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Posts on ‘August 14th, 2004’

Billings Gazette: Shell plans CBM wells over border

Billings Gazette: Shell plans CBM wells over border

“Montana officials worried that development in the province could harm the state’s water quality”

Associated Press
Posted 14 August 04

HELENA (AP) – Shell Canada Limited said Friday that it wants to explore for coalbed methane this fall in southeastern British Columbia, an area of concern for Montana officials worried that development in the province could harm the state’s water quality.

Shell and partner Elk Valley Coal Co. planned to hold a community meeting Thursday in Sparwood, British Columbia, to discuss proposals, Shell spokeswoman Laurieanne Lynne said.

Shell is interested in exploring for coalbed methane beneath Elk Valley Coal land between Sparwood and Fernie, British Columbia, Lynne said. She said Shell expects to seek a provincial permit in September, undertake construction work at the site in October, drill between mid-October and November, and run tests until perhaps this spring. 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.

San Diego Union Tribune: Oil company in talks with potential buyers

San Diego Union Tribune: Oil company in talks with potential buyers

“the attorney general will continue an antitrust probe of Shell. The Federal Trade Commission also has been investigating the proposed shutdown.”

By Craig D. Rose
UNION-TRIBUNE STAFF WRITER
August 14, 2004

Shell Oil Co. says its Bakersfield refinery is uneconomical because crude oil supplies in the area are declining.

Shell Oil Co. said yesterday it will delay closing its Bakersfield oil refinery to allow more time for a possible sale of the facility, which produces 2 percent of the state’s gasoline and 6 percent of its diesel oil.

Shell said it is in discussions with several potential buyers and will keep it open at least through Dec. 31 and probably through March 31, 2005, six months beyond the earlier shutdown date of Oct. 1. 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.

Shell Delays Closure of Calif. Refinery

The New York Times: Shell Delays Closure of Calif. Refinery

“an antitrust investigation into Shell’s decision to close the refinery will continue.”

By THE ASSOCIATED PRESS
Published: August 13, 2004
Posted 14 August 04

LOS ANGELES (AP) — Shell Oil Co. has agreed to delay the planned closure of a Southern California oil refinery that produces 2 percent of the state’s gasoline to allow more time to find a buyer and negotiate a sale, state officials said Friday.

The decision is “a welcome show of cooperation with our effort to keep open this refinery, which is crucial to helping protect California drivers from even higher gas prices than they already pay,” state Attorney General Bill Lockyer said in a statement. 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.

Winner of the week: Walter van de Vijver

The Times: Winner of the week

“Walter van de Vijver, who complained that he was “tired of lying” about Shell’s oil and gas reserves, is to receive a payoff of £2.5 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.

Exploration to put Premier in big league

The Times: Exploration to put Premier in big league

“Shell lag behind a red-hot sector”: “partly because Shell “sexed up” its oil reserves and was knocked off its pedestal”

Stella Shamoon backs oil company’s bold strategy
14 August 04

SHARES in big oil companies have been sold in recent weeks even as the price of crude oil soars to record levels. BP and, notably, Shell lag behind a red-hot sector enjoying its best ever industry environment.

That is partly because Shell “sexed up” its oil reserves and was knocked off its pedestal and BP suffered collateral damage. But it is also because market sentiment is skittish, fearing that the price of oil will soon boil over and scald oil company shareholders. 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.

An oil giant’s road from Rajasthan to ruin

 FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE…

The Independent: Michael Harrison’s Outlook: An oil giant’s road from Rajasthan to ruin

“Shell, by contrast, has endured the most humiliating, torrid and damaging period in its 100-year history. It is hard to think of a more spectacular fall from grace or a more abject example of management failure.”: “The deeper it dug itself into this hole, the more Shell was forced to lie” 

Fortunes; Failure; Scramble

14 August 2004

It is a long way from the arid deserts of Rajasthan to the Shell Centre on London’s South Bank. But two events this week provide a link.

One was the announcement by Cairn Energy that it had made yet another significant oil discovery in a region of India hitherto better known for its sumptuous pink palaces and backpacking tourists. The other was the disclosure that Shell’s former head of exploration and production, Walter van de Vijver, is to receive a £2.5m pay-off after being sacked for his part in the company’s reserves scandal. 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.

SEC to Continue With Shell Interviews Despite Striking Deal

Energy Intelligence Group: SEC to Continue With Shell Interviews Despite Striking Deal: “(SEC) is to continue interviewing Royal Dutch/Shell witnesses next month in connection with the group’s reserves downgrades, despite the deal in principle struck between the two sides”

(Copyright © 2004 Energy Intelligence Group, Inc.)

Thursday, August 5, 2004
Posted 14 August 2004

The US Securities and Exchange Commission (SEC) is to continue interviewing Royal Dutch/Shell witnesses next month in connection with the group’s reserves downgrades, despite the deal in principle struck between the two sides last week to halt the SEC’s investigation into the company, a Shell source told International Oil Daily on Wednesday.

“There are still some interviews being conducted in September,” the source said. 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.

Shell subsidiary hits oil in Siberia’s Salym field

PetroleumNews.com: Shell subsidiary hits oil in Siberia’s Salym field, ConocoPhillips, Talisman sign $4 billion gas deal

Allen Baker
Posted 14 August 04

A joint venture of a Shell subsidiary and a unit controlled by London-based Sibir Energy hit oil at an exploration well in Siberia’s Upper Salym field.

Salym Petroleum Development N.V., a 50-50 venture, said Aug. 10 that the well hit 16 meters of oil-bearing sand. It was drilled to a depth of 2,316 meters into the Bonus structure. Testing of the well is expected later this year, and executives say it should boost reserve numbers.

The Salym field is in the Ob region in western Siberia. The joint venture is already pumping oil from Upper Salym. West Salym, considered the largest deposit, is expected to start producing by the end of next year and reach 120,000 barrels a day by 2009. A third field, called Vadelyp, is on tap to begin pumping in 2006. Total field development budget is more than $1 billion. 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.

Coral Energy Resources, a Shell subsidiary, fined $30 million for gas price manipulation

Dallas News: El Paso Corp. employees investigated for price manipulation, sources say

“$250 million in penalties, including $20 million from Houston-based El Paso and $30 million from Coral Energy Resources, a Houston-based trading subsidiary of Shell.”

Associated Press
Posted 14 August 04

HOUSTON – A grand jury investigation into natural gas price manipulation reportedly targets as many as 10 former El Paso Corp. employees.

Sources familiar with the investigation told the Houston Chronicle in Wednesday’s editions that the former gas traders and supervisors of the nation’s largest natural gas pipeline company 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. 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 Mail: Board reforms will suit Shell

Daily Mail: Board reforms will suit Shell

“Call it a triumph of globalisation – or call it a total mess.”

Ruth Sunderland
13 August 2004
Posted 14 August 04

THE senior oilmen who resigned in the wake of Shell’s reserves crisis this year must rank pretty high up the league table of executives who are rewarded for failure.

Dutchman Walter van de Vijver, the former exploration boss, is receiving a golden handshake of up to €3.8m or £2.54m.

Given that he has been portrayed as an ineffectual whistleblower, some may wonder why he is being handed an even bigger golden handshake than the £1m-plus doled out to departed chairman Sir Philip Watts. 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 Star-Ledger: Major shareholder lawsuit pending

The Star-Ledger: Major shareholder lawsuit pending

“the Royal Dutch/Shell Group’s legal woes aren’t yet finished.”: “a mega-lawsuit making its way through the U.S. District Court in Newark.”

Despite the fact that it agreed to pay more than $150 million in penalties for violations of securities laws on two continents, the Royal Dutch/Shell Group’s legal woes aren’t yet finished.

The world’s third-largest publicly held oil company is still faces a Justice Department investigation, regulatory probing by the Netherlands and a mega-lawsuit making its way through the U.S. District Court in Newark.

“The regulatory action does not affect our case. Our case is recovering damage for the shareholders. The regulators are seeking payment to the government,” said Stanley Bernstein, a New York lawyer in the case. “It does signal that these are very serious violations of the law.” 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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