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July, 2005:

Former Shell PR veteran, Paddy Briggs, traces the firm’s reputational demise

Former Shell PR veteran, Paddy Briggs, traces the firm’s reputational demise

“the reputation of Shell has been destroyed by hypocrisy, mendacity and deceit.”

Wednesday 27 July 2005

By Paddy Briggs

First Published in prweek.com on September 03 2004 

THE ARTICLE

In 1997, advertising legend Maurice Saatchi was called in by the Royal Dutch/Shell Group to help it improve its image. Saatchi produced a number of adman slogans – but among all the hyperbole he said one very wise thing: ‘No communication can work effectively unless backed by real action.’

The years that followed Saatchi’s brief involvement with Shell were characterised by a plethora of comms initiatives – but also by actions at the top that have mortally wounded its reputation. read more

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Daily Express: Boss in Shell scandal starts legal fightback

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”.

Published by Daily Express 26 July 2005

By Andrew Johnson

SIR PHILIP WATTS, ousted as Shell’s boss in the oil reserves scandal, yesterday fired the opening shot against the Financial Services Authority in the fight to clear his name.

His lawyers told a preliminary hearing of the Financial Services and Markets Tribunal the City watchdog had infringed his rights by identifying him in a potentially damaging way when explaining why it had fined Shell £17million for market abuse. He should have been given an advance look at the notice to answer criticisms, they said. read more

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Shell may have found innovative way of curbing difficult questions at investor meetings

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 more

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Eurasia Daily Monitor: Costs skyrocket for off-shore Sakhalin energy projects

Eurasia Daily Monitor: SAKHALIN ENERGY PROJECTS FACE REALITY CHECK: Costs skyrocket for off-shore Sakhalin energy projects

By Sergei Blagov

Wednesday, July 27, 2005

As the Shell-led Sakhalin-2 liquefied natural gas (LNG) project in the Russian Far East faces cost overruns and delays, now Russian Sakhalin ventures appear to be facing a reality check, cooling Moscow’s ambitious plans to tap lucrative energy markets in the Asia-Pacific.

Earlier this month, Sakhalin region governor Ivan Malakhov met Mitsui executives, headed by CEO Shoei Utsuda, to discuss the Sakhalin-2 project. The Mitsui “delegation came to the island to inspect the project first hand, including construction of pipelines from the north to the south of the island, and one of the world’s largest LNG plants,” according to the Sakhalin regional administration (RIA-Novosti, July 18). read more

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Bloomberg.com: BP, Shell, Eni Results May Put European Oil-Stock Gains at Risk

Bloomberg.com: BP, Shell, Eni Results May Put European Oil-Stock Gains at Risk

“The company disclosed in January it overstated oil reserves for more than five years.”

July 26 (Bloomberg) — European energy stocks have been the region’s best performers during a three-month market slump, and earnings reports from BP Plc, Royal Dutch/Shell Group and Eni SpA this week may decide whether they maintain that position.

“We’re at a critical moment,” said Marcus Kueppers, who helps oversee about $1.9 billion at Oppenheim Asset Management in Cologne, Germany. “While the earnings are important, the outlooks are the best guide to where gains might be made.” read more

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Irish Independent: Back to jail after ‘Rossport 5’ again fail to purge contempt

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

HOPES that five men jailed amid the dispute over Shell’s Co Mayo pipeline could be released were dashed yesterday.

The ‘Rossport Five’ – who have now been in prison for 27 days – were again returned to prison after failing to purge their contempt at the High Court.

Their supporters had hoped that revelations that the oil company had welded together at least 3km of pipeline without Government consent would help break the deadlock over their imprisonment. read more

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Irish Times: Minister will not interfere in Shell High Court case

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

Lorna Siggins, Marine Correspondent

Minister for the Marine Noel Dempsey has said he will not interfere in the judicial process, even though five north Mayo residents opposed to the Corrib gas pipeline face imprisonment until at least October.

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. read more

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Irish Times: Controversy over Mayo gas pipeline

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

LETTERS

Madam, – The continuing and unhappy imprisonment of a group of protesters from Co Mayo who seek to have Shell prevented from high-pressure gas pipeline construction draws attention to another matter of enormous importance to the people and economy of this island.

I refer to the agreement, drawn up years back, between the then Haughey government and international oil companies, regulating the sale of prospecting rights, control, development and ensuing profits of the oil and gas resources off our western coast. read more

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BLOOMBERG: Watts Accuses U.K.’s FSA of `Mischief’ in Shell Reserves Probe

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

(Bloomberg) — Philip Watts, ousted as chairman of Royal Dutch Shell Plc last year, accused the U.K.’s Financial Services Authority of “mischief” for implicating him personally when it punished the company for overstating oil reserves.

Watts today stepped up a campaign to clear his name of wrongdoing by asking an independent tribunal to support his claim that the FSA “identified and prejudiced” him when it published findings of an inquiry into Shell and fined the company last July. The regulator, which didn’t mention Watts’s name in the penalty notice, rejected the accusations and said it’s still probing Watts. read more

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Watts new? Hardly

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

By Clay Harris

Published: July 26 2005

Sir Philip Watts walked into the Financial Services and Markets Tribunal yesterday looking not a day older than when he disappeared from the scene in March 2004. He wore the same glasses, his hair was no greyer and no thinner than it had been. In fact, Watts looked healthier and less stressed than he ever did as Shell’s chairman.

The stiff, sometimes forced smile, with which he ends all his sentences was still there, and his need to break any silence with a joke had not diminished. 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. read more

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Former Shell boss challenges the FSA to launch proceedings

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

By Carola Hoyos and Barney Jopson

Published: July 26 2005

Sir Philip Watts, former chairman of Royal Dutch Shell, yesterday challenged the Financial Services Authority to launch proceedings against him to determine his role in the Anglo-Dutch oil company’s reserves scandal.

Lawyers for Sir Philip told the Financial Services and Markets Tribunal, which hears appeals against the FSA: “The applicant’s principal concern is that he be provided with an opportunity to clear his name. read more

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The Independent: Former Shell chairman accuses FSA of prejudice

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

James Daley

Sir Philip Watts, the former chairman of Shell, accused the Financial Services Authority of mischievous behaviour yesterday, claiming that its handling of disciplinary proceedings against the oil giant last year had been prejudicial towards him.

Speaking on behalf of Sir Philip at a one-day hearing of the Financial Services & Markets Tribunal in London, David Pannick QC criticised the regulator for failing to give Sir Philip a right to reply before it fined Shell a record pounds 17m for overstating its oil reserves last summer. read more

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The Guardian: Ex-Shell chief seeks to clear his name

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

Jill Treanor

Sir Philip Watts yesterday began the process of trying to “clear his name” almost 18 months after resigning as chairman of oil group Shell.

In his first major public outing since his departure in March 2004, Sir Philip attended a City tribunal to hear 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. Sir Philip is arguing that the FSA identified him – and prejudiced him – when fining Shell, even though he was not named personally when the so-called final notice against Shell was issued. read more

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FSA dismiss as ‘nonsense’ an appeal by Sir Philip Watts

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

Natural Resources

Up 0.96%

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.

Afren, the newly-listed oil and gas company, has appointed Charles Jamieson as nonexecutive chairman. Mr Jamieson was the long-serving chief executive of Premier Oil.

BHP Billiton, the Anglo-Australian miner, will invest $4.3 million (£2.5 million) to become the biggest external shareholder in European Nickel, the AIM-listed company, with an 8.9 per cent stake. read more

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Oil Profits May Be Peaking

THE 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.”

High Energy Prices Drive Earnings,
But Some See Turn in 2006

By BHUSHAN BAHREE
Staff Reporter of THE WALL STREET JOURNAL
July 26, 2005; Page A2

The world’s major oil companies are expected to report banner earnings as they start unveiling quarterly results this week. But with the companies’ costs rising and energy-price increases slowing, many analysts say, 2005 may prove to be the industry’s high-water mark for some time.

BP PLC, the second-largest publicly traded energy company by market capitalization, is expected to post record net profit for its second quarter when it releases its results today. Analysts expect the three largest companies — BP, its bigger rival Exxon Mobil Corp. and No. 3 producer Royal Dutch Shell PLC — to post net income for the April-June quarter that is up as much as 40% from a year earlier. The Big Three are on pace to post combined net profit of about $60 billion for the full year. read more

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The Age (Australia): Shell-Todd `Pohokura’ row goes to trial

The Age (Australia): Shell-Todd `Pohokura’ row goes to trial

“Energy heavyweights Shell New Zealand and Todd Petroleum will take a row over who develops and operates the gas field Pohokura to a full trial – a fresh sign their 50-year relationship is falling apart.”

Tuesday 26 July 2005

Energy heavyweights Shell New Zealand and Todd Petroleum will take a row over who develops and operates the gas field Pohokura to a full trial – a fresh sign their 50-year relationship is falling apart.

The High Court rejected Todd’s application for an interim injunction to stop Shell and Austrian oil company OMV voting to stop Shell Todd Oil Services acting as operator of the gas field, sited off the Taranaki coast.

Todd said that it intended to appeal against the decision. read more

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IrelandOn-Line: Shell chairman: Protestors can end dispute

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

The five men jailed over protests against a pipeline from the Corrib gas field off the Mayo coast are the only people with the power to resolve the dispute, it was claimed today.

The landowners were sent to prison for contempt of court after they refused to comply with an order banning them from blocking Shell E and P Ireland access to their farms.

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. read more

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RTE NEWS (Ireland): Shell to respond to allegations

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

The Chairman of Shell Ireland, Andy Pyle, has said it is difficult to see how the dispute over the laying of a gas pipeline in Co Mayo can be resolved.

Mr Pyle said the company would be responding this week to allegations that it had breached the consents it had been granted in relation to the development of the controversial pipeline.

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. read more

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BizWorld: Govt asks Shell to explain new work

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

(BizWorld)

Government inspectors have confirmed that Shell carried out unauthorised works on its controversial pipeline at Rossport in Co Mayo.

They found that the company had welded about three km of pipeline without first obtaining permission from the Department of Communications, Marine and Natural Resources.

The inspections have confirmed allegations by supporters of the five local men imprisoned for protests against the pipeline.

Each stage of work on the project needs to be authorised in advance by the Department. read more

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Irish Independent: Shell pushed to set Rossport protesters free

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

Oil company welded together 3km of pipeline without State’s consent

SHELL is today under pressure to apply to lift the injunction which put five protesters behind bars, after it emerged the oil company had welded together at least 3km of pipeline without government 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.

Meanwhile, the Green party has called for an emergency meeting this week of the Dail committee for communications, marine and natural resources to ask the Government to explain why it failed to monitor Shell’s activities in Belmullet more closely. read more

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Irish Times: Dempsey sets up body to monitor gas project

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

Lorna Siggins, Marine Correspondent

Minister for the Marine Noel Dempsey has set up a high-level technical group to monitor the €900 million Corrib gas project in north Mayo.

The new group is independent of the Petroleum Affairs Division (PAD), which has been responsible for monitoring the project to date, and will be led by Tom McManus, former chief technical officer in the Department of Public Enterprise.

It will include a senior geologist, engineer, assistant principal officer and legal expert, and will advise the Minister on the safety review which he has commissioned. read more

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BLOOMBERG: Exxon, Shell, BP Profits Probably Surged Amid Record Oil Prices

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

July 25 (Bloomberg) — Exxon Mobil Corp., BP Plc and Royal Dutch Shell Plc the world’s three biggest publicly traded oil companies, will probably report record second-quarter profits because of surging oil and gas prices, analyst surveys showed.

BP, based in London, tomorrow may say second-quarter earnings rose 44 percent to $5.6 billion, according to the median of estimate from six analysts surveyed by Bloomberg. Exxon Mobil may report on July 28 that profit rose to about $8 billion from $5.8 billion a year earlier, according to Credit Suisse. Shell, which reports on the same day, may say net income jumped 46 percent to $5.4 billion, the Bloomberg survey found. read more

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The Guardian: Ousted Shell chairman begins fight against regulator

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

Jill Treanor

Sir Philip Watts, the former chairman of oil company Shell, today begins a battle with the Financial Services Authority over his claim that the City regulator abused his rights.

Ousted over the oil company’s reserving problems, Sir Philip is disputing the way in which the City regulator handled his case when it levied a record £17m fine on Shell.

The Financial Services and Markets Tribunal, which is hearing the case, is convening today to establish whether Sir Philip should be allowed to proceed with his claim. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Ex-Shell chief to challenge FSA ruling

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

By Kate Burgess

Published: July 25 2005

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.

Sir Philip, who was forced to resign from Shell in March 2004, first launched his appeal against the FSA in the autumn. 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. read more

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Daily Telegraph: After the oil furore Shell and BP need to impress

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

The spotlight turns on oil companies as both Shell and BP report first-half results this week. read more

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THE WALL STREET JOURNAL: The Leapfrog Strategy

THE WALL STREET JOURNAL: The Leapfrog Strategy

Monday 25 July 2005

By JANE LANHEE LEE
Staff Reporter of THE WALL STREET JOURNAL
July 25, 2005; Page R6

In a lab on the outskirts of Shanghai, professor Wan Gang and his students are leading an effort to secure China’s energy independence. Last year, the team from Tongji University created the Start II, a prototype fuel-cell car that runs on hydrogen and spurts nothing but water from its tailpipe.

Now they are trying to make it cheaper and more efficient — but, as Mr. Wan sees it, they are running out of time. read more

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Venezuela Hits Oil Firm With Back-Tax Bill, Fine

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

DOW JONES NEWSWIRES

July 25, 2005; Page A13

CARACAS, Venezuela — Venezuela’s tax authority presented Harvest Natural Resources Inc. with an $85 million retroactive income-tax bill along with a fine — the second levied on a foreign oil company this month.

In a statement Friday, the tax authority, the Seniat, said the bill was for unpaid income taxes from 2001 to 2004. If Harvest pays the taxes within 15 days, it will be fined an additional 10% above the 180 billion bolivars it owes. Otherwise, the U.S. company could face fines of as much as 250% of the amount, the Seniat said. read more

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London Evening Standard: Ex-Shell boss aims ‘to put record straight’

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

Jim Armitage,

SIR Philip Watts, the former chairman of Shell, today launched a legal fight to restore some of his battered reputation.

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.

He is furious that the watchdog published its highly critical findings without giving him the right to defend himself against the allegations.

Under FSA rules, if an investigation is about to criticise individuals, it must first put the charges to the people accused, hearing their defence before publishing its report. read more

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Why has Ex-Shell Boss Watts brought proceedings against the FSA?

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?

Tuesday 26 July 2005

Numerous media reports have categorically named and blamed Sir Philip Watts for the Shell reserves debacle which destroyed Shell’s reputation. Yet Sir Philip has not brought proceedings against any of them. So why is he embroiled in proceedings against the Financial Services Authority who did not name and blame him in their report?

To take an example of one TV broadcast, we have provided extracts below from a BBC TV programme about the scandal – “The Money Programme”, aired on 15 July 2004. read more

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London Evening Standard: Ex-Shell boss in showdown with FSA

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

James Rossiter,

FORMER Shell chairman Sir Philip Watts and the Financial Services Authority (FSA) were today set to clash in a key hearing that could determine the city regulator’s legal rights and powers of investigation.

Watts claims he was ‘identified and prejudiced’ when the FSA explained in a public announcement why it fined the oil giant a record £17m last August over its reserves fiasco. The case is crucial for Watts as the US Department of Justice is ‘still evaluating’ criminal action against Shell directors. read more

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The Observer: The high price of investing in oil’s future

The Observer: The high price of investing in oil’s future

Heather Connon

Sunday July 24, 2005

The oil price has risen more than 50 per cent over the past year and almost six-fold since the lows of the late Nineties, and some experts predict that it will double by the end of the decade. But, for most of us, the only way we are exposed to soaring oil prices is through higher prices of everything from petrol to heating oil.

Buying barrels of oil and storing them in your cellar is hardly an option and, while some commodity funds will have exposure to oil, they will also invest in metal, gold and other resources, which will affect their performance. Firms such as Cantor Index and IG Index also offer oil futures, betting contracts or warrants, but these are for professionals, rather than retail investors, according to Cantor’s David Buick, as their price depends as much on political and economic factors as on the oil price. read more

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The Observer: Oil prices fuel record profits for BP and Shell

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.”

Supermajors cash in on cost of crude, but investors keep pressure up

Oliver Morgan

Sunday July 24, 2005

Oil supermajors BP and Shell will this week report record profits on the back of sky high oil prices and strong margins at refineries.

BP’s chief executive, Lord Browne, is expected to unveil a net income of some $5.5 billion, more than 35 per cent up on the same time last year, while Shell is pencilled in for $5.3bn, a climb of a quarter. Analysts indicate year-end figures for BP could breach $20bn for the first time. read more

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THE SUNDAY TIMES: Anti-gas group is right to raise fears

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

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. You say that the Rossport Five are “more interested in confrontation than compromise”, but they are in fact interested in a resolution. read more

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Rossmore Five: Party loyalties split in battle over pipeline

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

By Niamh Connolly

Mayo is a hotbed of political rivalry. This has been helped in no small part by the David-and-Goliath battle between local landowners and fuel giant Shell over the safety of the gas pipeline it is building in Rossport in the north-west of the county.

Protest rallies held yesterday in Dublin and across Mayo against the jailing of five Mayo farmers for obstructing Shell’s pipeline are providing opposition candidates with an invaluable early election platform. The five are now in their third week in prison. read more

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The Observer: Shell’s cracks still showing

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…”

Sunday July 24, 2005

Oliver Morgan

After a century as a two-headed Anglo-Dutch monster, Royal Dutch Shell last week left the 20th century and launched itself as a single company on the stock markets of London and Amsterdam.

It was the culmination of a year of pressure from shareholders resulting in an acceptance – albeit apparently reluctant – of the need for change from a notoriously flat-footed management. But no sooner did the new company arrive than it was slapped in the face by investors. Royal Dutch Shell shares – there are now two categories, of which more below – fell, despite the fact that fund managers are thought still to be underweight in the stock. read more

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Shell ‘breached’ pipeline consent

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

Richard Oakley and Scott Millar

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.

Noel Dempsey, the marine minister, has written to the company demanding the explanation after his inspectors found that Shell had carried out works other than the preparatory ones for which it has consent.

“Shell has an opportunity to reply to me on this, but as far as I am concerned this is very serious,” Dempsey said yesterday. read more

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US Class Action reserves scandal lawsuit against Royal Dutch/Shell

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

Sunday 24 July 2005

By Alfred Donovan

Civil Action 04431 in the US District Court of New Jersey

The Newark Star-Ledger article (link below) reports on a court hearing on the US Class Action Lawsuit brought against Royal Dutch/Shell and named former and current directors, including former Group Chairman Sir Mark Moody-Stuart; the first CEO of Royal Dutch Shell plc – Jeroen van der Veer, and Shell E & P Executive Director, Malcolm Brinded.

New York lawyers Bernstein Liebhard & Lifshitz LLP are the lead lawyers acting for Pennsylvania State Pension Funds – the plaintiffs. The lawsuit alleging that Shell reported “materially false and misleading information” about its reserves and cash flow to boost its stock price, and allegedly engaged in securities fraud,is also brought against Shell auditors/consultants, PriceWaterhouseCoopers & KPMG. read more

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Latest on US Class Action hearing against Royal Dutch/Shell

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

By Alfred Donovan

(new third paragraph: updates information on most recent court hearing)

Civil Action 04431 in the US District Court of New Jersey: The Newark Star-Ledger article (link below) reports on a court hearing on the US Class Action Lawsuit brought against Royal Dutch/Shell and named former and current directors, including former Group Chairman Sir Mark Moody-Stuart; the first CEO of Royal Dutch Shell plc – Jeroen van der Veer, and Shell E & P Executive Director, Malcolm Brinded. read more

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THE NEWARK STAR-LEDGER: Hearing in Newark could determine fate of Shell lawsuit

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.”: “There was activity in the United States to perpetuate… fraud,” said Stanley Bernstein, the lead attorney.”: “Attorney Norton was co-lead counsel in a separate case before Bissell concerning the oil company. That case, brought by pension holders, settled earlier this week. Shell agreed to pay $90 million — about 80 percent of the claimed losses — to the pension plan so it can be distributed to members.”

Posted Sunday 24 July 2005

Thursday, July 14, 2005

BY KATE COSCARELLI

Star-Ledger Staff

A “monster” of a two-day hearing that kicked off in a Newark courtroom yesterday will determine the success and shape of a 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. Nearly a dozen lawyers were on hand to argue whether the case should be thrown out, and, if not, whether foreign investors should be included in the class. read more

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The Business: Warlords in Nigeria fall out over who has oil riches

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

THE most sensitive issue facing Nigeria – the distribution of oil revenues will come to a head over the next 12 months. Unless a solution is found, violence is likely to erupt in the Delta region of the south of the country, where most of the 35bn barrels of proven oil reserves lie.

Such an outcome would drive up global prices and threaten the interests of some of the world’s largest companies.

The spark for renewed unrest in Africa’s largest country, with 130m people, may already have occurred. On 12 July, a national political reform conference, called by President Olusegun Obasanjo, broke up without agreement. This gathering was charged with debating constitutional changes and, most importantly, deciding a new formula for the distribution of national oil revenues. read more

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From Madagascar to the Faroes, oil companies seek out the last frontier

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

By: Richard Orange

ON THE face of it, there’s nothing much to link two places as far-flung and disparate as the Faroes and Madagascar. But these islands are two key locations that feature in what looks likely to be the last great land grabs by the international oil industry.

Exxon Mobil last week surprised its peers by buying up rights to explore 13,100 square miles of northern Madagascar from UK company Sterling Energy, which will keep a 30% stake.

The US oil firm is throwing all its weight at exploring the island, which until last year was largely dismissed by Africa’s oil men. Last year it bought into two blocks owned by Vanco Energy, and the island is expected to open a new licensing round later this month. read more

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The Business: Shell field off Nigeria risks more delays

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

By: Richard Orange

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.

The company last week signed up the accommodation vessel for project workers for an extra five months until March, indicating that considerable work is still needed on the floating production platform beyond the latest target for first production in October. read more

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THE BUSINESS: BP overtakes Shell on profits

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

By: Richard Orange

BP IS set to trump Royal Dutch Shell on Tuesday with record $5.7bn (£3.2bn, €4.6bn) quarterly profits, thus overtaking its arch rival as the most profitable UK company.

Shell results on Thursday are expected to come in below BP’s, with profits of some $5.4bn. Shell last year produced $18bn profit, the greatest ever for a UK company, while BP lagged behind at just over $16bn.

Shell was ahead again in the first quarter of 2005, posting $5.3bn to BP’s $5bn, but BP has started to pull ahead as Shell’s production declines – some 4% this quarter to 3.4m barrels per day – and BP responds better to current conditions thanks to the quality and geography of its refining business. BP is expected to report a 3% increase in production to 4.1m barrels per day. read more

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IrelandOn-Line: Rabbitte calls on shell to free ‘Rossport Five’

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

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.

The five Mayo men have spent a month in prison for blocking the construction of an offshore pipeline near their home.

However, Communications Minister Noel Dempsey said yesterday that Shell may have breached the terms laid down by the Government when granting permission for the project.

“In light of yesterday’s statement by the minister that the energy giant may have breached the terms of the permission given for developing the pipeline, things should be resolved by Shell going to court next week to have the injunction lifted,” said Mr Rabbitte. read more

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Daily Telegraph: Former Shell chairman to challenge FSA findings

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.”

By Caroline Muspratt (Filed: Saturday 23/07/2005)

Sir Philip Watts, former chairman of oil giant Shell, will argue on Monday that he should have been given the right to respond to the City regulator over its findings into Shell’s overstatement of its reserves.

The dispute between Sir Philip, who was ousted following the scandal last year, and the Financial Services Authority has been brewing since September.

Sir Philip has accused the FSA of “violating” his rights and running a “fundamentally flawed” investigation into Shell’s oil and gas reserves debacle. He has claimed that though the FSA report did not refer to him by name, he was effectively identified and prejudiced. read more

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DAILY TELEGRAPH: New Shell formulation will take time to settle down

DAILY TELEGRAPH UK: New Shell formulation will take time to settle down

SATURDAY 23 JULY 2005

More news from Shell this week, except thankfully it was nothing to do with losing reserves. The oil giant has unified its dual corporate structure to create Royal Dutch Shell.

There are now two lines of stock traded in London. Shell A shares, which originate from the former Dutch parent Royal Dutch Petroleum, and Shell B shares, which replace UK arm Shell Transport and Trading.

With all the shares in the new company now traded on the London Stock Exchange, the number of shares – and its market capitalisation – has more than doubled. Investors’ holdings in the unified group have changed too. Shell Transport investors have received 28 Royal Dutch Shell B shares for every 100 Shell shares held – that is why the Royal Dutch Shell B shares are trading at around 3.5 times the price of the old Shell shares. read more

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The Guardian (UK): Coke is still world’s most valuable brand

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”

Jill Treanor

Saturday July 23, 2005

Coca-Cola was yesterday named the world’s most valuable brand for the seventh successive year in an annual ranking of the top 100.

According to the Business Week/Interbrand survey, HSBC was the highest ranking British brand, in 29th place. The banking group was also the second fastest riser in the rankings as its “world’s local bank” advertising campaign began to pay off.

The four other British names in the survey were Reuters, in 74th place, BP in 75th, vodka maker Smirnoff, part of the Diageo group, in 88th and Shell in 90th. read more

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Irish Times: Labour urges Dail recall over Dublin Port and Shell issues

Irish Times: Labour urges Dail recall over Dublin Port and Shell issues

Saturday 23 July 2005

The Labour Party has called on the Taoiseach to recall the Dail next week to deal with critical problems which have emerged within the portfolio of the Minister for Marine and Natural Resources and his junior partner. Mark Hennessy, Political Correspondent, and Lorna Siggins , Marine Correspondent, report.

Labour’s marine and natural resources spokesman, Tommy Broughan, said a one-day session of the Dail was required over Dublin Port lands and the “continued incarceration” of the five north Mayo men in prison over their opposition to the Corrib gas pipeline. read more

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Bid talk and Shell shake-up help Footsie

Financial Times: Bid talk and Shell shake-up help Footsie

By Robert Orr and Chris Flood

Published: Saturday July 23 2005

The London market ended a week that saw the historic unification of the Royal Dutch Shell oil company fractionally higher.

The blue-chip FTSE 100 gained 0.2 per cent last week, closing at 5,241.8 yesterday after a 20.2 points, or 0.4 per cent, rise on the day.

Yesterday’s rise of 28.4 points, 0.4 per cent, helped the broader FTSE 250 firm 0.3 per cent over the five-day period. It closed at 7,495.8.

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. read more

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Financial Times: Shell seeks targets on fuel from plants

Financial Times: Shell seeks targets on fuel from plants

By Fiona Harvey,Environment Correspondent

Published: Saturday July 23 2005

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.

The oil company’s call adds to pressure on the government, which has been reluctant to make it compulsory for petrol to contain a small percentage of biofuel because it could push up the price of petrol.

Lord Oxburgh, chairman of Shell, said: “Indicative targets are a waste of space. What industry would like is very clear targets and a very clear timescale . . . and make it mandatory.” read more

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