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Posts on ‘August 11th, 2004’

MosNews.com: Shell Makes Oil Find in Russia

MosNews.com: Shell Makes Oil Find in Russia: “The discovery should allow the company to boost its falling reserves and output.”

11.08.2004

A Royal Dutch/Shell Group venture in Russia said that one of its exploration wells drilled at the Upper Salym oil field in Western Siberia found oil, Bloomberg reported on August 10. The discovery should allow the company to boost its falling reserves and output.

Royal Dutch/Shell, Europe’s second largest oil company, has seen its output and reserves decline recently. The group now counts on its projects in Russia to help boost its production. The venture is spending more than $1 billion to develop the three Salym oil fields, which hold reserves equal to about 16 percent of those that Shell removed from its holdings earlier this year. Jason Kenney, an analyst at ING Financial Markets, quoted by Bloomberg, said that Western Siberia oil project “could be considered quite a key project for Shell’s longer-term outlook”. read more

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The New York Times: Paper: Gas Traders, Supervisors Face Probe

The New York Times: Paper: Gas Traders, Supervisors Face Probe: “commission collected a total of about $250 million in penalties… $30 million from Coral Energy Resources, a Houston-based trading subsidiary of Shell.”

By THE ASSOCIATED PRESS

Published: August 11, 2004

HOUSTON (AP) — Former traders and supervisors from the nation’s largest natural gas pipeline company are the target of a grand jury investigation into price manipulation, according to a newspaper report.

As many as 10 former El Paso Corp. employees received target letters from the U.S. Attorney’s Houston office informing them they may face charges of commodity price manipulation, conspiracy and wire fraud, sources familiar with the investigation told the Houston Chronicle for a story in Wednesday editions. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Forbes: Shell to Shut Down, Repair Pipelines

Forbes: Shell to Shut Down, Repair Pipelines

Associated Press

08.10.2004,

Posted 11 August 04

Shell Exploration & Production Co., the discovery and development arm of oil and natural gas giant Royal Dutch/Shell Group, said Tuesday that it will shut down the Mars tension leg platform for about two weeks, starting Nov. 4, to replace flexjoints on its Mississippi oil and natural gas lines.

Shell discovered damage to the oil pipeline flexjoint on May 22, and subsequent inspections of the natural gas line also showed signs of flexjoint deterioration. The company decided to make temporary repairs to both lines while the flexjoints were refurbished. Production resumed on June 28, when the company said that the platform would be shut down again for installation of the repaired flexjoints. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Times: Big shot

The Times: Big shot: “Another oil discovery in India, another 6 per cent jump in Cairn’s share price.”

August 11, 2004

WHILE Bill Gammell, Cairn Energy’s chief executive, was enjoying his summer holiday at the Fife seaside resort of Elie yesterday, his shareholders were basking in the FTSE’s sun. Another oil discovery in India, another 6 per cent jump in Cairn’s share price.

It has been a stellar year for all associated with Cairn, in particular Edinburgh-based Mr Gammell, who set up the company 24 years ago. Along with Cairn shareholders, who have watched the company’s share price almost quadruple this year, Mr Gammell, 51, can count the good fortune of some astute management. His million Cairn shares are now worth £14 million, a far cry from when he and his senior management team decided to buy Shell’s interest in the Rajasthan exploration block, western India, for £3.9 million two years ago. The move proved Cairn’s making. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Times: Tempus: Cairn Energy

The Times: Tempus: Cairn Energy: “and yesterday it announced its fourth, from a Rajasthani field it nabbed off Shell for just £4 million two years ago.”

By Angela Jameson

August 11, 2004

CAIRN ENERGY makes discovering oil in India look easy. It has declared three major discoveries in the sub-continent since January alone and yesterday it announced its fourth, from a Rajasthani field it nabbed off Shell for just £4 million two years ago. In that time, Cairn’s shares, up 6 per cent yesterday to £14, have leapt by 283 per cent. But now that the discoveries have been made, investors want to hear how all that oil in the ground can be turned into cash in the bank. Development of the fields will cost hundreds of millions of pounds, but given the City’s appetite for Cairn shares, fundraising should not be a problem. The question is whether Cairn will want to develop its own discoveries. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Cairn Energy… has made its fourth oil discovery in seven months

The Times: Need to know: “Cairn Energy… has made its fourth oil discovery in seven months at the western Indian exploration block that it bought from Shell two years ago for just £3.9 million.” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Daily Telegraph: City Comment: Cairn sucks Shell dry

Daily Telegraph: City Comment: Cairn sucks Shell dry

Four strikes and Cairn hits big time

Traditionally, Indian elephants have big tusks and small ears. Now the big game hunters at Cairn Energy have discovered a new species, and it’s enough to send the company into the FTSE 100 index next month.

This elephant is black, rather than grey, and is under the ground rather than on it. It is, of course, a big new oilfield, and the timing could hardly be better. Cairn’s latest drilling report means that it has found nearly two billion barrels on just one-tenth of the area of its concession in northern Rajasthan. It plans to drill 15 more wells on the 5,800 sq.km block. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

How to cash in from rising oil price

The Independent: The Investment Column: How to cash in from rising oil price

Edited by Stephen Foley

11 August 2004

Should the private investor reshuffle his or her portfolio of shares in response to the seemingly inexorable rise of the oil price? What, if anything, ought to be added, what avoided?

The main message should be: don’t panic. This is no Seventies-style oil shock. Although in nominal terms oil prices are now as high as they were in 1978, in real terms – adjusting for inflation – they are still substantially lower.

Opec has given mixed signals over how much capacity it has to increase production. Storms in the Gulf of Mexico, turmoil in the Persian Gulf and political meddling in Russia have all stoked fears that supply will fail to meet demand. But these are only fears so far, and the record oil prices reflect speculators betting on disruption as much as any real shortages. Most of the major oil companies have big increases in capacity planned over the coming years, so the oil price is likely to drift lower over the medium term. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

A £2.2bn Indian summer for rugby international who struck black gold

The Independent: Bill Gammell: A £2.2bn Indian summer for rugby international who struck black gold

“And Cairn’s success will be all the more satisfying because it came at the expense of the oil giant Shell, which sold it the Rajasthan field for the paltry sum of £4m.

By Saeed Shah

11 August 2004

As a tall, rangy winger who won five caps for Scotland at rugby union, Bill Gammell had achieved more by the age of 25 than most people manage in a lifetime. But sport was only the beginning of the adventure for the Edinburgh-born son of a financier. And yesterday came confirmation that the 51-year-old has struck gold again.

Or, more specifically, black gold. Cairn Energy, the company he set up in Edinburgh after his sporting career was ended by injury, announced its fourth major discovery of oil in Rajasthan, India. Cairn is now worth £2.2bn and stands on the brink of being admitted to the FTSE 100 index of Britain’s leading companies. Mr Gammell’s own share in the company is worth £14m. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Guardian: Shell advert seeks ‘our man in Iraq’

The Guardian: Shell advert seeks ‘our man in Iraq’

Platform said Mr Stroebl’s “secretive” appointment contradicted statements to shareholders at the June annual meeting that Shell had no activity or plans in Iraq.

David Gow and Carolynne Wheeler in Moscow

Wednesday August 11, 2004

Oil majors, including Shell and BP, are moving closer to establishing a long-term presence in Iraq, source of the world’s second-largest oil reserves, it emerged yesterday.

Shell, which has been forced to downgrade its proven oil and gas reserves by almost a quarter this year, has appointed a Dubai-based exploration and production executive to act as its “country chairman” for Iraq.

It has consulted an executive search firm to help find an Iraqi to act as “external affairs support” for Wolfgang Stroebl, the senior manager, described as “projects director”, spearheading its return to Iraq some 30 years after Saddam Hussein nationalised the industry. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Guardian: Q&A: Oil

The Guardian: Q&A: Oil: “The recent decision by Shell, the Anglo-Dutch giant, to sharply pare back its reserves, added to market jitters.”

Mark Tran looks at the reasons behind the surge in oil prices and their possible impact on the world economy

Tuesday August 10, 2004

Posted 11 August 04

How much does a barrel of oil cost?

US light crude touched a fresh 21-year high of almost $44.99 (£24.48) in New York today. Oil prices have gone up by about 30% in the past 12 months and are now well over the $22-$28 target range set by the Opec oil cartel. In real terms, stripping out inflation, oil prices remain lower than the highs of 1979 during the Iranian revolution when crude averaged $80 a barrel in today’s money. Nevertheless rising oil prices are a worry for policy makers. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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