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Posts on ‘August 20th, 2004’

Shell, Petronas Drill Malaysia’s Deepest Oil, Gas Well

YahooNews: Shell, Petronas Drill Malaysia’s Deepest Oil, Gas Well

Friday August 20, 10:18 AM

SINGAPORE (Dow Jones)–Shell Malaysia and Petronas Carigali Sdn. Bhd. Friday said they have successfully drilled the deepest oil exploratory-appraisal well in Malaysia, and that they hope to start production from it by end-August.

Shell Malaysia said in a statement that the 6,339-metre-deep well, located at Angsi oil and gas field 250 kilometers offshore Sarawak, East Malaysia, was penetrated to a reservoir that is believed to contain 4.5 million barrels of oil.

The site is a production sharing venture operated by Shell Malaysia, a unit of Royal Dutch/Shell Group (RD), which holds a 70% interest. Petronas holds the remaining 30%. 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.

Merrill sees Shell oil disposals at $15 bln

CBS.MarketWatch: Merrill sees Shell oil disposals at $15 bln

By Emily Church

20 August 04

LONDON (CBS.MW) — Merrill Lynch Friday upgraded its rating on oil major Royal Dutch/Shell to buy from neutral, citing in part its expectation that disposals at the group over 2004 and 2005 could reach $15 billion.

Shell is expected in November to detail its review into corporate structure. “Performance catch up is going to be a long haul in our view, but we can’t help but think that there is now limited absolute and relative downside risk if new management can grasp the opportunity for change,” Merrill 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 Malaysia, Petronas Carigali Successful Drill

THE WALL STREET JOURNAL: Shell Malaysia, Petronas Carigali Successful Drill

DOW JONES NEWSWIRES

August 20, 2004 5:24 a.m.

Edited Press Release

LONDON — Shell Malaysia and its partner Petronas Carigali Sdn Bhd said Friday that they have successfully drilled an exploratory-appraisal well on the M3 South prospect in Block SK312, offshore Sarawak.

The M3 South Field is located approximately 250 km offshore from the Petronas MLNG facilities in Bintulu, Sarawak and is located 7 km south of the existing M3 production platform.

Shell Malaysia chairman Jon Chadwick said: “The field represents a pleasing gas/condensate discovery close to our existing infrastructure – it produced at very good rates of both gas and condensate during production testing”. 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.

Thai PTT To Buy 64% Stake In Rayong Refinery

THE WALL STREET JOURNAL: Thai PTT To Buy 64% Stake In Rayong Refinery

DOW JONES NEWSWIRES

August 20, 2004 1:25 a.m.

PTT said the move to increase its stake in Rayong Refinery is to support the latter’s debt and capital restructuring plan.

The move is subject to shareholders’ approval at a Sept. 24 meeting.

“As part of Shell ‘s ongoing program to upgrade its business portfolio, Shell has decided to divest its shares to PTT to allow PTT to achieve a successful financial restructuring for the company and to help secure Rayong Refinery’s long-term future,” Shell said in a statement Friday. 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.

Strategies for weathering the corporate storm

Financial Times: Strategies for weathering the corporate storm

“Royal Dutch/Shell was one of the first companies to use quantitative scenario planning.”

By Ayse Onculer

Published: August 20 2004

The news dominating the world’s attention in recent years – terrorist attacks, corporate scandals, natural disasters and turbulent financial markets – has triggered a shift in corporate risk management practices. The calculation of risk has always been central to managerial decision-making, but today executives are acutely aware of the need to deal proactively with uncertainties that can threaten their business.

Risks are often closely connected. Operational risks, for example, can quickly evolve into market risks if word gets out and the share price falls. 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 Times (Pakistan): Shell posts 20% rise in net profit

Daily Times (Pakistan): Shell posts 20% rise in net profit

“But he said the company is losing its market share”

Staff Report

20 August 2004

KARACHI: Shell Pakistan Limited, country’s second largest oil marketing company, on Thursday announced full-year interim cash dividend of 35 percent after registering a 20.2 percent growth in net profit.

In a statement to the Karachi Stock Exchange (KSE), the company said its full-year 2003-04 net profit stood at Rs 1.508 billion compared to Rs 1.254 billion in the same period last year.

“Company’s net profit is improved due to inventory gains in the fourthquarter,” said Abdul Rasheed, an analyst at Investcap and Securities, a local brokerage house. 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 has invested $ 850-900 mn in India

Business-Standard: “Shell has invested $ 850-900 mn in India. What more can we do?”

“Most of its earlier ventures in India were unsuccessful”

Q&A: Vikram Singh Mehta

Hemangi Balse / Mumbai August 20, 2004

When Shell entered India over a decade ago, it had major investment plans. But continuous changes in the petroleum and natural gas policy have forced the corporation to follow a wait-and-watch attitude.

Most of its earlier ventures in India were unsuccessful — LPG marketing, lubes marketing and forays into exploration. Today, it is close to completing its biggest investments in India — a 2.5-million tonne LNG terminal at Hazira in Gujarat. 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.

Evidence hidden from Bureaus of Customs and of Internal Revenue in Shell case?

abs-cbnnews.com: Evidence hidden from Bureaus of Customs and of Internal Revenue in Shell case?

By LOURDES M. FERNANDEZ

TODAY Editor in Chief

20 Aug 04

As the fingerpointing among concerned parties and calls for investigations into the “bungling” of cases filed by the State against tax-credit scam culprits are mounting, the signs of where the paper trail for the government sleuths that were disrupted — owing to suppressed evidence — have begun to emerge.

In many instances, the Bureaus of Customs and of Internal Revenue, the top revenue collectors of the government that are now the easiest targets for blame tossing, were in fact not provided vital documents and information needed to successfully prosecute cases against the original holders and transferees of the fraudulently obtained tax-credit certificates (TCCs), both in the criminal and collection aspects. 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 case of looser lips at the City police station

Financial Times: A case of looser lips at the City police station

“By delaying its announcement of the Royal Dutch/ Shell investigation, the FSA scored an own goal, making it look a long way behind the SEC.”

By Martin Dickson

Published: August 20 2004

How loose-lipped should the Financial Services Authority be? Like regulators around the world, it has traditionally been sparing in letting the world know it is conducting investigations into potential wrongdoing.

But in the past few months it has become decidedly more forthcoming. Only this week it announced it had launched a formal inquiry into Citigroup’s unusual trading activity in the eurozone government bond market. It had previously revealed it was investigating trading in Marks and Spencer’s shares ahead of Philip Green’s announcement of a putative bid, and that it was looking into Royal Dutch/Shell’s oil reserving 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.
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