By John Donovan
We now have the information on which The Observers appears to have based its calculation of a loss by Shell of 1.1 billion boe reserves resulting from the Gazprom take over of Shell’s majority stake in the Sakhalin-2 project.
SOME EXTRACTS FROM THE SHELL 2007 ANNUAL REPORT PUBLISHED TODAY (pages 17 & 18)
On April 18, 2007, Royal Dutch Shell completed the divestment to OAO Gazprom of 50% of its shares in Sakhalin Energy Investment Company Ltd (SEIC), representing 27.5% of the total outstanding shares, for a sales price of $4.1 billion. Gazprom acquired a 50% interest plus one share, while Shell retains a 27.5% interest, with Mitsui and Mitsubishi holding a 12.5% and 10% interest, respectively. In addition, the Ministry of Natural Resources of the Russian Federation announced its approval of the revised Environmental Action Plan. Additional agreements were also signed with the Russian government, addressing the economic balance of the project. read more
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