Gulf Times: Shell loses appeal to restore LNG jetty approval: “The Royal Dutch Shell Plc-led venture on Russia’s Sakhalin Island may face delays on plans to sell liquefied natural gas to Asia after losing an appeal to reinstate an environmental approval”: “Talks with the European Bank of Reconstruction and Development about funding for the project stalled after the bank found environmental problems”: Sunday, 31 July, 2005: Read the article
The Sunday Times (UK): Mayo council ‘to get Shell windfall’: “Supporters of the Rossport Five — the local landowners who have spent the past month in jail — want Shell to move its operations offshore, but it has emerged that the council, which granted planning permission for an inland terminal, has a strong vested interest in keeping Shell on land.”: “The council will be paid €2m in rates… for downfall pipes, some of which will run through land owned by the Rossport Five.”: “…Mayo county secretary, confirmed last week that conditions laid down… in Shell’s planning permission will result in total payments to the council of about €6.5m from the firm.”: Sunday 31 July 2005: Read the article
The Sunday Times: And Finally ... If Shell is driven away who else will invest in Mayo? “THE people of Mayo know all about boycotts, having coined the word in 1880…”: “In all the fuss surrounding the jailing of the so-called Rossport Five it is easy to lose sight of the fact that Shell is acting entirely within the law.”: “With the world’s media picking up the efforts being made to prevent Shell proceeding with its legally approved project we can’t see the region’s fortunes improving any time soon.”: Sunday 31 July 2005: Read the article
The Sunday Times: Yuppies mark Rossport card: “A city-centre rally in support of the Rossport Five, the jailed Shell pipeline protesters, was heckled by a counter-demonstration staged by four young crusaders styling themselves as "pro-capitalists". “…the impertinent interlopers really seemed to annoy the various Green, Labour, Sinn Fein and independent TDs who have leapt aboard the Rossport bandwagon.”: Sunday 31 July 2005: Read the article
THE WALL STREET JOURNAL: End of an Auto Sale: Exxon Mobil and Shell said earnings climbed more than 30% amid soaring oil prices, but both saw production decline; Sunday July 31, 2005: Read the article
The Observer: And they call this the silly season? “Corporate giants like Vodafone, Rolls-Royce, BP, Shell, and AstraZeneca all came out with results that were - with the exception of beleaguered Shell - rather better than the market had a right to expect.”: Sunday July 31, 2005: Read the article
The Observer: The marketing of Blairism: “You could be forgiven for thinking that think-tanks exert more influence on the Prime Minister than business and unions combined.”: “There is lingering suspicion that think-tanks are skewed by the financial backing of big business. The SMF has a business group that companies like pharmaceuticals giant GlaxoSmithKline and oil major Shell pay over £10,000 to join.”: Sunday July 31, 2005: Read the article
The Independent on Sunday: The week that was: Investors get the jitters as lenders are hit by bad debts: “Meanwhile, Royal Dutch Shell unveiled half-year profits of £5.8bn, or £1.3m an hour. But it doesn't plan to stop there. Shell plans to increase the money spent on exploring for oilfields to £1bn both this year and next year. Investors had been concerned that Shell wasn't doing enough to replace its falling oil reserves.”: Sunday 31 July 2005 : Read the article
Daily Telegraph: The Sakhalin Island indicator to oil prices: Protest forces Shell delay: “Sakhalin is already 100pc over budget at $20billion and contractors are demanding more and more cash. Given that one of them was found stabbed in his apartment last week, they probably deserve it.” Saturday 30 July 2005: Read the article
Daily Telegraph: Fish protest forces Shell to delay oil terminal: “Shell ran into another obstacle on its Sakhalin project yesterday after a Russian court ruled against the construction of a quay on the island.”: “The European Bank for Reconstruction and Development is mulling over whether to continue lending money to the project, in the face of furious environmentalists who have taken full-page newspaper advertisements to protest against Shell.”: Saturday 30 July 2005: Read the article
Irish Independent: Pipe protests are costing fuel giant 100,000 a day: “Last week, Minister Noel Dempsey said he believed that the company had breached the permissions it was granted and had asked Shell for an immediate response, which is currently being considered by the minister.”: Saturday July 30, 2005: Read the article
Irish Examiner: Shell axes 56 jobs as a result of pipe protests: “Mark Carrigy, operations manager for Shell EP Ireland, claimed protesters had been obstructing non-pipeline work and as a result the sub-contractors were forced to cut employee numbers.”: “The job losses come as five men jailed over their protests against the pipeline brothers Philip and Vincent McGrath, Micheal O'Seighin, Willie Corduff and Brendan Philbin were completing their fifth week behind bars.”: Saturday 30 July 2005: Read the article
RTE (Ireland): Shell announces 56 more Corrib lay-offs: “The company… blamed continuing protests at its sites in Mayo”: Posted Saturday 30 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
Daily Mirror (UK): GROTESQUE: Union blasts Shell's £372 a second profit: “SHELL sparked outrage yesterday by revealing profits of £372 a second.”: “Union Amicus called the profit "grotesque" and accused Shell of putting cash before staff safety. The company was fined £900,000 in April for health and safety lapses over the deaths of two Scottish workers in 2003. Keith Moncrieff, 45, and Sean McCue, 22, were overcome by gas on the Brent Bravo platform.”: Friday 29 July 2005: Read the article
The Wall Street Journal: Exxon, Shell Profits Climb Sharply: "The company, which earlier this month disclosed budget overruns and a half-year delay at its massive Sakhalin II gas project in Russia, said yesterday that production at its giant offshore oil field in Nigeria, Bonga, would be delayed once again, though just by a few months.": Friday 29 July 2005: Read the article
THE NEW YORK TIMES: High Energy Prices Boost 3 Oil Companies: “Repeated restatements of its oil reserves last year cost Shell, one of the world's largest oil producers with BP PLC and Exxon Mobil, almost $150 million in fines imposed by U.S. and British regulators and led to the dismissal of three senior executives.”: Friday 29 July 2005: Read the article
Financial Times: Shell's first results as a single group disappoint: “Shell, which this month united its Dutch and UK holding companies, is struggling to keep up. It lags behind competitors in production growth, faces lawsuits in the US over false reserves statements and announced a $10bn cost overrun at Sakhalin-2, the flagship Russian project. There was further bad news yesterday from Jeroen van der Veer, Shell chief executive, who said that Bonga, one of Shell's most important projects in Nigeria, would also be delayed.”: Friday 29 July 2005: Read the article
The Guardian (UK): Shell meets its match in the Rossport Five: “Suddenly, the issue became one of the biggest news stories of the year and, as the Irish Examiner called it, "a major public relations disaster for the Shell corporation".: "The "Rossport Five" were jailed at the specific request of the company, which had obtained compulsory purchase orders for the land in question - the first time in Irish history that such an order was granted to a private company. The five will remain in jail until they undertake not to obstruct the company.": "Shell officials misjudged the situation…”: “July has seen huge rallies in support of the men in Co Mayo and in Dublin, the picketing of Shell garages nationwide, and round-the-clock blockades of the refinery construction site.”: Friday 29 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
The Guardian (UK): Shell's big profits fail to impress City: “The City was less than impressed with yesterday's figures, which were below expectations. "Shell has a relatively weak competitive position, limited organic growth opportunities, poor reserve replacement record and its project management is poor," according to Barclays analyst Andrew Fisher.”: Friday July 29, 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
Lloyds List: Investment concern as Shell earnings soar: Capital expenditure figure for year of $15bn excludes cost overruns on Sakhalin II, writes Martyn Wingrove: “STRONG oil prices have sent unified Royal Dutch Shell's earnings into a 26% rise in the second quarter, but there are concerns over rises in capital investments on Russian projects.”: Friday July 29, 2005: Read the article
Lloyds List: LPG sale process gains momentum: “Shell is about to take a step forward in the oil major's efforts to sell its liquefied petroleum gas business, writes Tony Gray. The group will soon open a 'data room' to allow serious potential bidders access to all the information needed to assess the business' value.”: Friday July 29, 2005: Read the article
RedNova News: EBRD Raps Sakhalin 2 Gas, Oil Project Over Environmental Concerns: “The so-called Sakhalin 2 natural gas and oil development project involving Japanese trading houses has suffered a fresh setback after the European Bank for Reconstruction and Development said the project lacks environmental awareness.”: Posted Friday 29 July 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
Financial Times: Disappointment as Shell reveals weak results: “Shell, which this month united its Dutch and UK holding companies, is struggling to keep up. It lags behind competitors in production growth, faces lawsuits in the US over false reserves statements and announced a $10bn cost overrun at Sakhalin-2, the flagship Russian project.”: Thursday 28 July 2005: Read the article
The Independent: Shell reports £1.3m-an-hour profits: “The oil giant Royal Dutch Shell unveiled half-year profits of £5.84 billion today, as it posted its first results as a unified company.”: “The Anglo-Dutch group swept aside 100 years of history with its unification last week - a move designed to eliminate the failings that led to the reserves fiasco.”: Thursday 28 July 2005: Read the article
THE WALL STREET JOURNAL: Shell's Net Jumps 35% On High Oil Prices: “Shell, still recovering from a scandal over the downsizing of its oil reserves, also said it will boost spending on exploration to an annual $1.8 billion in 2005 and 2006.”: Thursday 28 July 2005: Read the article
THE TIMES (UK): Bumper spending knocks Shell: “It said its spending programme would also reflect its involvement in Sakhalin II, the Siberian gas project where the budget has now doubled to $20 billion.”: Thursday 28 July 2005: Read the article
Financial Times: Shell sets deadline for LPG bidders: Thursday 28 July 2005: Read the article
Irish Independent: A lack of information: “The debacle surrounding the Corrib gas project is a monument to miscommunication, misinformation and misrepresentation, whether intentional or not”: Thursday July 28, 2005: Read the article
Irish Times: Mayo gas pipeline controversy: “Shell now tells us it has been meticulous in observing environmental regulations. Would this be the same Shell oil giant which has removed billions of dollars worth of oil from the Niger delta while flouting environmental regulations for decades?: Thursday, July 28, 2005: Read the article
AFX Europe (Focus): Shell makes 2 finds in Nigeria's 'Big Cat' prospects: Thursday July 28, 2005: Read the article
AFX Asia (Focus): Shell says asset swap with Gazprom to proceed despite Sakhalin cost overruns: “Van der Veer told reporters in a conference call that Shell and Gazprom are currently engaged in "detailed negotiations" on the terms of the swap following the signing of a framework agreement on July 7.”: “He was commenting on newspaper reports that Gazprom felt short-changed with the exchange, given that the cost overruns and delays at Sakhalin have effectively reduced the value of the asset.”: Thursday July 28, 2005: Read the article
ShellNews.net: NOT ALL BAD NEWS FOR SHELL: 15.45: Thursday, 28 July 2005: Read the article
Financial Times: Case of ex-Shell chief could make life complicated for FSA: “Sir Philip's beef stems from the FSA's decision to fine Royal Dutch Shell £17m last August for overstating its oil and gas reserves between 1998 and 2003, when he served in several senior executive roles.”: Thursday 28 July 2005: Read the article
BLOOMBERG: Shell 2nd-Qtr Profit Misses Estimates as Output Falls (Update4): “Royal Dutch Shell Plc, Europe's second- biggest oil company, posted lower-than-expected profit for the second quarter as production fell.”: “Shell Chief Executive Officer Jeroen van der Veer's goal this year is to stem production declines as competitors forge ahead with increases in output. He said today that an offshore project at Bonga, Nigeria, was further delayed after saying July 14 that costs to develop the Sakhalin venture in Russia, the world's largest oil and gas project, may double to $20 billion.”: “Shell shares last year lagged behind its competitors after the company said in January 2004 that it had misled investors on the size of its reserves.”: Thursday 28 July 2005: Read the article
The Guardian: Shell announces £5.8bn profits: “Last year, Shell was hit by a reserves scandal which saw it forced to downgrade its oil reserves by around one fifth. The extra injection of cash for exploration is designed to allay investor concern that the oil giant is struggling to replace its reserves. Two weeks ago, Shell announced that its exploration and production unit had suffered a new setback when it revealed that its flagship Sakhalin II gas project was likely to cost $20bn - twice its original budget.”: Thursday 28 July 2005: Read the article
MosNews (Russia): Sakhalin-2 LNG Project Under Fire From Environmentalists, Lenders: “Sakhalin Energy, the operator of the Sakhalin-2 oil and gas project, was compelled to suspend the construction of a liquefied natural gas (LNG) plant because of strong protests from environmentalists.”: “The court’s decision could lead to a revision of not only the investment component of the project, but also of the timeline for the pipeline’s commencement, with 2008 being the deadline. Such a situation cannot satisfy the investors…”: “Kyodo News reported on Thursday, July 28, that the European Bank for Reconstruction and Development has decided against giving Sakhalin Energy a loan…”: Thursday 28 July 2005: Read the article
Reuter: Royal Dutch Shell profits soar on high oil: “Royal Dutch Shell the world's third-largest oil firm by market capitalisation, reported a more than 20 percent jump in second quarter profits on Thursday on the back of high oil prices.”: Thursday 28 July 2005: Read the article
BBC TV NEWS: Shell rides on soaring oil prices: “The Anglo-Dutch group was finally unified last week in a bid to rebuild investor confidence after last year's oil reserves debacle. Previously the company had been co-owned by British and Dutch holding firms.”: Thursday 28 July 2005: Read the article
Chicago Daily Herald, IL: Shell settles suit over tainted landfill soil: “Shell Pipeline Co. LP has agreed to pay $155,000 worth of fines — including $50,000 to go to a Kane County recycling program — as a penalty for dumping benzene-tainted soil…”: Thursday 28 July 2005: Read the article
KWQC.com: Company to pay fine for dumping contaminated soil: “Houston-based Shell Pipeline has agreed to pay a 105-thousand dollar civil penalty and donate 50-thousand dollars to a recycling program for dumping contaminated soil…”: Thursday 28 July 2005: Read the article
Reuters: Iran: Door open to foreign investors: “Legislators have accused oil giant Royal Dutch Shell, which operates Iran's 200,000 barrels per day offshore Soroush and Nowruz oilfields, of "cultural imperialism".”: Posted Thursday 28 July 2005: Read the article
Irish Times: Court rules out challenge to Shell planning permission: Posted Thursday 28 July 2005: Read the article
Eurasia Daily Monitor: SAKHALIN ENERGY PROJECTS FACE REALITY CHECK: Costs skyrocket for off-shore Sakhalin energy projects: “Royal Dutch/Shell has raised cost estimates for Sakhalin-2 and postponed the first LNG shipment from the end of 2007 to summer 2008. Shell CEO Jeroen van der Veer has conceded an "absolutely staggering" $10 billion cost overrun on Sakhalin-2.”: “Moreover, Russia's gas giant Gazprom has agreed to swap a 50% stake in its Siberian Zapolyarnoye gas field for a 25% stake in Sakhalin-2. But earlier this month, Gazprom indicated that it now considered Royal Dutch/Shell's assets on Sakhalin to be worth less after Shell raised the project's cost estimates.”: Wednesday 27 July 2005: Read the article
London Evening Standard: CITY SPY: “STRANGE and sinister story in Real IR magazine. It seems Shell may have found an innovative way of curbing difficult questions at investor meetings.” Posted Wednesday 27 July 2005: Read the article
Daily Express (UK): Boss in Shell scandal starts legal fightback: “… Watts' counsel, David Pannick, claimed Watts could be easily identified by any "reasonable reader". This was because the notice referred to Shell's annual report, signed off by Watts, which contained false reserves statements, and to a Shell-commissioned report into the scandal, naming him among others. This had led to "contemptuous press coverage".: Posted Wednesday 27 July 2005: Read the article
ShellNews.net: Former Shell PR veteran, Paddy Briggs, traces the firm's reputational demise: “the reputation of Shell has been destroyed by hypocrisy, mendacity and deceit.": 09.25: Wednesday 27 July 2005: Read the article
Financial Times: BP result hit by costs of US incidents: “Anyone can make money with oil at $60 a barrel but the question is who can make the most hay in today's sunshine. Compared to Shell, its closest European rival, the answer is BP.”: Wednesday 27 July 2005: Read the article
Ulster TV: Compound linked to Mayo pipeline closed: “Shell To Sea, a group which opposes the building of the pressure pipeline, said the closure of the compound at Glengad, Erris, Co Mayo, was a tribute to the struggle of hundreds of people who had campaigned against the pipeline.”: Wednesday 27 July 2005: Read the article
THE NEW YORK TIMES: Wasted Energy: “LATELY there has been much grandstanding about the dangers of the bid by a government-backed Chinese oil company, Cnooc, for Unocal.”: ““In August 1934, Walter Teagle of Standard Oil and Henri Deterding of Royal Dutch Shell lobbied Washington to frighten Japan into moderation by hinting at a cutoff of American oil exports. The State Department demurred, but mutual tension over oil supplies escalated into paranoia and contributed to the build-up to World War II.”: Wednesday 27 July 2005: Read the article
BBC Russian Service (Western Siberia): Siberian oil far from politics : “Like all the other oil majors, Shell can hardly put Russia, which accounts for almost 10% of the world's oil, aside - no matter how harsh the weather in Siberia or in Moscow's high offices.”: Posted Wednesday 27 July 2005: Read the article
RTE Ireland: Shell blames protests for lay-offs: “Shell has announced that it is to lay off 35 workers at the Corrib gas pipeline in County Mayo. The company said the decision was made as a result of the continuing protests taking place at its sites in Mayo.” Posted Wednesday 27 July 2005: Read the article
ShellNews.net: An Expert Assessment of Shell’s Reputation: "On occasion, a company's activities can acquire so much bad publicity that the brand is damaged beyond repair.": 18.28. Tuesday 26 July 2005: Read the article
RTE NEWS (Ireland): Shell to respond to allegations: “On Saturday the Minister for Natural Resources, Noel Dempsey, said he believed that the company has breached the permissions it was granted and had asked the company for an immediate response.”: Tuesday 26 July 2005: Read the article
IrelandOn-Line: Shell chairman: Protestors can end dispute: “As the men began their fifth week behind bars Andy Pyle, Shell Ireland chairman, said it was difficult to see a way forward unless they purged their contempt. “We have looked at all the alternatives that could make a breakthrough here, as I say it was very clear in court yesterday that nothing could be done until the five landowners purge their contempt,” Mr Pyle said. “I think the case is clearly in their hands.”: Tuesday 26 July 2005: Read the article
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: Read the article
From the pages of today's WALL STREET JOURNAL: Oil Profits May Be Peaking: "Shell recently announced that its giant gas development in Sakhalin, Russia, could cost as much as $20 billion, twice the original estimate.": TUESDAY 26 JULY 2005: Read the article
Daily Telegraph: FSA says that reserves report targeted corporate personality, not individuals: FSA dismisses claim as nonsense: Tuesday 26 July 2005: Read the article
THE LONDON TIMES: Need to know: “The Financial Services Authority has dismissed as “nonsense” an appeal before the Financial Services and Markets Tribunal by Sir Philip Watts, the former Royal Dutch Shell boss, that the regulator’s report into Shell’s reserves scandal unfairly damaged his reputation.”: Tuesday 26 July 2005: Read the article
The Guardian (UK): Ex-Shell chief seeks to clear his name: “…his legal team argue that the Financial Services Authority had damaged his reputation when it fined Shell a record £17m a year ago for "unprecedented misconduct". The fine followed the admission by the Anglo-Dutch group that it had over reported its reserves by almost a quarter.”: “For the FSA, Lord Grabiner said that Sir Philip was using the tribunal to "take on the media" which used the Shell fine to identify him.”: Tuesday July 26, 2005: Read the article
The Independent (UK): Former Shell chairman accuses FSA of prejudice: “Representing the FSA, Anthony Grabiner QC dismissed Mr Pannick's claims, insisting that Sir Philip was not identified or prejudiced by its announcement of the fine. 'This is all nonsense,' he said.”: Tuesday July 26, 2005: Read the article
Financial Times: Former Shell boss challenges the FSA to launch proceedings: “Yesterday's one-day hearing was Sir Philip's first legal move since he was forced to resign from Shell in March 2004, following the company's admission that it had incorrectly booked nearly 4bn barrels of oil and gas.”: Tuesday 26 July 2005: Read the article
Financial Times: Watts new? Hardly: “He was even still wearing the shell-shaped ring that had always seemed to be a token of his corporate loyalty. It turns out to have been his wedding ring.”: Tuesday 26 July 2005: Read the article
Financial Times: Sir Philip Watts and the Markets Tribunal: “Beware of what you boast. When the Financial Services Authority fined Royal Dutch Shell £17m last summer for market abuse, the regulator pointedly referred to the "speedy resolution" of the case…”: Tuesday 26 July 2005: Read the article
BLOOMBERG: Watts Accuses U.K.'s FSA of `Mischief' in Shell Reserves Probe: “The regulator, which didn't mention Watts's name in the penalty notice, rejected the accusations and said it's still probing Watts.”: “The watchdog's imposed a record 17 million-pound ($30 million) fine on Shell last year amid investor lawsuits, the loss of the company's top-tier credit rating and the departure of Watts and two other executives. Clearing his name may provide Watts with ammunition for a defense in any class-action suits against him.”: Posted Tuesday 26 July 2005: Read the article
Irish Times: Controversy over Mayo gas pipeline: “This giveaway agreement was presided over by a government led by CJ Haughey, and the terms were arranged by the then Minister who dealt with such affairs, Ray Burke. This man has since been investigated and found to have engaged in a mass of corrupt and illegal dealings, and has served a jail term.”: Tuesday July 26, 2005: Read the article
Irish Times: Minister will not interfere in Shell High Court case: “Commenting after yesterday's High Court hearing, a spokeswoman for the Minister said this position was "absolute" and was not influenced by the fact that Shell E&P Ireland has been found to be in breach of ministerial consents.”: Tuesday July 26, 2005: Read the article
Irish Independent: Back to jail after 'Rossport 5' again fail to purge contempt: “Earlier, Mr Rogers described as "an audacious suggestion" the terms of a letter from Shell which was opened in court and stated by the company as maybe providing an opportunity for the protesters to purge their contempt.”: Tuesday 26 July 2005: Read the article
London Evening Standard: Ex-Shell boss in showdown with FSA: “The case is crucial for Watts as the US Department of Justice is 'still evaluating' criminal action against Shell directors.”: “Watts is named in US class action lawsuits seeking 'unspecified damages' from present and former directors.”: Monday 25 July 2005: Read the article
ShellNews.net: Why has Ex-Shell Boss Watts brought proceedings against the FSA who did not name him in their Shell reserves scandal report but not against publishers and broadcasters who have named him in connection with the debacle?: 00.10 Tuesday 26 July 2005: Read the article
London Evening Standard: Ex-Shell boss aims 'to put record straight': “Watts is accusing the Financial Services Authority of blackening his name by association in its report into the oil giant's disastrous over-reporting of how much oil it had in its reserves.”: Monday 25 July 2005: Read the article
THE WALL STREET JOURNAL: Venezuela Hits Oil Firm With Back-Tax Bill, Fine: “Last week, Royal Dutch Shell was the first foreign oil company to receive a tax bill and fine from the Seniat.”: Monday July 25, 2005; Page A13: Read the article
THE WALL STREET JOURNAL: The Leapfrog Strategy: Monday 25 July 2005: Read the article
Daily Telegraph: After the oil furore Shell and BP need to impress: “The merger of Shell's two operating subsidiaries to form one company has already focused attention on the group. In addition, Shell's former chairman Sir Philip Watts will appear at a preliminary hearing today over whether the Financial Services Authority should have given him a chance to respond before publishing its report into Shell's overstatement of its reserves last year.”: Monday 25 July 2005: Read the article
Financial Times: Ex-Shell chief to challenge FSA ruling: “Sir Philip Watts, former chairman of Royal Dutch/Shell, is due to challenge the Financial Services Authority at the Financial Services and Markets Tribunal today.”: “He claimed he had been "identified and prejudiced" when the regulator fined Shell £17m in August 2004 for misleading the market by overstating its oil and gas reserves between 1998 and 2003.”: Monday 25 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
BLOOMBERG: Exxon, Shell, BP Profits Probably Surged Amid Record Oil Prices: “Finding new reserves and raising production is increasingly difficult. Two-thirds of Shell's most prospective wells in 2004 were dry holes…”: “Shell, based in The Hague, said July 14 that costs to develop its Sakhalin field in Russia, the world's largest oil and gas project, may double to $20 billion…” Monday 25 July 2005: Read the article
Irish Times: Dempsey sets up body to monitor gas project: “The development comes as Shell E&P Ireland is under pressure to lift its injunction imposed on north Mayo residents who are opposed to the pipeline, following its admission of a "technical breach" of ministerial consents. Five local men have been in prison for a month over their breach of the injunction.”: “More than 2,000 people rallied in support of the five men in Dublin on Saturday.”: Monday July 25, 2005: Read the article
Irish Independent: Shell pushed to set Rossport protesters free: “Oil company welded together 3km of pipeline without State's consent”: “Labour party leader Pat Rabbitte said yesterday that Shell's admission that it breached regulations provided a window of opportunity to end the dispute which saw the Mayo men jailed for contempt.”: Monday 25 July 2005: Read the article
BizWorld: Govt asks Shell to explain new work: “Government inspectors have confirmed that Shell carried out unauthorised works on its controversial pipeline at Rossport in Co Mayo.”: “The inspections have confirmed allegations by supporters of the five local men imprisoned for protests against the pipeline.”: “The Department has now written to Shell chairman Andy Pyle, telling him that the work was unauthorised and seeking an explanation.”: Monday, July 25 2005: Read the article
IrelandOn-Line: Rabbitte calls on shell to free ‘Rossport Five’: “Labour Party leader Pat Rabbitte today called Shell on to waive the injunction against the ‘Rossport Five’ by lifting a High Court injunction against them.”: Sunday 24 July 2005: Read the article
THE BUSINESS: BP overtakes Shell on profits: “Jonathan Wright at Citigroup said: "We look for BP to be the star performer of the results season while Royal Dutch Shell causes us concerns with the risk of further project delays." : Sunday July 24, 2005: Read the article
The Business: Shell field off Nigeria risks more delays: “Royal Dutch Shell's flagship $2.7bn (£1.5bn, €2.2bn) Bonga project off Nigeria is believed to be suffering damaging delays, just a week after the company stunned investors by doubling the costs of its Sakhalin gas project to $20bn.”: Sunday July 24, 2005: Read the article
The Business: From Madagascar to the Faroes, oil companies seek out the last frontier: “…Royal Dutch Shell has appointed 80 staff to a new exploration division centred on exploring the waters around the Faroes. That is ten times what it should need to manage its one exploration licence, pointing at a push in the region.”: Sunday July 24, 2005: Read the article
The Business: Warlords in Nigeria fall out over who has oil riches: “… Shell is the most vulnerable to unrest in the Delta. Its joint venture with Nigeria's state oil company turns out 1m barrels per day, making it the second largest oil producer in the Shell Group worldwide. Approaching 30% of all oil reserves controlled by Shell are found in Nigeria. Asari is aware of the company's vulnerability - his last round of attacks forced Shell briefly to evacuate 254 staff from the Delta.”: Sunday July 24, 2005: Read the article
THE NEWARK STAR-LEDGER: Hearing in Newark could determine fate of Shell lawsuit: “…securities fraud case against the world's third-largest oil company. The hearing before U.S. District Chief Judge John Bissell gets to the heart of the case against Royal Dutch/Shell Group.”: “It isn't clear how many people were affected by the alleged fraud. But the case is regarded as one of the most significant securities fraud actions because of the size of the company and the length of the class period, which is roughly five years. It is being closely watched by regulators and lawyers around the world.”: Posted Sunday 24 July 2005: Read the article
ShellNews.net: Shell still under heavy fire in US Courts: Latest on US Class Action hearing against Royal Dutch/Shell: Updated 11am Sunday 24 July 2005: Read the article
ShellNews.net: Newark Star-Ledger report on the multi-billion dollar US Class Action reserves scandal lawsuit against Royal Dutch/Shell and named former and current directors, including Royal Dutch Shell CEO Jeroen van der Veer and Shell E & P Executive Director, Malcolm Brinded: 1.40am: Sunday 24 July 2005: Read the article
THE SUNDAY TIMES (UK): Shell ‘breached’ pipeline consent: “THE government has ordered Shell to explain why the oil company appears to have breached the terms of permission it was given to carry out work on the controversial Corrib gas pipeline in Mayo.”: The Department of the Marine made another embarrassing climbdown concerning the project last month, when it emerged that an “independent” risk assessment of the pipeline was being carried out by a company jointly owned by Shell and BP.”: Sunday 24 July 2005: Read the article
The Observer: Shell's cracks still showing: “…with exquisitely appalling timing - a week before the unification - Shell announced that one such scheme, its much-vaunted Sakhalin-2 liquefied natural gas project, was $10 billion over budget and well behind schedule.”: “Not only will this hurt the return Shell can make on the project, but it also hurts its credibility…”: “Now there are mutterings about further management heads rolling, with the focus on exploration and production head Malcolm Brinded.”: The new company has not had a harmonious birth and still looks a long way from finding its feet, let alone catching up with the likes of Exxon and BP on fundamentals.”: Sunday July 24, 2005: Read the article
THE SUNDAY BUSINESS POST (IRELAND): Rossmore Five: Party loyalties split in battle over pipeline: “The ‘Free the Rossport Five' campaign offers considerable scope for broadsides on the government's policy towards Shell - from the safety of the pipeline to tax reliefs and their exemption from paying royalties to the state.”: Sunday 24 July 2005: Read the article
THE SUNDAY TIMES: Anti-gas group is right to raise fears: “THE effect of your editorial (Five have had their say, last week) is either completely to misunderstand the nature of the Corrib pipeline dispute or to misrepresent it.”: Sunday 24 July 2005: Read the article
THE SUNDAY TELEGRAPH: Money to burn: “If BP and Shell were to gear up to about 30 per cent of capital employed, Citigroup reckons their yields would be pushed well into double digits, from around 7 per cent now. That prospect is another good reason to own oil.”: Sunday 24 July 2005: Read the article
The Observer: Oil prices fuel record profits for BP and Shell: “Shell chief executive Jeroen van der Veer is under pressure from investors following revelations of $10bn cost overruns on its Sakhalin-2 project off the east coast of Russia. Analysts are concerned about any further slips on major projects. One broker said: 'Several of our clients have expressed their doubts about Shell's performance. They are looking for no surprises on Thursday.”: Sunday 24 July 2005: Read the article
The Observer: The high price of investing in oil's future: Sunday 24 July 2005: Read the article
THE NEW YORK TIMES: Shell says it faces sanctions in Iran: “Royal Dutch Shell PLC disclosed in a filing this week that it faces risks of U.S. sanctions in Iran.”: Posted Saturday 23 July 2005: Read the article
The Independent (UK): Shell's game of two halves comes to an end: “Shell has also created a single board, after blaming its dual-nationality structure for the disasters of recent years. It had been overstating its reserves of oil, and had to fess up last year. But only last week the company revealed the development of its Sakhalin natural gas field in Russia was 100 per cent over budget, a whopping extra cost of $10bn (pounds 5.8bn) which had not even been hinted at when Shell sold part of the field earlier this month.”: "You wouldn't bet there aren't other unpleasant discoveries still to be made and for new investors, BP is a better bet.": Saturday 23 July 2005: Read the article
ShellNews.net: Yet another PR disaster for Shell after Nigeria, Brent Spar, the reserves debacle and the $10 billion cost overrun on the Sakhalin-2 project: now the Corrib Irish pipeline "cause célèbre": 16.45pm: Saturday 23 July 2005: Read the article
IrelandOn-Line: Shell accused of breaching terms of Corrib construction: “Noel Dempsey, the Natural Resources Minister, has accused the company behind the controversial gas pipeline in Co Mayo of breaching the consents given to it to carry out work…”: “Mr Dempsey says the breaches are “very serious” and has called on Shell to respond immediately.”: Saturday 23 July 2005: Read the article
RTE NEWS (IRELAND): Dempsey concerned over Shell pipeline: The Minister said Dept officials had carried out an inspection at the site earlier this week and subject to further legal advice, it was his view that a breach of the consents given to Shell in relation to the pipeline had occurred. He said a letter had been written to the company asking them to respond to this and he was regarding the matter as 'very serious'.”: “Meanwhile, up to 2,000 people have gathered in Dublin to protest at the jailing of five Co Mayo landowners who were sent to prison four weeks ago for breaching a High Court order.”: Saturday 23 July 2005: Read the article
Ulster TV: Shell rejects Mayo pipeline claims: “Shell has rejected claims that it has breached the consents it got from the Irish Department of Natural Resources to begin preparations for its controversial gas pipeline in County Mayo.”: Saturday 23 July 2005: Read the article
IrelandOn-Line: Shell responds to Minister's letter: “Shell also acknowledged there may have been a "technical breach" of the consent and said it would work to ensure "no possible departures from the terms of the Minister's consent occur in the future".: Saturday 23 July 2005: Read the article
Financial Times: Shell seeks targets on fuel from plants: “Royal Dutch Shell has called for compulsory targets on the amount of transport fuel to come from plants, an environmentally friendly energy source known as biofuel.”: Saturday 23 July 2005: Read the article
Financial Times: Bid talk and Shell shake-up help Footsie: “While Royal Dutch Shell now trades as a single entity, accounting for about 8.2 per cent of the FTSE All Share, it somewhat confusingly has two shares quoted on the London Stock Exchange. Shares in the Dutch company were converted into 'A' shares while 'B' shares were derived from Shell Transport & Trading, the UK business.”: Saturday 23 July 2005: Read the article
The Guardian (UK): Coke is still world's most valuable brand: “Coca-Cola was yesterday named the world's most valuable brand for the seventh successive year in an annual ranking of the top 100.”: “Shell… 90th: Saturday 23 July 2005: Read the article
DAILY TELEGRAPH UK: New Shell formulation will take time to settle down: SATURDAY 23 JULY 2005: Read the article
Daily Telegraph (UK): Former Shell chairman to challenge FSA findings: “Sir Philip's law firm Herbert Smith has claimed the FSA published its findings in undue haste. The FSA fined Shell £17m for market abuse and breaching the listing rules.”: “Shell yesterday sought to distance itself from comments made by its interim chairman Aad Jacobs to the Financial Times.”: Saturday 23 July 2005: Read the article
Irish Times: Labour urges Dail recall over Dublin Port and Shell issues: “…a day of protest was held at Shell and Statoil outlets by the Shell to Sea campaign over the imprisonment of Rossport residents…”: Saturday 23 July 2005: Read the article
Financial Times: Jacobs hints at succession concerns within Shell: “Aad Jacobs, Royal Dutch Shell's interim chairman, said the company was seeking a successor for him who was neither British nor Dutch to avoid upsetting the power balance within the oil major.”: “His comments contradicted earlier statements by Shell executives that nationality would not be a factor in the succession.”: “…Sakhalin-2, Shell's flagship Russian gas project, is running months behind schedule and is presently $10bn (£5.7bn) over budget. The shock announcement threw into question a key asset swap that Shell had signed with Gazprom just one week previously.”: Friday 22 July 2005: Read the article
Daily Telegraph (UK): Shell shares slide on second day of training: Friday 22 July 2005: Read the article
Irish Independent: No u-turn on pipeline – Dempsey: “COMMUNICATIONS, Marine and Natural Resources Minister Noel Dempsey has insisted there will be no renegotiation of the lease between the Irish Government and Shell which has led to the controversial Shell Corrib gas pipeline.”: Friday July 22, 2005: Read the article
Waterford News: Trade union movement urged to take lead in fighting Shell: The refusal of Shell to abandon the gas pipeline, which is being built not far from people’s houses — a situation that even Minister for the Marine Noel Dempsey has admitted is unprecedented — and the continued imprisonment of the Rossport 5, demands that the campaign be stepped up.”: Friday, July 22, 2005: Read the article
THE WALL STREET JOURNAL: Cnooc's Ambitions Stunted: "Cnooc could face stiff competition from other bidders if it tried to grab Woodside, which is 34%-owned by Royal Dutch Shell PLC.": Friday 22 July 2005: Read the article
SocialFunds.com: Shell Doubles Cost Projections of Sakhalin II, Project Critics Redouble Opposition: “Last year, Shell rocked the business world when it revised its proven oil reserves by 20 percent, later revealing that top executives had foreknowledge of mistakes in reserve statements. Last week, Shell again sent out shock waves when it revised cost projections twofold for its Sakhalin II project, upping estimations from $10 billion to "the order of $20 billion": “Is there a connection between these two revisions?”: “Shell is saying we should trust them, but increasing evidence demonstrates exactly the opposite conclusion--that they can't be trusted." Friday 22 July 2005: Read the article
SHELLNEWS.NET: WHY WE CAN’T BE SURE OF SHELL: SocialFunds.com article identifies a common denominator between the reserves scandal and Sakhalin-2 cost overrun debacle: the issue of trust: 9.52am Friday 22 July 2005: Read the article
Ireland On-Line: Protestors seek boycott of Shell and Statoil stations: “Supporters of the so-called Rossport 5 are calling on the public to boycott Shell and Statoil filling stations today.”: “Five of the residents have been in jail for more than three weeks for breaching an injunction ordering them not to obstruct work on the pipeline, which is being laid on their land.”: Friday 22 July 2005 Read the article
Western People: No sign of resolution to Rossport impasse: “Shell E&P Ireland (SEPIL) is in ongoing negotiations to try to get the personnel involved in the Corrib gas project back to work. In the region of 350 workers employed in various aspects of the project have not been working since supporters of the Rossport 5 mounted a protest at Bellanaboy on Monday, July 4 last.”: Posted Friday 22 July 2005: Read the article
Globe and Mail ( Canada): Shell's latest fiasco rooted in critical skills shortage: “Royal Dutch Shell had its debut on the London Stock Exchange this week but trading in the shiny new merged shares was overshadowed by yet another management fiasco…”: “It's another blow to the company's reputation, shredded in last year's reserves scandal…”: Posted Friday 22 July 2005: Read the article
EXTRACTS FROM WOOD MACKENZIE JULY 2005 REPORT: Upstream Insights: Has Gazprom finally got a share of Sakhalin-2 LNG? (PUBLISHED BEFORE SHELL'S SHOCK $10 BILLION OVERRUN ANNOUNCEMENT) Posted 22 July 2005: Read the report
BLOOMBERG: Shell Canada 2nd-Qtr Profit Rises to Record C$526 Mln (Update3): Read the article
ShellNews.net: ANOTHER BAD NEWS DAY FOR SHELL: LONDON TIMES ARTICLE IMPLIES THAT SHELL ISSUED A FALSE PROSPECTIVE FOR ITS MERGER: THE INDEPENDENT SAYS THAT SHELL IS “RUDDERLESS”: FT CLAIMS THAT INVESTORS DUMPED THE NEW UNIFIED SHELL SHARES ON THEIR DEBUT DAY AND REVIVES DESIRABLE PROSPECT OF TOTAL/SHELL MEGA-MERGER: 9am: Thursday 21 July 2005: Read the article
THE WALL STREET JOURNAL: Shell's Unified Stock Declines In First Day of London Trading: “Until yesterday, the Anglo-Dutch oil group had been controlled by two separate, listed companies: Amsterdam-listed Royal Dutch Petroleum Co., which owned 60%, and London-listed Shell Transport & Trading Co., which owned 40%.: Thursday 21 July 2005: Read the article
THE TIMES (UK): Shell failed to disclose spiralling costs in merger prospectus: “SHELL failed to disclose in its merger prospectus the massive cost overruns at Sakhalin II, the Siberian gas project whose budget has doubled to $20 billion (£11.5 billion).”: “Last week Shell revealed that Sakhalin costs would be “of the order of $20 billion”. However, the listing particulars published on May 19 stated: “Overall investment in the Sakhalin II project is expected to be over $10 billion.”: “The Financial Services Authority would not comment on Shell’s listing particulars yesterday but said: “We expect figures to be accurate; that is the responsibility of the issuer.”: Thursday 21 July 2005: Read the article
The Independent: Rudderless Shell still worth backing: “The company has also created a single board, after blaming its double-headed, dual-nationality structure for the disasters of recent years. Shell had been overstating its reserves of oil, and had to fess up last year, cutting the number by one-third. But only last week the company revealed the development of its Sakhalin natural gas field in Russia was 100 per cent over budget, a whopping extra cost of $10bn (£5.8bn) that had not even been hinted when Shell sold part of the field earlier this month.”: “If you wanted to be harsh, you would describe BP as a growth company and Shell as a shrinking one.”: “A rising tide lifts all boats, even the rudderless ones.”: Thursday 21 July 2005: Read the article
Financial Times: Shell's rush for Russia dampens stock debut: “Investors yesterday were queuing to buy shares in Russian gas company Novatek and to dump the new unified Royal Dutch Shell on their London market debuts.”: “The reason behind this odd reversal of roles is that Shell must still convince the markets it can resolve its reserve problems, along with the $10bn additional hit it is taking on its flagship Russian gas project.”: “If these difficulties persist, they are likely to revive talk of a Total-Shell mega-merger as the best way forward.”: Thursday 21 July 2005: Read the article
Financial Times: Unified Shell fails to fire investors on LSE debut: “Shell shocked the market last week by disclosing that its Russian gas project, Sakhalin-2, was at least eight months behind schedule and $10bn (£5.75bn) over budget.”: ”Gazprom, Russia's state-controlled gas monopoly, recently indicated that it was seeking to improve the terms of an asset swap agreed with Shell this month, under which it would take a 25 per cent stake in Sakhalin-2.”: Thursday 21 July 2005: Read the article
Financial Times: Losing the plot: “No wonder Shell had a problem keeping track of its reserves.”: Thursday 21 July 2005: Read the article
The Guardian (UK): Coin clipping: “Rather than simplifying Shell's life on the markets, the oil group's move to consolidate both its board and shareholder structure - consummated on Tuesday - has had the opposite effect.”: Thursday 21 July 2005: Read the article
The Age.com (Australia): Royal Dutch Shell shares fall on debut: Thursday July 21, 2005 - 7:54AM: Read the article
Daily Mail (UK): Pound's fall blamed on Shell: “SHELL celebrated the historic unification of its two companies by pushing the pound to an 8-month low, a startling sign of its huge clout in the markets.”: Thursday Posted 21 July 2005: Read the article
Irish Independent: Wall of euro notes: “I feel sure that when Shell builds a protective barrier of large denomination euro notes around their offending pipeline, all worry about danger will evaporate.”: Thursday 21 July 2005: Read the article
Irish Times: Protesters Seek Enquiry Into State Deals With Shell Oil And Statoil: “The protesters, who include relatives of the five men jailed for contempt of a court order banning them from blocking Shell access to their land, also want the dealings of the Petroleum Affairs Division (PAD) of the Department of Communications, Marine and Natural Resources to be investigated.”: Posted Thursday 21 July 2005: Read the article
ITN Channel 4 News: 'New Shell' shares slump: "Shares in newly unified oil giant Royal Dutch Shell suffered a stock market pasting on their first day of trading.": Wednesday 20 July 2005: Read the article
Reuters: Shell declares fuel oil force majeure from Pernis-trade: "Oil major Royal Dutch Shell has declared force majeure on all fuel oil barge contract supplies from its 418,000-barrels-per-day Pernis refinery in Rotterdam, northwest European fuel oil traders said on Wednesday.": 20 July 2005: Read the article
AFX News Limited: Royal Dutch Shell ratings outlook kept at negative by Moody's: "It recalled that RDS recently announced that cost overruns on Phase 2 of the Sakhalin II liquefied natural gas project could potentially double the original total project costs to 20 bln usd through 2014.": Wednesday 20 July 2005: Read the article
Reuters: FTSE up as GUS charges, but Shell shows cracks: SHELL TROUBLED: “Royal Dutch Shell was the main drag on the market as the restructuring of the oil titan took effect but its two lines of stock both fell as tracker fund buying tapered off [nL20439638] and attention shifted back to more fundamental issues such as replacing its reserves and problems at its massive Russian Sakhalin-2 project.” Wed Jul 20, 2005 5:09 PM BST: Read the article
Reuters: Shell Oman Marketing H1 net profit up 68 pct: Wed Jul 20, 2005: Read the article
BLOOMBERG: French Employee at Shell's Russian Venture Is Killed (Update1): “A French expatriate working at a Royal Dutch Shell Plc-led oil and gas venture off Russia's Pacific coast was killed at his apartment in Yuzhno-Sakhalinsk, on the southern end of Sakhalin Island.”: “Sakhalin Energy and Starstroi are investigating the murder, in part ``to learn how to improve safety and security'' for other employees…”: Wednesday 20 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
The Scotsman: Families welcome inquiry into North Sea gas leak: “Mr Moncrieff, 45, a mechanical technician, and Mr McCue, 22, a trainee operations technician, died when they were engulfed in a gas escape inside the platform's utility leg. Last April, at Stonehaven Sheriff Court, Shell was fined a record £900,000 for safety failings on the platform.”: 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.”: "Where are the project-management skills Shell said they were going to demonstrate last fall?" Mr. McMahon said. "There is not enough in terms of pushing this company into a new place, and they're not going to get anywhere fast.": Wednesday 20 July 2005: Read the article
The Guardian (UK): New Shell shares start trading: “The merger is one of a number of measures implemented after last year's damaging reserves overbooking scandal which dented investor confidence.”: “Under the terms of the merger the new company will be listed in London and will have its headquarters in the Netherlands.”: Wednesday 20 July 2005: Read the article
The Times (UK): “The High Court in London has approved the landmark proposal to unify the dual- listed structure of Royal Dutch Shell, the Anglo-Dutch oil and gas group.”: Wednesday 20 July 2005: Read the article
Daily Telegraph: Shell ready to go to court over rump shareholding: “More than 8pc of investors in Royal Dutch Petroleum have failed to accept the terms of the merger with Shell Transport and Trading to create a £100billion oil and gas giant called Royal Dutch Shell.”: Wednesday 20 July 2005: Read the article
Financial Times: COMPANIES UK: Van der Veer's vision for a unified Shell: “Jeroen van der Veer, the first chief executive of the newly restructured Royal Dutch Shell, is used to skating on thin ice.”: “The company was already struggling with its reserves figures before it had to cut them five times last year.”: Wednesday 20 July 2005: Read the article
Financial Times: Royal Dutch Shell starts trading as single company: "For the first time in its 98-year history, Royal Dutch Shell will trade today as a single, unified company in London...": Wednesday 20 July 2005: Read the article
Irish Times: Mayo deputies dispute alleged 'intimidation' of Shell workers: “The five residents who are still in prison over their opposition to the high pressure gas pipeline are due back in the High Court next Monday.”: Wednesday 20 July 2005: Read the article
Reuters: Shell says Irish workers threatened in dispute: “Workers on a Shell gas project in western Ireland have received threats of violence in an escalating row over the construction of a gas pipeline, the company said on Tuesday.”: Posted Tuesday 19 July 2005: Read the article
New York Times: Court Approves Unification of Shell Group:“The restructuring came amid a scandal over Shell's restatement of its oil and gas reserves. In February the company announced the fifth restatement in just over a year. In all, reserves have been cut by 6.85 billion barrels to 11.9 billion barrels at the end of 2004.”: Tuesday 19 July 2005: Read the article
Reuters: UPDATE 2-Royal Dutch/Shell merger declared unconditional: “The merger is aimed at restoring confidence in Shell, after a damaging reserves-overbooking scandal last year…”: Tuesday 19 July 2005: Read the article
FORBES: Court Expected to OK Unification of Shell: “A British court was expected Tuesday to approve the unification of the Royal Dutch/Shell Group of Cos. into one corporation in time for the start of trading a day later.”: Tuesday 19 July 2005: Read the article
ShellNews.net: A new company - Royal Dutch Shell plc is born tomorrow - but it will forever have a SECOND-HAND Internet URL if Shell wins domain name battle: 15.15pm: Tuesday 19 July 2005: Read the article
NewRatings.com: Royal Dutch/Shell "underperform": “…total capital investment in its Sakhalin II phase 2 project is now projected at $20 billion… nearly double the amount estimated when the project was approved in 2003. Royal Dutch/Shell has also indicated that the increased project costs are partly on account of… miscalculations in the budgeting process. The development has raised further concerns regarding the reliability and transparency of the company's upstream projects…”: Tuesday 19 July 2005: Read the article
Moscow Times: Gazprom Rethinks Value of Sakhalin-2: “Earlier this month, Gazprom agreed to swap a 50 percent stake in its Siberian Zapolyarnoye gas field for a 25 percent stake in the Shell-led Sakhalin-2 liquefied natural gas project in the Far East.”: "Most observers had assumed that Gazprom would be paying Shell, not the other way around," UFG brokerage wrote in a note on Friday, adding that Shell's higher cost estimates were now making this assumption less evident.”: "I fully realize it has had an impact on our reputation," van der Veer said in an interview published Saturday. "I'm concerned it will carry over to other things that we do.": Tuesday 19 July 2005: Read the article
Irish Independent: Adding fuel to the fire: “Shouldn't we backward Irish be grateful for the opportunistic exploitation of Shell and the likes of them?”: “What's a few miserly Irish lives… “: “Actually, I think this whole enterprise is such a good idea that I would like to ask Shell to build another one of those refineries close to the residence of any High Court judge. I'm sure they'd love this.”: Tuesday 19 July 2005: Read the article
Irish Times: Council fails to adopt motion on Shell:” The only agreed motion from last night's meeting on the gas issue is that Mayo county councillors have called for an urgent meeting with the Taoiseach and other government Ministers and representatives of Shell to discuss all possible options to secure the immediate release of the Rossport Five.”: Tuesday 19 July 2005: Read the article
Irish Independent: Council uproar over gas pipe motion: “IN a dramatic twist at the end of a marathon Mayo Co Council meeting last night, the Cathaoirleach, Henry Kenny of Fine Gael overturned an earlier, unopposed motion calling on Shell to process the gas from the Corrib field offshore.”: Tuesday 19 July 2005: Read the article
Daily Express: Shell pays £52m to help settle reserves actions: The Anglo-Dutch oil giant has agreed to pay, subject to court approval, $90 million (£52 million) to a clutch of pension funds run for its US staff.”: “Shell has applied to have a second class action brought by a group of shareholders dismissed and is negotiating settlement of a third. Meanwhile, the company is still being probed by the owner of the Amsterdam stock exchange, Euronext, the Dutch financial watchdog, and regulator the Californian Department of Corporations.”: Posted Tuesday 19 July 2005: Read the article
Lloyds List: Rising level of drilling in UK North Sea leads to new oil finds: “Drilling this year has led to new oil discoveries, including Amerada Hess' Melville in the northern sector and Shell finding oil at Phoenix near the Nelson platform.”: Tuesday 19 July 2005: Read the article
ShellNews.net: THE SHELL SAKHALIN-2 DEBACLE: Creditability concerns over Royal Dutch/Shell Executives, Jeroen van der Veer and Malcolm Brinded following the Salhalin2 $10 billion cost overrun scandal.: "The only thing which has saved the hangover management at Shell is the one element over which they have no influence - the high oil price. In every other respect they are an unmitigated disaster. They should be sent packing.": Monday 18 July 2005: Read the article
THE WALL STREET JOURNAL: Shell: “Royal Dutch/Shell Group has been hit again by the "Watts effect.": “It didn't just over-egg reserves; it also under-egged the costs of developing the giant Sakhalin gas project in Russia. Shell reckons it will now cost $20 billion, or about €16.5 billion, to develop the field”: “This does little to improve Shell's image with investors. Oil-development costs are rising everywhere, but not by this much. It will also annoy the Russian government -- and President Vladimir Putin has taken a pretty severe view lately of oil men who don't get their sums right.”: “So has Shell managed to stiff the Russian state?”: 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 TIMES (UK): Need to Know: “Royal Dutch Shell, the Anglo-Dutch group, is being pressed to revalue its assets by Gazprom, the Russian group with whom it has agreed an asset swap, after soaring costs at Shell’s Sakhalin-2 flagship project.”: Monday 18 July 2005: Read the article
Financial Times: Oil giants count cost of seeking out new frontiers: “…Royal Dutch/Shell said its giant Sakhalin-2 liquefied natural gas project was at least eight months behind schedule and would cost $20bn - twice the original price.”: “Gazprom, Russia's state-controlled gas monopoly, is seeking to improve the terms of a swap deal signed earlier this month with Shell.”: Monday 18 July 2005: Read the article
Daily Telegraph: Former adviser slams watchdog's 'closed mind' ahead of review: “The regulator is expected to face further scrutiny of its procedures next week when the tribunal holds a preliminary hearing on whether the FSA should have given Sir Philip Watts, former chairman of oil giant Shell, an opportunity to respond before it published its damning findings into Shell's oil reserves scandal last year. Shell was fined £17m.”: Monday 18 July 2005: Read the article
NEW YORK TIMES: Crude Oil Futures Open Week Higher: “Shell Oil Co. abandoned three offshore facilities, suspending output of around 1,000 barrels daily and halting 20 million cubic feet of gas production.”: Monday 18 July 2005: Read the article
NEW YORK TIMES: Shell Cuts U.S. Gulf Output Ahead of Emily: “Shell said daily production of about 20 million cubic feet (MMCF) and 1,000 barrels of oil was shut and its North Padre, Brazos and West Cameron operations in the far western Gulf were completely evacuated, according to a statement.”: Posted Monday 18 July 2005: Read the article
The Guardian (UK): Jailing of Irish villagers sparks anger as farmers defy Shell in Battle of the Bog: Support swells for opponents of gas pipeline imprisoned for contempt of court: “It began as a hopeless mismatch: a handful of villagers in remote north-west Mayo taking on the multinational Shell. But the Battle of the Bog has turned into one of the biggest protests against Shell in Europe…”: “Thousands of people have gathered at demonstrations… Hundreds more have picketed garages, signed petitions and urged a petrol boycott.”: Monday 18 July 2005: Read the article
Irish Examiner.com: Gardaí probe death threats to Shell workers in dispute: “A SINISTER turn to the controversy surrounding the Shell Corrib gasfield pipeline row is being investigated by gardaí, it emerged yesterday.”: Monday 18 July 2005: Read the article
Irish Times: Protest rally told Burke deal to blame for imprisonments: “It was clear "the wrong people are in jail", Mr Garavan said, to applause.”: Monday 18 July 2005: Read the article
RTE News (Ireland): Calls for probe into exploration licences: “Up to 1,000 people gathered in Castlebar yesterday in support of the five men jailed for contempt of court in their dispute with Shell E&P Ireland.”: Sunday 17 July 2005: read the article
Irish Times: Work on Corrib gas pipeline already started: “Shell and the Department of Marine and Natural Resources have declined to comment on apparent evidence that construction work has already started on the controversial onshore section of the Corrib gas pipeline.”: “Ms McGarry believes that last Monday's proposal by lawyers for Shell in the High Court could be interpreted as an admission that it has violated its own order.”: Monday 18 July 2005: Read the article
Sunday Business Post (Ireland): Shell deal marks Ion's arrival: “The deal sees Topaz take over a business with turnover of more than €1 billion. It comprises Shell's six oil importation facilities, 35 local distribution depots, 55 retail service stations and the supply of products to 105 independently-owned service stations.”: Sunday 17 July 2005: Read the article
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
Daily Mail (UK): Shell pays staff £51m in row over reserves: “Staff at Shell Oil in the US who contributed to a company savings plan -similar to a pension fund -filed the class action suit with the District Court in New Jersey in July last year. They claimed former and existing Shell directors and officers breached their fiduciary duties to the employees.”: Posted Sunday 17 July 2005: Read the article
Financial Mail on Sunday: Shell Mix: In an exclusive interview with Financial Mail, chief executive Jeroen van der Veer reveals how with the upcoming merger of the oil giant he will lay to rest the reserves scandal and put the £100 billion firm at the head of the industry: “In the open. Jeroen van der Veer has led a move to transparency”: “The scandal was seismic…”: “Nearly all Shell people understand that we have a reputation problem…” (ADMISSION BY VAN DER VEER): Posted Sunday 17 July 2005: Read the article
London Evening Standard: Venezuela hits Shell with £74m bill for back tax: “The Venezuelan authorities said Shell now faces a 15-day deadline for handing over the funds said to be owed. If it pays up within that period, interest on the sum allegedly owed will be charged at 10%. If not, the rate will rise to 250%.”: Posted Sunday 17 July 2005: Read the article
Daily Mail: Watts is on to a winner despite Russian setback: “SHELL'S remarkable share price rise since last year's reserves scandal has given ousted chairman Sir Philip Watts a £3m gain in the value of his share options.”: “The oil giant is making so much from sky-high energy prices that its shares shrugged off the shock news that costs of its Sakhalin-2 gas project in Russia have doubled in two years to $20bn(£11.4bn). This hits the terms of Shell's agreement with Russian gas giant Gazprom last week to swap 25pc of Sakhalin for half of a Gazprom field in Siberia.”: Sunday 17 July 2005: Read the article
Daily Mail: Sakhalin shock: “THE way in which the stock market shrugged off the disclosure by Shell of a $10bn cost overrun at its Sakhalin-2 gas project in Russia is astonishing. If a national government were to admit an error on such a scale the finance minister would almost certainly pay with their job.”: “Shareholders need to be assured that the oil giant is husbanding its resources well and is not squandering its oil price windfall. The Sakhalin experience does not suggest that the present management is any more skilled than its predecessor at this.”: Posted Sunday 17 July 2005: Read the article
THE BUSINESS: Bidders vie for Shell LPG shortlist: “ROYAL Dutch/Shell will this week launch the $3bn (£1.7bn, €2.5bn) sale of its global Liquefied Petroleum Gas (LPG) business, putting in motion the last major element of its $ 15bn asset sale program after five months of delay.”: Sunday 17 July 2005: Read the article
THE BUSINESS: Lopsided rig exposes oil's soft underbelly: “Royal Dutch/Shell… revealed on Thursday that costs had doubled at its Sakhalin II gas project to $20bn “…Citigroup argues the cost increase halves the returns from the project from 22% to a lacklustre 11%. But more serious is its effect on Shell's reputation…”: Sunday 17 July 2005: Read the article
THE SUNDAY TELEGRAPH: Gazprom leans on Shell to renegotiate: “Gazprom, the Russian gas giant, is demanding that Royal Dutch/Shell, the Anglo-Dutch oil major, renegotiates the terms of a planned asset swap because of the soaring costs of Sakhalin-2, a flagship project.”: “…Shell was forced to admit last week that the cost of the Sakhalin-2 gas field project had overrun by an estimated $10bn and could now cost a staggering $20bn.”: Sunday 17 July 2005: Read the article
The Independent On Sunday: 'Elephants' are a gamble, especially when there are hurricanes around: “Any schadenfreude felt privately at Shell over BP's discomfort will have been erased on Thursday after it admitted that a flagship of its own had run into trouble. Costs for Sakhalin Energy, a huge gas project in Siberia, had doubled to $20bn…”: Sunday 17 July 2005: Read the article
THE SUNDAY TELEGRAPH: Showdown looms in Watts's fight with FSA: “The FSA's notice, published in August, explained why it had decided to fine Shell £17m over the affair. Watts, who was ousted from Shell in March 2004 following the scandal, first complained to the tribunal last September. He claimed that although the FSA report did not refer to him by name, he was effectively identified and prejudiced.”: Sunday 17 July 2005: Read the article
THE SUNDAY TIMES (UK): Five have had their say: “Having initially won popular sympathy over their willingness to go to prison for their principles, the so-called Rossport Five now threaten to alienate public opinion over their apparent determination to stay there.”: Sunday 17 July 2005: Read the article
Indymedia: Sunday Independent trying to decide Shell spin: “The two working titles show an indecision as to whether or not the IRA should be implicated directly in alleged threats against Shell/Statoil or not.”: Sunday 17 July 2005: Read the article
Indymedia: What can the pipeline protestors expect? Will Shell be honest and open or ruthless and underhand?: Sunday 17 July 2005: Read the article
Forbes: Royal Dutch/Shell Hurt By 'Credibility Issues': “…Royal Dutch/Shell Group announced that total capital investment for the Sakhalin II phase 2 project is now estimated at $20 billion, about double the figure given when the project was sanctioned in 2003.”: “Bear Stearns said, "The announcement raises additional concerns about the transparency and reliability of upstream projects and financial returns on future growth. In addition, we believe upside from current levels is limited by lack of oil and gas production growth, and management credibility issues.": Posted Sunday 17 July 2005: Read the article
Ireland OnLine: More than 1,000 gather to protest jailing of 'Rossport Five': “The demonstrators are calling for an investigation into deals made between the Government and the gas company, Shell.": Saturday 16 July 2005: Read the article
Financial Times: Shell admits impact of Sakhalin-2 overruns: “Jeroen van der Veer, Royal Dutch/Shell chief executive, admitted that the "absolutely staggering" $10bn (£5.7bn) cost overrun on Sakhalin-2, its flagship Russian gas project, was another blow to the group's standing after last year's reserves accounting scandal.”: Saturday 16 July 2005: Read the article
Financial Times: Shell chief keeps faith in 'elephant' projects: "I fully realise it has an impact on our reputation - certainly for this project and then of course I'm concerned it will carry over to other things that we do," Mr Van der Veer said in an interview with the Financial Times.”: “Shell has come through a difficult period after being forced to slash its oil and gas reserves five times last year. The scandal rocked the company, leading to a management purge, a shake-up of its century-old corporate structure and about $240m in legal payments.”: Saturday 16 July 2005: Read the article
MosNews (Russia): Gazprom Says Will Re-Evaluate Shell’s Sakhalin Assets as Project Price Soars: “Most observers had assumed that Gazprom would be paying Shell, not the other way around,” UFG brokerage wrote in a note on Friday adding that Shell’s higher cost estimates were now making this assumption less evident.”: “Shell Chief Executive Jeroen van der Veer said he only learned of the Sakhalin setback on Wednesday and informed Gazprom on Thursday.” Posted Saturday 16 July 2005: Read the article
THE TIMES: Cracking down on the law breakers: “Shell was fined a record £17 million last August for repeatedly misleading investors over the level of its oil and gas reserves. The failing was seen as particularly serious because of warnings and indications going back to 2000 that Shell had got its estimates wrong.”: Posted Saturday 16 July 2005: Read the article
The Independent: Market Report: Market falls as investors make room for Shell: “Meanwhile, Shell and BP had both fallen more than 1 per cent by the close, as investors' reacted to Thursday evening's 4 per cent dive in oil futures. Shell, down 8p to 541p, was hit harder than its larger rival BP… following Thursday's news that the cost of its Sakhalin II project is set to come in about two-thirds higher than originally anticipated. The note said the news casts significant doubts over the economies of the project.”: Saturday 16 July 2005: Read the article
Financial Times: The Week: “And there's been another setback for RoyalDutch/Shell. Its huge liquefied natural gas project, Sakhalin-2, off the east coast of Russia, has been hit by the rising cost of raw materials, Russian inflation and environmental concerns, and will be delayed by at least eight months. Its cost has doubled to $20bn.”: Saturday 16 July 2005: Read the article
In from the Irish Times: Labour wants wider Corrib review: “The five men, who are due back in court on July 25th, have rejected Mr Dempsey's initiative. They have said a direction to Shell and partners Statoil and Marathon to build an offshore terminal is the only solution in terms of safety. Shell E&P Ireland has said it does not wish the current situation to continue and will continue "efforts to facilitate a resolution".: Saturday 16 July 2005: Read the article
MarketWatch: Gazprom: Sakhalin cost overrun hits shell asset swap plan: “Russian state gas monopoly OAO Gazprom said Friday it will revise downward its valuation of a 25% stake it intends to acquire in the Royal Dutch/Shell-led Sakhalin-2 project, in light of cost overruns announced Thursday.”: Posted 16 July 2005: Read the article
BLOOMBERG: Shell Stock Headed for Worst Week Since January 2004: “The shares of Royal Dutch/Shell Group fell in London, heading for their worst week since the January 2004 disclosure that the company's oil and gas reserves had been overstated for years. The reason now: soaring costs and project delays from Russia to Nigeria. Shell, Europe's second-largest oil company, yesterday said an oil and gas development in Russia's Far East is behind schedule and may cost $20 billion, twice original estimates. (Update1): Posted Saturday 16 July 2005: Read the article
ShellNews.net: A FOCUS ON SHELL’S UNETHICAL & RUTHLESS TREATMENT OF ITS MALAYSIAN EMPLOYEES: Saturday 16 July 2005: Read the article
The Independent: Sakhalin pipeline $10bn over budget: “Shell, the troubled oil giant, revealed yesterday that the costs of building its controversial Sakhalin gas project in Russia had shot $10bn (£5.7bn) over budget.: Friday 15 July 2005: Read the article
Reuters: Gazprom says Shell's cost hike hits asset swap plan: Friday July 15, 2005: Read the article
Business World (Ireland) Ion Equity consortium buys Irish Shell: “A consortium led by venture capital firm Ion Equity has acquired Shell's businesses in Ireland. The financial terms of the deal were not disclosed, but the company will continue to trade as Shell in Ireland.”: Friday 15 July 2005: Read the article
THE WALL STREET JOURNAL: Venezuela Steps Up Tax Actions on Oil Firms: “Venezuelan tax authority Seniat ordered oil company Royal Dutch/Shell Group to pay nearly $131 million in back taxes it said the company owed.”: Friday 15 July 2005: Read the article
THE WALL STREET JOURNAL: Shell's Costs Soar For Russia Project: “In a potentially big setback to its turnaround attempt, Royal Dutch/Shell Group disclosed a $10 billion cost overrun and delays at an important Russian energy project…”: “The Sakhalin delay is particularly bad news for Shell. The company last year was rocked by a scandal after it emerged that it had overstated its reserves of oil and natural gas following years of subpar performance at finding new resources”: Friday 15 July 2005: Read the article
Financial Times: Admission of troubles at Sakhalin-2 fuels fears Shell might miss targets: “In a conference call with analysts and journalists, Shell executives said they had received an interim report that put the overall cost of the project at $20bn (£11.4bn) - about double the original estimate. They also said the project would not start deliveries of the super-cooled natural gas until summer 2008, at least eight months later than planned.”: “The news revived fears that Shell would be unable to meet its targets to produce an average of 3.8m-4m barrels of oil equivalent a day by 2009.” Friday 15 July 2005: Read the article
Daily Telegraph: Shell admits cost of flagship Russian oilfield rises to £11bn: “It is the second time in recent memory that the oil company has surprised its investors, after admitting last year that it had overstated its reserves by more than 40pc.”: Friday 15 July 2005: Read the article
THE TIMES: Shell forced to admit Russian costs have doubled: “The doubling of costs and an anticipated half-year delay to the construction schedule is a blow to Shell’s reputation as a project manager and it will lead to further embarrassment with Shell’s partners, including Gazprom, the Japanese investors Mitsui and Mitsubishi, and the Russian Government.”: Friday 15 July 2005: Read the article
Financial Times: Shell's Sakhalin-2 gas project hit by eight-month delay and $10bn cost rise: Friday 15 July 2005: Read the article
The Guardian (UK): Shell shock: “Now we learn that it has encountered cost overruns at its Russian gas project Sakhalin-2 and will have to look again at figures for upcoming capital expenditure. We all know about builders' estimates but Shell has now discovered that its figures are "out" to the tune of $10bn.” Friday July 15, 2005: Read the article
From the pages of the NEW YORK TIMES: Shell, Chevron in Venezuelan Tax Probe: “Venezuela on Thursday ordered international oil major Shell to pay nearly $131 million in back taxes, and also confiscated financial data from U.S.-based Chevron Corp. in a tax crackdown.: Posted Friday 15 July 2005: Read the article
Irish Times: Minister accused of excluding risk from safety review: “The five north Mayo men who are still in prison over their opposition to the Shell Corrib gas pipeline have accused Minister for the Marine Noel Dempsey of "deliberately excluding" the risk of rupture and explosion from his new safety review.”: Friday 15 July 2005: Read the article
DOW JONES NEWSWIRES: INTERVIEW: Unocal Tensions Not Derailing Gorgon Gas Talks: “Estimated to cost at least A$11 billion and produce its first gas in 2010, Gorgon is 50% owned and operated by Chevron. Royal Dutch/Shell Group (RD) and ExxonMobil Corp. (XOM) each own 25% of the venture.”: Thursday 14 July 2005: Read the article
ShellNews.net: Death on a Shell offshore platform in Sarawak waters: “A Shell internal email circulated yesterday notified Shell employees in Malaysia of the tragic death of a Shell contractor who collapsed during an emergency drill exercise held in the control room of an offshore platform located in Sarawak waters.”: 13.15pm Thursday 14 July 2005: Read the article
AFX Europe (Focus): Royal Dutch/Shell says Sakhalin II Phase 2 costs could be about $20 billion US dollars: Thursday July 14, 2005: Read the article
BLOOMBERG: Shell Sakhalin Project Cost Soars, Deliveries Late (Update1): “Royal Dutch/Shell Group's oil and gas project in Russia's Far East may cost $20 billion, 67 percent more than originally planned…”: Thursday 14 July 2005: Read the article
Daily Mirror (UK): VICTORY; Shell Halts Pipeline As Minister Orders Safety Review: “The energy giant has been forced by the Government to back down in the row over the Corrib gas pipeline that saw five farmers jailed for the past two weeks.”: Thursday 14 July 2005: Read the article
Ireland Online: Gas pipeline protesters due back in court: “Five men jailed for refusing to end their protest against a controversial gas pipeline are due back in court today, as the Government launches a new safety review of the project.”: Thursday 14 July 2005: Read the article
Irish Independent: Warrant for arrest of Shell worker on boat charge: “The barge was being used by Tidewave Ltd, which is contracted to handle the shallow water onshore section of the Shell Corrib gas pipeline.”: Thursday July 14, 2005: Read the article
Irish Times: Lawyers for Mayo men say safety review is 'significant': “Mayo TJerry Cowley (Ind) has criticised the move, however, while welcoming the Minister's direction to Shell to suspend all work on the pipeline route.”: Thursday July 14, 2005: Read the article
Irish Independent: FREEMAN : Under-pressure execs could shell out over pipeline case: “The fiasco over Shell's gas pipeline in Mayo highlights the importance of senior executives communicating with the community.”: Thursday July 14, 2005: Read the article
Irish Times: Review of gas pipeline plan set for tender in bid to end jail impasse: “Shell E&P, which plans to build the pipeline, has also given an undertaking to Mr Dempsey that no work will take place on the pipeline "for the present".: Thursday July 14, 2005: Read the article
Irish Independent: Dempsey initiative to break 'Rossport Five' deadlock fails: “The men are currently in prison for contempt of court arising from the proposed onshore Corrib gas pipeline being installed by Shell, resulting in continuing protests…”: Thursday July 14, 2005: Read the article
Financial Times: Shell shock: “Italian investors holding nearly €1bn worth of Royal Dutch and Shell Transport shares will be unable to take part in the oil major's ground-breaking corporate unification by exchanging their current holdings into new Royal Dutch Shell shares.” Thursday 14 July 2005: Read the article
The Guardian (UK): Oil Shell pays staff $90m in legal case: “British oil group Shell has settled a legal action by some of its US employees, who were furious about the overstatement of its oil and gas reserves, for $90m (pounds 51m).:“ Wednesday 13 July 2005: Read the article
ShellNews.net: Shell pays almost a quarter of a billion dollars in fines and settlements arising from reserves scandal, but more litigation is underway: "A court hearing is taking place today in the US District Court of New Jersey in respect of a billion dollar class action law suite against Shell by US institutional shareholders": 16.30pm: Wednesday 13 July 2005: Read the article
THE WALL STREET JOURNAL: Shell to Settle Lawsuit in U.S. Over Pensions: “Royal Dutch/Shell Group said it agreed to pay $90 million to settle a U.S. lawsuit brought by pension holders following the company's oil-and-gas-reserves write-down scandal last year.”: Wednesday 13 July 2005: Read the article
Irish Times: Mayo gas pipeline controversy: “Five people are in prison because they refuse to allow a powerful multinational to put a gas pipeline through their land. They believe that a pipeline for crude natural gas with a design pressure of 345 Bar is an enormous danger to themselves and their families”: Wednesday 13 July 2005: Read the article
Reuters: Royal Dutch/Shell in refinery stake swap with Total: Posted Wednesday 13 July 2005: Read the article
From the pages of today's NEW YORK TIMES: Shell Settles Employee Suit About Overstated Reserves: “The $90 million settlement represents profit for less than two days for Royal Dutch/Shell, which had net income of $18.5 billion last year under international financial reporting standards.”: Wednesday 13 July 2005: Read the article
Lloyds List: Shell pays $90m to settle law suit from employees whose savings fell: “ROYAL Dutch Shell has agreed to pay more than $90m to settle a law suit issued by its own employees…”: Wednesday 13 July 2005: Read the article
Financial Times: R Dutch/Shell pays $90m damages: “Royal Dutch/Shell, the Anglo-Dutch energy group, yesterday agreed to pay $90m (£51m) damages to settle claims by US employees who say their savings plan was hurt by the company's admission last year that it had overstated its oil reserves.”: Wednesday 13 July 2005: Read the article
Financial Post (Canada): Shell settles U.S. Lawsuit: Energy sector: US$90M paid to employees over fake reserves: "Shell is also negotiating a settlement with current and former "directors and officers" of the company, whom Shell is suing, Shell spokeswoman Bianca Ruakere said. She did not say who was being sued.": Wednesday 13 July 2005: Read the article
Daily Telegraph: Shell pays $90m to settle staff suit: “The class action was filed by current and former US employees who participated in certain savings plans.”: Wednesday 13 July 2005: Read the article
The Independent: Shell to pay £50m damages in US over reserves scandal: “Shell moved a step closer to putting last year's reserves reporting scandal behind it by agreeing to pay $90m (£50m) in damages yesterday to a group of US employee shareholders who had brought a class action lawsuit against the oil giant.”: “But there are still a further two shareholder class action suits pending in the US, while the Dutch financial markets regulator, the ASM, and the pan-European stock exchange Euronext are continuing to investigate Shell.”: “In addition, Sir Philip's personal role in the affair is still being investigated by the FSA.”: Wednesday 13 July 2005: Read the article
Times Online: Shell pays $90m to settle class action: “Shell still faces two other class action claims. One is a shareholder class action that has been consolidated in a New Jersey court. It is believed this claim asserts that share-based savings schemes suffered losses of more than £1 billion. Shell declined to comment on this case this morning. The other action is a derivative claim. Shell said that it was in settlement discussion over this claim but that it would be premature to comment any further.”: Posted Wednesday July 13, 2005: Read the article
BLOOMBERG: Shell Will Pay $90 Million to Settle U.S. Lawsuit: “Royal Dutch/Shell Group, Europe's second-largest oil company, agreed to pay about $90 million to settle a lawsuit brought by its U.S. employees after the company overstated its oil and gas reserves by 41 percent. The accord brings to about $240 million costs related to the overstatement, which led to lawsuits, criminal investigations and the ouster of Chief Executive Philip Watts (Update6): Posted Wednesday 13 July 2005: Read the article
AFX Europe (Focus): Royal Dutch/Shell settles employee class action suit, to pay some $90 million usd: “The Royal Dutch/Shell Group said it reached a settlement in a class action and related litigation brought against certain group companies on behalf of some employees and relating to Shell's reserves recategorisations.”: Tuesday July 12, 2005: Read the article
Reuters: Shell to pay over $90 mln to settle class action Tuesday: “Royal Dutch Shell said on Tuesday it had agreed to pay more than $90 million to settle a class action lawsuit taken by employees in relation to a reserves overbooking scandal last year.”: “Shell shocked investors in January 2004 by slashing its proven reserves of oil and gas. The revelation that the firm had been exaggerating the size of its reserves for years sent its stock tumbling and led to the ouster of its top executives. Shell, the world's third largest oil group by market capitalisation, has already paid about $150 million in fines to U.S. and UK financial regulators over the scandal.”: Tuesday July 12, 2005: Read the article
Irish Times: Shell denies it is looking at alternative pipe route: Tuesday July 12, 2005: Read the article
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: Read the article
Daily Telegraph: Rebel gunmen aim to seize control of Nigeria's vast oil reserves: “Last September his gunmen rocked the international oil market by launching attacks across the Delta, costing hundreds of lives and threatening some of the world's largest companies.”: “Mr Asari's last round of bloodletting won him direct talks with President Olusegun Obasanjo and forced Shell, the Anglo-Dutch oil giant, to evacuate 254 staff from the Delta.”: Tuesday 12 July 2005: Read the article
Lloyds List: New Malaysian find: “PETRONAS and Shell have made their fifth gas discovery off the northeast coast of Peninsular Malaysia in block PM301 and have started technical studies to develop the field.”: Tuesday July 12, 2005: Read the article
Financial Times: Majors must go to Gazprom to get access to Russia's vast natural oil and gas store: “Shell has had a strategic alliance with Gazprom since 1997 but had yet to partner the state-controlled Russian company in any major project. On Thursday, however, the company announced that it would partner Gazprom in not one but two multi-billion dollar projects.”: Tuesday 12 July 2005: Read the article
The Guardian (UK): Dip in oil sector fails to halt FTSE 100: “In the past month, Shell has risen 16% as index-tracking funds have positioned themselves for its merger with sister company Royal Dutch. The deal will create a company with a market value of around £130bn… The unification is due to be completed a week tomorrow…”: Tuesday July 12, 2005: Read the article
RTE Interactive (Ireland): No apology over Mayo gas pipeline order: “The five Co Mayo men jailed for contempt of a High Court order in relation to the Shell Corrib gas pipeline were back in court this afternoon. However, they have so far failed to apologise to the court or undertake to abide by the court order that restrains interference with the development of the pipeline.: Monday 11 July 2005 17:51: Read the article
Western People: If this pipeline is so safe why is no public body responsible for it: “On application from counsel for Shell the judge awarded the company an order for costs.”: “The reality is that natural gas pipelines do and have exploded. This fact is well documented. As recently as July 2004 a Shell operated gas pipeline close to Brussels fractured, the resulting explosion killed 21 people including firefighters, and devastated a number of buildings.”: Posted Monday 11 July 2005: Read the article
ShellNews.net: Shell undercover agents: What the Irish pipeline protesters can expect: “We have more than one letter from Shell Legal Director/Shell International General Counsel, Richard Wiseman, admitting the “activities” of a Shell undercover agent, Mr Christopher Phillips.”: Published Monday 11 July 2005: Read the article
Irish Examiner: Rossport Five expose State’s denial of constitution: “Irish citizens who should be defended by the state against such global predators as Shell can be persecuted for defending their rights. The Government and the courts have disgraced themselves in this matter. The Rossport Five must be freed immediately, with a State apology for what is less a miscarriage than an abortion of justice.”: Monday 11 July 2005: Read the article
Western People: A national disgrace: “Shell E&P Ireland may yet return to the High Court to have more Rossport residents jailed for breaching an injunction. Speculation is mounting as to whether the women of Rossport will be next to go behind bars.”: Posted Monday 11 July 2005: Read the article
Irish Times: Worker on Shell pipeline due in court: “The case of the five Erris men still in jail over opposition to the pipeline is due for mention in the High Court today. Two separate applications have been made seeking to quash the injunction as ministerial consent for installation and commissioning of the pipeline has not yet been given. At least one of the applications is expected to be heard on Wednesday.”: Monday July 11, 2005: Read the article
Irish Times: Corrib project prompts more questions than answers: “If and when Minister for the Marine Noel Dempsey approves installation of the Corrib gas onshore pipeline, he won't just be establishing a mineral exploration footprint in north Mayo. He will be sanctioning an environmental and public safety precedent for the exploitation of further gas and oil- related reserves off the Irish coastline for decades to come.”: Monday July 11, 2005: Read the article
Irish Independent: Why the law is an ass: “What law is this which allows five innocent men to be jailed in order to facilitate the driving of a highly dangerous untreated gas pipeline through their lands?”: “In the national interest, Shell's onshore plans must stop.”: Monday July 11, 2005: Read the article
Irish Independent: Rossport rally hears renewal of demands for gas base 'at sea': “UP to 1,500 people attended a support rally in Belmullet for the five Co Mayo farmers who have been in prison for almost two weeks over their opposition to the Corrib gas pipeline.”: Monday July 11, 2005: Read the article
THE NEW YORK TIMES: No Corn Cob Bob on Canada Day's Guest List: Corn Cob Bob promotes renewable fuels, but not at a holiday show sponsored by Shell Canada.: "They got leaned on by Shell…" Published: Monday July 11, 2005: Read the article
strategiy.com: Shell EPM gets new executive VP: Shell has announced the appointment of Raoul Restucci as the Executive Vice President for Middle East, Russia and CIS, of Shell Exploration & Production Middle East (EPM)…”: Posted Monday 11 July 2005: Read the article
Western People: We don’t want to be guinea pigs for Shell, say residents: “Mr Corduff said Shell was using the courts “to bully” the residents of Rossport.”: Posted Monday 11 July 2005: Read the article
THE SUNDAY TIMES (UK): Focus: 'Tell Shell to go to hell': Who will win the battle of wills: five jailed protesters or the multinational? Sunday 10 July 2005: Read the article
Sunday Herald (Scotland): Fossil fuels are not yet extinct, says Shell: “Greg Lewin, chief executive of Shell Global Solutions, the oil giant’s technology and research company, predicts that in 2050, 60% of the world’s energy needs will come from hydro carbons – principally oil, coal and gas.”: Sunday 10 July 2005: Read the article
Irish Times: 1,000 picket outside Shell stations: “Over 1,000 people staged a nationwide protest last night to support the five north Mayo residents jailed for refusing to obey a court order prohibiting them from impeding the construction of the Corrib gas pipeline. The protesters picketed outside Shell garages across the country as the row over the jailing of the men deepened.”: Saturday 9 July 2005: Read the article
Irish Independent: Shell-shocked ... but defiant to the end: “Justine McCarthy meets the Mayo pipeline protesters and hears tales of prison, politics and poetry”: “She also has 20% of the land Shell wants to acquire for the pipeline. She is, in fact, the only non-cooperating landowner not behind bars in Cloverhill Prison. A Shell company memo copied to the protesters indicates that a decision, redolent of Constance Markievicz's reprieve in 1916, was taken not to jail the woman so as to avoid a public relations backlash.”: Saturday 9 July 2005: Read the article
Irish Times: Mayo pipeline contempt case Saturday: “You conclude your Editorial with the assertion that "once binding decisions are taken by the Government and the planning authorities, the law must be obeyed". The "must" here is a legal must, not a moral must, and that makes all the difference.”: Saturday July 09, 2005: Read the article
Financial Times: More investors caught by Shell merger: Investors in Royal Dutch face further confusion ahead of the unification of the oil group's holding companies, it emerged this week.: Saturday 9 July 2005: Read the article
Daily Telegraph: Van the Builder must Shell out for 3,000: “These shareholders have been treated shabbily. Yet Jeroen van der Veer, Shell's chief executive, says there is nothing left in his tool-box to help them, which seems careless after spending $115m on advice.”: Saturday 9 July 2005: Read the article
Daily Telegraph: Shell paves way for merger: “Shell, which is trying to merge its UK and Dutch parts, has slashed the level of acceptances for shareholders in Royal Dutch Petroleum in an attempt to get the deal done.”: Saturday 9 July 2005: Read the article
Financial Times: Tracker funds bulk up in Shell shares: Saturday 9 July 2005: Read the article
THE TIMES: China begs fuel as Japan patrols 'oil-rich' islands: “Last year Shell and Unocal withdrew for commercial reasons from a joint venture with CNOOC and Sinopec to explore the East China Sea. It was not the first time that the Anglo-Dutch company had backed out of a Chinese project. Shell, BP and ExxonMobil all withdrew from participation in China’s West-East gas pipeline, amid whispers that the 4,000km tube was a white elephant.”: Saturday 9 July 2005: Read the article
THE NEW YORK TIMES: China Oil Giants Crave Respectability and Power: “C.N.P.C. has been crucial in developing the oil resources of Sudan, a country that Western oil companies have been forced to leave because of pressure over its poor human-rights record; in Algeria, Sinopec has won exploration and drilling rights to look for new sources of oil; in Venezuela, C.N.P.C. won operating agreements in bidding rounds that included oil giants like BP or Shell.”: Saturday 9 July 2005: Read the article
Reuters: Shell evacuates 555 workers from US Gulf before Dennis: “NEW YORK, (Reuters) - Shell Oil Co. said Friday it evacuated 555 workers from its oil and gas operations in the Gulf of Mexico as a precaution against Hurricane Dennis, but production has not been affected yet.”: Posted Saturday 9 July 2005: Read the article
The Motley Fool: Playing the Russian Shell Game: “It's better for a foreign investor to stay on the good side of the Russian government. Even if you're within your rights in turning down a "deal," being greedy about hanging on to too good of a thing can get you YUKOSed if you're not careful.”: Posted Saturday 9 July 2005: Read the article
Financial Times: Shell and Gazprom agree
swap on gas projects: “Royal Dutch/Shell, the oil company, and Gazprom, Russia's
state-controlled gas monopoly, have agreed an asset swap that will see them
become partners in two big Russian gas projects.”:
"Shell is thought to be the largest foreign investor in Russia": Friday 8 July
2005: Read the article
Forbes.com: Shell says could lower minimum share exchange acceptances from 95 pct to 75 pct: “The Royal Dutch Shell group of companies said they reserve the right to lower the minimum acceptance level for the share exchange that creates the unified Royal Dutch Shell PLC from 95 pct to as low as 75 pct.”: Friday 8 July 2005: Read the article
Financial Times: Lex: Shell/Gazprom: “After eight years of trying, Royal Dutch/Shell, the Anglo-Dutch oil giant, finally looks close to nailing down an agreement with the Russian gas behemoth.”: Friday 8 July 2005: Read the article
THE NEW YORK TIMES: Gazprom Signs Asset - Swap Deal With Shell: “Gazprom will get a 25 percent-plus one share stake in the Shell-led Sakhalin-2 natural gas project off Russia's Far Eastern coast. Shell, in turn, gets access to the world's fifth-largest gas deposit, located in far northern Russia.”: Posted Friday 8 July 2005: Read the article
The Independent: Shell moves deeper into Russia with Gazprom swap: “Mr van der Veer denied that Shell has been pressured in any way to part with some of its interest in Sakhalin so that the Kremlin could keep valuable natural resources in Russian hands. He said the plan has also been to bring in a Russian partner.”: Friday 8 July 2005: Read the article
Daily Telegraph: Shell signs asset swap with Russian gas giant: “The Shell chief denied suggestions that there had been pressure from the Kremlin to give Gazprom a stake in Sakhalin II, which is Shell's biggest ever energy project. He added: "We were absolutely not forced. We always felt that it was logical to have a Russian partner in Sakhalin.": Friday 8 July 2005: Read the article
Daily Telegraph: Wise Shell learns to read Russian: Shell signs asset swap with Russian gas giant: “Events at Yukos have proved that it is better to invite the Russian wolf to your table than let it blow your house down and eat your family”: Friday 8 July 2005: Read the article
THE TIMES (UK): Gazprom closes on American dream with Shell asset swap: “The two sides signed a memorandum of understanding, timed to coincide with the arrival of President Putin in Edinburgh for the G8 summit.”: Friday 8 July 2005: Read the article
THE TIMES (UK): Need to Know: “Royal Dutch Shell, the Anglo-Dutch group, has signed a landmark deal with Gazprom, the Russian gas monopoly, to swap an approximately 25 per cent stake in the Shell-led Sakhalin-2 gas project for a half share in the Zapolyarnoye-Neocomian field, which has an estimated 400 billion cubic metres of gas and 400 million barrels of gas condensate.”: Friday 8 July 2005: Read the article
THE TIMES (UK): Only the rich west can save the poor: “Multinational businesses, from McDonald’s to Shell, are seen primarily as exploiters.”: Friday 8 July 2005: Read the article
The Guardian: Shell gives Gazprom 25% stake in Sakhalin project: "We welcome Gazprom as a great Russian partner in the Sakhalin-2 project and are confident Gazprom will make significant contributions towards maximising the long-term value of the project," said Shell's chief executive, Jeroen van der Veer.”: Friday 8 July 2005: Read the article
The Guardian: Trade and investment for Africa: “Monbiot's attack on the planned investment climate facility and the multinational companies behind it contrasts with a report a few pages earlier on the plans of two multinationals to support local investment (Shell and M&S plan trade aid for Africa).”: Friday July 8, 2005: Read the article
In from the Irish Times: Plea set for discharge of men's jailing order: “When adjourning those proceedings to next week, the judge said that the fate of the five men was in their own hands, and it was up to them to purge their contempt.”: Friday July 08, 2005: Read the article
Irish Times: Erris priests concerned about jailed men's plight: "Priests in the Erris area of north Mayo have expressed concern about the "current impasse" in relation to the Corrib gas project and about the situation of the five residents imprisoned indefinitely for contempt of court.": Friday July 08, 2005: Read the article
Fort McMurray Today (Canada): Neil Camarta leaving Shell’s top oilsands job: Posted Friday 8 July 2005: Read the article
Forbes: Royal Dutch/Shell, Gazprom agree asset swap: “Royal Dutch/Shell Group said it has signed a memorandum of understanding with Russian group Gazprom regarding the swap of certain assets in Russia.”: Thursday 7 July 2005: Read the article
THE WALL STREET JOURNAL: Oil Refining: “This has prompted speculation that big integrated oil companies like Royal Dutch/Shell Group or BP PLC might float their refining and marketing portfolios. After all, Shell has already started a big program of disposals in other areas, including its liquefied-petroleum-gas business.”: Thursday 7 July 2005: Read the article
THE WALL STREET JOURNAL: How It Became Safe to Embrace Global Warming: "With the oddball exception of Lord Oxburgh, the retiring chairman of Shell, who overlearned the lesson and has taken to predicting planetary disaster, Mr. Browne and his copycats have largely restricted themselves to acknowledging the inevitability of carbon regulation": Posted 7 July 2005: Read the article
Business Standard (India): Shell may set up refinery in India: The company plans to set up 2,000 petrol pumps in the country over the next three to five years.”: Thursday July 07, 2005: Read the article
AFX News Limited: Nigerian protesters occupy Shell oil pumping station, gas plant : Thursday 7 July 2005: Read the article
Belfast Telegraph: Five jailed for trying to stop Shell laying pipeline: “A David and Goliath-style struggle which has pitted five farmers from the west of Ireland against Shell has tarnished the image of the energy giant after the landowners were jailed indefinitely for obstructing the laying of a gas pipeline.”: Thursday 07 July 2005: Read the article
Reuters: Royal Dutch/Gazprom in Sakhalin-2 asset swap: “Anglo-Dutch energy giant Royal Dutch/Shell signed on Thursday an asset swap deal with Russia's Gazprom under which Shell will give up part of one of its most valuable oil and gas projects.” Thursday July 7, 2005: Read the article
The Guardian: The MPC might as well get on with it: “Exxon half-truths”: “Its easy to caricature Lee Raymond, the Exxon boss, as a dinosaur, as his environmentalist critics so often do.”:”Now most modern moguls in the oil industry - think John Browne at BP or Lord Oxburgh at Shell - talk about carbon emissions as much as they do about oil refineries. They also speak the politically correct language of corporate social responsibility, even if they still build controversial pipelines from Azerbaijan and flare off gas in Nigeria. Not Mr Raymond.”: Thursday July 7, 2005: Read the article
Times Online: Oil retreats from record highs: “Oil prices fell today after hitting record high levels this morning before a series of explosions was reported across London.”: “By Separately, Shell, the Anglo-Dutch oil giant, has signed an asset-swap agreement with Gazprom, the state-owned Russian energy company.”: Thursday 7 July 2005: Read the article
THE TIMES: The G8 Business Debate: Aid community cannot make poverty history: By Kurt Hoffman: “Kurt Hoffman is the director of the Shell Foundation, an independent, grant-making charitable organisation that is separated from Shell’s commercial interests”: Thursday 7 July 2005: Read the article
Canadian Press: Shell Canada appoints Brian Straub to head Canadian oilsands operations: Thursday, July 07, 2005: Read the article
THE NEW YORK TIMES: A Deft Balance in Orchestrating China's Oil Offer: “Mr. Fu said the withdrawal of Shell and Unocal had no bearing on the decision to buy Unocal.”: Published: Thursday July 7, 2005: Read the article
Financial Times: Oil chiefs differ on strategy for global warming: “"I'm convinced that [climate change] will have a huge impact on our industry," says Jeroen van der Veer, Shell's Dutch chief executive.”: Thursday 7 July 2005: Read the article
AFX Europe (Focus): Australia's Gorgon LNG project partners say talks with China's CNOOC continue: “In October 2003 CNOOC and the Gorgon partners, Chevron, Exxon Mobil Corp and Royal Dutch Shell, signed an agreement that called for the parties to "place a significant volume of Gorgon LNG for use in the growing Chinese market.": Thursday July 07, 2005: Read the article
Irish Times: Mayo pipeline contempt case: “The Rossport five and their families have one demand only. They require that normal international technical standards be adhered to in the siting of this pipeline complex. Nothing more but nothing less.”: Thursday Jul 07, 2005: Read the article
Irish Times: Shell appeals to pipeline objectors for 'calm': “Shell E&P Ireland has appealed for "calm" and for "reasoned and constructive dialogue" with objecting landowners in north Mayo concerning the Corrib gas pipeline. The company made its appeal as it confirmed that operations at its terminal site at Bellanaboy, Co Mayo, remain suspended due to protests.”: Thursday July 07, 2005: Read the article
Irish Independent: Alarm bells: “I believe it is important to note that the minister responsible for the negotiations with Shell at Rossport, Co Mayo was none other than the disgraced Ray Burke. Is it any wonder that the people of Mayo are alarmed that their beautiful landscape is about to be ruined forever?”: Thursday July 07, 2005: Read the article
Ireland OnLine: Freedom setback for jailed Shell pipeline protesters: Posted Thursday 7 July 2005: Read the article
AFX Europe (Focus): Malaysia's Petronas-Shell jv makes 5th successive gas discovery: Wednesday Jul 06, 2005: Read the article
Just in from Reuters: Shell and Gazprom to ink Russia asset swap deal – sources: “Russian gas monopoly Gazprom and Royal Dutch/Shell are expected to sign a preliminary Russian oil asset swap deal on Thursday, industry sources said.”: Wed Jul 6, 2005: Read the article
THE NEW YORK TIMES: Oil Prices Hit $60 as Storms Stoke Fears: “Oil majors Chevron and Shell said they had evacuated some workers because of the storm, but production was not affected.”: Posted Wednesday 6 July 2005: Read the article
Daily Telegraph: Tropical storms in Gulf whip up US oil prices: “BP, Shell and Chevron began pulling workers out of the Gulf of Mexico yesterday as a fresh tropical storm headed for the area, driving up the price of oil above $60 a barrel in New York.” Wednesday 6 July 2005: Read the article
Ireland OnLine: Shell protestors launch bid for freedom: “Five men jailed for their opposition to a Shell gas pipeline in the West of Ireland are to appear in court today in an attempt to win their release.”: Wednesday 06/07/2005: Read the article
Irish Times: Corrib gas safety report written by Shell-linked company: “AEA Technology Ltd, which conducted the review published yesterday by Mr Dempsey, lists four Shell companies including Shell International on its recent client list. The review is the second of safety aspects of the onshore pipeline and was ordered by the Minister after it emerged that the last report was written by British Pipeline Agency (BPA), a company owned jointly by Shell UK and British Petroleum.”: Wednesday Jul 06, 2005: Read the article
Irish Times: Mayo TD seeks details of civil servant's role: “Independent Mayo TD Jerry Cowley is seeking an explanation for the role of a senior civil servant in his dealings with Shell, builders of the proposed Corrib onshore gas pipeline.”: Wednesday Jul 06, 2005: Read the article
The Daily Sentinel (Colorado): Shell approaching critical stage in shale oil production: “The international oil company that has worked since 1982 on a way to draw oil from the shales of western Colorado is about five years from deciding whether the project can be commercially viable.”: Wednesday, July 06, 2005: Read the article
THE TIMES (UK): The G8 Business Debate: 'Aid will go only so far in helping Africa; trade must do the rest': Developing countries need fair access to world markets to break free of the red tape, corruption and historical shackles that keep them mired in poverty: “Marks & Spencer is making considerable progress in southern Africa in partnership with the Shell Foundation…”: Wednesday 6 July 2005: Read the article
THE AUSTRALIAN: Shell and Chevron boldly go into the abyss together: Wednesday July 06, 2005: Read the article
ShellNews.net: FINANCIAL TIMES: LETTERS TO THE EDITOR: THE DOUBLE STANDARDS OF SIR MARK MOODY-STUART: 17.30pm Tuesday 5 July 2005: Read the article
Daily Mail: Chelsea owner to rescue Shell: CHELSEA football club owner Roman Abramovich is being touted as the unlikely saviour of troubled Shell.: SHORTAGE: Shell could target Abramovich's oil and gas empire Sibneft to plug reserves: “Reports from Moscow say the Sibneft takeover could be unveiled this week.” Tuesday 5 July 2005: Read the article
BBC NEWS: Abramovich firm in $2.3bn payout: “The Kommersant newspaper said on Monday that Gazprom could launch a joint bid for Sibneft with Royal Dutch Shell.”: Tuesday 5 July 2005: Read the article
U.TV: Rally for Shell farmers: “A public rally is taking place tomorrow evening in protest at the jailing of five Mayo farmers, who are refusing to allow Shell Oil to place a gas pipeline on their lands. The company took an injunction against the men, for blocking access to the site of the proposed gas pipe. They have been sent to Clover Hill prison.”: TUESDAY 05/07/2005: Read the article
The Guardian: Abramovich windfall hints at permanent move to UK: “Anglo-Dutch oil group Shell is one of the names linked with purchasing Sibneft, perhaps working alongside the Russian government-owned energy giant, Gazprom.”: Tuesday 5 July 2005: Read the article
THE TIMES (UK): £1bn payout oils talk of Sibneft deal: “A press report in Kommersant, a Moscow financial newspaper, suggested that a bid for Sibneft by Gazprom in collaboration with Shell was imminent. The giant Russian utility is in talks with the Anglo-Dutch oil company over the swap of a stake in Shell’s gas project in Sakhalin and a share in Zapolyarnoye, a large Siberian gasfield owned by Gazprom. Neither Shell nor Gazprom commented on the rumour.”: Tuesday 5 July 2005: Read the article
The Guardian: Shell and M&S plan trade aid for Africa: “Marks & Spencer and Shell are to form an unusual partnership aimed at reducing poverty in Africa by encouraging local commercial ventures.”: Tuesday 5 July 2005: Read the article
FINANCIAL TIMES: LETTERS TO THE EDITOR: Joe Shell's good reputation is important to pensioners: “…which of the founders of the Royal Dutch/Shell Group in 1907 - Marcus Samuel and Henri Deterding - might be turning in his grave at the decisions just taken in London and The Hague…”: Thursday 5 July 2005: Read the article
FINANCIAL TIMES: LETTERS TO THE EDITOR: AGMs provide a platform for all: Tuesday 5 July 2005: Read the article
THE NEW YORK TIMES: Energy-Rich Nations Are Raising Price of Foreign Admittance: “The Exxon Mobil Corporation saw profit jump 44 percent to $7.86 billion in the first quarter this year, while Royal Dutch/Shell's profit climbed 28 percent. The combined net income of the four biggest oil companies - Exxon Mobil, BP, Shell and ConocoPhillips - increased 39 percent from a year earlier, the companies reported in April.”: Tuesday 5 July 2005: Read the article
FINANCIAL TIMES: Sibneft ready to pay big dividend: “A spokesman said Shell had made "substantial progress" towards agreeing principles under which Gazprom could enter Sakhalin-2 in return for Shell participating in Gazprom's Zapolyarnoye project in western Siberia.”: Tuesday 5 July 2005: Read the article
FINANCIAL TIMES: A delicate balancing act to avert climate meltdown: By Ron Oxburgh: “Lord Oxburgh is non-executive chairman of Shell Transport and Trading”: Posted Tuesday 5 July 2005: Read the article
AFX Asia (Focus): Chevron Corp/Shell expand exploration off Australia's north west coast: “It said in a statement that Chevron Australia will be the operator and will hold a 50 pct interest while Shell Development Australia will hold the remaining 50 pct.”: Tuesday July 05, 2005: Read the article
Irish Times: Shell seeks to reassure as protests continue: “Shell E&P Ireland has said it is "concerned" at the "level of misinformation and myths" circulated about the Corrib gas pipeline.”: Tuesday 5 July 2005: Read the article
Irish Times: Mayo contempt case: “Street protests about the imprisonment of the men and the plans by the multinational company to refine gas from the Corrib field onshore have ignited concerns that the legitimate interests of local people may be subordinated to Shell.”: Tuesday 5 2005: Read the article
Irish Times: Memos show Shell talked of suing State: “Shell E&P Ireland discussed suing the State if the company failed to have opponents of the Corrib gas pipeline committed for contempt of court.”: “Mr Pyle "asked why not just have all of them committed". His public relations manager Rosemary Steen "pointed out that from a public relations point of view this was not the best course of action".: Tuesday 5 July 2005: Read the article
Ireland Online: Resign call to Minister over Shell protesters jailing: Posted Tuesday 5 July 2005: Read the article
Irish Independent: 'Deep unrest' unless Shell gas platform goes offshore: “A DEFIANT message was delivered to Shell E&P Ireland (SEPIL) at a rally in Castlebar, Co Mayo attended by up to 1,500 people yesterday, that there would be serious unrest and protests if the firm did not locate a controversial gas processing terminal at sea.”: Monday July 04, 2005: Read the article
Irish Times: 1,500 at rally to support jailed protesters: “Further protests are due to be held today at the Shell terminal site at Bellanaboy and at the offices of Minister of State Frank Fahey in Galway.”: Monday 4 July 2005: Read the article
From the pages of today's WALL STREET JOURNAL: COMMENT FROM breakingviews: Oil: “Oil M&A is back, with a slew of companies looking to do deals. Chevron is fighting with China's Cnooc over U.S. oil company Unocal, and Royal/Dutch Shell suggests it is ready to take to the warpath again.”: Monday 4 July 2005: Read the article
From the pages of today's NEW YORK TIMES: Menacing the Land, but Promising to Rescue the Earth: “The scramble among companies to profit from wind power - a wind rush some have likened to the Klondike gold rush - is such that a consortium of companies led by Royal Dutch Shell wants to build an even more enormous offshore wind farm with 270 turbines costing $2.7 billion where the Thames meets the North Sea 60 miles from London.”: Monday 4 July 2005: Read the article
MOSNEWS (Russia): Gazprom and Shell May Team up to Buy Abramovich’s Sibneft — Paper: Monday 4 July 2005: Read the article
BBC Monitoring Service (UK): Russian paper says tycoon planning to sell Sibneft oil company: “…the partnership with the world oil giant Shell - and Gazprom is going to act together with it - gives Gazprom good chances of winning.”: Monday July 04, 2005: Read the article
Just in from the Irish Emigrant: Five Mayo men jailed in dispute with Shell: “Up to 200 people protested at Rossport and Bellinaboy on Thursday while at the same time about 100 people assembled outside a Shell depot in Galway.”: Posted Monday 4 July 2005: Read the article
The Guardian (UK): British creators unveil eco-car: “On Thursday, the Ech2o will make a shorter journey to try to break the world fuel efficiency record. Jack Dex, 13, of Southam College, Warwickshire, will drive the prototype at the Shell Eco Marathon…”: Monday 4 July 2005: Read the article
The Observer (UK): When the oil wars blow: “Occasionally, there are tipping-point moments and we are witnessing one at the moment. Seismic change is afoot. As oil prices breach $60 a barrel…”: “There is a Panglossian tendency to overstate oil reserves by oil-producing countries and oil companies alike, as we have learned from Shell.”: Sunday July 3, 2005: Read the article
The Guardian (UK): G8 targeted at counter-summit: “A similar point was made by the activist and writer Ken Wiwa, whose father Ken Saro Wiwa was executed by Nigeria's former military dictatorship for his campaigns on behalf of the Ogoni people and against Shell. He said the influence of multinational corporations on governments in the developing world, and now in the west, was "the gravest danger" facing us all. "What we have to do now is take back the government from the corporate agenda," he said. "We must find a way to hold corporations to account.”: Sunday 3 July 2005: Read the article
AME Info (United Arab Emirates): Shell appoints new Country Chair for Dubai and Northern Emirates: Sunday 3 July 2005: Read the article
ShellNews.net: The Sunday Times article "Corrib threat to Shell sell-off: "Do we spy another PR disaster on Shell’s horizon after Nigeria, Brent Spar and the reserves debacle?": 17.40: Sunday 3 July 2005: Read the article
Financial Mail on Sunday (UK): Shell turmoil over pipeline protests: “Moscow fury halts £36bn oil and gas project”: “Hundreds of indigenous people blockaded roads leading to Shell's Sakhalin Energy oil and gas facilities last week as protests grew over the alleged damage. The project is two years late and £1bn over budget, but its success is essential to Shell, which has faced criticism over the past two years for its failure to find new reserves.”: “Financial Mail revealed last year that Shell had exaggerated the charity work it had done to help the community in Nigeria, where it has faced savage criticism for causing pollution and failing to stop human rights violations.” Sunday 3 July 2005: Read the article
THE SUNDAY TELEGRAPH (UK): Von Pierer tipped to take chair at Royal Dutch Shell: “Von Pierer has been short-listed to chair the Anglo-Dutch oil group, which is close to completing the merger of its two operating subsidiaries to form one company, Royal Dutch Shell.”: Sunday 3 July 2005: Read the article
The Scotsman: INTERVIEW: Two into one will go: “… the wounds from the reserves debacle are still sore for many investors, although they were made less painful in February when Shell reported the biggest annual profits made by a British company - £9.4bn.: Sunday 3 July 2005: Read the article
THE SUNDAY TIMES (UK): Corrib threat to Shell sell-off: “SHELL’S plan to sell 50 petrol stations in Ireland could be stalled by protesters in Co Mayo. Five men jailed last Wednesday for blocking the construction of the Corrib gas pipeline across their land have called for solidarity pickets at all Shell Ireland and Statoil garages. The multinational company has admitted that a national boycott would threaten its plans for a quick sale.”: Sunday 3 July 2005: Read the article
Ireland On-line: Adams denied leave to visit Shell pipeline protestors: “Sinn Féin leader Gerry Adams said today that the five men jailed for obstructing the construction of a Shell gas pipeline in Co Mayo are right to take a stand.”: 3 July 2005: Sunday 3 July 2005: Read the article
THE SUNDAY BUSINESS POST: Shell pipeline compensation package totalled €190,000: Sunday 3 July 2005: Read the article
THE SUNDAY TIMES (UK): Comment: Brenda Power: Price of protest is always worth paying: “To crush local opposition to the pipeline, Shell sought and obtained the committal to jail of the five protesters, who were promptly shipped off to Cloverhill prison. The protests were hardly unreasonable.”: Sunday 3 July 2005: Read the article
THE SUNDAY TIMES (UK): BP and Shell 'will hand back $60bn': “Last week, shareholders in Shell brought to an end nearly 100 years of corporate history when they voted overwhelmingly to unify the two arms of the Anglo-Dutch energy group. This will create a company with a market value of £73 billion.”: Sunday 3 July 2005: Read the article
THE SUNDAY TIMES (UK): Why the saints may beat the sinners: “Enthusiasts claim that, now more than ever, you do not have to compromise your principles in order to make a profit. But with oil prices hitting $60 a barrel, young people swilling alcopops like there’s no tomorrow and online gambling growing fast, can you afford to avoid sin stocks?”: “Oil prices are likely to stay high and this bodes well for the cashflow of companies such as Shell and BP. This, in turn, should create strong returns for investors.”: Sunday 3 July 2005: Read the article
Financial Times: The Week: “At last they are one. Royal Dutch/Shell shareholders voted to unify their British and Dutch holding companies, shedding a dual structure that critics claimed had contributed to the oil reserves debacle and slowed decision making.”: Saturday 2 July 2005: Read the article
Irish Independent: Shell and locals disagree over 'constructive dialogue': “Deputy Joe Higgins accused Shell of "systematic bullying" of the local community.”: Saturday 2 July 2005: Read the article
Irish Times: Court action next week to seek release of jailed men: Saturday 2 July 2005: Read the article
Irish Times: Mayo gas pipeline jailings: “I salute the protesters of Mayo for their courageous stand against the shameful intimidation visited upon them by the Shell oil company.”: Saturday 2 July 2005: Read the article
Irish Times: Shell vows to press ahead on Corrib pipeline: “The company also accused the jailed men yesterday of having a "wider" agenda than health and safety.”: “Sinn Fein's Martin Ferris said: "Decent, honest people are being criminalised by multinationals".: Saturday 2 July 2005: Read the article
THE WALL STREET JOURNAL: BP Forms Clean-Energy Venture: “Oil group BP PLC said it has formed a joint venture with ConocoPhillips, Shell Transport & Trading Co. and Scottish & Southern Energy PLC to begin work on a project to generate "carbon-free" electricity from hydrogen.”: Posted Saturday 2 July 2005: Read the article
THE NEW YORK TIMES: Exxon Hiring Older Tankers for Asia: “Exxon Mobil Corp. is transporting oil to Asia aboard older, single-hulled supertankers shunned by other major oil companies…”: “…they don't have the same restrictions as some of the other majors like Total and Shell who stipulate double-hulled requirements,'' a senior ship broking source said…”: Posted Saturday 2 July 2005: Read the article
Lloyds List: US legal reprieve for oil major Shell: When the scandal broke, Shell's then chairman, Sir Philip Watts, was sacked and US shareholders were threatening to take legal action. There are three legal actions remaining and on one the oil major is waiting for a decision on a motion to dismiss the case. On the other two, Shell is in settlement discussions, said a spokesman.: Friday 1 July 2005: Read the article
THE NEW YORK TIMES: U.S. Attorney Ends Investigation of Shell: “The prosecutor also cited Royal Dutch/Shell's payment of a $120 million fine imposed by the Securities and Exchange Commission for accounting fraud.”: Posted Friday 1 July 2005: Read the article
THE TIMES (UK): “IS THIS an odd abrogation of judicial duty or an uncharacteristic outbreak of common sense? David Kelley, US attorney for the southern district of New York, has decided not to prosecute Shell”: “Shareholders, victims already, would be further damaged by litigation.”: Friday 1 July 2005: Read the article
Daily Telegraph (UK: US prosecutors help Shell close chapter on reserves scandal: “However the US Department of Justice said it was "still evaluating" the case against individual directors involved.”: “… it is still being investigated by the Euronext Amsterdam stock exchange and Shell is also facing class action lawsuits in the US. The group is in talks with the legal representatives of the plaintiffs in the US to settle the case without the need for further litigation.”: Friday 1 July 2005: Read the article
THE TIMES: Shell looks to put scandal behind it with settlements: “SHELL is seeking to settle class action lawsuits brought against the company and its former directors after last year’s revelation that the company had overstated its proven oil and gas reserves.”: “Shell will likely have to pay large sums to lawyers representing plaintiffs in four shareholder derivative actions in US courts. These are claims seeking “unspecified damages” from present and former Shell directors. The company said recently it was seeking to settle the derivative actions and a class action brought on behalf of employee retirement plans.”: Friday July 01, 2005: Read the article
Financial Times: Shell backs African entrepreneur fund: “The Shell Foundation, the charitable arm of the Anglo-Dutch oil group, has teamed up with western governments and African banks to set up an investment fund devoted to helping budding entrepreneurs in Africa set up businesses.”: Friday 1 July 2005: Read the article
Irish Independent: Standing up for their rights: “…the fundamental issue at this time is that these five men, their families and their neighbours are being put under severe pressure by Shell. This is not a hard job for Shell, as its power and resources make them a Goliath for any David that may dare to stand up and object to its plans”: Friday Jul 01, 2005: Read the article
Irish Independent: Supporters urged to punish firm: “PROTESTERS who picketed the Shell depot in Galway city yesterday called for a boycott of all the company's products.”: “He urged the public to indicate their support for the five men by refusing to buy Shell products. "People have a lot of purchasing power and they should use it to send out a message to companies like Shell.": Friday Jul 01, 2005: Read the article
THE TIMES (UK): Protestors jailed: “Michéal Ó Seighin, 65, an Irish folk singer, was jailed by the High Court in Dublin for obstructing the laying of a gas pipeline on the Shell Ireland Corrib gas project in Co Mayo.”: Friday July 01, 2005 Read the article
Business World: Relatives call for Shell boycott: “Relatives of some of the five men imprisoned for breaching injunctions in the dispute over the construction of the Corrib gas pipeline have called for a national boycott of Shell…”: Friday, July 01 Read the article
From today's pages of the Financial Times: Letters: No longer just shareholders who have their say: From Mr Tony Juniper, Executive Director, Friends of the Earth: "Once again Shell seems to have got its facts wrong (Letters, June 30). Friends of the Earth did not pay for community representatives to travel to this year's Shell annual meeting as Sir Mark Moody-Stuart claims.": Friday 1 July 2005: Read the article
The Guardian (UK): US drops Shell criminal action: “Mr Kelley acknowledged Shell's cooperation with his investigation into how the company overbooked its reserves by 4.47bn barrels between 1997 and 2002. He said he had concluded "a criminal prosecution of Shell would not serve the public interest.": Friday 1 July 2005: Read the article
Lloyds List: US legal reprieve for oil major Shell: When the scandal broke, Shell's then chairman, Sir Philip Watts, was sacked and US shareholders were threatening to take legal action. There are three legal actions remaining and on one the oil major is waiting for a decision on a motion to dismiss the case. On the other two, Shell is in settlement discussions, said a spokesman.: Friday 1 July 2005: Read the article
THE NEW YORK TIMES: U.S. Attorney Ends Investigation of Shell: “The prosecutor also cited Royal Dutch/Shell's payment of a $120 million fine imposed by the Securities and Exchange Commission for accounting fraud.”: Posted Friday 1 July 2005: Read the article
THE TIMES (UK): “IS THIS an odd abrogation of judicial duty or an uncharacteristic outbreak of common sense? David Kelley, US attorney for the southern district of New York, has decided not to prosecute Shell”: “Shareholders, victims already, would be further damaged by litigation.”: Friday 1 July 2005: Read the article
Daily Telegraph (UK: US prosecutors help Shell close chapter on reserves scandal: “However the US Department of Justice said it was "still evaluating" the case against individual directors involved.”: “… it is still being investigated by the Euronext Amsterdam stock exchange and Shell is also facing class action lawsuits in the US. The group is in talks with the legal representatives of the plaintiffs in the US to settle the case without the need for further litigation.”: Friday 1 July 2005: Read the article
THE TIMES: Shell looks to put scandal behind it with settlements: “SHELL is seeking to settle class action lawsuits brought against the company and its former directors after last year’s revelation that the company had overstated its proven oil and gas reserves.”: “Shell will likely have to pay large sums to lawyers representing plaintiffs in four shareholder derivative actions in US courts. These are claims seeking “unspecified damages” from present and former Shell directors. The company said recently it was seeking to settle the derivative actions and a class action brought on behalf of employee retirement plans.”: Friday July 01, 2005: Read the article
Financial Times: Shell backs African entrepreneur fund: “The Shell Foundation, the charitable arm of the Anglo-Dutch oil group, has teamed up with western governments and African banks to set up an investment fund devoted to helping budding entrepreneurs in Africa set up businesses.”: Friday 1 July 2005: Read the article
Irish Independent: Standing up for their rights: “…the fundamental issue at this time is that these five men, their families and their neighbours are being put under severe pressure by Shell. This is not a hard job for Shell, as its power and resources make them a Goliath for any David that may dare to stand up and object to its plans”: Friday Jul 01, 2005: Read the article
Irish Independent: Supporters urged to punish firm: “PROTESTERS who picketed the Shell depot in Galway city yesterday called for a boycott of all the company's products.”: “He urged the public to indicate their support for the five men by refusing to buy Shell products. "People have a lot of purchasing power and they should use it to send out a message to companies like Shell.": Friday Jul 01, 2005: Read the article
THE TIMES (UK): Protestors jailed: “Michéal Ó Seighin, 65, an Irish folk singer, was jailed by the High Court in Dublin for obstructing the laying of a gas pipeline on the Shell Ireland Corrib gas project in Co Mayo.”: Friday July 01, 2005 Read the article
Business World: Relatives call for Shell boycott: “Relatives of some of the five men imprisoned for breaching injunctions in the dispute over the construction of the Corrib gas pipeline have called for a national boycott of Shell…”: Friday, July 01 Read the article
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