was similarly under threat. (ShellNews.net) 16 Dec 04

The Guardian (UK): My head is on the block, admits Shell chief executive: “Jeroen van der Veer, Shell's chief executive, has admitted privately that many of his own managers have deep misgivings about the way the company is being run by him and his team.”: “And he admitted that if "I look at what our middle levels think about the company, I'm very concerned". (ShellNews.net) 17 Dec 04

THE SUNDAY HERALD (SCOTLAND): Scandal Monger: Blood on the Boardroom Floor: “In a private speech helpfully revealed by the Financial Times the other day, Jeroen Van der Veer, the chief executive of the company, admitted…”: “He also admitted that middle managers had lost faith in the leadership – it was clearly a speech not meant for public consumption when you hear confessions like that.”: “But it is clearly an accurate description of the state of play at Shell. Instead of the shadow left over the company being driven away by the bold moves to change the company’s overwieldy twin board structure, the spectre still very much remains. How much it must have hurt when Brinded had to announce in October that more cuts would be needed.” (ShellNews.net) 19 Dec 04

JANUARY 2005

The Guardian: The path back to trust, truth and integrity: "Corporate social responsibility can be defined in lots of different ways, most of which have something to do with integrity.": “When Shell tried to dump an oil rig in the North Sea, it met a storm of protest.” (ShellNews.net 17 Jan 05

Yahoo! News: Shell to recruit extra engineers to restore good name: report: “Shell is struggling to win back investors' trust after admitting last year it had overstated its proven reserves by 23 percent, and that senior executives were aware of problems long before they were made public.” (ShellNews.net) 18 Jan 05

iwon.com: Shell US Appointment Latest Step To Rebuild Reputation: “Shell's reputation nose-dived in the wake of its announcement one year ago that it was slashing its oil and gas reserves by more than one-fifth.” (ShellNews.net) 18 Jan 05

Yahoo! News: Shell to recruit extra engineers to restore good name: report: “Shell is struggling to win back investors' trust after admitting last year it had overstated its proven reserves by 23 percent, and that senior executives were aware of problems long before they were made public.” (ShellNews.net) 18 Jan 05

iwon.com: Shell US Appointment Latest Step To Rebuild Reputation: “Shell's reputation nose-dived in the wake of its announcement one year ago that it was slashing its oil and gas reserves by more than one-fifth.” (ShellNews.net) 18 Jan 05

THE SUNDAY TELEGRAPH (UK): Shell profits set to gush to record high: Shell, the beleaguered oil giant, is set to report record profits this week on the back of exceptionally strong crude prices.: “Jeroen van der Veer, Shell's new chief executive, is also expected to announce that the company will have to make a further cut in its proven oil and gas reserves of at least 900m barrels of oil. This is on top of the estimated 4.5bn barrels that Shell has admitted it overstated last year.” (ShellNews.net) 30 Jan 05

SUNDAY HERALD (UK): Shell pins hopes on profit surge to restore image: “Shell’s image has been tarnished in recent months with hefty fines following regulatory inquiries into its estimates of oil and gas reserves. There are also uncertainties over the proposed Royal Dutch merger.”: “And like Humpty Dumpty, it could be heading for a great fall unless it gets it right on February 3.” (ShellNews.net) 30 Jan 05

FEBRUARY 2005

THE LONDON TIMES: Shell in £8bn payout amid reserves cut: “…yesterday admitted that it had found barely enough oil to replenish half the barrels that it pumped last year” (ShellNews.net) 4 Feb 05

The Guardian (UK): Profit without honour: Shell has not had a good year. Yesterday it admitted it had overestimated its oil reserves by a cool 1.4bn barrels. This was the fifth time Shell had downgraded its reserves in a little over a year, the biggest scandal in the company's history…” (ShellNews.net) Posted 5 Feb 05

The Sunday Herald (Scotland): BP bucks poor reserves trend despite demand: “The achievement is in stark contrast to Shell, which has reduced its reserve estimates by almost one-third to less than 13 billion barrels and has admitted that it has been replacing only 15% to 25% of the oil it is pumping from the ground. The reserves are seen as a key indicator to future profitability and show why BP still enjoys a premium stock market rating over Shell…” (ShellNews.net) 6 Feb 05

Daily Telegraph (UK): Shell plays it safe over oil reserves: “Shell, the energy giant which is battling to restore its credibility after overstating its proven oil and gas reserves by a third, now has "the most conservative booking policy" of all its rivals, according to a leading industry analyst.”: “Last week Shell admitted that it had a reserve replacement rate of just 45pc to 55pc in 2004” (ShellNews.net) 7 Feb 05

Daily Telegraph UK: The best is yet to come, says BP: “In contrast to Shell, which admitted its reserve replacement ratio had dropped to 45pc to 55pc in the wake of the company's "lost" oil and gas reserves last year, Lord Browne said BP had "more than replaced its output for the 12th year running", with a replacement rate of 106pc for the group” (ShellNews.net) 9 Feb 05

Reuters: Shell Sakhalin Whale Risks Need More Study – Report: "An international consortium should consider suspending a huge energy project off Russia's Sakhalin island pending fuller studies on saving a rare whale species, a key environmental panel said on Wednesday": “For Shell, still struggling to rebuild investor confidence after admitting last year it had exaggerated its oil reserves, the project is key to increasing output and replacing reserves.” (ShellNews.net) Posted 17 Feb 05

The London Times: Exxon rises above GE to the market's highest peak: EXXONMOBIL has seized the mantle of the world’s largest public company, in terms of stock market value, from General Electric.”: “The SEC’s recent decision to impose year-end pricing also affected the reserves of BP and Shell. The Anglo-Dutch firm was forced to admit that it had barely replaced half of its annual output with new reserves…” (ShellNews.net) 19 Feb 05

DAILY TELEGRAPH (UK): Oil majors back attack on SEC rules: “The SEC is under pressure to reform its strict treatment of companies' oil and gas reserves. The issue has come under the spotlight since Shell admitted that, under the SEC's "proven" definition, it had exaggerated its reserves by a third.” (ShellNews.net) 24 Feb 05

MARCH 2005

Houston Chronicle: Shell proposes dropping stock options for executives: “Shell has been under heavy scrutiny since it admitted last year it had overstated its proven oil reserves and reduced the figure several times”: “The oil reserves scandal cost the company almost $150 million in fines imposed by U.S. and British regulators and led to the sacking of three senior executives.” (ShellNews.net) 17 March 05

fromthewilderness.com: “THE FIRE IS NO LONGER ON ITS WAY - IT HAS BEGUN”: “Royal Dutch/Shell Group on 5 February 2005 cut its 2002 published estimate of its total oil and gas holdings by one-third. It reduced its 2003 estimate of oil reserves by 1.4 billion barrels, or 9.8 per cent, and admitted that two-thirds of its listed prospective wells in 2004 were in fact dry holes. Shell has been fined $US151.5 million for misleading stock markets. The US justice department is undertaking a criminal investigation. Given that company value is directly related to oil reserves, it is not surprising that Shell has lost its top-tier credit rating.” (ShellNews.net) Posted 24 March 05

BBC NEWS: Shell guilty over gas leak deaths: “Oil giants Shell has admitted three charges over the deaths of two workers in the North Sea two years ago.” (ShellNews.net) 30 March 05

FINANCIAL TIMES: CNOOC head admits to delays in LNG projects: “The company also said yesterday that there was no longer a timetable for closing a deal with the Australian Gorgon venture - controlled by a consortium of ChevronTexaco, Shell and ExxonMobil - to supply its LNG terminal in Shanghai.” (ShellNews.net) 30 March 05

APRIL 2005

Glasgow Evening Times: Union demands inquiry into two deaths on oil rig: “A UNION leader today called for a fatal accident inquiry after oil giant Shell admitted charges over the gas poisoning deaths of two Scots on a North Sea rig.” (ShellNews.net) Posted 1 April 05

Mail on Sunday (UK): Auditors clean up at Shell: “In a series of downgrades, Shell was forced to slash its estimate of proven reserves by a staggering six billion barrels, almost 30%, after admitting it had misled investors for years.”: “The reserves scandal shattered Shell's reputation…”: (ShellNews.net) Sunday 3 April 05

London Evening Standard: Shell to weather the storm: “Shell's underlying health is under question however.”: “…it was forced to slash its estimate of proven reserves by six billion barrels, almost 30%. The changes came as it admitted having misled investors for years. The scandal shattered Shell's reputation”: “Moreover, Shell revealed recently that its ratio of reserve replacement had collapsed to a paltry 19% - the lowest of any oil major.” (ShellNews.net) Posted 27 April 05

Fort Saskatchewan Record (Canada): Shell sorry for delay: “Shell Chemicals is apologizing for the delay in warning its neighbours of a March 14 chemical leak.”: ”On the day of the leak, Shell’s incident commander, Ted Oud, told media that calls went out about 15 minutes after the incident. That was a misunderstanding, says company spokesperson Beverly Loat.” (ShellNews.net) Posted 7 April 05

MAY 2005

Daily Telegraph (UK: Britons gain upper hand in Shell rejig: “The Anglo-Dutch company yesterday formally laid out its plans to unify its structure in the wake of the company's annus horribilis last year when it admitted that it had exaggerated its proven reserves by 25pc (ShellNews.net) 20 May 05

Financial Times: Shell admits second downgrade more serious: “The second cut overshadowed the historic proposal to merge Shell's Dutch and British holding companies in response to investor criticism about the reserves scandal.” (ShellNews.net) 28 May 05

The Guardian (UK): We'll miss our target to stop 'flaring' in Nigeria, admits Shell: “Flaring is considered a major contributor to greenhouse gases and global warming.” “The company suffered a severe dent to its reputation last year after making several downgrades to the levels of its oil and gas reserves” (ShellNews.net) 28 May 05

Houston Chronicle: Shell has fewer spills, deaths among workers: But oil giant says it fell short of emissions goal; bribery cases rose: “Shell staff or intermediaries paid or accepted 16 bribes last year, contravening company policy, the report said. That was double the number in 2003, and four times the reported number for 2002.” (ShellNews.net) 28 May 05

JUNE 2005

Daily Telegraph (UK): Shell admits rump of stock could trade with new shares: “Shell has pledged to reform its 100-year-old dual Anglo-Dutch structure in the wake of its shock admission that it had overstated its proven oil and gas reserves by 25pc.” (ShellNews.net) 4 June 05

Daily Telegraph (UK): Shake-up at Shell: what shareholders need to know: “Shell, the Anglo-Dutch oil and gas giant, is only just emerging from its annus horribilis of 2004 when it revealed it had over-estimated its proven oil and gas by over a quarter. The shock waves are still being felt, with Shell admitting it will be a few years before it finds more oil and gas than it pulls out of the ground.” (ShellNews.net) 4 June 05

From The Observer (UK): It just won't work: By Ken Wiwa: “It will be 10 years in November since my father was murdered for daring to expose the complicity between Shell and the Nigerian military dictatorship to exploit the oil reserves of my Ogoni community.”: “Only last year, Shell admitted putting a false prospectus to investors…“: Posted Monday, 13 June 2005: Read the article

From the pages of today's NEW YORK TIMES: Shell's Chief Reaffirms Goal of 30% More Output by 2015: “Jeroen van der Veer, chief of the Royal Dutch/Shell Group, said Wednesday that the company would spend more on research, focus on big technology-driven projects and possibly acquire other oil producers and reserves to increase production by 30 percent as planned by 2015. Mr. van der Veer, who took the helm 15 months ago after Shell was forced to admit it had overstated its oil and gas reserves…”: Thursday 23 June 2005: Read the article

Daily Telegraph (UK): Shell shareholders face £80m tax bill: “Oil major accused of 'unacceptable arrogance': “Shell, which has admitted paying $115m in fees, including tax advice during the restructuring, declined to comment. Sources said Shell had tried hard to make the offering fair to as many shareholders as possible.”: Saturday 25 June 2005: Read the article

Just in from Yahoo! News: Shell shareholders prepare to vote on historic merger: “Royal Dutch/Shell has struggled to win back investors' trust after admitting between January 2004 and February this year that it had overstated its proved reserves by almost 6.0 billion barrels and that senior executives were aware of problems long before they were made public.” Sunday 26 June 2005: Read the article

JULY 2005

Mail on Sunday: Oil rules Footsie as Shell tie-up looms: “Shell, which admitted last week that the cost of its giant project on the Russian island of Sakhalin had doubled to £11bn, has now run into problems with a much-delayed £650 million gas project in western Ireland, writes Tom McGhie. The largest infrastructure project in Irish history is being held up by the Mayo Five - a retired teacher, a singer and three farmers - who are refusing to allow Shell to build a pipeline across their land. They are in jail for breaching a High Court injunction preventing them from blocking Shell trucks.”: Sunday 17 July 2005: Read the article

AFX Europe (Focus): Gazprom wants Shell to re-negotiate Sakhalin-2 asset swap terms: “Gazprom now demands that the deal is renegotiated after Shell was forced to admit last week that the cost of the Sakhalin-2 gas field project had overrun by an estimated 10 bln usd and could now cost 20 bln.”: Posted Monday 18 July 2005: Read the article

AFX Europe (Focus): Gazprom wants Shell to re-negotiate Sakhalin-2 asset swap terms: “Gazprom now demands that the deal is renegotiated after Shell was forced to admit last week that the cost of the Sakhalin-2 gas field project had overrun by an estimated 10 bln usd and could now cost 20 bln.”: Posted Monday 18 July 2005: Read the article

The Herald (Scotland): U-turn on Brent oil deaths inquiry: “Keith Moncrieff and Sean McCue died when they were exposed to hydrocarbon gases on the Brent Bravo platform on September 11, 2003. At Stonehaven Sheriff Court in March, Shell, the oil company, admitted three safety breaches which led to their deaths.”: Posted Wednesday 20 July 2005: Read the article

BBC NEWS: Law chief orders rig deaths probe: “  The Lord Advocate said it would be in the "wider public interest" for an inquiry into the deaths of Keith Moncrieff and Sean McCue. They were killed on Shell's Brent Bravo platform in the North Sea in September 2003. Shell was later fined £900,000.”: "Shell admitted a series of health and safety breaches and was fined a record amount on a company following a North Sea accident.": Posted Wednesday 20 July 2005: Read the article

Daily Record (Scotland): OIL RIG DEATHS PROBE U-TURN: “In April, Shell were fined a record £900,000 after admitting blunders leading to the deaths of Mr Moncrieff, of Invergowrie, Dundee, and Mr McCue, of Kennoway, Fife.”: Posted Wednesday 20 July 2005: Read the article

Grampian TV (Scotland): FAI to be held into oil platform deaths: “Earlier this year Shell was fined a record nine hundred thousand pounds after admitting health and safety breaches. The Sheriff who heard the case said there had been a "substantial catalogue" of errors.”: Posted Wednesday 20 July 2005: Read the article

Glasgow Evening News: Inquiry into rig workers' deaths: “After the tragedy, operators Shell revised safety procedures and maintenance issues, admitting there were shortcomings.”: Posted 20 July 2005: Read the article

THE NEW YORK TIMES: Shell Turns a Stock Page but Has Chapters to Go: “A year and a half after a reserve scandal that sank Shell's stock, ended its reputation as a conservative company and forced the ouster of three of its top executives, the company is still remaking itself, analysts and investors say.”: “Shell deflated investor confidence again last week, when it said that costs at the Sakhalin II project, which it is leading, could double to $20 billion, and that the project might be delayed for half a year.”: Wednesday 20 July 2005: Read the article

The Guardian (UK): Ousted Shell chairman begins fight against regulator: “A year ago, the regulator decided to fine the company after discovering "unprecedented misconduct". Sir Philip is not named in the report, but he argues that he could be identified because he was running the company at the time.”: “He left Shell in March 2004 after it had admitted overstating reserves by almost a quarter. The company has been trying to put the episode behind it…”: Monday July 25, 2005: Read the article

London Evening Standard: Sky-high crude price propels Shell to within touching distance of BP: “Shell's profits surged by more than a third in the first half of the year, thanks to record oil prices.”:  “Shell is attempting to win back investor confidence following the scandal last year when it was found to have been grossly exaggerating the amount of oil it had in reserves, waiting to be pumped out of the ground.”: “But investors remain rattled about huge cost overruns at its flagship gas exploration project in Russia. Sakhalin II could end up costing double the expected $10 billion. "We have to say there are certain large projects which don't go well at all," said chief executive Jeroen van der Veer. He denied the blundered project was of lasting damage to the group's reputation.”: Thursday 28 July 2005: Read the article

THE TIMES (UK): Shell's woes mount as it admits cost overruns and delays: “FURTHER delays and soaring expenditure in big energy projects emerged at Royal Dutch Shell yesterday when the company admitted that the start-up of Bonga, a giant offshore Nigerian oilfield, had been pushed back until late this year.“: “Bonga’s budget has already swelled from a $2.7 billion estimate in 2001 to about $4 billion (£2.3 billion).”: Friday 29 July 2005: Read the article

Daily Telegraph: Shell gushes to $10bn in face of Sakhalin costs: “Shell yesterday declared a 27pc increase in first-half profits to $10.17billion (£5.8billion) but admitted that its oil and gas production had fallen by 129,000 barrels a day over the period.”: “Shell's main problem in the second quarter was a huge cost overrun on its landmark Sakhalin project, which aims to tap four billion barrels of hydrocarbons in the frozen sea off the east coast of Russia. The company recently admitted that its costs had doubled to $20billion. Yesterday, Jeroen van der Veer, the chief executive, said: "It is clear we must improve our project management.": Friday 29 July 2005: Read the article

Daily Telegraph: A summary of this week's main business stories: “Shell declared a 27pc increase in first-half profits to $10.17billion (£5.8billion) but admitted that its oil and gas production had fallen by 129,000 barrels a day over the period.”: Saturday 30 July 2005: Read the article

Daily Telegraph: Not bad results this half but UK plc could do better: “… Jeroen van der Veer, chief executive of Shell, whose sums have given so much trouble recently, admitted: "It is clear we must improve our project management.": Saturday 30 July 2005: Read the article

The Times (UK): That was the week: “Further delays and soaring expenditure in big energy projects emerge at Royal Dutch Shell after the oil group admits that the start-up of Bonga, a giant offshore Nigerian oilfield, has been pushed back until late this year.”: Saturday 30 July 2005: Read the article

AUGUST 2005

ENERGY COMPASS: Sakhalin costs overshadow Shell's new start: “Gazprom has already said the new budget will affect the asset swap that it is negotiating with Shell, and analysts estimate it could cost Shell $1 billion in these discussions alone. But it has broader implications for Shell, which… is developing an accident-prone reputation…”: “Costs have spiraled on the Athabasca oil sands project in Canada, on Bonga in Nigeria, and most recently on the Pearl GTL project in Qatar — priced at $5 billion at its launch last year, but now already creeping up to around $6 billion.”: “Questions have also been raised about Shell's management of investor expectations.”: Posted Monday 1 August 2005: READ

Daily Telegraph: Shell ordered to dismantle pipeline: “The Irish government yesterday ordered Shell to dismantle a gas pipeline that has sparked protests in County Mayo.”: “Shell has suspended its £605m project to link the Corrib gas field to an onshore refinery.”: “The pipeline has become a major public relations disaster for Shell, which admitted at its half-year results last week that it needed to drastically improve its project management.”: Tuesday 2 August 2005: Read the article

The Times (UK): Sakhalin project delays may cost Shell $500m: “DELAYS at Royal Dutch Shell’s Sakhalin Energy project in Eastern Siberia could cost the company as much as $500 million (£282 million) in deferred oil revenues next year…”: “Massive cost overruns at the Dutch energy group’s largest oil and gas project were revealed last month when Shell admitted that the project’s budget had doubled to $20 billion…” Thursday 4 August 2005: Read the article

The Times (UK): Rig evacuated after leak: “A North Sea oil platform where two workers were killed was at the centre of another safety scare yesterday after a leak was discovered in one of the rig’s legs.”: “In September 2003 Keith Moncrieff and Sean McCue died after a massive gas escape on board the Brent Bravo platform. Shell was later fined £900,000 after it admitted a series of breaches of health and safety regulations.”: Tuesday 9 August 2005: Read the article

Daily Telegraph: Shell may offer tax-efficient option to its rebel investors: "Shell admitted yesterday that it was considering a new tax-efficient offer for British shareholders in Royal Dutch Petroleum who are refusing to accept the terms of the merger with Shell Transport and Trading.": Saturday 13 August 2005: Read the article

THE SUNDAY TIMES: Shell bosses live high life on oil profits: “Jeroen van der Veer, the chief executive, and fellow senior executives are understood to have bought three new Falcon aircraft for their boardroom fleet at a cost of nearly £60m.”: “The lavish arrangements for directors are partly a result of the company’s bulging coffers.”: “News of the luxury jets comes as the company begins to rebuild its reputation following a corporate scandal. Last year, it was accused of misleading the stock market by overestimating its oil reserves and had to pay £82m in fines.”: Sunday 21 August 2005: READ

SEPTEMBER 2005

Irish Times: FF chair of committee denies he is avoiding Shell issue: “Meanwhile, a senior Shell executive has apologised for describing the proposed trip to Norway by Dr Jerry Cowley (Ind) as "a junket". Corrib gas project manager Mark Carrigy said he regretted using the term in an interview on Mid West Radio.”: Saturday 10 Sept 2005 4: READ

OCTOBER 2005

THE WAY AHEAD: The Future of Ethics: "Shell’s Chief Executive Officer Jeroen van der Veer admits that his company “has been through some tough times over the last year or so” because of “the reserves recategorizations” issue, which itself would not have existed in the first place had all ethical “best practices” been followed.": Posted Monday 24 October 2005: READ

Grampian TV (Scotland): Shell admits failures led to the deaths of two men: “Earlier this year Shell was fined a record nine hundred thousand pounds after admitting health and safety breaches.”: Monday 31 October 2005: READ

NOVEMBER 2005

The Herald (Scotland): Two deaths on Brent rig were our fault, says Shell: “In April, Shell was given a £900,000 fine, equivalent to about an hour of its global profit, after admitting three health and safety offences.”: November 01 2005: READ

The Scotsman: Shell admits corporate failure on rig led to two men's deaths: “"I wish also to emphasise at the outset of this inquiry that Shell will not depart in this inquiry from the rationale which led to the decision to plead guilty last year. "That involves an acceptance of certain deficiencies at a corporate level.”: Tuesday 1 November 2005: READ

The Daily Record: SHELL FAI: OILRIG CREWMEN WERE KILLED BY PATCHED-UP PIPE: “20-minute repair still there after a year, inquiry is told”: “Shell admitted breaching three health and safety regulations and were fined £900,000.”: Tuesday 1 November 2005: READ

BBC News: Oil platform deaths inquiry opens: "Shell admitted breaching three health and safety regulations and received what was thought to be the biggest fine given to a company following a North Sea accident.": Posted Tuesday 1 November 05: READ

The Times: Inquest into oil rig deaths opens: “Earlier this year Shell was fined £900,000 after admitting health and safety breaches in relation to the incident.”: November 01, 2005: READ

Reuters: FSA drops reserves probe into ex-Shell chairman: “Shell shocked investors in 2004 by admitting it had overstated its reserves by around a third. The scandal cost Watts and other senior Shell managers their jobs.”: Wed Nov 9, 2005: READ

The Times: Veteran of Shell learns to float above many a boardroom crisis: Maarten van den Bergh has survived troubled times at the top of some of Britain's leading companies: "Royal Dutch Shell, where he now sits as a non-executive director, where he was president until 2000 and where he began his career in the late 1960s, was forced to admit almost two years ago that it did not have as much oil as it thought it had. The subsequent revisions showed that its system of auditing reserves, for which the board had ultimate responsibility, was in complete disarray.": Wednesday 9 November 2005: READ

Financial Times: Shell's Sakhalin targets too aggressive: "Royal Dutch Shell has admitted to setting overly aggressive targets and miscalculating the challenges of developing its flagship Sakhalin 2 oil and gas project in Russia, which has doubled in cost to $20bn (£11.6bn) and is running about eight months behind schedule.": "The Kremlin suggested earlier this month that it might not approve Shell's request to double the cost of the project...": Wednesday 23 November 2005: READ

DECEMBER 2005

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