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June 12th, 2004:

An Oil Enigma: Production Falls Even as Reserves Rise

The New York Times: An Oil Enigma: Production Falls Even as Reserves Rise

By ALEX BERENSON

Published: June 12, 2004

For six consecutive years, ChevronTexaco has had good news for anyone worried that the world is running out of oil: the company has found more oil and natural gas than it has produced. Over that time, ChevronTexaco’s proven oil and gas reserves have risen 14 percent, more than one billion barrels.

But near the bottom of ChevronTexaco’s financial filings is a much less promising statistic. For each of those years, ChevronTexaco’s wells have produced less oil and gas than the year before. Even as reserves have risen, the company’s annual output has fallen by almost 15 percent, and the declines have continued recently despite a company promise to increase production in 2002. 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.

The Wall Street Journal: Halliburton Says SEC Probing Nigerian Venture

The Wall Street Journal: Halliburton Says SEC Probing Nigerian Venture

DOW JONES NEWSWIRES

June 11, 2004 3:20 p.m.

Posted 12 June 04

HOUSTON (AP)–The Securities and Exchange Commission is formally investigating allegations that a Halliburton Co. (HAL) subsidiary was involved in paying $180 million in bribes to get a natural gas project contract in Nigeria.

Vice President Dick Cheney was head of the oil services conglomerate at the time.

Halliburton on Friday announced that the SEC has started a formal probe. The SEC’s informal investigation of the contract was disclosed in February. read more

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Kazakh Govt Aims For BG’s Stake In Kashagan

The Wall Street Journal: Kazakh Govt Aims For BG’s Stake In Kashagan

DOW JONES NEWSWIRES

June 11, 2004 12:20 p.m.

Posted 12 June 04

By Mark Long

Of DOW JONES NEWSWIRES

LONDON — The delayed development of Kazakhstan’s giant Kashagan oil field in the Caspian Sea appears Friday to have hit another snag, with the Kazakh government reportedly aiming to snap up a stake in the project.

The U.K.’s BG Group (BRG) unexpectedly said Friday in a press release that the Kazakh government has claimed it has the right and intention to buy BG’s 16.67% stake, which is due to be absorbed by other partners in the project – Total (12027.FR), Eni (E), Royal Dutch/Shell (RD, SC), ExxonMobil (XOM), ConocoPhillips (COP). 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.

Shell admits it may have had role in violence

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

By ALASTAIR REED

12 June 04

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

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

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

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.

BBC News: Shell admits fuelling corruption

BBC News: Shell admits fuelling corruption

Posted 12 June 2004

Shell say they will support Nigeria’s anti-corruption drive

Oil giant Shell has admitted it inadvertently fed conflict, poverty and corruption through its oil activities in Nigeria.

But a Shell spokesman said the group did not agree with independent experts that the unrest may force it to leave.

Nigeria contributes to about 10% of Shell’s global production and is home to some of its most promising reserves.

Shell says it has been difficult to operate with integrity in areas of conflict like Nigeria. 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.

Shell holds meeting with UK investors

Financial Times: Shell holds meeting with UK investors

By Sundeep Tucker

Jun 12, 2004

Senior executives of Shell Transport & Trading have embarked on a City charm offensive ahead of the embattled oil company’s annual meeting later this month.

Jeroen van der Veer, president of the Shell Group, yesterday had his first face-to-face meetings with London investors since taking up the position.

Lord Oxburgh, acting chairman of Shell Transport, will meet a number of key City institutions next week.

The oil company is reeling after four reserves downgrades since January and management upheavals including the departure of group chairman Sir Philip Watts. It is facing numerous class action lawsuits and regulatory investigations in the US, UK and the Netherlands. 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.

BG’s oil asset sale faces new threat

The Times: BG’s oil asset sale faces new threat

By Peter Klinger

June 12, 2004

KAZAKHSTAN is threatening to derail the $1.23 billion (£670 million) sale of BG Group’s Caspian Sea oil assets to a consortium that includes Royal/Dutch Shell.

The Kazakhstan Government has stunned the seven partners in the North Caspian Sea Production Sharing Agreement (NCSPSA), covering the Kashagan oilfield, by claiming it has a pre-emptive right to acquire BG’s 16.7 per cent stake.

BG sold the stake to five of the NCSPSA members last September. The company said yesterday that it had only recently been informed that Kazakhstan intended to scupper the deal and buy the stake itself. 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.

Shell’s gas burn-off targets in doubt

The Times: Shell’s gas burn-off targets in doubt

By Carl Mortished, International Business Editor

June 12, 2004

SHELL was last night facing a fresh assault from environmentalists after the oil group conceded that it was struggling to end the controversial practice of burning off unwanted gas from its oil drilling platforms in Nigeria.

The practice, known as flaring, which lights up the Niger Delta and can be seen on night-time satellite images of the earth, is a major contributor to greenhouse gases and one of the most wasteful practices in the energy industry. 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.

The Guardian: Beyond the bottom line

The Guardian: Beyond the bottom line

Andrew Pendleton and David Vidal

Saturday June 12, 2004

Why would anyone oppose socially responsible companies? asks David Vidal; because it’s a facade, says Andrew Pendleton

Dear David,

One of the dangers of corporate social responsibility (CSR) is that it sounds like such a good thing. Who could be opposed to the idea of companies behaving in a socially responsible way?

Unfortunately companies cannot be left to self-regulate. Take Shell, for example. Until the company’s recent fall from grace over the misreporting of oil reserves, it had successfully made its CSR sound like a good thing. And yet in Nigeria, where the killing in 1995 of anti-oil activist Ken Saro-Wiwa by the former military dictatorship precipitated some of the company’s past troubles, its relationship with many communities is still woeful. 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.

The week that was: ‘Shell is in full damage limitation mode again’

Daily Telegraph: The week that was: ‘Shell is in full damage limitation mode again’

12 June 2004

Shell is in full damage limitation mode again after a report it commissioned recommended it leave Nigeria, its fourth-largest oil region, in five years.

Leaked Shell Nigeria Report PEACE AND SECURITY IN THE NIGER DELTA: December 2003

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.

Wall Street Life: Take an oil price over $40 – then quadruple it

Daily Telegraph: Wall Street Life: Take an oil price over $40 – then quadruple it

By Simon English (Filed: 12/06/2004)

Take an oil price over $40 – then quadruple it

Everyone agrees that we are running out of oil, what no one knows is how quickly. Pessimists say it could only be a few years until we are plunged into bitter darkness, causing a typhoon of war and famine to sweep the Earth.

Optimists think it will be many decades before this happens, so take your pick. When I say “no one knows” how long we’ve got, I really mean no one has got a clue, no matter how confident they might sound. 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.

Shell rejects ‘quitting Nigeria’ rumours

aljazeera.net: Shell rejects ‘quitting Nigeria’ rumours

Friday 11 June 2004, 21:54 Makka Time, 18:54 GMT

Posted 12 June 04

Shell produced 900,000 barrels of oil, gas a day in Nigeria last year

Oil giant Royal Dutch/Shell will stay in oil-rich but strife-torn Nigeria, one of its top producing countries, rebutting reports it may have to leave for the sake of its reputation.

On Thursday, Shell accepted that its presence in Nigeria had inadvertently fed poverty, violence and corruption in a published survey of its ethical and environmental record.

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

$20 million Settlement Announced in Class Action with Shell

Investors.com: $20 million Settlement Announced in Class Action with Shell

Posted 12 June 04

VANCOUVER, Jun 11, 2004 (Canada NewsWire via COMTEX) — A new $20 million class action settlement has been reached with Shell Oil Company regarding Polybutylene (PB) plumbing and/or heating systems.

Canadians who own properties with PB systems may be eligible to partake in the settlement. This could include any past or present owners of a property with either a PB Plumbing System, a PB Yard Service Line, or a PB Hot Water Heating System. Another defendant, E.I. DuPont de Nemours and Company previously settled. 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.